Bocconi University is a private university in Milan, Italy. Bocconi provides undergraduate and post-graduate education in the fields of economics, finance, political science and public administration. SDA Bocconi, the university's business school, offers Executive MBA programs. Bocconi University was founded in 1902 by Ferdinando Bocconi and was named after his son, who died in the Battle of Adwa during the First Italo-Ethiopian War; the university was affiliated with the Politecnico di Milano engineering school and incorporated a teaching model, based on what was in use at the École Supérieure of Antwerp. Bocconi is an internationally oriented institution in business and law, it is a research university, receiving funds for its research projects from national and international institutions. Bocconi University is structured around five schools: Undergraduate School, Graduate School, Law School, PhD School, SDA Bocconi School of Management, its graduate business school. Bocconi presently offers bachelor's degrees, Master of Science degrees, MBAs, MPAs, DBAs, Ph.
Ds in Finance, Management, Statistics and other disciplines. It has a number of post-experience programs, administers many customized executive education courses; the university provides activities for high school students in Italy, such as mathematics competitions, Model United Nations simulations and other major events aimed at orienting them during their secondary education. According to a 2016 study, economists from Bocconi played "an important role in shaping European policy responses to the Great Recession and establishing the doctrine of ‘expansionary austerity.'" The campus was located in Via Statuto near the Pinacoteca di Brera, where its first building was inaugurated in 1902. The current campus is now located beside Parco Ravizza, between Via Sarfatti and Viale Bligny and consists of several buildings, all within walking distance to Porta Ticinese, the Basilica of Sant'Eustorgio: The first building in Via Sarfatti was designed in 1936 by the Italian architect Giuseppe Pagano, it hosts classrooms, an aula magna, a restaurant, most of the administrative offices.
Its entrance features two lion statues. The pensionato building, which faces Via Ferdinando Bocconi, was inaugurated in 1956 by architect Giovanni Muzio and hosts some grand halls, some of the canteen and dormitory facilities, some faculty offices; the different floors have an irregular form and bear the shape of a symmetric "L" letter, which stands for Laude. The SDA Bocconi building, in Via Ferdinando Bocconi, was opened in 1985 and features two blocks with a distinct set of dark metal panels; the building was extended in 2001 to host EGEA, the university bookstore. The campus football pitch is placed between the SDA Bocconi building; the modern Velodromo building was projected by Ignazio Gardella and opened in 2001. It is called so due to its form resembling an ellipsoid velodrome; each of its four floors has about ten classrooms with a capacity of 150. The Velodromo uses a geothermal exchange heat pump as its air conditioning system, which provides energy conservation. A marble statue of Ferdinando Bocconi overlooks the foyer of the ground floor.
Close by, in Piazza Sraffa, are the Library building, the campus chapel "San Ferdinando", some smaller buildings such as those with the offices of the Language Center and other extracurricular activities. In 2007, a new building was inaugurated in Via Guglielmö Röntgen known as Grafton Building from the name of the Irish practice Grafton Architects which designed the innovative building; the Grafton Building won the "World building of the year" at the World Architecture Festival 2008 held in Barcelona. The new building houses the offices of the entire Faculty, with its Departments and Research Centers in Viale Bligny, its underground levels include, in addition to the new Aula Magna, seminar rooms, a spacious foyer, an exhibition area and parking. It is situated right next to the Velodromo. Several other administrative and research offices of Bocconi's individual institutes are scattered across the area around Parco Ravizza and Viale Isonzo. Bocconi University provides off-campus students with 1800 places in dorms.
Residences for students are Bocconi Residence, Javotte Residence, Dubini Residence, Spadolini Residence, Arcobaleno Residence, the more modern Isonzo Residence, the latest Bligny Residence and the former Kramer Residence. The type of accommodation varies between the residences and the choice is among single rooms in apartments for either one, two or four people; the residences offer services to students such as cleaning services, laundry rooms, study rooms, parking spaces. Many students, choose to rent private apartments which are easy to find around the university area; the university offers four three-year undergraduate courses in Economics which share a common basis in the first three semesters and distinguish themselves from one another by focusing on either Finance, Social sciences or Business administration. Students in this course have the choice to major in Economics, Management or Finance during their course of studies. A fifth separate three-year undergraduate course in Economics focuses on the economics and management of Arts and Communication.
