BSTA Weekly Report – 11th October 2025
The most important news selected by the BSTA editorial team for this week.
Authors:
• Costanza Franzinelli Socini Guelfi.
• Beatrice Galli.
• Guia Roberta Moretti.
• Alice Oliveri del Castillo.
“Gold Hits $4,000: The New Standard of Safety in an Uncertain World”
For the first time in history, gold has crossed the $4,000 per ounce threshold, confirming the bullish predictions made earlier this year by Goldman Sachs. What many saw as a speculative ceiling has become reality — a reflection not only of market momentum but of deeper structural forces reshaping global finance.
According to Milano Finanza, the rally has been “unstoppable,” powered by fears of economic slowdown, rising geopolitical tensions, and a global flight toward tangible stores of value. Goldman Sachs recently revised its target upward, pointing to persistent demand from central banks and long-term investors as key drivers.
CBS News explains that this surge is not a short-lived phenomenon. Inflation remains sticky, and with the Federal Reserve signaling potential rate cuts ahead, the opportunity cost of holding gold — which yields no interest — has diminished dramatically. As investors seek protection from market volatility, gold has regained its centuries-old role as the ultimate safe haven.
Meanwhile, The New York Times notes that the rally also reflects deep anxiety about the real economy. The combination of sluggish global growth, rising debt levels, and political instability in both the U.S. and Europe has made traditional asset classes appear fragile. For many institutional investors, gold is once again a form of “monetary insurance” — an anchor in a sea of uncertainty.
But beyond its financial function, gold’s ascent also carries a symbolic weight. In a year when most asset classes have shown volatility, gold’s quiet, relentless rise represents a vote of confidence in scarcity itself — a quality that resonates deeply with trophy-asset collectors.
From fine art to rare watches and classic cars, the principle remains the same: when trust in paper wanes, tangible beauty endures.
Gold at $4,000 is not the end of a rally — it is the reassertion of a timeless truth. In a world of digital abstractions and unstable currencies, the allure of the finite, the physical, and the eternal shines brighter than ever.
Sources:
• https://www.milanofinanza.it/news/oro-a-un-passo-da-4-000-dollari-l-oncia-cosa alimenta-questo-rally-inarrestabile-goldman-sachs-alza-la-202510071010357274
• https://www.cbsnews.com/news/why-is-the-price-of-gold-rising-4000-ounce economy/
• https://www.nytimes.com/2025/10/06/business/gold-price-us-economy.html
“Ferrari’s Electric Shock: How the Stock Fell — and the Classics Rose”
The debut of Ferrari’s first fully electric car has sent tremors through Maranello — not only on the factory floor, but on global markets. Shares in the Prancing Horse plunged on Piazza AVari after management unveiled its 2030 strategic objectives and previewed the long awaited EV model.
The drop reflects a profound identity crisis among investors. For decades, Ferrari has built its mythology on mechanical purity — on twelve-cylinder engines that sing rather than hum, and the visceral connection between man, machine, and road. The move toward electrification, while inevitable from a regulatory standpoint, challenges that DNA.
Source: Il Sole 24 Ore (9th October 2025)
According to FrattinAuto’s analysis, the choice of the Maranello company has already influenced collectors' decisions: the announcement of the Ferrari Electric has sparked speculation about a potential surge in demand for classic internal combustion models, particularly limited-production V12s and special series vehicles such as the 812 Competizione, LaFerrari, and the F40.
This reaction isn’t merely nostalgic — it’s economic. As electrification progresses, scarcity becomes the new luxury. The very fact that these machines will never be made again — never replicated in form, sound, or sensation — transforms them into rolling art.
Data from the Used Ferrari Market Report 2024–2025 confirms a strengthening of this dynamic: values of rare, low-mileage examples have remained resilient even through macroeconomic volatility, while modern hybrids are yet to establish equivalent collector confidence.
In short, while markets may punish Ferrari’s stock for “betraying” its heritage, the iconic petrol creations will increasingly attract collectors. The electric future is inevitable, but for the V8s and V12s of the past, that future guarantees one thing: eternal desirability, born from the beautiful extinction of noise, smell, and speed as we once knew them.
