Gold & Oil Sell Off; $17.4M Diamond Sold at Auction; New Creative Directors at Moschino

June 22: Gold & Oil Sell Off; $17.4M Diamond Sold at Auction; New Creative Directors at Moschino
Safe havens sell off as US and Iran peace talks progress, with gold and oil falling and the dollar near a one-year high, a single coloured diamond tops our entire auction database at 17.4 million dollars, and there's a changing of leadership at Moschino.

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Markets: A Peace-Deal Unwind
- Talks between the US and Iran showed real progress over the weekend, easing fears of a wider conflict and sending safe-haven assets lower. Gold fell about 2 percent this morning to around 4,228 dollars an ounce, and silver dropped close to 5 percent.
- Oil slipped too, with US crude back near 75 dollars a barrel, as Iran resumed shipping more crude through the Strait of Hormuz. The dollar held firm near a one-year high.
- US markets reopen today after Friday's Juneteenth holiday; Asian shares rose overnight. European luxury opened mixed: LVMH 500.40 euros (up about 0.2 percent from Friday's 499.25), Hermès flat at 1,722.50 euros, Richemont 183.10 Swiss francs (down about 0.3 percent), Kering 271.70 euros (down about 0.1 percent), Burberry 1,131 pence (down about 1.4 percent), and Brunello Cucinelli the weakest at 84.46 euros (down nearly 4 percent). The watch names were the bright spot: Watches of Switzerland 731.5 pence (up about 1.1 percent) and Swatch Group 210 Swiss francs (down about 0.3 percent).

Luxury Business: A New Duo at Moschino
- Creative director Adrian Appiolaza stepped down on Friday after two years, a mutual decision amid financial troubles at owner Aeffe. Moschino has hired the founders of Milan label Sunnei, Simone Rizzo and Loris Messina, to take over (Business of Fashion, Reuters).
- Loewe named a new global communications director, Eloise Hautcoeur, who joins from Versace in Milan (WWD).
- Luxury's beach-club era stretches into a ninth summer: brands are taking over the coastline, with Mytheresa, Gucci, and Jacquemus in Monaco and Burberry setting up in Athens (Business of Fashion).
- Alexander McQueen will return to the London Fashion Week calendar with a September runway show, its first London slot in years (WWD).

In the Art World (and tomorrow on Art Market)
- In France, the Coopérative-Musée Cérès Franco, a converted winery holding an eclectic private collection, has been recognized as a national museum and reopens after a major renovation (The Art Newspaper).
- A US court ordered veteran dealer David Nahmad to return a Modigliani painting found to have been looted, a notable Nazi-era restitution result (Artnet News).

Disclosure: ALT/FNDATA provides data and analysis, not investment advice.

Also from ALT/FNDATA:
- Closing Price — this evening at 5 PM ET
- Art Market — tomorrow (Tuesday)
- Open Bid returns tomorrow at 6 AM ET

Creators and Guests

Host

Sharon Obuobi

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 — Monday, June 22, 2026

[INTRO]

Good morning. It's Monday, June 22. I'm Sharon, and this is Open Bid from ALT/FNDATA.

Today, gold and oil fall as US and Iran peace talks show progress, we have a standout result for a single coloured diamond at 17.4 million dollars, and there's a shake-up at the top of the Italian house Moschino.

[THE MARKETS, A PEACE-DEAL UNWIND]

We begin with the markets, where the big story over the weekend was diplomacy. Talks between the United States and Iran showed real signs of progress, and the first thing that moved was the price of safety. When the risk of a wider conflict eases, investors sell the assets they buy for protection. So this morning, gold is trading around 4,228 dollars an ounce, down about 2 percent, and silver is off about percent.

Oil fell too, with US crude back near 75 dollars a barrel, as Iran resumed shipping more of its oil through the Strait of Hormuz, the narrow waterway that carries a large share of the world's crude. The dollar, meanwhile, is firm and trading near a one-year high. US markets reopen this morning after Friday's Juneteenth holiday, and Asian shares rose overnight on the same peace-deal optimism.

