When the Millionaire Fair opened in Moscow for the first time in 2005, Pravda heralded it as "one of the most respectable exhibitions devoted to the world of luxury." Those thinking about attending merely to ogle were cautioned about the "strict" black-tie dress code and warned that they might "not feel well because of what they could see at the show." At least one female visitor who ignored the warning "was hospitalized with 'luxury shock.' "

Six years after its inception in Amsterdam by a Dutch lifestyle magazine, the fair--which will begin a three-day run in Moscow on November 27--is drawing more unwanted attention than ever on its capital-city tour, which includes Brussels, Istanbul, Shanghai, and Amsterdam.

In Munich, protestors held "a symbolic slave market" outside the event "to turn the spotlight on wage dumping in Germany and around the world."

"Our aim is not to pillory people, but to attack existing social conditions," said one of the protestors, who nonetheless branded the Munich fair "an obscene display of perverse wealth."

In Shanghai, where the fair is now in its third year, the event was given a humble makeover that included erasing the word "millionaire" from its title. Its new name: The Fair.

"Good-bye, gold commodes, diamond-encrusted phones and sleek sports cars," blurbed China Journal. "This year, those ostentatious displays will take a back seat to social responsibility." The makeover was explained in part as a response to the Sichuan earthquake, which "prompted a good deal of soul-searching about charitable giving domestically." Another culprit: China's "growing income inequality and the resulting potential for social instability."

What's a frazzled millionaire to do?

One option--the one that purveyors of luxury goods are prescribing--is to act like nothing is happening. That's not to say the industry isn't sympathetic. "Luxury goods are never more necessary" than in tough periods, advised Moët & Chandon's chief vintner in a recent interview. In other words, bring on the Champagne.

In addition, one might take a queue from the Millionaire Fair homepage and donate a few of one's dwindling dollars to Russia's national parks.

Virgin Galactic space flights were a hot item at the Brussels show. For $200,000, you can get a new perspective on things. Flights will begin two years from now. (No word on carbon-offset opportunities connected with this option.)

Meanwhile, we can all reflect on the following wise words from Business Week's Charles DuBow, written when the Dow was plunging way back in September:

"Parties can't last forever, wine bottles empty. For the luxury business, [this] will be a time to retool, to rethink what they do. Some companies will disappear--but then again some always will. Like a forest after a fire sweeps through it, things may look pretty black for a while but before too long new buds will emerge and old oaks will flower again. When that happens, we won't take luxury for granted anymore. At least not at first."

Further reading:
* "Moscow's Latest Gold Rush" at Globorati.com: The bling still sings in the world's most expensive city.
*  Travel Industry Graded on Tackling Climate Change: Hold the Champagne (Daily Traveler)