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July 20: Luxury Stocks Finally Move With the Saleroom: Richemont's 24% Jewelry Surge, a Record $6.8 Billion Half, and the Largest Memorabilia Sale Ever
For months the listed luxury names have slid while the auction rooms kept setting records. This week that pattern finally broke, and the spark was Richemont, the Swiss group behind Cartier, whose results beat expectations and lifted the entire sector. Two things drove it, and both matter far beyond one company: a double-digit sales rebound in greater China, and a 24 percent surge in jewelry, the hardest and scarcest end of luxury. In the same stretch the big three auction houses posted their strongest first half since 2022, and a single memorabilia collection became the largest ever sold. Underneath it all is the pattern we keep coming back to, a three-speed market in which the top is racing, the everyday base is broadening, and the aspirational middle is being pulled along.
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The Markets
- The tape broke a pattern it had held for months. Richemont's results sent its shares up more than 7 percent, their best day since April, and that single result lifted the whole sector.
- Hermès, LVMH and Kering, the owner of Gucci, all rose between 2 and 3 percent, and Swatch, the maker of Omega and Tissot, jumped nearly 4 percent.
- Into the new week the majors gave a little back, with LVMH easing to around 485 euros. Gold held near the record highs it set earlier this year.
Why the Stocks Turned
- China: Richemont reported double-digit sales growth in the greater China region, the clearest sign yet that the Chinese luxury buyer, whose retreat has weighed on the sector for two years, may be returning.
- Jewelry. Richemont's jewelry division, home to Cartier and Van Cleef and Arpels, grew sales 24 percent, a seventh straight quarter of double-digit growth. This is the hardest, scarcest end of luxury, and the corner our own data has flagged as the strongest all year.
The Record Half
- Christie's, Sotheby's and Phillips together sold about 6.8 billion dollars in the first half, up roughly 70 percent year on year and the strongest first half since 2022.
- Christie's alone brought in 4.5 billion. Sotheby's turnover reached an all-time high. Sell-through rates at both houses sat around 90 percent, a sign of real depth rather than a few trophies flattering the total.
- The growth came from two engines: the trophy lots at the very top and the luxury goods, the watches and jewelry, at the more accessible end.
- The everyday base set a record too, as the collection of the late Jim Irsay, longtime owner of the Indianapolis Colts, brought 105.2 million dollars across five Christie's sales, the largest memorabilia sale ever held.
Coming to the Block
- Monterey, in California, next month: RM Sotheby's leads with an Aston Martin DB4 GT Zagato, one of the most coveted cars ever built.
- The Goodwood Revival this autumn: a 1925 Bugatti Type 35C, a genuine pre-war Grand Prix car, goes up with no reserve.
- Live at auction right now: a rare Rolex GMT-Master II and a Patek Philippe World Time.
The Three-Speed Read
- The top of the market, the genuinely rare and hand-made, is racing. The everyday collectibles base, the coins and the memorabilia, is broadening. The aspirational middle, the logo handbags and mall luxury, is being pulled along rather than leading.
- This week the fastest lane pulled the other two up with it. That split is exactly what our data exists to measure, lot by lot.
Quick Hits
- Rolex is marking 100 years of the Oyster, the case that made the modern waterproof watch, with a run of centennial models. Heritage itself has become a form of value.
- Christie's in London handed its summer exhibition, for the first time, to a South Asian institution, showing the collection of the Kiran Nadar Museum of Art from New Delhi.
- The world record for a single bottle of wine now stands at 812,500 dollars, paid for a 1945 Domaine de la Romanée-Conti, a Burgundy so rare that only a few hundred bottles of that vintage were ever made.
By the Numbers
- Richemont: sales +20 percent to 6.33 billion euros (ahead of the 5.90 billion expected); shares +7 percent; jewelry +24 percent, a seventh straight double-digit quarter.
- Auction first half: about 6.8 billion dollars across the big three, +70 percent, strongest since 2022. Christie's 4.5 billion; Sotheby's turnover an all-time high; ~90 percent sell-through.
- Jim Irsay Collection: 105.2 million dollars, the largest memorabilia sale ever.
- Monterey week record, for context: 48.4 million dollars (1962 Ferrari 250 GTO).
The Read
- The divergence we have tracked all year finally narrowed, and it narrowed from the top down, led by the hardest luxury. The open question is whether it lasts or whether it was one strong quarter from one strong house. If the listed names keep following the saleroom, the gap keeps closing; if the rally fades, it simply reopens.
Also from ALT/FNDATA:
- Luxury Spending — Tuesday
- Art Market — Wednesday
- Auto Market — Thursday
- Closing Price — Friday
- The Wealth Signal — the weekly newsletter on LinkedIn
For months the listed luxury names have slid while the auction rooms kept setting records. This week that pattern finally broke, and the spark was Richemont, the Swiss group behind Cartier, whose results beat expectations and lifted the entire sector. Two things drove it, and both matter far beyond one company: a double-digit sales rebound in greater China, and a 24 percent surge in jewelry, the hardest and scarcest end of luxury. In the same stretch the big three auction houses posted their strongest first half since 2022, and a single memorabilia collection became the largest ever sold. Underneath it all is the pattern we keep coming back to, a three-speed market in which the top is racing, the everyday base is broadening, and the aspirational middle is being pulled along.
