Cars outperform art in global luxury market

Knight Frank's Wealth Report
Knight Frank’s Wealth Report
Source: Knight Frank, The Wealth Report
Source: Knight Frank, The Wealth Report

Over the last year, LLNYC has tracked record-setting art, car and diamond sales. Now, Knight Frank’s Wealth Report has run the numbers and put those luxury shopping trends into a broader, global context.

For instance, last year Paul Gauguin’s painting “When Will You Marry?” sold for $300 million. While Picasso’s “Women of Algiers” sold for $179 million and “Reclining Nude” by Modigliani saw $170 million at auction. But despite these astronomical modern art sales, Knight Frank’s overall art index rose by a muted 4 percent as other genres struggled to sell.

Meanwhile, classic cars sales saw an annual growth of 17 percent — the most on the Knight Frank Luxury Investment Index. Jewels and wine also had a good year.

A Hong Kong-based billionaire bid $48.4 million for the Blue Moon, a rare blue diamond auctioned by Sotheby’s Geneva. And many of the top Bordeaux wines have now started to recover from the slump caused by a drop in Chinese demand.

Source: Knight Frank, The Wealth Report
Source: Knight Frank, The Wealth Report