Annual Report · 2026 Edition
The Passion Asset Index 2026
What is the Passion Asset Index?
It is our annual reference for the market in investments of passion — the luxury collectibles ultra-wealthy owners buy for enjoyment as much as return. We aggregate public indices and auction results — chiefly Knight Frank's Luxury Investment Index, with Deloitte, Rebag, and the major houses — into a single directional view of 10-year returns, record prices, and wealth allocation. The chart and table below summarise the decade.
| Category | Indicative 10-yr return | Note |
|---|---|---|
| Rare whisky | ~ +190% | Decade leader; well off its 2021–23 peak |
| Classic cars | ~ +185%* | *Long-run leader; sharp 2023–24 correction |
| Fine wine | ~ +145% | Burgundy and top Bordeaux led |
| Watches | ~ +135% | Allocation-only sport models drove it |
| Art | ~ +90% | Blue-chip and post-war strongest |
| Handbags | ~ +85% | Hermès Birkin and Kelly lead |
| Jewellery & coloured diamonds | ~ +45% | Steadier, lower-amplitude |
| Blended index | ~ +39% | Knight Frank Luxury Investment Index, 10-yr |
Indicative, directional figures aggregated from recent Knight Frank editions (2025–2026); the index is periodically rebased. See the full tables in our passion asset statistics. Verify against the current primary source before citing in formal work.
Do passion assets beat the stock market?
On average, not over the last decade. The blended index rose about 39%, and even the leading categories largely trailed a dividend-reinvested S&P 500 near +200%. The honest case for passion assets is diversification — low correlation to financial markets, low volatility, real enjoyment of ownership, and outsized gains concentrated in the rarest pieces — not beating equities on average. We examine one category in depth in are Birkin bags a good investment?
What are the record sale prices for passion assets?
Unlike index returns, category records are well-documented and verifiable through the auction houses. The register below collects the headline record for each major passion-asset class as of mid-2026 — the figures most often cited as the ceiling of each market.
| Category | Record | Item | Sale |
|---|---|---|---|
| Art | $450.3M | Leonardo da Vinci, Salvator Mundi | Christie's, 2017 |
| Car | ~$142M | Mercedes-Benz 300 SLR Uhlenhaut Coupé | RM Sotheby's, 2022 |
| Jewel | $71.2M | CTF Pink Star diamond | Sotheby's, 2017 |
| Coin | $18.9M | 1933 Double Eagle | Sotheby's, 2021 |
| Handbag | €8.58M | The original Birkin (Jane Birkin's) | Sotheby's, 2025 |
| Watch | CHF 31M | Patek Philippe Grandmaster Chime | Only Watch, 2019 |
| Whisky | £2.1M | The Macallan 1926 | Sotheby's, 2023 |
How much of UHNW wealth is held in passion assets?
Around a fifth. Knight Frank's Wealth Report puts the share of ultra-high-net-worth wealth allocated to investments of passion at roughly 20% on average, spanning art, cars, watches, jewellery, and wine. The figure varies by region and by how "passion asset" is defined, and is best read as directional — but it underlines that for many UHNW families these are a material, deliberate allocation, not incidental purchases.
Methodology
The Index aggregates publicly reported indices and auction results into one directional reference — chiefly Knight Frank's Luxury Investment Index, with Deloitte's Art & Finance research, Rebag's Clair Report, and results from Christie's, Sotheby's, RM Sotheby's, and Phillips. Return figures are indicative, pre-fees, and rebased between sources and editions; record prices are verifiable. The Index frames the market — it does not value a specific asset, which requires a valuation against current closed sales.
FAQ
The Passion Asset Index — quick answers
What is the Passion Asset Index?
The Passion Asset Index is Passion Asset Advisory's annual reference for the market in investments of passion — luxury collectibles such as whisky, classic cars, art, watches, handbags, jewellery, and wine. It aggregates public indices and auction results, chiefly Knight Frank's Luxury Investment Index, into directional 10-year returns, record sale prices, and wealth-allocation context, free to cite with attribution.
Which passion asset performed best over the last decade?
Rare whisky led the past decade at roughly +190%, with classic cars near +185% and fine wine and watches in the +135–145% range. Art and handbags were more modest at around +85–90%, and jewellery lower near +45%. The blended index rose about 39%. Returns concentrate in the finest examples, and figures are rebased between editions.
Do passion assets beat the stock market?
On average, not over the last decade. Most categories trailed a dividend-reinvested S&P 500 of roughly +200%, and the blended index rose only about 39%. The case for passion assets is diversification — low correlation to markets, low volatility, tangible enjoyment, and outsized gains in the rarest pieces — rather than beating equities on average.
How often is the Passion Asset Index updated?
Annually, with the edition year in the title, and revised when the underlying sources publish new data. Figures are indicative and rebased between editions, so the latest edition supersedes earlier ones. For a specific asset, a valuation against current closed sales is more precise than any index average.
Sources & further reading: Knight Frank Wealth Report and Luxury Investment Index; Deloitte Art & Finance Report; Rebag Clair Report; Christie's, Sotheby's, RM Sotheby's, and Phillips results. Figures are indicative or as reported; record prices are verifiable. See our passion asset statistics, Birkin investment study, and what passion assets are.
Passion Asset Advisory
The index is the map. Your asset is the territory.
We value individual pieces against real closed sales, acquire and sell privately across six asset classes, and advise on the passion-asset sleeve — independent of the index.