Costumes and Props From ‘The Crown’ Head to Auction
3 minFans of The Crown will soon have the opportunity to own a piece of the royal drama as Bonhams is auctioning off a range of items from the Netflix series, which ended its six-season run in December.
More than 300 lots are currently available for online bidding through Feb. 8, and an additional 160 will go under the hammer during a live sale at Bonhams’ London headquarters on Feb. 7.
Since its debut in late 2016, The Crown has captivated viewers around the world with its visually stunning approach and dramatic portrayal of the British royal family’s tales of heartbreak. Throughout the show’s 60 episodes, viewers followed the twists and turns of the royals.
“The iconic costumes, props, and set pieces from The Crown are extensively researched and made with truly impressive attention to detail by master craftspeople,” Charlie Thomas, Bonhams U.K. group director for house sales and private and iconic collections, said in a statement. “Not only is this an incredible opportunity to own pieces from the landmark show, it is also the closest anyone can come to owning the real thing—be it the facade of 10 Downing Street or Princess Diana’s engagement ring.”
Composite: Courtesy of Bonhams / Netflix
Highlights of the auction include recreations of Princess Diana’s iconic items, such as the sapphire engagement ring that actress Emma Corrin debuted as Diana in season 4 (presale estimate: £2,000 (US$2,537) to £3,000); the revenge dress actress Elizabeth Debicki wore as Diana during her split from then-Prince Charles in season 5 (estimate: £8,000 to £12,000); and the leopard swimsuit Debicki sported in season 6 while on vacation during Charles’ 50th birthday party for then-Camilla Parker Bowles (estimate: £800 to £1,000).
Composite: Courtesy of Bonhams / Netflix
Expected to fetch the highest prices are a pair of life-size replicas from the set: the Gold State Coach, which is estimated to sell for between £30,000 and £50,000, and a facade of 10 Downing Street, the British prime minister’s office and residence (estimate: £20,000 to £30,000).
Described by Bonhams as a “rococo masterpiece,” the actual royal coach was built in 1762 for King George III and has been used at every coronation since 1831, when King William IV succeeded to the throne.
“We wanted to make something special, and Netflix had the money, ambition, and ability to go the whole hog. The Gold State Coach is fabulous,” said Andy Harries, CEO Left Bank Pictures and executive producer of The Crown, in the auction notes.
Gene D’Cruze, the series’ head of construction, said the items for sale are among the most impressive and accurate recreations ever committed to film.
Composite: Courtesy of Bonhams / Netflix
“I’ve built every single set on every series—more than 1,000 of them—and employed 140 people. It’s all done old-school. I’ve done 80 TV series, but The Crown is the best—best production, best art department, best locations, best series, best people,” said D’Cruze in the auction notes. “I especially love the 10 Downing Street facade. Most sets only last six months, but this stood for seven years.”
Proceeds from the live auction will go toward establishing a new scholarship for students at the National Film and Television School (NTFS). According to the auction house, the program will support students at the globally renowned school over the next 20 years.
“The Crown’s huge global success has much to do with working with the best creative and production talent in this country and we want to invest the proceeds of this magnificent auction into the next generation of film and TV talent,” said Harries in a statement.
A special exhibition of items from the auction has been on a global tour—having already appeared in New York, Los Angeles, and Paris—and will remain on display at Bonhams London through Feb 5.
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Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.
Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.
4 minA sharp technology sell-off has exposed a new anxiety on global markets: whether the enormous borrowing behind the artificial-intelligence infrastructure boom can generate sufficient returns as interest rates rise and Chinese competition intensifies.
The artificial-intelligence investment boom has powered technology shares, semiconductor manufacturers and data-centre operators to extraordinary heights. Last week, investors were given a reminder that much of this expansion is being built with borrowed money.
The technology-heavy Nasdaq Composite fell 4.5 per cent over the week ended October 16, its weakest performance since late June. Semiconductor shares suffered an even deeper correction, with the Philadelphia Semiconductor Index losing about 11.4 per cent.
The selling spread quickly through global markets. Micron Technology fell 14.6 per cent over the week, while South Korea’s Samsung Electronics and SK Hynix dropped approximately 18 per cent and 24 per cent respectively.
This was more than a routine bout of profit-taking. Investors were reassessing three interconnected risks: higher interest rates, the rapidly expanding debt burden attached to AI infrastructure and the prospect of stronger competition from Chinese memory-chip manufacturers.
