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Your morning briefing on the luxury and collectibles markets. Today: a technology-led selloff drags markets lower and briefly halts trading in South Korea, European luxury slides for a second day, a rediscovered Queen Elizabeth the First pendant bought for around 5,000 pounds heads to auction at more than 20 times that, and Eric Clapton's 1966 Ferrari comes to market at nearly 4 million dollars.
Good morning. It's Tuesday, June 23. I'm Sharon, and this is Open Bid from ALT/FNDATA.
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Today: a global selloff led by technology drags markets lower and briefly halts trading in South Korea, a rediscovered portrait of Queen Elizabeth the First bought for around 5,000 pounds could now fetch more than 20 times that, Eric Clapton's old Ferrari comes to market at nearly 4 million dollars, and Porsche promises a leaner lineup. Plus our weekly Art Market is out today.
We begin with a sharp turn from yesterday. Monday's peace-deal rally has given way to a broad selloff led by the technology sector. The drama was in Asia, where South Korean stocks tumbled 10 percent from a record, triggering a circuit breaker that briefly halted trading, while the wider Asian tech rally cooled. The mood was risk-off across the board. Industrial metals such as aluminum fell, and even gold lost its footing, as Deutsche Bank followed Goldman Sachs in trimming its forecast for the metal. One unusual move stood out: Israeli assets dropped sharply, unwinding a years-long wartime rally now that the peace process has eased the conflict premium that had supported them. Here in Europe, the luxury names opened lower for a second straight day. Hermès extended its decline, opening down about 1.8 percent at 1,590 euros, after falling almost 6 percent on Monday. Burberry was off 3.9 percent, Brunello Cucinelli down a further 3.9 percent, and LVMH and Kering each modestly lower. The hardest hit was the watch retailer Watches of Switzerland, down about 5.5 percent, a striking reversal after it led the sector higher only yesterday. And yet the collector market continues to tell a different story. The most valuable watch in our database over the past 90 days is an F.P. Journe that sold for 3.1 million dollars at Christie's. The listed shares wobble; the rarest objects hold their value.
Two very different objects coming to market caught our eye this morning. The first is a remarkable sleeper. A small amber pendant carved with a portrait of Queen Elizabeth the First, which an anonymous buyer picked up at an auction in Edinburgh last November for just 5,588 pounds, has since been authenticated as a rare Renaissance jewel. Sotheby's will offer it in London on the 1st of July with an estimate of 100,000 to 150,000 pounds, more than 20 times what the consignor paid only eight months ago. The portrait is based on a 1592 engraving, and experts attribute the carving to a German amber master working in Königsberg. The second object is for the car collectors. A 1966 Ferrari once owned by Eric Clapton is up for sale. It is a 275 GTB/4, one of only 31 ever built in right-hand drive, which Clapton bought in 2003 and treated to a full, year-long restoration. It is now on offer for 2.95 million pounds, or nearly 4 million dollars. The 275 GTB is among the most coveted road-going Ferraris of the 1960s, and the model's past owners read like a Hollywood guest list, from Steve McQueen to Miles Davis.
A couple of notes from the business of fast cars. Porsche's chief executive has promised a leaner model lineup as profit pressure mounts at the German sports-car maker, which has been squeezed by a difficult electric-vehicle transition and a slowdown in China. And Ferrari found itself on the defensive, denying a report that it had made access to its most exclusive limited-edition models conditional on customers also buying its new Luce electric car. Allocation, the delicate practice of deciding which loyal clients are even allowed to purchase the rarest cars, is one of the most sensitive subjects in the Ferrari world, and the company moved quickly to push back.
Two more before we close. The menswear shows have moved on from Milan, where the consensus was that less was more, to Paris, where the spring 2027 men's collections are now under way. And the Italian jeweler Pomellato has unveiled a new high-jewelry collection built around the theme of creative freedom.
That's it on Open Bid for today, Tuesday, June 23. Our weekly Art Market is also out today, with a newly surfaced archive belonging to Van Gogh's doctor, a Nazi-looted Modigliani ordered returned, and the verdict on Art Basel. And Closing Price follows this evening at 5 PM Eastern.
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I'm Sharon, from ALT/FNDATA. I'll talk with you in the next episode.
