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The world of luxury carpets gets the rug pulled out from under it

Once a must-have for the well-dressed homes of the rich and famous, they are becoming a cliche and cheapened by - gasp - fakes

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In a world where the perfect pair of jeans has replaced the ornate Christian Lacroix gown as a status object, there has been a move toward folkloric, less formal carpets. Wool is the new silk.

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A 17th-century Persian rug priced at US$3.5 million sits in the foreground at Nazmiyal Antique Rugs in Manhattan.

New York

EVEN in an increasingly expensive New York, US$3.5 million still pays for a lot, like a 2,000-square-foot apartment (without south-facing light) and 12 years of private school for one of the children. But if you'd like to outfit the living room of that apartment with the very...

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