ALT/FNDATA
- Get Started: https://altfndata.com/start
- Market reports: https://altfndata.com/reports
- All shows and platforms: https://altfndata.com/podcasts
The Markets
- The tape broke a pattern it had held for months. Richemont's results sent its shares up more than 7 percent, their best day since April, and that single result lifted the whole sector.
- Hermès, LVMH and Kering, the owner of Gucci, all rose between 2 and 3 percent, and Swatch, the maker of Omega and Tissot, jumped nearly 4 percent.
- Into the new week the majors gave a little back, with LVMH easing to around 485 euros. Gold held near the record highs it set earlier this year.
Why the Stocks Turned
- China: Richemont reported double-digit sales growth in the greater China region, the clearest sign yet that the Chinese luxury buyer, whose retreat has weighed on the sector for two years, may be returning.
- Jewelry. Richemont's jewelry division, home to Cartier and Van Cleef and Arpels, grew sales 24 percent, a seventh straight quarter of double-digit growth. This is the hardest, scarcest end of luxury, and the corner our own data has flagged as the strongest all year.
The Record Half
- Christie's, Sotheby's and Phillips together sold about 6.8 billion dollars in the first half, up roughly 70 percent year on year and the strongest first half since 2022.
- Christie's alone brought in 4.5 billion. Sotheby's turnover reached an all-time high. Sell-through rates at both houses sat around 90 percent, a sign of real depth rather than a few trophies flattering the total.
- The growth came from two engines: the trophy lots at the very top and the luxury goods, the watches and jewelry, at the more accessible end.
- The everyday base set a record too, as the collection of the late Jim Irsay, longtime owner of the Indianapolis Colts, brought 105.2 million dollars across five Christie's sales, the largest memorabilia sale ever held.
Coming to the Block
- Monterey, in California, next month: RM Sotheby's leads with an Aston Martin DB4 GT Zagato, one of the most coveted cars ever built.
- The Goodwood Revival this autumn: a 1925 Bugatti Type 35C, a genuine pre-war Grand Prix car, goes up with no reserve.
- Live at auction right now: a rare Rolex GMT-Master II and a Patek Philippe World Time.
The Three-Speed Read
- The top of the market, the genuinely rare and hand-made, is racing. The everyday collectibles base, the coins and the memorabilia, is broadening. The aspirational middle, the logo handbags and mall luxury, is being pulled along rather than leading.
- This week the fastest lane pulled the other two up with it. That split is exactly what our data exists to measure, lot by lot.
Quick Hits
- Rolex is marking 100 years of the Oyster, the case that made the modern waterproof watch, with a run of centennial models. Heritage itself has become a form of value.
- Christie's in London handed its summer exhibition, for the first time, to a South Asian institution, showing the collection of the Kiran Nadar Museum of Art from New Delhi.
- The world record for a single bottle of wine now stands at 812,500 dollars, paid for a 1945 Domaine de la Romanée-Conti, a Burgundy so rare that only a few hundred bottles of that vintage were ever made.
By the Numbers
- Richemont: sales +20 percent to 6.33 billion euros (ahead of the 5.90 billion expected); shares +7 percent; jewelry +24 percent, a seventh straight double-digit quarter.
- Auction first half: about 6.8 billion dollars across the big three, +70 percent, strongest since 2022. Christie's 4.5 billion; Sotheby's turnover an all-time high; ~90 percent sell-through.
- Jim Irsay Collection: 105.2 million dollars, the largest memorabilia sale ever.
- Monterey week record, for context: 48.4 million dollars (1962 Ferrari 250 GTO).
The Read
- The divergence we have tracked all year finally narrowed, and it narrowed from the top down, led by the hardest luxury. The open question is whether it lasts or whether it was one strong quarter from one strong house. If the listed names keep following the saleroom, the gap keeps closing; if the rally fades, it simply reopens.
Also from ALT/FNDATA:
- Luxury Spending — Tuesday
- Art Market — Wednesday
- Auto Market — Thursday
- Closing Price — Friday
- The Wealth Signal — the weekly newsletter on LinkedIn
Creators and Guests
What is Open Bid — Daily Morning Briefing on Auctions, Luxury & Markets?
Open Bid is your weekday-morning briefing on the world of luxury and collectibles. In under five minutes, host Sharon Obuobi covers the biggest stories across fine art, jewelry, watches, handbags, and collector cars — the record auction results, the moves inside the luxury houses, and what the markets are doing that morning — all backed by proprietary data from ALT/FNDATA. Whether you collect, invest, or just love this world, it's the fastest way to start the day informed.
Learn more at www.altfndata.com.