The debt behind the AI build-out
Artificial intelligence requires a physical infrastructure network of enormous scale. Data centres must be built, advanced processors purchased, power supplies secured and cooling systems installed before customers begin generating meaningful revenue from them.
Technology companies are increasingly supplementing their own cash with corporate bonds, syndicated loans, equipment leases, private credit and project-level financing.
JPMorgan describes the emerging funding model as a combination of conventional corporate borrowing and project finance tied to individual data-centre assets. In Australia, the Reserve Bank estimates that syndicated loans accounted for approximately three-quarters of data-centre financing during 2025 and 2026 to date.
The numbers are becoming large enough to affect broader credit markets. The Federal Reserve Bank of Dallas has cited Wall Street estimates suggesting AI-related investment-grade bond issuance could approach US$300 billion in 2026 alone.
That borrowing is not automatically problematic. Debt can be an efficient way to finance long-lived infrastructure when future revenue is sufficiently predictable. The concern is that AI technology, customer demand and computing economics are changing much faster than the repayment schedules attached to the assets.
A data centre financed today may carry debt for years. Investors must therefore make assumptions about future utilisation rates, electricity prices, chip performance, customer concentration and the amount businesses will ultimately pay for AI computing.
When interest rates rise, those assumptions become less forgiving.
Inflation changes the calculation
September’s US inflation data intensified the pressure. Consumer prices increased 3.7 per cent over the year, ahead of market expectations and up from 3.4 per cent in August.
The hotter reading reduced confidence that interest rates would fall quickly and pushed bond yields higher. That matters particularly for companies whose valuations depend on profits expected well into the future, as well as highly leveraged infrastructure operators that may need to refinance.
CoreWeave has emerged as a closely watched test case. The specialist cloud-computing company has accumulated substantial debt and lease obligations to build AI capacity, while relying on a concentrated group of large technology customers.
Its shares fell sharply during the sell-off, while the cost of insuring its debt against default climbed. CoreWeave has argued that its contracted backlog more than covers its obligations and that financial markets do not always understand its business model. Nevertheless, its securities have become a proxy for investor confidence in debt-funded AI infrastructure.
Oracle, another major investor in AI computing capacity, fell 8.8 per cent in Friday trading, while CoreWeave dropped 15.5 per cent.
The question is shifting from how much AI infrastructure can be built to how profitably it can be operated.
China adds another source of pressure
Interest rates were not the only catalyst. Reports of advances by Chinese memory-chip producer ChangXin Memory Technologies raised concerns that lower-cost Chinese products could increase competition across the global semiconductor industry.
Memory chips are essential to AI systems, but the industry is historically cyclical. Periods of tight supply and high pricing can encourage rapid investment, eventually producing oversupply and falling margins.
The prospect of a well-funded Chinese competitor expanding its technological capabilities unsettled investors in Samsung, SK Hynix and Micron. It also demonstrated that AI-related demand does not insulate chipmakers from conventional competitive pressures.
That combination—slower rate cuts, more expensive financing and potentially cheaper supply—challenged the assumption that every company exposed to AI would enjoy continually expanding margins.
A reset rather than the end of the boom
The sell-off does not establish that the AI boom is ending. Demand for computing power remains strong, the largest technology companies continue to generate formidable cash flows and many infrastructure projects are backed by long-term customer contracts.
What has changed is the market’s willingness to overlook the price and financing structure of that growth.
The most resilient companies are likely to be those able to fund investment from operating cash flow, secure long-duration customers and demonstrate that new capacity will earn returns comfortably above its financing costs.
More speculative operators may face greater scrutiny, particularly where debt is expensive, customers are concentrated or expected revenue depends on demand that has not yet materialised.
For Australian investors, the lesson extends beyond US technology shares. Local data-centre operators, infrastructure funds, electricity suppliers and property groups are increasingly exposed to the same investment cycle.
Artificial intelligence may remain one of the defining growth themes of the decade. But last week’s correction showed that enthusiasm for the technology does not eliminate financial discipline.
The next stage of the AI boom will be judged not only by computing power, model performance or demand for chips, but by something more traditional: whether the assets being financed can generate enough cash to repay the money borrowed to build them.
Fact box
Nasdaq Composite: Down 4.5 per cent for the week ended October 16, 2026
Philadelphia Semiconductor Index: Down approximately 11.4 per cent
Micron Technology: Down approximately 14.6 per cent
Samsung Electronics: Down approximately 18 per cent
SK Hynix: Down approximately 24 per cent
US September inflation: 3.7 per cent annually
Estimated 2026 AI-related investment-grade issuance: Approximately US$300 billion
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