In this episode:

Analyst Upgrades
- BofA upgrades LVMH (MC.PA) to Buy
- BofA upgrades Zegna (ZGN) to Buy, price objective $8.90 (17% upside)
- BofA describes Zegna as "one of the more undervalued stories in luxury"
- Kering up ~49% over three months on recent upgrades
- LVMH up ~42% over three months, still below 52-week high of EUR 654.70

Zegna — Los Angeles
- Summer 2027 runway show staged in LA today
- Villa Zegna invitation-only private club opened in Hollywood

Pace Gallery — Market Signal
- Cutting ~50 artists from roster of 135, staff from 250 to 200
- CEO Marc Glimcher: mega-gallery model is "unfixable"
- Reflects pressure on primary art market and consignment pipelines

Week in Review
- Spring auction season: $1.8B across Christie's, Sotheby's, Phillips in May
- LVMH (MC.PA): EUR 477, upgraded to Buy by BofA
- Richemont (CFR.SW): near record high CHF 161.80
- Watches of Switzerland (WOSG.L): up 14% on FY2026 earnings
- Swatch (UHR.SW): CHF 215
- Burberry (BRBY.L): delayed net zero target from 2040 to 2050
- De Beers: average diamond cost $4,063, up 25% from 2023
- Swiss watch exports to US: down 17% YoY in April
- Hong Kong luxury sales: up 20% YoY in April
- Neiman Marcus closing Dallas flagship (Saks Global Ch.11)
- Pace Gallery restructuring

Auctions Ahead
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York
- Bonhams National Automobile Museum — June 13, Reno
- RM Sotheby's Tegernsee — July 4

Links:
- ALT/FNDATA: https://www.altfndata.com
- BofA LVMH and Zegna upgrades: https://www.investing.com/news/stock-market-news/lvmh-shares-soar-as-bofa-upgrades-shares-to-buy-sees-15-upside-potential-3816526
- Pace Gallery restructuring: https://news.artnet.com/market/pace-gallery-downsizes-cutting-artists-and-staff-2778584
- Zegna LA runway: https://wwd.com/menswear-news/mens-designer-luxury/zegna-spring-2027-los-angeles-thom-browne-first-show-milan-fashion-week-1238638812/

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Art Market — Tuesdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET
- Auto Market — Thursdays at 8 AM ET

In this episode:

Auto Sector Equities
- BMW, Mercedes-Benz, and Porsche testing technical support levels
- Ferrari (RACE): 29.5% operating margin in 2025, up from 28.3% prior year, on revenue of EUR 7.1B

RM Sotheby's Tegernsee Consignment (July 4)
- 2009 Ferrari 599XX Evo: EUR 2M–2.5M (headline lot)
- 2004 Porsche Carrera GT: EUR 1.2M–1.6M

Centre Pompidou Seoul
- Centre Pompidou Hanwha opened today in Yeouido, Seoul
- 10,000 sqm, designed by Jean-Michel Wilmotte
- Inaugural exhibition: "The Cubists: Inventing Modern Vision" — Picasso, Kandinsky, Matisse, Chagall
- Partnership with Hanwha Foundation (Hanwha Group, publicly traded on Korea Exchange)

Watch Auction Season — June 9-15
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York
- Swiss watch exports to US fell 17% YoY in April

Sector Snapshot at Close
- LVMH (MC.PA): EUR 477.10, day range 473–479.75
- Richemont (CFR.SW): ~CHF 161.80, near record high
- Swatch (UHR.SW): ~CHF 215
- Ferrari (RACE): 29.5% operating margin, FY25 revenue EUR 7.1B
- Watches of Switzerland (WOSG.L): holding 14% gain from earlier this week

Links:
- ALT/FNDATA: https://www.altfndata.com
- RM Sotheby's Tegernsee lots: https://rmsothebys.com/auctions/tc26/lots/
- Ferrari 599XX consignment: https://www.magnetomagazine.com/articles/ferrari-599xx-leads-rm-sothebys-coe-germany-supporting-2026-tegernsee-sale/
- Centre Pompidou Hanwha: https://www.centrepompidou.fr/en/lieu/centre-pompidou-hanwha

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Auto Market — Thursdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET

In this episode:

Swiss Watch Exports
- Swiss watch exports to the US fell 17% YoY in April
- Swatch Group (UHR.SW): trading ~CHF 215
- Richemont (CFR.SW): watchmakers down 4% in FY2026, but stock near record high CHF 161.80 on jewelry strength
- Richemont jewelry maisons (Cartier, Van Cleef, Vhernier): EUR 16.5B at 30.5% margin
- Watches of Switzerland (WOSG.L): surged 14% yesterday on FY2026 earnings, US sales +24%

Hong Kong Luxury Retail
- Revenue from jewelry, watches, clocks, and valuable gifts up 20% YoY in April
- Positive demand signal for Richemont and LVMH, both with significant Hong Kong exposure
- LVMH (MC.PA): ~EUR 473, down 26% YTD

Diamond Supply
- De Beers: average cost of natural mined diamond reached $4,063 in 2025, up 25% from 2023
- Kao mine going on care and maintenance from July amid rough-price downturn
- Signet Jewelers (SIG): raised full-year guidance on improved sales

