ART & SCULPTURE
SOTHEBY ’ S INSTITUTE LAUNCH NEW MA ALL ABOUT LUXURY
Whether working for a luxury company or leading their own businesses , the next generation of luxury professionals will need to understand the wider role that the luxury business plays for the environment and our society at large . The Sotheby ’ s MA blends bespoke learning with leading industry guest speakers such as Sotheby ’ s , Claridge ’ s , Farfetch , Dior , Burberry , Chanel , Bottega Veneta , alongside field trips to the luxury capitals of the world and behind-the-scenes visits to Louis Vuitton , Fortnum and Mason , Dom Perignon , Ferrari , Aston Martin , Chaumet and 5 Carlos Place .
Luxury is arguably the industry that has undergone the most disruptive changes , yet many of us don ’ t really know how to define the term . Is it our morning coffee or an exclusive branded item ? Is it time spent with our families or a VIP experience in store ? Luxury is a blurring concept and exists in an industry that is constantly forced to reinvent itself .
Sotheby ’ s Institute of Art have launched an MA in Luxury Business – the first of its kind – allowing participants to gain an in-depth understanding of the ever-changing business of luxury and its cultural contexts . It asks what a new direction in luxury business and leadership looks like today .
Luxury isn ’ t what it used to be . Shifts in consumer values , buying power , access and technology are shaping an innovative and dynamic luxury market . The Sotheby ’ s Institute MA in Luxury Business examines this sophisticated industry as it is diversifying and expanding , and explores synergies with other industries and cultural landscapes . It explores the worlds of fashion , hospitality , cars , jewellery , spirits , art , perfume and beauty .
Conventionally associated with heritage and exclusivity , the luxury business has thrived , thanks to well-known brands catering to a selected market while luring aspirational customers with affordable promises of elevation . However , luxury companies and brands have begun to question the status-quo and , as a result , the concept of luxury has morphed into something different , unexpected , almost contradictory – a process which has been accelerated by the pandemic . Luxury companies are now expected to take an active stance on environmental and social issues ; technology has opened new and innovative opportunities for customer engagement ; and collaborative initiatives between luxury and art have proven to be the conduit to great creativity rather than just stunts – whatever next !
Dr . Federica Carlotto MBA , Program Director of MA Luxury Business , comments , From a niche industry , luxury is headed to become one of the most relevant business activities at a global level . Since the 90s , the luxury industry has seen constant growth , reaching 280 bil . Euros in 2019 .[ 1 ] It has also shown incredible resilience during the Covid-19 crisis , with the main luxury companies ( Hermès , Louis Vuitton , Chanel ) already bouncing back to their pre-pandemic sales levels . What does it take to build a successful career in an industry that never ceases to reinvent itself ?
Whether working for a luxury company or leading their own businesses , the next generation of luxury professionals will need to understand the wider role that the luxury business plays for the environment and our society at large . Capture what is current and relevant for their customers , audiences and communities . Liaise with other creative and cultural sectors to make luxury current , exciting and unconventional – luxury companies already have specific professional roles to manage their special projects , while business consultancies have started appointing Creative Chairmans to drive creative excellence and customer experience .
The MA in Luxury Business responds to the recent creation by Sotheby ’ s auction house of a Luxury , Art and Objects division as one of the two major divisions of the company . The programme also gives a nod to the more general trend in the high-end cultural and creative industry to synergise , break barriers and find original ways of engaging with markets and audiences on a wider scale . Building on the Institute ’ s high level academic knowledge and industry expertise , the program adds a specific focus on transferrable skills and professional development .
www . sothebysinstitute . com / london / masters-programs / maluxury-business
122 The Art of Luxury Issue 49 2021