Yves Saint Laurent (brand)
Yves Saint Laurent SAS known as Saint Laurent, is a French luxury fashion house founded by Yves Saint Laurent and his partner, Pierre Bergé. The company revived its haute couture collection in 2015 under former Creative Director Hedi Slimane. In April 2016, Anthony Vaccarello was appointed as the Creative Director. Founded in 1961, it has been considered one of the world's most prominent fashion houses and is known for its modern and iconic pieces, such as its tuxedo jackets for women. Today, Saint Laurent markets a broad range of women's and men's ready-to-wear products, leather goods and jewellery. Yves Saint Laurent Beauté has a notable presence in the luxury beauty and fragrance market, although this is owned by L'Oréal who hold exclusive licenses for the name; the eponymous brand was founded in 1961 by designer Yves Saint Laurent and his partner, Pierre Bergé, the current logos were designed in 1963 by A. M. Cassandre. During the 1960s and 1970s, the firm popularized fashion trends such as the beatnik look, safari jackets for men and women, tight pants and tall, thigh-high boots, including the creation of arguably the most famous classic tuxedo suit for women in 1966, Le Smoking suit.
Some of his most memorable collections include the Pop Art, Ballet Russes and Chinese ones. He started mainstreaming the idea of wearing silhouettes from the 1920s, 1930s and 1940s, he was the first, in 1966, to popularize ready-to-wear in an attempt to democratize fashion, with Rive Gauche and a boutique of the same name. Among Saint Laurent's muses were Loulou de La Falaise, the daughter of a French marquis and an Anglo-Irish fashion model, Betty Catroux, the half-Brazilian daughter of an American diplomat and wife of a French decorator, Talitha Pol-Getty, who died of drug overdose in 1971, Catherine Deneuve, the iconic French actress; the brand continued to expand in the 1980s and early 1990s with fragrances for both men and women, having launched its cosmetic line in 1978. However, by 1992, the company's profits were declining and the company's share price had fallen. In 1993, the Saint Laurent fashion house was sold to the pharmaceuticals company Sanofi. In the 1998–1999 seasons, Alber Elbaz of Lanvin, designed three ready-to-wear collections.
Pierre Bergé appointed Hedi Slimane as collections and art director in 1997, they relaunched YSL Rive Gauche Homme. Slimane decided to leave the house two years and he became head of couture menswear at Dior Homme. In 1999, Gucci bought the YSL brand and asked Tom Ford to design the ready-to-wear collection, while Saint Laurent would design the haute couture collection. In 2002, dogged by years of poor health, drug abuse, depression and criticisms of YSL designs, Saint Laurent closed the couture house of YSL. Reflecting on his career and impact on the fashion industry, Saint Laurent was quoted around the world for stating, "Chanel freed women, I empowered them." Saint Laurent stated, "I created the contemporary woman's wardrobe." The prêt-à-porter line was produced under the direction of Stefano Pilati, after Tom Ford left in 2004. His style was decidedly more French than the overtly sexy image. In 2009, following the death of Yves Saint Laurent in 2008 and a tumultuous first few years for Stefano Pilati, a few YSL stores closed in key U.
S. markets of San Francisco and New York City. The New York location, on Madison Avenue, had been the brand's first in the United States, having opened in 1969. In January 2010, the Chicago boutique on Oak Street closed as well. In 2012, Kering announced. Slimane had worked with Dior Homme until 2007. In 2015, Slimane announced. In 2016, Slimane left Saint Laurent, his replacement is Anthony Vaccarello. Despite the fact that Slimane had worked with the house, there was much controversy following his appointment after it was announced that the ready-to-wear line would be rebranded as Saint Laurent. However, the Yves Saint Laurent name and iconic YSL logo have been retained for accessories such as handbags and shoes, cosmetics, it was announced that the design studio would move to Los Angeles, Slimane's adopted home, while the couture atelier would remain in France. Slimane stated that he drew inspiration from when the ready-to-wear line was first launched as Saint Laurent Rive Gauche However, the decision made headlines around the world.
