Real estate was the first to go, with a sibilant snap. Then stock markets around the world very nearly exploded. If art is indeed the next to bubble to burst, top auction houses better savor sweeps like "Resurrection: Avant-Garde Fashion," the Oct. 30 sale of vintage clothing at Christie's South Kensington, London, sale room.
Plucked from the private collection of Los Angeles-based vintage boutique owners Katie Rodriguez and Mark Haddawy, the sale included offbeat wares spanning the second half of the 20th century, including a replica of Andy Warhol's "Souper" paper dress, circa 1966; a saffron-colored, smiley face-pocked wool sweater from Marc Jacobs, circa 1985, and a topless swimsuit by Rudi Gernreich circa 1964.
Many of the uncommon pieces--considered avant-garde, or boundary-pushing, by Christie's--are one-offs, pieces of art meant, sometimes, to be worn. Even so, the high prices at which many pieces sold remain surprising, given the current global economic climate.
Pierre Cardin's satellite cape is a prime example of fashion as art. Unless the buyer planned on dressing as a Martian for Halloween, it's safe to say that the candy-apple-red vinyl bubble, lined in synthetic fleece and fitted with a heavy brass zipper down the front, is for display only.
The Italian-born Cardin, best known for his architectural shapes that paid little attention to a woman's proportions, defined the space-age trend of the 1960s with pieces like this circular rain-slicker. The cape, expected to bring between $6,400 and $9,600, sold for $8,300.
But other pieces easily exceeded their pre-sale estimates.
Paco Rabanne's mod tunic dress, assembled from linked aluminum panels, sold for $24,900--exactly three times its original estimate of $8,300. The nearly unwearable dress, trimmed with metal rivets at the décolletage, may prove an impractical frock for next month's charity ball, but its rarity deems it worthy for serious collectors.
Despite the fact that they often lack utility, prices for vintage clothing have continued to climb over the last decade, similar to wine, watches and of course, fine art. Even current fashion is benefiting from the demand. At a Cannes auction in May 2008 to benefit amfAR, a custom-tailored Chopard by Alberta Ferretti dress, with 2.904 carats of Chopard precious stones on lilac silk chiffon, was sold for $486,000.
Hicham Aboutaam, head of Phoenix Ancient Art, an antiquities dealer with locations in Geneva and New York, says that prices in the art market, just like those in global stock markets and real estate markets, have been inflated by speculation. "There has been so much hype without true appreciation in the actual work of art," says Aboutaam. Now, those prices will start to come back down to earth, he concludes.
But unlike other categories, a six-figure garment is still a rarity, whether there's a recession or not. That means, even for those who have lost large chunks of their net worth these past two months, buying fashion, particularly vintage, remains feasible.
"The Christie's auction proved to be a great success," says Cameron Silver, owner of Decades. Silver, who specializes in Hermes bags and glamour gowns for the Hollywood A-list, says that he's has seen similar success in his own business: His sales are stronger than ever and his client base is broadening.
Silver predicts that those who used to buy Andy Warhol silk screens may now trade down to one of Warhol's paper dresses, which offer the same prestige for a lower price tag.
"Many people are turning to vintage as a guilt-free way to shop," he says.
Lauren Sherman, 11.04.08, 6:00 PM ET Forbes.com Forbes Life Connoisseur's Guide
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