In Europe, the luxury names opened mixed. LVMH opened at 500.40 euros, up about 0.2 percent from Friday's close of 499.25. Hermès was essentially flat at 1,722.50 euros. Richemont opened a touch lower at 183.10 Swiss francs, down about 0.3 percent, and Kering eased to 271.70 euros. The softest of the group was Brunello Cucinelli, the Italian cashmere maker, which opened at 84.46 euros, down nearly 4 percent, while in London, Burberry opened at 1,131 pence, off about 1.4 percent.

The watch names were the bright spot. Watches of Switzerland, the big London-listed retailer, opened at 731.5 pence, up about 1.1 percent, and Swatch Group was little changed in Zurich at 210 Swiss francs.

[THE OCEAN DREAM, 17.4 MILLION DOLLARS]

Across every category ALT/FNDATA tracks, watches, art, cars, handbags, and jewelry. A standout result was a coloured diamond and diamond ring known as the Ocean Dream sold on auction for 17.4 million dollars at Christie's last month. To put that in perspective, that one ring sold for more than most entire collector-car auctions bring in a single sale. It is a useful reminder that even while the broad luxury market is soft and the brands are shipping fewer goods for retail sales, the very top of the jewelry market is still finding deep-pocketed buyers. That sale, and every other result are captured in the ALT/FNDATA database.

[LUXURY BUSINESS, A NEW DUO AT MOSCHINO]

According to Business of Fashion and Reuters, there has been a change of leadership at Moschino. The brand's creative director, Adrian Appiolaza, stepped down on Friday after two years, a mutual decision that comes amid mounting financial troubles at the label's owner, the Italian group Aeffe. In his place, Moschino has hired the two founders of the cult Milan label Sunnei, Simone Rizzo and Loris Messina, who say they want to turn the house into, what they describe as “a cultural loudspeaker”.

There is movement elsewhere in the executive ranks. Loewe has named a new global communications director, Eloise Hautcoeur, who joins from Versace in Milan.

And, the luxury houses are leaning hard into summer. Business of Fashion reports that as the industry's beach-club era stretches into a ninth season, brands are taking over the coastline, with Mytheresa, Gucci, and Jacquemus all descending on Monaco, and Burberry setting up shop in Athens.

One more from the runway: Alexander McQueen, which normally shows in Paris, will return to the official London Fashion Week calendar with a show in September, its first London slot in years.

[ALSO IN THE ART WORLD]

A few notes from the art world before we close.

In France, a converted winery has just been recognized as a national museum. The Coopérative-Musée Cérès Franco, which holds an eclectic private collection, is reopening to the public after a major renovation.

And there is a restitution result worth flagging. A US court has ordered the veteran dealer David Nahmad to return a Modigliani painting that was found to have been looted, a notable development in the long-running fight over Nazi-era art claims. These are exactly the kinds of stories we dig into on our weekly art show, and Art Market is out tomorrow with a full slate.

We will look at the lasting impact of Brexit on the British art trade, a decade on from the vote to leave the European Union. We will also dig into a remarkable find, a previously unknown archive that belonged to Van Gogh's doctor, Paul Gachet, including a sketch of the artist on his deathbed.

[WEEK AHEAD]

Looking ahead, the Laocoön bronze goes on view in London ahead of its July sale, and Closing Price follows this evening with the day's closes.

[OUTRO]

That's it on Open Bid for today, Monday, June 22. Closing Price follows this evening at 5 PM Eastern, and we look at the Art Market tomorrow.

For more insights on the top stories in today's Open Bid, check out the ALT/FNDATA market index and datasets, which cover the secondary-market signals behind the luxury names we follow. You can start for free in our data sandbox. To get started, reach us on our website, or by email at [e-mail].

Subscribe to get notified of new episodes, and if you love 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.