5 Days, 1 Lesson: the Selloff Was Macro, Not Demand; the Watch Retailers Turn; Pandora's Standout Run; the AI Rout May Be Ending

June 26: Five Days, One Lesson: the Selloff Was Macro, Not Demand; the Watch Retailers Turn; Pandora's Standout Run; the AI Rout May Be Ending
This was the week our central thesis got stress-tested, and it held: the luxury equities went on a violent round trip, sold off hard then clawed most of it back, while the resale market that actually measures demand never moved from its highs.

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The week in review:
- A round trip. Monday and Tuesday, luxury equities were dumped with everything else, as a deepening AI-driven tech selloff dragged the Nasdaq lower, gold fell more than 6 percent on the week, and oil collapsed back below 70 dollars. The European luxury complex fell as much as 6 percent at its worst.
- The decoupling. On Wednesday, luxury rallied even as the broad market kept falling, the first sign the de-rating had found a floor. On Thursday the recovery broadened to the last holdouts, the listed watch retailers, which had slid for three straight sessions before finally turning.
- Standout and laggard. Pandora was the week's clear winner, climbing almost every session to fresh highs. Watches of Switzerland and Swatch were the laggards, under pressure most of the week before stabilizing.
- The constant. The resale market never flinched. It held flat at its cycle highs from Monday to Friday, and the saleroom kept producing trophies (a $63.9M Modigliani in London this week). The equities were pricing macro, rates, risk, and a tech-led liquidation, not a demand problem.
- The tell for next week. After Thursday's close, blowout Micron earnings sparked a ~400 billion dollar AI-chip rally, the first hint the rout that drove all this may be ending. Watch the resale series: it has been right all week.

Where it stands (latest close, Thursday June 25):
- European luxury: LVMH 494.40 euros, Hermès 1,613.50 euros, Richemont 186.35 Swiss francs, Kering 267.90 euros, Swatch 206.20 Swiss francs, Watches of Switzerland 708.0 pence, Pandora 709.00 Danish kroner (the week's standout).
- Friday's session was quiet and mixed into the open.

Also from ALT/FNDATA:
- Open Bid returns Monday at 6 AM ET

Creators and Guests

Host

Sharon Obuobi

What is Closing Price — Luxury Equities & Alternative Asset Signals?

Closing Price reads the signal where luxury equities meet the alternative-asset markets underneath them. Each market day, with a deeper week-in-review every Friday, host Sharon Obuobi tracks the listed companies behind the world's great luxury brands and auction houses — LVMH, Hermès, Richemont, Ferrari, and the major houses — against ALT/FNDATA's proprietary resale and auction data across watches, jewelry, fine art, handbags, and collector cars. The edge is the divergence between where the stocks trade and where end-demand actually sits. For investors and analysts who want the demand behind the price, not just the ticker.

Learn more and access the data at www.altfndata.com

CLOSING PRICE — Friday, June 26, 2026

[INTRO]

Good evening. It's Friday, June 26. I'm Sharon, and this is Closing Price from ALT/FNDATA. We provide the daily data read on luxury and collectibles. Tonight, we cover the week in review.

This episode of Closing Price is brought to you by ALT/FNDATA, the market intelligence platform for insights on the luxury markets and related public equities. With our data sandbox, you can work directly with the dashboards and datasets behind today's signals to keep your finger on the pulse of the market and drive your competitive advantage. Book a demo at altfndata.com/book.

[THE SIGNAL]

This was the week our central thesis got stress-tested, and it held. The luxury equities went on a violent round trip, sold off hard for two days, then clawed most of it back over the next three. The macro threw everything at them with a multi-day technology selloff, a fresh scare about Federal Reserve rate hikes, gold and oil cratering. And through all of it, the one number that actually measures demand, the price collectors pay at auction, the one number that actually measures demand, did not move at all. That is the main story of the week.

[THE TAPE, THE WEEK]

Here is how it played out. On Monday and Tuesday, the luxury names were dumped along with everything else, as a deepening AI-driven selloff dragged the Nasdaq lower day after day. Gold fell more than 6 percent on the week, and oil collapsed back below 70 dollars a barrel. The European luxury complex fell as much as 6 percent at its worst. Then, on Wednesday, it decoupled. Even as the broad market kept falling, the European houses rallied and this was the first sign the de-rating had found a floor. On Thursday, that recovery broadened to the last holdouts and the listed watch retailers, which had been sold for three straight sessions before finally turned. The week's clear standout was the Danish jeweler Pandora, which climbed almost every session to fresh highs. The laggards were the watch retailers, Watches of Switzerland and Swatch, which spent most of the week under pressure before stabilizing. And as we close the week out today, the luxury names are little changed.

[THE ALT-DATA, SECONDARY MARKET]

Now the constant. While the equity tape was volatile through its worst week in months, the resale market underneath these brands never flinched. It held flat at its cycle highs from Monday to Friday, indifferent to the rate scare, the tech rout, and the rebound. And the saleroom kept producing trophies: just this week, a single Modigliani sold for 63.9 million dollars in London. The equities were pricing macro, rates, risk, and a tech-led liquidation. They were never pricing a demand problem.

[THE DIVERGENCE]

So the week confirms the read we have carried all along. The resale market is the anchor, and the equity tape overshoots around it, first to the downside on fear, then back up as that fear clears. The selloff was a macro event, not a demand event, and the recovery had the listed names converging back toward the demand reality which our secondary market data measures. There is even a tell for next week: after Thursday's close, blowout earnings from the chipmaker Micron sparked a 400 billion dollar rally in AI stocks, the first hint that the rout which drove all of this may be ending. The question for the week ahead is simple. If the macro pressure keeps lifting, the recovery should broaden and hold. The way to know early, before it shows up in the share prices, is to watch the resale series.

[THE DATA]

For the data behind today's signals, the ALT/FNDATA data sandbox gives you hands-on access to our market dashboards and proprietary datasets, so you can test the divergence yourself. Book a demo at altfndata.com/book, or reach us anytime at [e-mail].

[OUTRO]

That's Closing Price, and the week, for Friday, June 26.

For the data behind today's signals, the ALT/FNDATA data sandbox gives you hands-on access to our market dashboards and proprietary datasets, so you can test the divergence yourself. Book a demo at altfndata.com/book, or reach us anytime at [e-mail].

Subscribe to be notified of new episodes, and if you enjoy the show, please leave us a five-star rating on Spotify or Apple Podcasts.

I'm Sharon, from ALT/FNDATA. I'll talk with you in the next episode.