Sotheby's to Auction Iconic Warhol-Basquiat Collaboration for $18 Million

Welcome to the 31st edition of the Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

On this week’s agenda:

1. Sotheby's to Auction Iconic Warhol-Basquiat Collaboration for $18 Million

2. BMW 5 Series Crowned Luxury Car of the Year at 2024 World Car Awards

3. Saks Fifth Avenue's Strategic Move Amidst Real Estate Surge

4. Chanel's New Campaign: A Tale of Love, Desire, and Iconic Handbags

5. Aman Resorts Embraces Ecotourism with Seasonal Getaways

6. Valentino Welcomes Alessandro Michele as New Creative Director

7. Lamborghini Unveils New Identity and Paves the Way for Electric Innovation

Sotheby's to Auction Iconic Warhol-Basquiat Collaboration for $18 Million

In a significant event for the art world, an untitled 1984 painting by Andy Warhol and Jean-Michel Basquiat is set to be auctioned at Sotheby's this May. This piece, marking its first auction appearance since fetching $2.65 million at Sotheby's in 2010, carries an estimated value of $18 million this time around. The painting is a highlight of the contemporary art evening sale and represents a notable collaboration between the two legendary artists during 1984 and 1985.

The partnership between Warhol, the established pop artist, and Basquiat, the rising star, was once viewed with skepticism, with some critics suggesting Warhol was capitalizing on Basquiat's burgeoning fame. However, the collaborative works of this period have since gained widespread appreciation, as evidenced by a major exhibition at Paris's Fondation Louis Vuitton and their inclusion in the New York-based Brant Foundation art space.

Lucius Elliott, head of Sotheby's evening sales for recent decades' art, described the piece as the pinnacle of Warhol and Basquiat's joint efforts. He highlighted the dynamic interplay of creation and obliteration on the canvas, showcasing both artists' distinct styles and shared themes. Despite the collaborations typically fetching lower sums than the artists' individual works, the auction record for a Warhol-Basquiat painting stands at $11.3 million, underscoring the enduring appeal and market value of their joint creations.

This upcoming auction not only underscores the financial growth of Warhol and Basquiat's collaborative pieces but also celebrates their unique partnership that has left an indelible mark on the art world.

BMW 5 Series Crowned Luxury Car of the Year at 2024 World Car Awards

In a prestigious acknowledgment at this year's World Car Awards, the BMW 5 Series, alongside its electric variant, the BMW i5, has been honored with the World Luxury Car of the Year award. This accolade was announced during a ceremony at the New York Auto Show, highlighting the BMW 5 Series/i5's excellence in luxury. The award signifies BMW's continued dominance in the luxury segment, marking its ninth win in the 20-year history of the World Car Awards.

Emerging victorious from an initial pool of thirteen global contenders, the BMW 5 Series/i5 distinguished itself among the top three finalists, previously unveiled at the Geneva International Motor Show. To be considered for this prestigious category, vehicles must adhere to strict criteria, including minimum production volumes, luxury pricing in primary markets, and availability across key global markets on at least two continents. The BMW 5 Series family triumphed over formidable competitors, including the Mercedes-Benz E-Class and the Mercedes-Benz EQE SUV.

Bernd Körber, Senior Vice President of BMW Brand and Product Management, expressed his delight over the win, emphasizing that the international jury's decision reaffirms the global appeal of BMW's distinctively strong-character products.

Other Winners and the Selection Process

The World Car Awards also celebrated other notable winners across different categories. The Hyundai Ioniq 5 N clinched the World Performance Car of the Year, while the 2024 Toyota Prius was lauded for its design, winning the World Car Design of the Year. The Volvo EX30 was named the 2024 World Urban Car of the year, showcasing the diverse range of innovation and excellence in the automotive industry.

The selection process for the World Car Awards involves a panel of 100 international automotive journalists from 29 countries, ensuring a broad and impartial evaluation. The winners are determined through a secret ballot, with KPMG overseeing the tabulation of results. Criteria for selection include performance, innovation, design, safety, and environmental impact.

The Winning BMW 5 Series and i5

Positioned between the flagship BMW i7 and the smaller BMW i4, the BMW i5 is BMW's fourth electric vehicle (EV) offering, combining modern technology with BMW's signature design. The i5 is available in two versions: the rear-wheel-drive i5 eDrive40 and the more powerful i5 M60, which features xDrive and dual motors producing nearly 600 horsepower. The i5 eDrive40 is priced starting at $66,800, offering a compelling alternative to the gas-powered 540i xDrive and the i4 eDrive40. The i5 M60, priced at $84,100, competes closely with the Tesla Model S in terms of performance.

