More than nine months after signing a merger agreement, LVMH Moët Hennessy Louis Vuitton has scrapped its acquisition of Tiffany. In a statement, LVMH cited an unusual request from the French minister of foreign affairs to delay the closing, as well as damage caused to the luxury goods sector by the coronavirus pandemic, as reason to call off the deal, which was valued at more than $16 billion—the largest-ever in the luxury sector. As a result, the American jeweler has filed a lawsuit against LVMH in an effort to force the deal through, arguing that the French government’s request has no basis in law.

Why would the French government intervene? Blame the threat of tariffs on French goods by the U.S. government in response to France’s taxes on technology companies, which have hit Silicon Valley giants like Amazon and Google. The original merger agreement signed by LVMH and Tiffany provided a closing deadline of no later than Nov. 24, 2020, but Tiffany had requested to extend the date to Dec. 31. LVMH reportedly needs even more time to assess the impact from the potential tariffs, making it impossible to close the deal before year’s end.

The decision comes after months of speculation over whether LVMH would try to renegotiate the multibillion-dollar deal, especially as the pandemic has caused luxury sales to plummet. Tiffany hasn’t been spared from that trend—global net sales fell 29 percent this past quarter, perhaps causing LVMH, facing its own onset of declining sales, to lose interest. Had the deal gone through, it would have solidified LVMH’s position as a force in the watches and jewelry sector, which accounts for nine percent of the company’s sales. Tiffany, meanwhile, may need to chart its own future during a period of uncertainty without the prospect of a buyer.

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When: Sept. 11–Nov. 15

Where: Tchoban Foundation Museum for Architectural Drawing, Berlin

What: By presenting a series of archival sketchbooks, serigraphs, and sculptural drawings, Morphosis founder Thom Mayne tracks how traditional drawing methods, through to experimental new techniques such as 3-D painting, have influenced his practice since 1979. Each composition highlights the Pritzker Prize winner’s restless experiments with form and materiality—and his continuous interest in challenging architectural norms.

Widely considered one of the greatest Danish industrial designers of her generation, Cecilie Manz has spent her illustrious career crafting sculptural lighting and furniture imbued with a Scandinavian sense of purity and serenity. Whether a wooden coffee table for TAKT or a minimalist speaker for Bang & Olufsen, Manz views each creation as a key piece of a broader design narrative linked across time, where function always prevails.

All three editions of Art Basel may have been canceled this year due to the pandemic, but the embattled fair has still released its first mid-year UBS Global Art Market Report. Written in partnership with cultural economist Clare McAndrew, the report suggests that Covid-19 has reaped major consequences on the market.

Overall, sales have dropped 36 percent across the gallery sector within the past six months, causing many galleries to shutter their physical spaces, furlough staff, and start prioritizing digital sales. Around 59 percent of high net-worth collectors, however, have amped up their acquisition efforts, and digital sales have predictably shown a sharp increase with the influx of virtual viewing rooms. More insights are available in the full report, which can be downloaded here.

This year alone, more than 19,500 migrants have successfully fled war-torn Libya, embarking on a risky voyage across the Mediterranean Sea on cramped lifeboats to reach European entry points in Italy and Malta. Unfortunately, not every migrant makes it—Libyan authorities have intercepted more than 7,600 escapees, who then face persecution at detention camps upon their return. Sea Watch, a German NGO that patrols the Mediterranean to rescue migrants, often embarks on search-and-rescue missions. Aiding its recent migration efforts is a bright pink motor yacht commissioned by Banksy, who has long championed social causes beyond his politically tinged street murals.

The anonymous British artist first announced his intention to purchase a migrant rescue boat this past fall, and ended up acquiring a former French Navy vessel, named Louise Michel after the French feminist anarchist, using proceeds from recent sales of artworks about the migrant crisis. After learning that Italian authorities impounded a ship helmed by Pia Klemp, a German biologist and Sea Watch captain, Banksy offered to replace it. “I’ve read about your story in the papers. You sound like a badass,” he wrote in an email. “I am an artist from the UK and I’ve made some work about the migrant crisis. Obviously I can’t keep the money. Could you use it to buy a new boat or something?”

For nearly 60 years, one of the world’s finest watches has been handmade in Japan. Called Grand Seiko, it represents the pinnacle of watchmaking, defining its essence not only through craftsmanship, but in elements of precision and beauty.

Surface Says: Grand Seiko is special. It’s a manufacture in the strictest and most demanding sense of the term. Not even Rolex performs more operations in-house.

Using 52 helium balloons, David Blaine floats above the Arizona desert.

These lamps shaped like soy sauce packets comment on the plastic crisis.

Get the full scoop on the pink face mask worn by Lady Gaga at the VMAs.

Sipho Mabona explores change through dyed cotton origami sculptures.