Wall Street Daily

Forget your Rolex watch, Coach (NYSE: COH) bag and Prada shoes.

Time to line up for a new luxury item you don’t really need: an overpriced smartphone.

Like Vertu’s limited edition Constellation phone, which starts at $6,000.

Why spend so much on a phone? Because it comes with customizable features like gold trim, diamonds and crocodile skin cases, of course.

Buyers don’t even care if the phone is useful. Heck, there aren’t even apps available for Vertu’s device. And it’s running the Symbian operating system – software the company inherited from Nokia (NYSE: NOK) in the 90’s.

No wonder luxury phone sales in the industry’s top market – China – are slowing down right now.

French firm, Atelier, is trying to change that, though. Its latest luxury phone, the Tag Racer, comes with Google’s (Nasdaq: GOOG) Android operating system on board.

As CEO of Atelier, Stéphane Bohbot, says, “Before when we [thought] about luxury phones we [thought] about basic features, very standard phone, very nice – but nothing really inside in terms of technology. And now, with this new generation of products, we will attract new customers who are very demanding to have high technology, combining with luxury design [and] luxury material.”

Better yet, the Tag Racer is significantly less expensive than Vertu’s Constellation, going for only $3,600.

Is that enough incentive for you to buy?

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