Latest News | Art Tops in Price Increase Among Luxury Collectibles with 30 Pc Appreciation in 12-month Ended June: Report
Get latest articles and stories on Latest News at LatestLY. Among luxury items collected by the ultra-rich globally, the average prices of art rose a maximum of 30 per cent in the 12-month period ended June, according to real estate consultant Knight Frank.
New Delhi, Aug 9 (PTI) Among luxury items collected by the ultra-rich globally, the average prices of art rose a maximum of 30 per cent in the 12-month period ended June, according to real estate consultant Knight Frank.
Prices of watches and jewellery increased by 10 per cent each, while that of coins by 8 per cent.
Rates of cars and wine appreciated by 5 per cent each, while colour diamonds by 4 per cent.
Prices of handbags grew by 1 per cent and the value of furniture remains stable. Rare whiskey witnessed a 4 per cent fall in prices.
The Knight Frank Luxury Investment Index (KFLII), which tracks a weighted basket of 10 luxury collectibles, rose by 7 per cent in the 12 months to the end of June 2023, the consultant said in a statement on Wednesday.
"Economic uncertainty and higher interest rates will cast a long shadow on luxury collectibles. Novice collectors should focus on what brings them joy, perhaps that's more important now that value appreciation is far from guaranteed in these asset classes," Andrew Shirley, editor of the Knight Frank Luxury Investment Index, said.
Shishir Baijal, Chairman and Managing Director at Knight Frank, said: "Ultra-High-Net-Worth Individuals (UHNWIs) envisioning their wealth to expand in 2023, are positioning India as a realm of opportunities. The optimism among the ultra-wealthy regarding wealth generation in India surpasses that of their global counterparts by a significant margin, establishing a robust groundwork for making investment and consumption choices."
Moreover, he said affluent individuals in India are prominently showcasing a strong inclination towards passion-driven investments.
"In 2023, assets such as art, watches, and luxury handbags remain the most sought-after passion-led investments among Indians, underscoring investors' willingness to explore avenues beyond traditional investment options," Baijal said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)