- Fine art, collectable cars and luxury watches have shown the strongest growth, according to the 2023 Wealth Report by Knight Frank.
- The index grew by 16% overall, which outperformed many mainstream investments such as precious metals or equities.
- The growth of fine art was driven in part by a number of high-profile international sales, such as Andy Warhol's Shot Sage Blue Marilyn.
Fine art topped Frank Knight’s Luxury Investment Index 2023, with growth of 29% in 2022. This is exciting news for international art lovers who are looking to buy and invest in fine art from around the world.
Experts are also confident that interest in the art world will continue in the near future, with 59% of wealth managers reporting that their high net-worth (HNW) clients plan to invest in the market over the coming year.
Investing in fine art or other luxury goods often requires an online money transfer overseas to facilitate purchases.
Due to the time-sensitive nature of major auctions, and the high prices that pieces of art can be sold for, investors should research methods of money transfer and select one that suits their specific requirements.
Other investments that saw growth in 2022 were collectable cars, with a 25% annual increase – the asset’s strongest performance in almost a decade.However, experts warn investors to be cautious of seeing classic cars as a safe bet in today’s economic climate.
The wine index, meanwhile, saw 10% growth, which, while still respectable, is down from last year’s 16%.
Similarly, whisky values were listed as the weakest-performing asset after years of unsustainable growth, having almost quadrupled in the past 10 years.
The location of investors was also discussed, with interest in luxury spirits and wines especially high in Europe. Watches are a popular bet for investors in the Middle East, with 52% of HNW clients looking to invest in the asset in 2023.
Are you looking to make international passion investments in 2023? If so, take a look at our money transfer comparison tool to find the best way to purchase luxury goods from abroad.
