Luxury markets are often read as mirrors of wealth, taste, or social distinction. From a geopolitical perspective, however, they fulfill a different and far more sober function. They tend to react earlier and more sensitively to global uncertainty than traditional economic indicators. Anyone seeking to understand where power, capital, and trust are moving should therefore look not only at stock indices or economic forecasts, but also at the dynamics of the luxury market. The reason is structural. Luxury markets are