Issue 2: Winter 2008/2009
£10
Finch’s
uarterly Review
visio is, suus a spurcus
foetidus universitas, tamen illic es nonnullus smashing res in is
Goodnight Good Luxe
Lady Foster eating fast
Emma Thompson on The Luxury Man
Sergio Loro Piana on cashmere
Christian Louboutin
in Egypt
John Malkovich on books
Matthew Modine’s modern fable
Kevin Spacey on theatre
Rolf Sachs descends the Cresta Run
T
HOSE who know the esteemed proprietor of Finch’s Quarterly Review will know that he is pretty comfortable with the sound of his own voice and a very melodious timbre it has too. His perorations have an orotund magniloquence that is both balming and invigorating. I could listen to him all day, which is just as well as sometimes I do. From time to time he comes up with a catch phrase with which he garnishes his conversation, much as my younger son smothers his pommes allumettes (no mere chips in our house) with tomato ketchup. For a time Charles went through a mystical quasi TE Lawrence phase, during which he was fond of describing his business in terms of pillars; the number of pillars kept expanding, often mid conversation, as he added further new divisions to his business. Next came his bizniz man phase, when the verb “monetize” would be appended to almost every sentence. Then a few months ago he started using the term “flight to quality”, a phrase which he optimistically used to characterise the behaviour of money during such a crisis as the one that grips us now. At the time I wrote this off as another piece of jargon that he had picked from that linguistic flea market CNN; but the more I think about the more it is beginning to make sense. Today, wherever you are in the world there is only one ideology… consumerism, which is where Charles’s “flight to quality” comes in. Whether you find yourself in Moscow, Manhattan, Mayfair or Manchuria you are in a consumer society. In the
winter 2008/2009
pages of Solzhenitsyn or Grossman one encounters fierce ideologues who continue to cleave to the Communist system, even though they find themselves imprisoned within or otherwise marginalised by it. The way that these characters seem so odd and so alien today epitomises just how much has changed. Much as our materialism may have its shortcomings, luxury gewgaws are, on the whole, less dangerous than strongly held opinions. Ideas are where the danger lies; after all, if Osama bin Laden had spent his time more usefully visiting his tailor and his cigar merchant then the world would be a safer place. The problem is that when people haven’t got the money to go shopping for trinkets, they turn to ideas – look at what happened the last time the world’s economies tanked during the 1930s. And although I think it is a trifle alarmist to see the spectres of fascism and Communism rising from the ashes of our burnt-out consumer dreams, the culture of what Thorstein Veblen called pecuniary reputability and what you and I might call lavish and vulgar over-expenditure is in for a reversal. The world’s economies are hurtling downhill faster than Rolf Sachs (pictured above) on the Cresta Run. Anyone who has any money left has a moral duty to keep the fact to themselves rather than bruit their wealth about with gigayachts and bottles of ever more ludicrously expensive editions of
Krug. I was never seduced by the “dream” of a “luxury” apartment (whatever happened to flats?), all plate glass and batchelor black, that looked like a 21st-century money launderer’s take on the imperial (Imperial Leather, that is) fantasy interiors of the Harold Robbins era. Which was just as well as I could never have afforded it anyway, so forgive me if I am not tempted to shed too many tears. But Schadenfreude is one of the many luxuries that we can no longer afford: we are all in this together, and that includes you, me, the butcher, the banker and the market maker. And while we are on the subject of money, I wish people would stop going on about the markets: suddenly everyone everywhere is an instant expert on the world’s financial bourses. Instead of “Good morning” or “How do you do”, we greet each other with a terse “The Hang Seng closed up” or the “The Nikkei is taking a hit”. Yet had you asked these people six months ago their opinion of the Dax they would have thought you were talking about a venerable British apparel brand rather than the Deutscher Aktien Index of leading companies traded on the Frankfurt stock exchange. The truth is that none of us, governments included, knows the first thing about the financial markets; and the only useful thing they have done is supplied us with a bunch of whipping boys on whom to blame this sorry mess: Charles Finch has now enshrined the term “hedge funder” in his personal pantheon of expletives, for cases where
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the “c” word is simply not harsh enough. But back to the flight to quality. For too long I have been hearing about how the “new” economies of the East will make vassals of us in the old world. Well, it looks less likely now. Factories are shutting down in Chinese cities that you and I have never heard of and the tsunami of Russian oligarchs flying private charters into London has slowed to a pusillanimous dribble. Don’t forget that as much as we need the mineral wealth of former Soviet countries, they need to sell it to us; and if we suffer economically in Europe, who then is going to buy the cheap branded tat churned out by factories in the Far East? Besides, what do the elite of those countries want to do when they get their first bit of spending money? They want to buy our luxury goods; they want to send their children to Eton (or failing that any English public school will do); they want to live in our cities; eat in our restaurants; sunbathe on our beaches; tell the time on our watches; visit our tailors; ski on our slopes; drink our wine; join our clubs and so on. Luxury goods and savoir faire are what make Europe strong. They are our natural resource: with the exception of naturally occurring items like cashmere, caviar and diamonds there is no luxury goods culture to speak of that is not European. And that I am sure is what Charles meant by “a flight to quality”. –Nick Foulkes is Editorial Director of Finch’s Quarterly Review
www.finchsquarterly.com