It became more controversial after it was reported that famed Parisian boutique Colette was selling shirts with the line "Ain't Laurent without Yves." Saint Laurent requested the store to stop selling the shirts. In October 2013, it was reported that Colette received a letter accusing it of selling counterfeit products that damaged the brand. Following the accusation, it was announced that Saint Laurent had canceled Colette's order for its Spring 2014 Collection, despite the fact that the boutique had been stocking the brand since 1998. In 2017, creative director Anthony Vaccarello chose Charlotte Gainsbourg, the daughter of Serge Gainsbourg and Jane Birkin, as the face of the FW17 campaign. Designed by Slimane, the Paris flagship boutique opened in May 2013; the previous deep red and gold color scheme was replaced by a monochrome interior, with varying materials, including marble and nickel-plated bars. This concept was used in the renovated Beverly Hills boutique, its new London boutique on Sloane Street, as well as new stores in the United States.
In 2013, a men's store—a first for the brand—opened in San Francisco, a full-line store op
Lehman Brothers Holdings Inc. was a global financial services firm. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, doing business in investment banking and fixed-income sales and trading, investment management, private equity, private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, devaluation of assets by credit rating agencies sparked by Lehman's involvement in the subprime mortgage crisis, its exposure to less liquid assets. Lehman's bankruptcy filing is the largest in US history, is thought to have played a major role in the unfolding of the financial crisis of 2007-08; the market collapse gave support to the "Too Big To Fail" doctrine. After Lehman Brothers filed for bankruptcy, global markets plummeted; the following day, Barclays announced its agreement to purchase, subject to regulatory approval, Lehman's North American investment-banking and trading divisions along with its New York headquarters building.
On September 20, 2008, a revised version of that agreement was approved by U. S. Bankruptcy Judge James M. Peck; the next week, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia, as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008. In 1844, 23-year-old Henry Lehman, the son of a Jewish cattle merchant, immigrated to the United States from Rimpar, Bavaria, he settled in Montgomery, where he opened a dry-goods store, "H. Lehman". In 1847, following the arrival of his brother Emanuel Lehman, the firm became "H. Lehman and Bro." With the arrival of their youngest brother, Mayer Lehman, in 1850, the firm changed its name again and "Lehman Brothers" was founded. During the 1850s, cotton was one of the most important crops in the United States. Capitalizing on cotton's high market value, the three brothers began to accept raw cotton from customers as payment for merchandise beginning a second business trading in cotton.
Within a few years this business grew to become the most significant part of their operation. Following Henry's death from yellow fever in 1855, the remaining brothers continued to focus on their commodities-trading/brokerage operations. In 2002, the City of Chicago passed an ordinance requiring all vendors contracting with the city to disclose any ties to slavery they had had in their history. In response, the city received over 2,000 disclosures, including one from Lehman which admitted that in 1854, it had purchased a slave named Martha and had owned other slaves. By 1858, the center of cotton trading had shifted from the South to New York City, where factors and commission houses were based. Lehman opened its first branch office at 119 Liberty Street, 32-year-old Emanuel relocated there to run the office. In 1862, facing difficulties as a result of the Civil War, the firm teamed up with a cotton merchant named John Durr to form Lehman, Durr & Co. Following the war the company helped finance Alabama's reconstruction.
The firm's headquarters were moved to New York City, where it helped found the New York Cotton Exchange in 1870. The firm dealt in the emerging market for railroad bonds and entered the financial-advisory business. Lehman became a member of the Coffee Exchange as early as 1883 and the New York Stock Exchange in 1887. In 1899, it underwrote its first public offering, the preferred and common stock of the International Steam Pump Company. Despite the offering of International Steam, the firm's real shift from being a commodities house to a house of issue did not begin until 1906. In that year, under Emanuel's son Philip Lehman, the firm partnered with Goldman, Sachs & Co. to bring the General Cigar Co. to market, followed by Sears and Company. During the following two decades one hundred new issues were underwritten by Lehman, many times in conjunction with Goldman, Sachs. Among these were F. W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc. R. H. Macy & Company, The Studebaker Corporation, the B.