Sector Snapshot at Close
- LVMH (MC.PA): ~EUR 473, down 26% YTD
- Richemont (CFR.SW): ~CHF 161.80, near record high
- Swatch (UHR.SW): ~CHF 215
- Watches of Switzerland (WOSG.L): up 14% yesterday
- Signet (SIG): raised FY guidance

Links:
- ALT/FNDATA: https://www.altfndata.com
- Swiss watch exports: https://rapaport.com/news/us-market-continues-to-weigh-on-swiss-watch-exports/
- De Beers diamond data: https://rapaport.com/news/natural-diamond-spending-and-sizes-rising-de-beers-says/
- Kao mine closure: https://rapaport.com/news/kao-mine-to-shutter-amid-rough-price-downturn/
- Signet sales: https://rapaport.com/news/strategic-revamp-still-paying-off-as-signet-sales-improve/

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Luxury Spending — Wednesdays at 8 AM ET

In this episode:

Watches of Switzerland (WOSG.L — LSE)
- Stock surged 14% on FY2026 earnings
- Group sales: GBP 1.83B, up 13% at constant currency
- US sales: +24% YoY, now more than half of group revenue
- FY2027 guidance: 5-10% growth at constant currency

Analyst Ratings
- Deutsche Bank adds Richemont to "Most Preferred" alongside LVMH and Burberry
- Richemont now consensus top pick across Deutsche Bank, UBS, JPMorgan, and HSBC
- Kering and Moncler designated "Least Preferred" by Deutsche Bank
- Kering (KER.PA) ex-dividend today at EUR 2.75 per share

China Outlook
- Bain & Co projects Chinese luxury spending +6% in 2026, reversing -5% in 2025
- Chinese shoppers account for more than 25% of annual global luxury sales
- Structural shift toward luxury experiences (hospitality, cruises, dining) and away from traditional goods

Sector Snapshot at Close
- LVMH (MC.PA): ~EUR 473, down 26% YTD
- Richemont (CFR.SW): near record high CHF 161.80
- Swatch (UHR.SW): CHF 215
- Watches of Switzerland (WOSG.L): up 14% today
- Kering (KER.PA): ex-dividend EUR 2.75

Links:
- ALT/FNDATA: https://www.altfndata.com
- Watches of Switzerland Q4 2026 earnings: https://www.investing.com/news/transcripts/earnings-call-transcript-watches-of-switzerland-q4-2026-sees-stock-surge-93CH-4687393
- Deutsche Bank luxury ratings: https://www.cityam.com/city-broker-downgrades-outlook-for-luxury-stocks-lvmh-burberry-and-richemont/
- Richemont FY2026 results: https://www.richemont.com/news-media/press-releases-news/richemont-delivers-strong-sales-growth-and-solid-results-for-the-year-ended-31-march-2026/

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Art Market — Tuesdays at 8 AM ET

In this episode:

LVMH (MC.PA — Euronext Paris)
- Stock: EUR 473, down 26% YTD
- 52-week range: EUR 436.55 – EUR 654.70
- Q1 revenue: EUR 19.1B, down 6% YoY
- Christie's spring evening session: $1.1B
- Top lot: Jackson Pollock "Number 7A, 1948" at $181M

Richemont (CFR.SW — Swiss Exchange)
- FY2026 sales: EUR 22.4B, up 11% at constant rates
- Net profit: EUR 3.5B, up 27%
- Jewelry maisons (Cartier, Van Cleef, Vhernier): EUR 16.5B at 30.5% margin
- Watchmakers: EUR 3.1B, down 4%
- Shares reached record high CHF 161.80
- Sotheby's High Jewelry: $31.4M, 95% sell-through
- June 9: 73.11-carat Fancy Vivid Yellow diamond by Glenn Spiro

Ferrari (RACE — NYSE)
- Q1 revenue: EUR 1.85B, up 3%
- Deliveries: 3,436 units, down 4.4% (deliberate slowdown)
- FY2026 guidance: ~EUR 7.5B reaffirmed
- Bonhams The Market: 2009 Ferrari California ~$34,000

Burberry (BRBY.L — LSE)
- FY2026 adj. operating profit: GBP 160M (prior year: GBP 26M)
- Americas and China: +10%
- Stock dropped ~7% on results day (Europe/Middle East weak)
- Net zero target delayed from 2040 to 2050
- BRBY up 17% over 12 months

Week ahead:
- Zegna (ZGN) runway show in Los Angeles, Friday
- RM Sotheby's boutique auction, Bavaria, Thursday-Friday
- Sotheby's Magnificent Jewels, New York, June 9

Links:
- ALT/FNDATA: https://www.altfndata.com
- Richemont FY2026 results: https://www.richemont.com/news-media/press-releases-news/richemont-delivers-strong-sales-growth-and-solid-results-for-the-year-ended-31-march-2026/
- Ferrari Q1 2026 earnings: https://qz.com/ferrari-q1-2026-earnings-beat-guidance-ev-luce-050526
- Burberry net zero delay: https://www.businessoffashion.com/news/sustainability/burberry-delays-net-zero-emissions-target-by-10-years-to-2050/
- Sotheby's High Jewelry results: https://www.sothebys.com/en/articles/sothebys-sale-of-high-jewelry-in-new-york-achieves-31-4-million-95-lots-sold

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET: Your daily briefing on global auctions and luxury alternative assets