Research reference
The Passion Asset Index 2026
Passion Asset Advisory's 2026 reference separates market indices, auction records and collector-wealth estimates. Knight Frank reported a 0.4% fall in its Luxury Investment Index in 2025 and a 38.6% rise over the preceding decade. Neither figure is a collector's net return. Fees, taxes, insurance, storage and the exact asset can change the result substantially.
How have passion assets performed?
Use the same source, measure and time window when comparing performance. The table keeps unlike measures separate. Its rows cannot support a like-for-like ranking of categories.
| Measure | Reported change | Period and source | What it does not show |
|---|---|---|---|
| Knight Frank Luxury Investment Index | −0.4% | Calendar 2025; April 23, 2026 report | A specific collector's net proceeds. |
| Knight Frank Luxury Investment Index | +38.6% | Decade covered by the same 2026 report. | An annual return or forecast. |
| WatchCharts Overall Market | +5.1% | The previous year as reported by Knight Frank on April 23, 2026. | All watch references, or a matched calendar-year comparison. |
| Liv-ex Fine Wine 100 | −2.5% | Calendar 2025, in Knight Frank's 2026 report. | A bottle's sale value after storage and selling costs. |
| Birkin and Kelly price indicator | −0.2% | Calendar 2025, in Knight Frank's bags commentary. | The result for every size, leather or condition. |
| Global art-market sales value | +4%, to $59.6 billion | Calendar 2025; Art Basel and UBS 2026 report | An art-price index or investment return. |
Source: Passion Asset Advisory compilation of the linked Knight Frank, Art Basel and UBS reports. Observation periods and publication dates remain as stated in each row; these are not office-produced return indices.
We do not calculate a composite return from these unlike measures. Jets and yachts are not included in this performance table. For model-level watch evidence, see the F.P. Journe price dataset and auction ledger.
What are the record sale prices for passion assets?
These selected record-setting sales preserve the original sale currency and source. A record is the result of one asset, not a category average or a ceiling for future sales.
| Category and asset | Published result | Year and primary source |
|---|---|---|
| Art: Leonardo da Vinci, Salvator Mundi | USD 450,312,500, including buyer's premium | 2017; Christie's |
| Car: Mercedes-Benz 300 SLR Uhlenhaut Coupé | EUR 135,000,000, house-reported result | 2022; RM Sotheby's |
| Jewel: CTF Pink Star | HKD 553,037,500, house-reported result | 2017; Sotheby's |
| Coin: 1933 Double Eagle | About USD 18.9 million, house-reported result | 2021; Sotheby's |
| Handbag: Jane Birkin's original Birkin | EUR 8,582,500, house-reported sale price | 2025; Sotheby's |
| Watch: Patek Philippe Grandmaster Chime 6300A-010 | CHF 31,000,000, charity-auction result | 2019; Christie's, Only Watch |
| Whisky: Macallan 1926, Valerio Adami label | GBP 2,187,500, house-reported sold total | 2023; Sotheby's |
Source: Passion Asset Advisory record selection from the linked auction-house accounts. Each house owns its result; the native currency, stated basis and sale year are retained without conversion.
Charity results and commercial sales are different contexts. Figures above are not seller net. More detail is available in the watch auction ranking, car sale records and Birkin records.
How big is the passion-asset market?
No single total covers every definition of passion assets. Annual sales, the value of assets held, and wealth-transfer forecasts measure different things. They should not be added together.
| Measure | Figure | Definition and source |
|---|---|---|
| Global art-market sales | USD 59.6 billion in 2025 | Annual sales estimate, Art Basel and UBS 2026. |
| Art and collectible wealth held by art-collecting UHNW individuals | About USD 2.56 trillion in 2024 | Asset-wealth estimate, Deloitte and ArtTactic 2025; not annual sales. |
| Same collector-wealth measure, projected | About USD 3.47 trillion by 2030 | Deloitte and ArtTactic projection, not an observed result or guaranteed outcome. |
| Art and collectibles expected to change hands | About USD 992 billion over the next decade | Deloitte and ArtTactic 2025 report; forecast for wealth transfer. |
Source: Passion Asset Advisory comparison of the cited Art Basel, UBS, Deloitte and ArtTactic estimates. Annual sales, asset holdings and forecasts are different measures, not values to add together.
How much wealth do collectors allocate?
Deloitte's 2025 summary estimates an average 10.4% allocation among the art-collecting UHNW group it describes. That is not a universal 20% allocation to every passion-asset category. It is also not a recommended allocation for a reader.
What do investors think about passion assets?
Fladgate's research summary reports interest in diversification and perceived security. Its landing page describes more than 170 wealthy investors and 171 UK advisers, not a census of collectors. Survey beliefs do not establish that collectibles are safer than stocks or bonds.
How Passion Asset Advisory compares the sources
The office compiles this register; it does not produce the third-party indices. The CSV states the measure, observation period, publication date, unit and primary source. Blank values are not zero. Different index methods, currencies and sample selections limit direct comparison.
A collector's return depends on the purchase price, eventual sale price and ownership costs. Add buyer and seller fees, tax, insurance, storage, restoration or service, transport and currency effects. Thin trading and selective public results can hide losses or make an asset appear less volatile than it is. Past performance does not guarantee a future price.
There is no like-for-like, after-cost stock-market comparison in this dataset. A collection review can help organise evidence and sale options, but it does not replace regulated investment, tax or legal advice.
Passion Asset Index questions
Is the Passion Asset Index a financial product?
No. It is Passion Asset Advisory's research reference. It is not a fund, an investable benchmark or a recommendation to buy a category.
Did passion assets rise in 2025?
The picture was mixed. Knight Frank reported a 0.4% fall in its composite index for 2025. Art Basel and UBS reported 4% growth in art-market sales value, which is turnover rather than a return on individual works.
Can auction records value my collection?
Only relevant comparable sales help. Match the asset's identity, condition, provenance and sale context, then account for costs. Record-setting pieces are usually exceptional.
How often is this report updated?
Each edition keeps the observation dates and source publication dates visible. A page review does not turn a forecast into a result or refresh an older index.
Can the office review a watch collection?
The office can review collector-watch documents and comparable evidence under an accepted scope. A watch collection review starts at $2,500 for up to 15 watches. Other categories first need confirmed acceptance, then a written scope and fee. Any transaction mandate is separate and states the represented side and fees in writing.
Collection reviews
Review the collection, not just the headline
Start with the assets, documents and decisions you need to make. We explain the scope and fee before a paid review.