F. Goodrich Co. and Endicott Johnson Corporation. Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm. During Bobbie's tenure, the company weathered the capital crisis of the Great Depression by focusing on venture capital while the equities market recovered. Traditionally a family-only partnership, in 1924, John M. Hancock became the first non-family member to join the firm, followed by Monroe C. Gutman and Paul Mazur in 1927. By 1928, the firm moved to its now famous One William Street location. In the 1930s, Lehman underwrote the initial public offering of the first television manufacturer, DuMont Laboratories, helped fund the Radio Corporation of America, it helped finance the growing oil industry, including the companies Halliburton and Kerr-McGee. In the 1950s, Lehman underwrote the IPO of Digital Equipment Corporation, it arranged the acquisition of Digital by Compaq. Robert Lehman died in 1969 after 44 years as the patriarch of the firm, leaving no member of the Lehman family involved with the partnership.
Robert's death, coupled with a lack of a clear successor from within the Lehman family, left a void in the company. At the same time, Lehman was facing strong headwinds amidst the difficult economi
Shanghai is one of the four municipalities under the direct administration of the central government of the People's Republic of China, the largest city in China by population, the second most populous city proper in the world, with a population of 24.18 million as of 2017. It is a transport hub, with the world's busiest container port. Located in the Yangtze River Delta, it sits on the south edge of the estuary of the Yangtze in the middle portion of the East China coast; the municipality borders the provinces of Jiangsu and Zhejiang to the north and west, is bounded to the east by the East China Sea. As a major administrative and trading city, Shanghai grew in importance in the 19th century due to trade and recognition of its favourable port location and economic potential; the city was one of five treaty ports forced open to foreign trade following the British victory over China in the First Opium War. The subsequent 1842 Treaty of Nanking and 1844 Treaty of Whampoa allowed the establishment of the Shanghai International Settlement and the French Concession.
The city flourished as a centre of commerce between China and other parts of the world, became the primary financial hub of the Asia-Pacific region in the 1930s. During the World War II, the city was the site of the major Battle of Shanghai. After the war, with the Communist Party takeover of the mainland in 1949, trade was limited to other socialist countries, the city's global influence declined. In the 1990s, the economic reforms introduced by Deng Xiaoping resulted in an intense re-development of the city, aiding the return of finance and foreign investment to the city, it has since re-emerged as a hub for international finance. Shanghai has been described as the "showpiece" of the booming economy of mainland China; the two Chinese characters in the city's name are 上 and 海, together meaning "Upon-the-Sea". The earliest occurrence of this name dates from the 11th-century Song dynasty, at which time there was a river confluence and a town with this name in the area. There are disputes as to how the name should be understood, but Chinese historians have concluded that during the Tang dynasty Shanghai was on the sea.
Shanghai is abbreviated 沪 in Chinese, a contraction of 沪渎, a 4th- or 5th-century Jin name for the mouth of Suzhou Creek when it was the main conduit into the ocean. This character appears on all motor vehicle license plates issued in the municipality today. Another alternative name for Shanghai is Shēn or Shēnchéng, from Lord Chunshen, a 3rd-century BC nobleman and prime minister of the state of Chu, whose fief included modern Shanghai. Sports teams and newspapers in Shanghai use Shen in their names, such as Shanghai Shenhua F. C. and Shen Bao. Huating was another early name for Shanghai. In AD 751, during the mid-Tang dynasty, Huating County was established by the Governor of Wu Commandery Zhao Juzhen at modern-day Songjiang, the first county-level administration within modern-day Shanghai. Today, Huating appears as the name of a four-star hotel in the city; the city has various nicknames in English, including "Pearl of the Orient" and "Paris of the East". During the Spring and Autumn period, the Shanghai area belonged to the Kingdom of Wu, conquered by the Kingdom of Yue, which in turn was conquered by the Kingdom of Chu.