This recognition at the World Car Awards underscores BMW's commitment to innovation and luxury, further solidifying its position as a leader in the global automotive industry.

Saks Fifth Avenue's Strategic Move Amidst Real Estate Surge

In a bold step towards consolidating its position in the luxury retail market, Saks Fifth Avenue is making strategic moves to acquire its rival, Neiman Marcus. This initiative comes after periods of intermittent discussions, signaling a potential landmark deal in the American luxury department store landscape.

Central to this development is the appraisal of Saks Fifth Avenue's flagship store in Manhattan, which has been valued at an impressive $3.62 billion. This valuation marks a significant increase from its 2019 appraisal of $1.6 billion and is a nod to its peak value of $3.7 billion in 2014. The appraisal underscores the resurgence of interest in high-end real estate on Fifth Avenue, highlighted by recent acquisitions by luxury giants such as Kering SA and Prada SpA.

The strategic valuation of the iconic store, famous for its holiday window displays, is part of Saks' efforts to secure financing. This financing is crucial for enhancing the cash offer for Neiman Marcus, bringing the two luxury behemoths closer to a merger. The move is seen as a response to the shifting dynamics in the retail sector, where high-end department stores are seeking innovative ways to navigate the challenges posed by changing consumer behaviors and the aftermath of the pandemic.

Despite the allure of luxury retail, both Saks and Neiman Marcus have faced declining sales in recent quarters, although figures remain above pre-pandemic levels. This trend reflects a broader slowdown in the apparel and accessories sector in the U.S., as consumers adjust their spending habits amidst lingering inflation.

The potential merger is part of a larger trend of consolidation within the luxury fashion and beauty industry, aiming to create more robust entities capable of weathering the shifts in consumer preferences and the competitive landscape. Notably, the valuation of Saks' flagship property not only highlights the enduring appeal of prime real estate but also signifies the brand's enduring value, surpassing the $2.9 billion Hudson’s Bay paid for Saks Fifth Avenue in 2013.

As discussions between Saks Fifth Avenue and Neiman Marcus progress, the luxury retail sector watches closely, anticipating the impact of this potential merger on the future of high-end shopping experiences and the revitalization of New York's commercial real estate market.

Chanel's New Campaign: A Tale of Love, Desire, and Iconic Handbags

Chanel has recently launched a captivating new campaign that beautifully intertwines love, desire, and the timeless allure of its iconic handbags. Starring the illustrious Penélope Cruz and Brad Pitt, the campaign is a nod to the classic romance depicted in Claude Lelouch's Academy Award-winning film, "A Man and A Woman" (1966). This cinematic endeavor, captured by the renowned Inez & Vinoodh, is set where Chanel's journey began with the opening of a hat boutique in Deauville and the debut of its first Haute Couture pieces.

Creative Director Virginie Viard's deep-seated passion for cinema shines through in this campaign, paying homage to Lelouch's masterpiece, which not only won the Palme d’Or at the Cannes Film Festival but also an Oscar for Best Foreign Film. The campaign's narrative revolves around Chanel's most emblematic handbag, celebrated for its luxurious quilted leather and distinctive rectangular silhouette, symbolizing elegance and the rich heritage of the brand.

The storyline captures a moment of intense anticipation between Cruz and Pitt, highlighting the emotional depth and vulnerability associated with moments of desire. Cruz's firm grasp on the Chanel handbag serves as a poignant reminder of the personal connections we all share with objects that hold sentimental value, making the campaign not just a love story between two people, but also between a woman and her cherished handbag.

This campaign is a testament to Chanel's legacy of blending fashion with storytelling, inviting audiences to explore the depths of human emotion through the lens of luxury and style.

Aman Resorts Embraces Ecotourism with Seasonal Getaways

Aman Resorts International is capitalizing on the rising trend of ecotourism by promoting its collection of sustainable and nature-focused luxury stays. As the warmer weather invites travelers to seek out nature-forward retreats, Aman is guiding them towards destinations that emphasize sustainability, mindfulness, and a deep connection with the local environment. This initiative spans across Aman's global portfolio, including locations in Europe, Asia, the Americas, and the Caribbean, each offering unique experiences that bring guests closer to nature.

The campaign, titled "Nature's Patterns," showcases 18 of Aman's resorts through a dedicated landing page and vibrant social media content. These properties, from the serene Amangani near Grand Teton National Park to the jungle-surrounded Amanjiwo in Java, Indonesia, are celebrated for their integration with the surrounding natural beauty. The campaign highlights activities such as forest bathing in Cambodia and breath work classes in Greece, emphasizing the wellness aspects of each stay.