OPEN BID - July 20
It's Monday, July 20, this is Open Bid from ALT/FNDATA, your read on the luxury and collectibles markets.
This week, the luxury stocks and the auction houses finally moved in the same direction, and the spark was a Chinese jewelry rebound. Plus, we have the strongest first half for the auction world since 2022, the trophies heading to Monterey next month, and we explore why a single bottle of Burgundy tells you everything about where collecting is going.
Open Bid is brought to you by ALT/FNDATA, the market intelligence platform for the luxury markets and the public companies behind them. Activate your account to unlock our dashboards, reports and research, so you can keep your finger on the pulse of the market. Learn more at altfndata.com/start.
[THE MARKETS]
We start with the markets, because this week the tape broke a pattern it had held for months. All year the broad market has climbed while the European luxury majors lagged behind. This week they moved together, and the spark was Richemont, the Swiss group behind Cartier. Its results blew past expectations and sent the shares up more than 7 percent, their best day since April, and that single result lifted the entire sector. Hermès, LVMH and Kering, the owner of Gucci, all rose between 2 and 3 percent, and Swatch, the maker of Omega and Tissot, jumped nearly 4. Into the new week the majors gave a little of it back, with LVMH easing to around 485 euros, but the shift in mood was real. Gold, for its part, has held near the record highs it set earlier this year, still the quiet winner of 2026. For the full weekly picture, join me Friday on Closing Price.
[WHY THE STOCKS TURNED]
That rally raises an obvious question, which is what actually changed, and the answer comes down to two forces that both reach well beyond a single company. The first was China. Richemont said sales in the greater China region grew at a double-digit rate, and that is the clearest sign yet that the Chinese luxury buyer, whose retreat has weighed on this entire sector for two years, may finally be coming back. The second was jewelry. Richemont's jewelry division, home to Cartier and Van Cleef and Arpels, grew sales 24 percent, a seventh straight quarter of double-digit growth. That is not a handbag story or a fashion story. It is the hardest, scarcest end of luxury, and it is exactly the corner our own data has flagged as the strongest all year.
[THE RECORD HALF]
The auction houses, meanwhile, gave the market plenty of demand to point to. Christie's, Sotheby's and Phillips reported their first half, and together they sold about 6.8 billion dollars, up roughly 70 percent on a year ago and the strongest first half since 2022. Christie's alone brought in 4.5 billion, Sotheby's turnover reached an all-time high, and sell-through rates sat around 90 percent, which tells you this was real depth and not one or two trophies flattering the total. What is telling is where the growth came from, split between the trophy lots at the very top and the luxury goods, the watches and the jewelry, at the more accessible end. Even the everyday base set a record, as the collection of the late Jim Irsay, the longtime owner of the Indianapolis Colts, brought 105.2 million dollars, the largest sale of memorabilia ever held.
[COMING TO THE BLOCK]
The calendar ahead is just as loaded as the week behind it. Next month the whole car world descends on Monterey, in California, where RM Sotheby's will lead with an Aston Martin DB4 GT Zagato, one of the most coveted cars ever built. In England, the Goodwood Revival this autumn will offer a 1925 Bugatti Type 35C with no reserve, a genuine pre-war Grand Prix car. Right now, as I speak, a rare Rolex GMT-Master two and a Patek Philippe World Time are both live at auction. There is a lot to get to, and I will, right across the week.
[THE THREE-SPEED WEEK]
If we step back, one pattern ties the whole week together. The top of the market, the genuinely rare and hand-made, is racing. The everyday collectibles base, the coins and the memorabilia, is broadening. And the aspirational middle, the logo handbags and mall luxury, is being pulled along rather than leading. It is a three-speed market, and this week the fastest lane pulled the other two up with it. That split is exactly what our data exists to measure, lot by lot, and you can explore all of it at altfndata.com.
[QUICK HITS]
There were a handful of other stories worth noting from the week in collecting. In watchmaking, Rolex is marking 100 years of the Oyster, the case that made the modern waterproof watch, with a run of centennial models, a reminder that heritage itself has become a form of value. In the art world, Christie's in London handed its summer exhibition, for the first time, to a South Asian institution, showing the collection of the Kiran Nadar Museum of Art from New Delhi. And in wine, the passion asset boom rolls on, with the world record for a single bottle now standing at 812,500 dollars, paid for a 1945 Domaine de la Romanay Contee, a Burgundy so rare that only a few hundred bottles of that vintage were ever made.
[OUTRO]
That's it on Open Bid for today, July 20. I will be back with a new episode every weekday, Luxury Spending tomorrow, then Art Market on Wednesday, Auto Market on Thursday, and Closing Price on Friday to tie the whole week together. If you want the data behind these stories, an ALT/FNDATA subscription gives you our full library of dashboards and reports. Get started at altfndata.com/start, or reach us anytime at info at altfndata.com.
If you love the show, please follow or subscribe so you never miss an episode. Thanks for listening and I'll talk to you tomorrow.