As Russia's oligarchs flirted with bankruptcy following the collapse of the stock market in 2008-2009, gallery owners, fashion labels, super-yacht brokers and Swiss watchmakers all held their breath.
The wisdom of Yves Carcelle, Louis Vuitton chief executive, that the appeal of his brand was “more about desire and emotion than money” was to be put to its most serious test.
Since the end of communism, the Russian market for luxury goods has been one of the fastest growing in the world. Russia's wealthy have helped buoy sales of everything from couture and champagne to private tropical islands, 16th century Venetian palazzos and Damien Hirst's art.
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