Limited-edition has been proved to be effective for luxury brands. However, the current study argues that limited edition advertising may not always work as previously thought. In order to broaden our understanding of limited editions and help luxury brands decide when to use and when not to use limited edition advertising, the current study identifies two areas to deepen our knowledge of limited editions in luxury consumption: (1) socially visible versus invisible luxury consumption, and (2) emotional versus cognitive decision-making. This study employed a 2 (Scarcity messages: limited edition advertising vs. no limited edition advertising) × 2 (Consumption contexts: emotional vs. cognitive) × 2 (Visibility: socially visible vs. socially invisible) between-subjects factorial design. A total of 512 students from 8 different classes in a large Taiwanese university participated in the experiment. All participants were randomly assigned to one of the experimental conditions and told to follow the instructions in the front pages of the questionnaire. The results confirmed that limited edition advertising was effective only for participants with affective motivations in the emotional consumption contexts. Furthermore, this study provided insights that some product attributes such as visibility may play moderating roles to the effectiveness of limited edition advertising. This study contributes to the luxury consumption literature by showing that limited edition advertising is not always effective for luxury brands.