During the Warring States period, Shanghai was part of the fief of Lord Chunshen of Chu, one of the Four Lords of the Warring States. He ordered the excavation of the Huangpu River, its former or poetic name, the Chunshen River, gave Shanghai its nickname of "Shēn". Fishermen living in the Shanghai area created a fish tool called the hù, which lent its name to the outlet of Suzhou Creek north of the Old City and became a common nickname and abbreviation for the city. During the Tang and Song dynasties, Qinglong Town in modern Qingpu District was a major trading port. Established in 746, it developed into what contemporary sources called a "giant town of the Southeast", with thirteen temples and seven pagodas; the famous Song scholar and artist Mi Fu served as its mayor. The port had a thriving trade with provinces along the Yangtze River and the Chinese coast, as well as foreign countries such as Japan and Silla. By the end of the Song dynasty, the center of trading had moved downstream of the Wusong River to Shanghai, upgraded in status from a village to a market town in 1074, in 1172 a second sea wall was built to stabilize the ocean coastline, supplementing an earlier dike.
From the Yuan dynasty in 1292 until Shanghai became a municipality in 1927, central Shanghai was administered as a county under Songjiang Prefecture, whose seat was at the present-day Songjiang District. Two important events helped promote Shanghai's development in the Ming dynasty. A city wall was built for the first time in 1554 to protect the town from raids by Japanese pirates, it measured 10 metres high and 5 kilometres in circumference. During the Wanli reign, Shanghai received an important psychological boost from the erection of a City God Temple in 1602; this honour was reserved for prefectural capitals and not given to a mere county seat such as Shang
Initial public offering
Initial public offering or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and also retail investors. Through this process, colloquially known as floating, or going public, a held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned. After the IPO, shares traded in the open market are known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms and as a proportion of the total share capital. Although IPO offers many benefits, there are significant costs involved, chiefly those associated with the process such as banking and legal fees, the ongoing requirement to disclose important and sometimes sensitive information. Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter.
Underwriters provide several services, including help with assessing the value of shares and establishing a public market for shares. Alternative methods such as the Dutch auction have been explored and applied for several IPOs; the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, or partes. There is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux; the shares quaestors. Mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicani lost favor with the rise of the Empire. In the early modern period, the Dutch were financial innovators who helped lay the foundations of modern financial systems; the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."In the United States, the first IPO was the public offering of Bank of North America around 1783. When a company lists its securities on a public exchange, the money paid by the investing public for the newly-issued shares goes directly to the company as well as to any early private investors who opt to sell all or a portion of their holdings as part of the larger IPO.
An IPO, allows a company to tap into a wide pool of potential investors to provide itself with capital for future growth, repayment of debt, or working capital. A company selling common shares is never required to repay the capital to its public investors; those investors must endure the unpredictable nature of the open market to price and trade their shares. After the IPO, when shares are traded in the open market, money passes between public investors. For early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. After the IPO, once shares are traded in the open market, investors holding large blocks of shares can either sell those shares piecemeal in the open market or sell a large block of shares directly to the public, at a fixed price, through a secondary market offering; this type of offering is not dilutive. Once a company is listed, it is able to issue additional common shares in a number of different ways, one of, the follow-on offering.