Source: Ferrari Deals (14th April 2025)
Sources:
• https://www.borsaitaliana.it/borsa/notizie/teleborsa/finanza/ferrari-crolla-a-piazza aaari-dopo-aver-svelato-gli-obiettivi-al-2030-125_2025-10-09_TLB.html
• https://frattinauto.it/blog/ferrari-elettrica/
• https://ferrarideals.vip/blogs/ferrari-news/used-ferrari-market-report-2024-2025
• https://www.ilsole24ore.com/art/la-ferrari-elettrica-avra-mille-cavalli-quattro-motori e-super-batteria-AHIbSm4C
“Blackstone acquires Paris trophy oVice for $819M, reaVirming confidence in prime European real estate”
Blackstone has acquired the Centre d’AVaires Paris Trocadéro, a landmark mixed-use property located in Paris’ prestigious 16th Arrondissement, for approximately €700 million ($819 million). The seller, Union Investment, had purchased the building in 2003 for €284 million through its open-ended real estate fund UniImmo: Deutschland, highlighting the long term value appreciation of prime European assets.
Originally built in 1913 by Société Générale as a bank headquarters and converted into a multi-let complex in the early 1990s, the property spans around 41,000 square metres and includes oVice spaces, 57 luxury apartments, cafés and restaurants. Located on Place du Trocadéro, directly opposite the Palais de Chaillot, it is considered one of the most prestigious oaice properties in the French capital.
Source: Union Investment Real Estate (Press Release, 3 September 2025)
The purchase price was above the latest valuation of the property, and the transaction is expected to close in the fourth quarter of 2025. For Union Investment, the sale marks the third successful exit of a property held for more than 20 years by its open-ended real estate funds.
James Seppala, Head of Real Estate Europe at Blackstone, described the Centre d’Aaaires Paris Trocadéro as a trophy asset in one of the most sought-after areas of Paris, noting that the acquisition reflects Blackstone’s confidence in the European oVice market and in the long-term value of prime assets.
The acquisition underlines the continued appeal of high-quality, well-located real estate in Europe’s key markets, reaairming investor confidence in premium oaice assets.
Sources:
• https://realestate.union-investment.com/en_GB/media-center/press-releases/sale oaice-building-centre-daaaires-paris-trocad%C3%A9ro
• https://www.reuters.com/business/finance/blackstone-buys-819-million-trophy paris-oaice-2025-09-03/
“Milano Watch Week, the main event for watchmaking in Italy”
Milano Watch week is an annual event celebrating the fine watchmaking in Italy and showcases the latest creations from both historic and independent brands. Milan is the ideal setting, having been the cradle of collecting in the 1980s and 1990s and trendsetter in the global watch scene. The event oaers a rare opportunity to get in touch with those who personally design and craft these timepieces, sharing with the world the distinctive Italian approach to watchmaking.
The 2025 edition took place from October 3rd to 5th, once again surrounded by the city’s unique and timeless locations. After the incredible success of the inaugural edition in 2024 with the participation of more than 3000 brands from 30 diVerent countries, this year introduced a new concept called After Time 2025. The format aims to blend creativity and lifestyle, moving beyond traditional exhibitions to create a more immersive experience.
Renowned maisons and merging ateliers presented their latest models, many focusing on designs under 10000€ to make luxury more accessible. Participants included Arsène Lippens, Atelier Wen, Bedaa, De Rijke, Doxa, Frederique Constant, Furlan Marri, GaGà Laboratorio, Louis Erard, Oris, Seiko, Squale, Venezianico and Wyler Vetta, among others. Innovation was central to the event, with highlights such as Arsène Lippens’ Artigiano with textile dials crafted in collaboration with artisans from Lake Como, Bedaa’s Angles Mecaline “Italy Edition” inspired by Venetian architecture, Space One Tellerium “Last Series” which displays the real position of the moon as seen from the Earth, Squale x Alessandro Squarzi 60 timeless designs to celebrate the 60th birthday and Wyler Vetta Jumbostar x MV Agusta whose aesthetic features reflect the details of the Maison's motorcycles to celebrate the eightieth anniversary of its foundation.
