One common thread that seems to apply across so many disciplines is that unforeseen shocks and so-called “black swan” events act as accelerants for change. They act to bring about shifts in behavior in a matter of months that would have otherwise taken years or even decades to take hold. Against the backdrop of a global pandemic and the many unprecedented governmental policy measures that flowed from it, we are living through such a period of upheaval. This will trigger the death knell for many age-old businesses and trends and usher in a multitude of new opportunities and working practices.
The most obvious example of this over the past twelve months has been the move to home or “flexible” working which looks to become the norm in many industries for many years to come (although at the time of writing, a number of prominent investment banks are leading the charge in calling their staff back to their offices).
Luxury asset management is changing as we know it
There is, however, another change going on in the luxury asset sector, that we have seen firsthand across the last 12 months. By way of additional context, consider the following: