7th Annual Russian Millionaire Fair Flops

MOSCOW — Despite its show-boat extravagance, Moscow's top annual luxury fair was morose on opening night as champagne-sipping party goers complained of a hangover from the global financial crisis.

In the surest sign the good-time highs were over, few even bothered to attended this year's Millionaire Fair, Russia's main exposition of luxury goods and services, which kicked off Friday.

"The entire luxury industry is shaken by the crisis. There are 30 percent less participants this year," Oleg Makarevich, the head of yatch-distributor Mas, said leaning on a 225,000-euro (337,545-dollar) model beached on the red-carpet at his stand.