Who defines value, and where will the next fortunes emerge?

A $10 million Richter, a $10 million Baselitz, and two Julie Mehretu paintings at $7.85 million each. Art Basel Paris opened with a striking reminder that, even amid political turmoil and unrest, the market for exceptional pieces remains remarkably resilient. While luxury boutiques faced the fallout of street violence, the Grand Palais becomes a stage for a different kind of confidence as collectors continue to invest in cultural capital.

The headline-grabber, however, was Amedeo Modigliani’s Nu étendu (Lolotte), offered for more than $100 million, a reminder that, at the very top, art remains both a cultural asset and a store of wealth.

But who defines value, and where will the next fortunes emerge? As Brazil approaches its presidential runoff, its homegrown luxury sector reflects the growing influence of domestic wealth. India’s award-winning whiskies tell a similar story of markets challenging established hierarchies. Julian Charrière’s work brings environmental responsibility into luxury’s cultural equation, while fashion historian Valerie Steele questions how heritage brands can sustain a distinctive identity. Formula 1, meanwhile, demonstrates how cultural visibility translates into global influence.

The common thread is power. To shape taste, define identity and command desire. In a fractured world, luxury’s future may depend less on what money can buy than on what cultural relevance it can secure.