Among the Italian brands, GaGà Laboratorio stood out with the launch of Labormatic Luce, a limited edition of 100 pieces, dedicated to light and passion for watchmaking. This model builds on the Labormatic collection, first introduced in 2024 and inspired by the aesthetic of post-war Italian design. The name itself combines “Labor”, referring to the artist’s studio as a space of creativity and “Matic”, recalling the mechanic’s workshop, symbol of technical precision. The result embodies the spirit of GaGà Laboratorio: innovative, expressive, and deeply rooted in Italian craftsmanship.
Sources:
• https://italianwatchspotter.com/after-time-2025-by-milano-watch-week/ • https://www.milanowatchweek.com
• https://gagalaboratorio.com/the-timepieces/
A New Era for Italian Art: VAT Cut to 5% Raises Hopes
Italy has enacted one of the most significant cultural tax reforms in its modern history. In July 2025, the government approved a landmark fiscal reform reducing the Value Added Tax (IVA) on the sale and import of artworks, antiques, and collectibles from 22% to just 5%. The measure, included in the Decreto Omnibus and enabled by EU Directive 2022/542, aims to restore Italy’s international competitiveness and attract investment in the cultural economy.
For decades, the art trade was constrained by a fiscal framework that discouraged transparency and international exchange. Until now, only direct sales by artists or their heirs benefited from a reduced 10% rate, while most intermediaries faced the full 22%. This discrepancy distorted the market and encouraged cross-border arbitrage. The new 5 % rate, which also applies to imports (down from 10%), replaces a fragmented system with a clear framework, dramatically lowering costs for operators and collectors alike.
This shift propels Italy to the forefront of Europe’s most competitive art markets. Only Malta and the United Kingdom, match Italy’s 5% but just for imports. As Il Sole 24 Ore notes, this change “creates the conditions for Italy to compete with the most dynamic art capitals” and reclaim market share lost to Paris and London after Brexit.
Analysts expect the reform to generate both measurable economic gains and deeper structural renewal. According to simulations by the Tax Reform Observatory, the lower VAT could generate up to €1.5 billion in additional turnover within three years and produce an overall economic benefit of more than €4 billion. The measure should ease the fiscal burden on
galleries, dealers, and artists, boosting profitability and transparency. Smaller operators will gain new breathing space, while museums and cultural institutions will find it easier to expand collections. As Forbes Italia observes, the reform “could spark renewed cultural investment, bringing a new generation of collectors closer to the art market.”
The reform also reshapes Italy’s appeal to international investors and collectors. The 5% VAT complements the flat-tax regime for new residents under Article 24-bis TUIR, which grants high-net-worth individuals a €200,000 levy on foreign income. This convergence of incentives creates an ecosystem favorable to art foundations, private collections, and global galleries seeking an EU base, while importers enjoy reduced costs and fewer logistical barriers.
Yet the promise of this reform will depend on stability, clarity, and vision. The decree must still be converted into permanent law, and regulators will need to harmonize it with the EU margin regime. Experts warn of potential speculative inflation and administrative burdens for small dealers, but the general outlook remains optimistic. If Italy couples fiscal relief with cultural policy (investing in fairs, galleries, logistics, and education) it can transform a tax measure into a long-term industrial strategy.
By slashing VAT to 5 %, Italy is reaVirming that art is not just heritage - it is enterprise, innovation, and identity. The reform aligns economic pragmatism with cultural ambition, signaling to the world that tangible beauty and creative production remain central to Italy’s future.
Sources:
• https://www.artribune.com/professioni-e-professionisti/mercato/2025/06/iva-5- opere-arte-italia-scenari/
• https://www.ilsole24ore.com/art/l-iva-5percento-commercio-opere-d-arte-rendera mercato-piu-trasparente-AHBcMbMB?refresh_ce=1
• https://osservatorio-riformafiscale.it/2025/05/20/iva-al-5-e-opere-darte-sono-o finalmente-realta/
• https://forbes.it/2025/08/07/iva-ridotta-transazioni-opere-arte-cosa-cambia investitori