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High-end art and car prices drop as the ultra-rich tighten belts

August 8, 2023
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High-end art and car prices drop as the ultra-rich tighten belts
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High-end art work and upmarket jewellery are the most sought after collectables for the ultra-rich investor, but with recession concerns and rising interest rates, even those with cash are scaling back on over spending.

That is the finding of the latest luxury investments instalment of Knight Frank’s The Wealth Report series, which tracks a weighted basket of 10 luxury collectables.

The Knight Frank Luxury Investment Index (KFLII) rose by 7 per cent in the 12 months to the end of June 2023, which was its weakest annual performance since the second quarter of calendar 2021.

Bored Apes became a way for crypto investors to flaunt their wealth.

Bored Apes became a way for crypto investors to flaunt their wealth.

Art topped the index with a 12-month growth of 30 per cent, as measured by Art Market Research’s All Art Index.

However, transaction volumes for the once popular NFTs – or non-fungible tokens – hit freefall and public interest declined. The Bored Ape NFT picture series was one that saw a decline in prices that people are willing to pay.

There was also decline in prices on the traditional collectable cars which were second in the KFLII over 2022, but have dropped back to the fifth spot with price growth of five per cent.

Wine connoisseurs also took a step back with prices falling to seventh spot and handbags in ninth.

It was, however, the weakest annual performance by KFLII since the second quarter of calendar 2021, proving that even tangible assets are not immune to market uncertainty

Knight Frank Head of Residential Research Michelle Ciesielski

Michelle Ciesielski, Knight Frank head of residential research, called the growth a “credible performance” when compared with prime luxury residential prices across Australia which grew 1.7 per cent over the same period, gold which rose by 5 per cent, and was just shy of the S&P/ASX 200 which was up in value by 9.7 per cent.

“It was, however, the weakest annual performance by KFLII since the second quarter of calendar 2021, proving that even tangible assets are not immune to market uncertainty,” Ciesielski said.

It is the slowdown in the wine and classic car markets, both in sixth and seventh place respectively with five per cent growth over the past 12 months, that have tempered overall growth, as these asset classes previously have had double-digit rises that have often underpinned the index’s performance.

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The report found that Italian wine prices jumped by six per cent as demand increased. The prices of champagne and burgundy both fell by one per cent and nine per cent respectively. Ferrari was the most popular car brand followed by Porsche and Mercedes-Benz, but all had falls in prices of 15 per cent, 10 per cent and five per cent respectively.

As belts tighten, Ciesielski said there could be a similar downward trend in demand for art collections over the coming year given the slower auction results in 2023, which will challenge the asset class as the current leader of the luxury index.

But for those still buying, it needs to be stored and developers are now being required to build homes to accommodate the expensive merchandise.

Erin van Tuil, Knight Frank head of residential, said the collections of high-net-worth-individuals can shape their homes, “but equally their homes can shape their collections”.

“Space to show off luxury collectables is often on the wish list for wealthy home hunters, including garage spaces, great wine storage, a safe for watches and jewellery, and space to hang their art,” van Tuil said.

“Accordingly, developers are also increasingly factoring the collecting habits of potential buyers into their projects.”

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