Prices of impressionist art rose by a maximum of 13.6% while rates of whisky bottles fell 10.9% among popular luxury collectibles during the October-December 2025 period, according to Knight Frank.
On Thursday, real estate consultant Knight Frank released its 20th edition of The Wealth Report.
The consultant said that 'Knight Frank Luxury Investment Index (KFLII) recorded a marginal 0.4% annual decline in the October-December period of 2025, signalling stabilisation after two years of broad correction across several collectible categories.
1 April 2026
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"Strength returned to segments focused on rarity, cultural significance and exceptional provenance, reflecting a more disciplined and selective global collector base," it added.
Among key findings, Knight Frank said that prices of impressionist art surged 13.6%.
"Watches rose 5.1%, led by strong demand for Patek Philippe’s Aquanaut and Nautilus models and continued resilience from Rolex," it said.
Classic car values fell 3.7%, though 'halo' models - such as the Ferrari F50 - remained in fierce demand. Prices of whisky bottles declined 10.9%.
Liam Bailey, Global Head of Research at Knight Frank, commented, "After a cycle defined by extraordinary highs followed by rapid readjustment, the luxury investment market is now entering a more rational and more discerning phase." "Collectors are increasingly prioritising rarity, provenance and cultural resonance - and younger generations are reshaping ownership models through digital and fractional platforms," Bailey said.
Knight Frank noted that the luxury investment index has risen 38.6% over the past decade.
"Performance over the past 12 months has been uneven. Impressionist and modern art, and watches, delivered solid gains, while contemporary art, fine wine, prints and whisky all recorded declines," the report said.
As the market moves into 2026, the consultant said it would be interesting to see whether this period of stabilisation would translate into recovery.