Aman's approach to this campaign is not just about showcasing the natural beauty of its locations but also about highlighting the peace and comfort that can be found in the constants of nature. This aligns with the desires of affluent travelers seeking sensorial relief and well-being during their vacations. By focusing on the specific attributes of each resort, Aman is positioning itself as a seasoned practitioner of wellness and ecotourism, rather than merely jumping on a trend.

This strategic emphasis on ecotourism and wellness is a reflection of Aman's commitment to offering experiences that are not only luxurious but also mindful and sustainable. By weaving travelers' conscientious priorities into its offerings, Aman is reinforcing its reputation as a leader in luxury travel that is deeply connected to the authenticity and beauty of the natural world.

Valentino Welcomes Alessandro Michele as New Creative Director

Valentino has ushered in a new era of leadership and creative vision by appointing Alessandro Michele as its new creative director, a role previously held by Pierpaolo Piccioli. This strategic move follows Piccioli's departure, who left an indelible mark on the brand during his 25-year tenure, including eight transformative years as its creative leader. Michele, celebrated for his groundbreaking tenure at Gucci, where his leadership notably tripled the brand's revenues, is poised to infuse Valentino with his distinctive creative flair and innovative approach to luxury fashion.

Michele's appointment is not just a new chapter for Valentino but a significant moment in the fashion industry, signaling a shift towards a blend of heritage and innovation. His first collection for the brand, set for the spring/summer 2025 season, is highly anticipated, marking the commencement of his tenure on April 2. The fashion world is keen to witness how Michele's renowned aesthetic and visionary design philosophy will intertwine with Valentino's storied legacy of elegance and craftsmanship.

Rachid Mohamed Rachid, chairman of Valentino, has expressed confidence in Michele's ability to propel the brand into its next chapter, highlighting his exceptional talent and the ambitious vision for the brand's future. Michele's own reflections on his appointment reveal a deep reverence for Valentino's history and a commitment to honoring its rich cultural and symbolic heritage. He aims to celebrate the brand's foundational values of beauty, elegance, and grace, while also bringing his unique interpretation and creative vision to the forefront.

As the fashion community looks forward to Michele's debut collection, there is a palpable sense of excitement about the possibilities that lie ahead for Valentino. Michele's track record of redefining luxury fashion and engaging with contemporary culture suggests that his tenure at Valentino will be marked by innovation, while still paying homage to the brand's luxurious roots and the visionary legacy of its founders, Valentino Garavani and Giancarlo Giammetti.

This leadership transition at Valentino is more than just a change of guard; it represents a fusion of tradition and modernity, promising a future where the brand continues to captivate the fashion world with its timeless elegance and groundbreaking designs. With Alessandro Michele at the helm, Valentino is set to embark on a journey of renewed creativity and unparalleled beauty, further solidifying its position as a beacon of high fashion and exquisite craftsmanship.

Lamborghini Unveils New Identity and Paves the Way for Electric Innovation

Lamborghini is embarking on a groundbreaking journey into the EV market, heralded by the introduction of a refreshed brand identity and logo. This marks the first major update to the iconic Lamborghini logo in over twenty years, signifying a shift towards a future focused on sustainability and electric mobility. The revamped logo, which retains the legendary black and gold bull, symbolizes Lamborghini's commitment to power, performance, and agility, while also embracing a modern aesthetic that aligns with the brand's values of bravery, authenticity, and the unexpected.

Under the new mission "Driving Humans Beyond," Lamborghini expresses its dedication to forging a sustainable future and inspiring progress for upcoming generations. The updated branding, featuring a broader typeface and a more prominently designed bull, will be applied across all future vehicles and brand materials. The color scheme of black and white, highlighted with accents of yellow and gold, further emphasizes the brand's luxurious heritage and forward-looking vision.

As part of its "Direzione Cor Tauri" strategy, Lamborghini aims to electrify its entire lineup by the end of 2024, with a goal to reduce emissions by 40% per vehicle by 2030. The journey towards electrification began with the launch of the Revuelto plug-in hybrid, and will continue with the introduction of hybrid versions of the Urus SUV and Huracan PHEV in 2024. The culmination of this strategy will be the debut of Lamborghini's first fully electric vehicle, the Lanzador concept, expected in 2028, followed by an all-electric "Super SUV" in 2029.

The Lanzador concept, a high-riding 2+2 GT, represents a blend of daily driving versatility and Lamborghini's signature performance. Designed to evoke the feeling of being in a cockpit, the interior features bucket seats, a sports steering wheel, and dual digital screens, ensuring that Lamborghini's electric future will not compromise on the brand's DNA of exhilarating performance and luxury.

Lamborghini's bold move into the electric era not only signifies a significant transformation for the brand but also sets a new standard for luxury electric vehicles, promising a future where sustainability and performance go hand in hand.

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