Collecting

How much does investing in art and luxury pay today

There is no homogeneity of performance in collectibles, even though overall the numbers go back to 2025. Knight Frank's Wealth Report analysis

by Teresa Scarale

19 May 2026

Da sinistra a destra: Portrait of Elisabeth Lederer di Gustav Klimt, nuovo record per un’opera moderna aggiudicato da Sotheby New York a novembre per 236,4 milioni di dollari dalla stima di 150 milioni; The Mellon Blue diamond di proprietà di Bunny Mellon, designer de The White House Rose Garden, venduto per 25,6 milioni di dollari da Christie’s a novembre; Hermès Birkin appartenuta alla Modella attrice Jane Birkin e venduta al prezzo record di di 10,1 milioni di dollari da Sotheby’s Parigi

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Key points

(Very) irregular performance
Artworks on the rebound, but...
Automobiles: that Diablo of German fever. But the redhead doesn't stand idly by

5' min read

Translated by AI

Versione italiana

Considering them as investments, how much did collectibles at auction return in the four quarters of 2025? The summaryKnight Frank Luxury Investment Index (Kflii) closed last year with -0.4%. In spite of the minus sign, this is not a negative figure, but a recovering one: in the first quarter of 2025 it was -5.3%. As previous editions of the Knight Frank's Wealth Report show - this is the 20th - between 2020 and 2022 the index had marked its highest level since 2013 (19.1%), only to fall due to rising interest rates, which made it cheaper to allocate liquidity elsewhere. But looking at the long term, i.e. the last 10 years, the Kflii remains more than positive: +38.6 per cent.

(Very) erratic performance

The decline in returns on collectibles is, therefore, slowing down; but by crunching the average over the past year, a patchy distribution of performance emerges, with the obvious effect of US tariffs on certain asset categories. For example, the exploits of certain art sub-categories were counterbalanced by the meagre performances of contemporary art, collectible wine, prints and whisky.

Portrait of Elisabeth Lederer di Gustav Klimt nuovo record per un’opera moderna aggiudicato da Sotheby New York a novembre per 236,4 milioni di dollari dalla stima di 150 milioni

Artworks on the rebound, but...

The least homogeneous segment is perhaps the art segment (but the vintage car segment is no joke either, as we shall see). One fact: sales in the over $10 million segment rose by 19.4%, further confirming the polarisation taking place in the art and luxury segment. The segments of Impressionist Art (sales +80.4%, to $1.04 billion), Modern Art (+19.4%, to $1.38 billion), Old Masters (+68.7%, to $282.5 billion) all performed well.
Collectors are willing to spend (a lot) only in the presence of: rarity, illustrious provenance, high relative value. The phenomenon cuts across all asset classes, but is particularly visible for art: from trophy works to the more affordable and properly priced segments. After the heavy post-2022 contraction, the Impressionist and Modern art segment in fact drove the entire segment, giving it an 11% growth of $4.56 billion in auction transactions. At the top of the trajectory was the top lot of 2025: the magnificent "Portrait of Elisabeth Lederer" (Bildnis Elisabeth Lederer) by Gustav Klimt (1862-1918); a $236.4m trophy work (Sotheby's New York, November), the most expensive Impressionist and Modern artwork ever at auction, and the jewel in the crown of the Leonard Lauder collection. This collection (which included other Klimts) was joined by others of equal lineage. Those of Pauline Karpidas (Surrealist art, which was released at the end of September: Magritte, Dorothea Tanning, Yves Tanguy) and of Jay & Cindy Pritzker (the same as the prestigious architecture prize: Van Gogh, Matisse and Gauguin), which was released at the end of November. But sales are still 42% below their 2022 peak, which had exceeded pre-pandemic levels, and the Contemporary art segment continues to contract for the fourth consecutive year (-12.3% to 1.6 billion). Finally, the specialised index MyArtBroker MAB100 reports that prices for prints and multiples fell by 6.6%. However, even in the mini-multiples segment, what Knight Frank's Wealth Report 2026 calls "conscious collecting", i.e. directed towards the big names, is on display: reference is made to Roy Lichtenstein and David Hockney, who were able to surprise with their revaluations at auction (the former even during a daytime sale at Sotheby's).

