An entire industry has emerged to tell rich people what luxury is—and how they can spend more of their money on it. Not long ago this was an easy question to both ask and answer for almost any object: Is it made of gold and/or can I encrust it with diamonds? Yet modern moguls are no longer content with mere gaudy excess, and attempts to define contemporary luxury support a raft of publications aimed at those with more money than either taste or time. One recent suggestion we came across—in a well-thumbed magazine in a dentist’s waiting room—was that “luxury means not having to make compromises…
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