last few years , luxury phones had turned into an attractive new business , as designer houses rushed to get a foothold in the tech sector . Prada collaborated with LG to launch two LG Prada phones in Europe and Asia . Last September , Samsung launched the M75500 Night Effect phone , which carried the Emporio Armani insignia . A month later , Motorola offered a $ 2,000 phone , called the Aura , which was fashioned out of stainless steel and sported a 62-carat sapphire crystal lens . And then there 's Vertu , a company that makes true luxury phones , the cheapest of which costs about $ 6,000 . The recession put a spoke in those plans . And it 's not just the 401Ks of middle-class Americans that have been in peril . In Russia , many newly-minted billionaires saw their fortunes slip away with falling oil prices . By the first quarter this year , the U.S. economy had shrunk 5.5 percent . Even 50 Cent has complained about losing more than a few Benjamins on the stock market . And just like that , the crystal dominoes started to fall . Last October
-LRB- WIRED -RRB- -- Got a few grand to spare for a $ 3,000 phone ? Yeah , we did n't think so . Nobody does -- and that 's a problem for the makers of luxury phones , such as Motorola , Bang & Olufson , LG and Vertu . Vertu makes phones starting at $ 6,000 and going up in price . After years of chasing the ultra-wealthy with exclusive devices that carry designer logos and promise craftsmanship from materials such as sapphire and stainless steel , luxury phone makers are now pulling back . `` The culture has shifted away from conspicuous consumption , so if you are going to have a super expensive product this may not be the time for it , '' says Avi Greengart , research director for consumer devices at Current Analysis . Motorola has already gotten the memo . Earlier this week , the company reportedly canceled the Ivory E18 , a device tentatively priced around $ 3,000 . The phone had met with lack of interest from telecom carriers . Motorola declined to comment . If that sounds like an obvious outcome , perhaps it should n't . In the