Selling Vertu wasn't a sign of desperation. It was a sensible re-aligning of the business. The idea of Vertu was that it would be an experimental brand (much like Bugatti is for VW) to try super high end things with a view to brining them downmarket.
That didn't happen. What did happen was that they amassed an amazing property portfolio as they bought a lot of the prime retail space they put their shops in.
Nokia wasn't in the retail business and selling was sensible. I also think there was some vanity going on, the mega wealthy Nokia directors wanted something flash to impress their friends with. A bit like VW franchise owners are the only people who want Phaetons.
What is a sign of desperation is the other sales. Selling the building on lease-back? And the ridiculous fire-sale price to Microsoft. Is Nokia really only worth half of what Google paid for Motorola? OK there are some issues on patent ownership: Microsoft only has the right to use them , not own them, but still.
What's not factored in is supply chain - in and out. Nokia's use of platforms and making suppliers work directly together brings down their BOM incredibly. Much more important is the route to market. Nokia can get stock to most of India on a daily basis, the word "Nokia" is colloquial for mobile. "I'll call you on my Nokia". Even if it's a Sony, Spice or Samsung. The brand dominates Africa.
The only company with better emerging market distribution is Coca-Cola.
I can only think that there is something dreadful around the corner and Elop could see it coming. That he had to sell or the company would fail.
I also suspect they were seriously looking at an Android Plan B and that rattled Microsoft into buying. They bought the S40 business to stop the Nokia rump from building a cheap Android phone and then leaveraging that distribution.
Nokia was scared so they frightened Microsoft into buying them.