This method provides capital for various corporate purposes through the issuance of equity without incurring any debt. This ability to raise large amounts of capital from the marketplace is a key reason many companies seek to go public. An IPO accords several benefits to the private company: Enlarging and diversifying equity base Enabling cheaper access to capital Increasing exposure and public image Attracting and retaining better management and employees through liquid equity participation Facilitating acquisitions Creating multiple financing opportunities: equity, convertible debt, cheaper bank loans, etc. There are several disadvantages to completing an initial public offering: Significant legal, account
In economics, a luxury good is a good for which demand increases more than proportionally as income rises, so that expenditures on the good become a greater proportion of overall spending. Luxury goods are in contrast to necessity goods, where demand increases proportionally less than income. Luxury goods is used synonymously with superior goods and Veblen goods; the word "luxury" originated from the Latin word “Luxus,” which means indulgence of the senses, regardless of cost. Luxury goods have high income elasticity of demand: as people become wealthier, they will buy proportionately more luxury goods; this means, that should there be a decline in income its demand will drop more than proportionately. Income elasticity of demand is not constant with respect to income, may change sign at different levels of income; that is to say, a luxury good may become a necessity good or an inferior good at different income levels. Some luxury products have been claimed to be examples of Veblen goods, with a positive price elasticity of demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.
Although the technical term luxury good is independent of the goods' quality, they are considered to be goods at the highest end of the market in terms of quality and price. Classic luxury goods include haute couture clothing and luggage. Many markets have a luxury segment including, for example, yacht, bottled water, tea, watches, clothes and high fidelity. Luxuries may be services; the hiring of full-time or live-in domestic servants is a luxury reflecting disparities of income. Some financial services in some brokerage houses, can be considered luxury services by default because persons in lower-income brackets do not use them. Luxury goods have special luxury packaging to differentiate the products from mainstream competitors; the three dominant trends are the main factors that have accelerated the rapid growth of the industry, including the customer base and variations in the consumptions of different brands. The three dominant trends in the global luxury goods market are globalization and diversification.
Consolidation involves the growth of big companies and ownership of brands across many segments of luxury products. Examples include LVMH, Kering, which dominate the market in areas ranging from luxury drinks to fashion and cosmetics. Global consumer companies, such as Procter & Gamble, are attracted to the industry, due to the difficulty of making a profit in the mass consumer goods market; the customer base for various luxury goods continue to be more culturally diversified, this presents more unseen challenges and new opportunities to companies in this industry. The luxury goods market has been on an upward climb for many years. Apart from the setback caused by the 1997 Asian Financial Crisis, the industry has performed well in 2000. In that year, the world luxury goods market – which includes drinks, cosmetics, watches, luggage, handbags – was worth close to $170 billion and grew 7.9 percent. The United States has been the largest regional market for luxury goods and is estimated to continue to be the leading personal luxury goods market in 2013, with a value of 62.5 billion euros.
The largest sector in this category was luxury drinks, including premium whisky, Cognac. This sector was the only one; the watches and jewelry section showed the strongest performance, growing in value by 23.3 percent, while the clothing and accessories section grew 11.6 percent between 1996 and 2000, to $32.8 billion. North America is the largest regional market for luxury goods; the largest ten markets for luxury goods account for 83 percent of overall sales, include Japan, United States, Germany, France, United Kingdom, Brazil and Switzerland. In 2012, China surpassed Japan as the world's largest luxury market. China's luxury consumption accounts for over 25% of the global market; the Economist Intelligence Unit published a report on the outlook for luxury goods in Asia which explores the trends and forecasts for the luxury goods market across key markets in Asia. In 2014, the luxury sector is expected to grow over the next 10 years because of 440 million consumers spending a total of 880 billion euros, or $1.2 trillion.
Though verging on the meaningless in modern marketing, "luxury" remains a legitimate and current technical term in art history for objects that are highly decorated to high standards and use expensive materials. The term is used for medieval manuscripts to distinguish between practical working books for normal use, illuminated manuscripts, that were bound in treasure bindings with metalwork and jewels; these are much larger, with less text on each page and many illustrations, if liturgical texts were usually kept on the altar or sacristy rather any library that the church or monastery who owned them may have had. Secular luxury manuscripts were commissioned by the wealthy and differed in the same ways from cheaper books."Luxury" may be used for other applied arts where both utilitarian and luxury versions of the same types of objects were made. This might cover metalwork, glass and armour, a wide range of objects, it is much less used for objects with no function beyond being an artwork: paintings and sculpture though the disparity in cost between an expensive and cheap work may have been as large.
With increasing "democratization" of luxury goods, new product categories have be