High-end restaurants and shops in Mayfair last night were almost empty and the streets were deserted; at the home of Fatima and Eskander Maleki, hosts of the Prix Pictet for photography, it was clear the wealthy are feeling the pinch.

At the Malekis' six-story house in Mayfair, 220 artists, judges and private bankers gathered for the launch of Swiss private bank Pictet & Cie's inaugural photographic award to promote environmental sustainability.