1996 Ferrari F50, aggiudicata da RM Sotheby’s per 9,2 milioni di dollari a Monterey Car Week in agosto

Automobiles: that Diablo of German fever. But the Red doesn't stand idly by

Turning to collector cars, the report shows the HAGI (Historic Automobile Group International) index at -3.7%, compared to +1.2% in 2024. Digging into the granularity of the sub-indices, however, one discovers that demand for BMW (especially for M3 E30 and 850 CSI; the HAGI BMW CI Index rose by 22%) and Lamborghini (especially for Miura Countach Diablo) increased during 2025. Moving into 2026, it turns out that in January a 1962 Ferrari F250 GTO was sold for $38.5 million, followed by a 2003 Ferrari Enzo for $18 million, not forgetting the 1995 Ferrari F50, which sold for $12 million (all three by Mecum on 17 January). A yellow 1996 Ferrari F50 stood out in 2025 ($9.2 million). A clear sign that US hnwi (high net worth individuals) and uhnwi (ultra high net worth individuals) are not holding tight to the purse strings if they move into territory untouched by tariffs. The US, in fact, where the largest global auctions of vintage cars are held.

Patek Philippe’s Aquanaut 5167A venduto a 95,250 dollari da Sotheby’s

Watches, the 'duopoly' masks weaknesses

The average price level of vintage timepieces showed an overall increase of 5.1% in 2025. Again, however, the strength of the general index masks weaknesses in detail: only Rolex and Patek Philippe dominated the secondary market (Rolex Market Index +4.6%; Patek Philippe Market Index + 12.1%). The former remains the most important point of attraction when accessing the second wrist market: all models performed well, except for the Sea-Dweller and Sky-Dweller. Aquanaut and Nautilus, on the other hand, were the models that made Patek Philippe's performance shine.

Casa mista di Sassicaia super-tuscania proveniente dalle cantine del londinese Locanda Locatelli venduta per 5.000 dollari da Bonhams a ottobre

Wine, super Tuscans resist

The decline in the Liv-ex Fine Wine 100 Index (-2.5%) continues on the spirits front. Since 2022, its loss in value has reached 24.7%, with hopes of recovery "frozen" by US tariffs: since April 2025, US consumer demand has halved. In this panorama, Tuscan wines hold their own, able to offer "familiarity, volume and value" at the same time. They compete with Bordeaux and Burgundy for quality, but at half the price of the latter. In spite of trade tariffs, the 'super Tuscans' have posted a 0.3% increase in value over the last 12 months. Value for money is driving demand in Asia, as well as in Europe: these are markets that, at least in part, do not want to give up the 'drinking experience' (wine must be drunk!). And something seems to be stirring at the top: buyers of 'illiquid' bottles, difficult to resell quickly without losing money, are returning (the report mentions Burgundy and Champagne, adding that a case of Domaine Leroy Musigny Grand Cru 2009 recently sold for $590,000).

The Mellon Blue diamond di proprietà di Bunny Mellon, designer de The White House Rose Garden, venduto per 25,6 milioni di dollari da Christie’s a novembre

Diamonds, colour wins over lab

The flag of resistance in the natural diamond sector (it has to be specified now) is carried by coloured diamonds. Precious and unobtainable, they represent 0.1% of the market supply. In fact, their average value over the year fell slightly (-1%), while that of blue diamonds rose by 0.3%. Blue were also the top lots last year: from Blue Mellon (Christie's Geneva, November; $25.6 million) to Mediterranean Blue (Sotheby's Geneva, May; $21.5 million). It is a side effect of the spread of lab-produced white diamonds: high-end customers want true exclusivity, and fancy diamonds, rare among the rare and above all natural, can offer it.

Hermès Birkin appartenuta alla Modella attrice Jane Birkin e venduta al prezzo record di di 10,1 milioni di dollari da Sotheby’s Parigi

Bags, in the sign of Jane

2025 was the year of a world record for a handbag: the Hermès prototype of the Birkin, the one inspired by the Anglo-French actress herself, was sold in Paris at Sotheby's for $10.1 million. A result that reset the parameters of the vintage luxury handbag market, shifting the axis of preference for those with obvious signs of use. Knight Frank's Wealth Report 2026 reveals that it is mainly the $6,000 to $9,000 bracket that has benefited, thanks to the interest of GenZ collectors, who prefer bags to be used and not preserved. In contrast, the 'pristine and like-new' $50,000 bags are selling more slowly.

Hologram Interior (Study) di Roy Lichtenstein venduto a 215,900 dollari da Sotheby’s, più che raddoppiando la stima massima

A change of perspective

In general, for the wealthier segments of the world's population, luxury appears to be increasingly detached from mere possession, to the benefit of travel, fine dining, hotels, housing. From money for objects, we are moving to money for experiences, for all five senses. But even experience alone, looking at this first half of 2026, is no longer enough for hnwi and uhnwi: we are moving towards the 'transformation economy', a new era in which affluent consumers will gravitate towards brands capable of activating a 'personal improvement' in them, whatever it may be (health, cultural, spiritual, knowledge in general). Can art and collectables not be part of this?
The increasingly obsessive search for quality, history and uniqueness would seem to offer a positive answer to this question.