Why auction houses are embracing luxury — and celebrity — fashion

— There’s a lot of talk about luxury’s rising prices, but it’s at auction that fashion is selling for the most eye-popping of sums. In 2022, a pair of Celine sunglasses owned by Joan Didion sold for $27,000; in 2023 Levi’s once worn by Nirvana frontman Kurt Cobain fetched $412,750. Last month, Elton John’s diamond encrusted, leopard-print Rolex sold for $176,400. Those sums, however, are paltry when compared to the sale of Princess Diana’s black sheep sweater, which went for $1.

Hoey works with designers on references for their collections and stylists to place pieces on the red carpet, in editorials and on the big screen. For others, it’s a connection to a notable public figure or cultural asset.

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