PA S SI O NS
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Passion play Veronika Lukasova, AMR
We’re seeing a good blend of demographics
buying whisky as an investment. However, anecdotally, the average age of the typical
How did your market perform in 2021? Sotheby’s posted record sales of US$7.3 billion
in 2021, while Christie’s recorded a five-year high of US$7.1 billion. According to our All Art Index, average sales were up 13% since 2020,
with much of the new ground made up by a
handful of big-ticket works. Many of the top lots
could be found in the US$676 million sale of Harry and Linda Macklowe’s fabulous art
collection at Sotheby’s, sparked by the couple’s divorce. Several blue-chip artist records were set,
including Jackson Pollock’s Number 17, which achieved US$61.2 million, and Cy Twombly’s Untitled, which went for US$58.9 million.
The art world delighted in the sale of Frida
of buyers through the portals of the major
self-portrait also depicts Kahlo’s adulterous
75% of those investing in the category were
highest profile were from Asia, with Singaporebased founder of NFT investment fund Metapurse
Vignesh Sundaresan, known as MetaKovan, paying US$69 million for Everydays: The First
Kahlo’s Diego and I. Completed in 1949, the
How did your market perform in 2021?
of Distillers in early December for charity. Of the
well below the long-term annual average. That
Our main index, the HAGI Top, rose by 3% in 2021,
unique lots on offer the most expensive was
said, some sectors performed better: the HAGI
I personally think early supercars
almost 15% for the year followed by Porsche with
versions such as the Mercedes-Benz
Glenfiddich’s The 1950s Collection – four bottles of rare spirit, all distilled in the 1950s – which sold for just over £1 million.
LPS Index for classic Lamborghinis managed 8% (HAGI P) and Ferrari on 6% (HAGI F).
most valuable work of Latin American art ever
owners start to experiment with NFTs as a way
of reaching a broader base of customers. We
collectors’ cars post-Covid. Having made money
red-chip market – ultra-contemporary artists
Last year, we predicted the rise in value of the
Giacometti’s Le Nez from the Macklowe sale,
using social media to build their reputations – and
we expect this to carry on. Phillips will continue
expect this to become more of a trend in 2022 and beyond. Following some recent declines in investment values for The Macallan, we’re
What trends will we see in 2022? or motorsport homologation road
190 Evo II, Lamborghini Countach, Bugatti EB 110, Porsche 959, Ferrari
painting sold for US$34.9 million, making it the
Justin Sun paid US$78milion for Alberto
auctions in August were outstanding overall.
One auction held by the Worshipful Company
Knowledgeable enthusiasts who felt more
comfortable in their asset allocation towards on the stock market or in tech, wealthy players
from across the globe (but mostly the US and Europe) are now also somewhat concerned
288 GTO and BMW E30 M3 will do well. We are noticing a younger generation of emerging collectors gaining importance in the market. But examples need to be in perfect condition with the lowest mileage.
Objects of desire
The Knight Frank Luxury Investment Index Q4 2021*
its successful partnership with Beijing Poly,
Asia’s biggest auctioneer, while Sotheby’s expansion of its online platforms seeks to increase Asian participation worldwide. Over the
Image courtesy of Christie’s
had covered just 390km from new. The Monterey
out auction of the year was the Distillers’ One of
Throughout 2021 we saw a number of brand
March (below). In November, underbidder
within the crypto community.
Gooding & Company’s Monterey auction. The car
Last appearing at auction 30 years ago, the
What trends will we see in 2022?
promote the fusion of finance, culture and art
chassis 029, made almost US$20.5 million in
Dietrich Hatlapa, HAGI
Who was buying?
of Kahlo’s work above Rivera’s for the first time.
focus on collectibles.
The 1995 McLaren F1 three-seater sports car,
What trends will we see in 2022?
auctioned. The figure also catapults the value
about rising inflation going forward. Hence the
What sales really stood out?
husband – Mexican national hero, Diego Rivera.
5000 Days, an NFT by the artist Beeple in
describing the acquisition as part of his drive to
voluminous “limited” releases of late.
CLASSIC CARS
From a value and rarity perspective, the stand-
The sale of non-fungible tokens (NFTs) linked
new collectors, with an average age of 42. The
older, discontinued bottles rather than the more
What sales really stood out?
What sales really stood out?
auction houses last year. According to Christie’s,
expecting this to be reversed through 2022 for
whisky collector looks to be getting lower.
Who was buying? to digital artworks encouraged a fresh wave
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Who was buying?
We reveal the results of the unique Knight Frank Luxury Investment Index, while the experts who share their data with us offer their thoughts on a selection of the asset classes covered. Plus an in-depth look at the latest burgeoning art world sector: NFTs
ART
T H E W EALT H REPORT 2 022
next two years, Christie’s plans to open new
KFLII*
salerooms in Hong Kong and Shanghai to
accommodate demand. With Asian collectors
123 (10-year % change)
Wine
Watches 137
Art 108
Coins
Rare whisky 64
75
428
also chasing NFTs, 2022 will see the continued rise of collectibles competing with sales of art.
SCOTCH WHISKY
Andy Simpson, Rare Whisky 101
9 (12-month % change)
Handbags
16
Cars 78
How did your market perform in 2021?
16
Jewellery 164
9
13
Coloured diamonds 57
9
Furniture 19
23
We’ve continued to see higher value bottles
– those over £5,000 – underperform the broader market, although there are now signs of
recovery in this sector of the market. The broader market has exceeded both 2019 and 2020
from both a volume/value perspective and also
3
2
2
1
investment growth, so while 2021 has had many
*KFLII is a weighted average of individual asset performance. Contact andrew.shirley@knightfrank.com for more information
remained resilient.
Sources: Compiled by Knight Frank Research using data from Art Market Research (art, coins, furniture, handbags, jewellery and watches), Fancy Color Research Foundation (coloured diamonds), HAGI (cars), Rare Whisky 101 and Wine Owners
ups and downs, bottles of Scotch whisky have Everydays: The First 5000 Days by crypto artist Beeple
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