Investor portfolios get chic with art, jewellery, collectibles – Lifestyle News

Luxury assets like art, jewellery, antiquities, watches, are no longer just personal pride, but are increasingly being considered serious investment as well.

As per Kotak Mahindra Bank’s Top of the Pyramid 2024 Report this year, as many as 94% of ultra-high-net-worth Individuals own jewellery, with 79% planning further acquisitions. Art is a close second with 73% collectors invested in this category.

“Tangible assets offer a compelling blend of emotional satisfaction and potential long-term financial gains. With millennials emerging as the driving force behind luxury investment trends, growing awareness is a key factor behind the booming art scene in India,” said Sonal Singh, chairperson of Christie’s India. The 2024 Christie’s data reveals a generational shift: 44% of buyers and bidders in the APAC region were millennials or younger, contributing 26% of global auction sales.

Millennials, auctions, and rising legacy value

The 2024 Hurun India Art List pegged the cumulative value of the top 50 artworks at Rs 252.61 crore, up threefold from Rs 82.57 crore in 2021. 

“There’s been a remarkable shift in how people view legacy, craftsmanship and provenance,” said Bhavna Kakar, founder of art gallery Latitude 28.

“Vintage jewellery, especially signed pieces from heritage maisons, has grown steadily – depending on rarity and condition. What makes these assets interesting is that they serve as hedges against inflation; they’re globally portable other than antiques, and often unrelated to market volatility. Plus, their intrinsic value only increases as materials and skills become rarer,” added Kakar.

“People do consider these items as an asset class now, because if people own these items today, chances are in years to come they will sell them for more than what they pay for (at) auction,” said Martin Nolan, executive director & co-founder of Julien’s Auctions, a privately held auction house based in Beverly Hills, California, which will next month hold an auction of Princess Diana’s clothes and accessories.

As per the 2025 Knight Frank Luxury Investment Index (KFLII), a global benchmark that tracks the performance of 10 luxury collectibles: handbags, jewellery, coins, watches, etc, certain categories have remained resilient in 2024. Handbags topped the growth chart (+2.8%) followed by jewellery (+2.3%), and watches (+1.7%).

“Luxury collectibles have delivered for investors over the long term. If you had invested $1 million in 2005, your investment would now be worth $5.4 million. The same amount invested in the S&P 500 would have been worth $5 million by the end of 2024. Unsurprisingly, the luxury sector weathered the global financial crisis better than financial investments, and with the ability to leverage these investments through financing, the boom for collectibles lasted for well over a decade from 2008. While it took equities several years to catch up, the past decade, and the past five years in particular, has seen a consistent pattern of stronger returns from the financial sector,” said Liam Bailey, global head of research at Knight Frank.

Record auction streak

Indian art is currently in one of its best phases, with MF Husain’s Gram Yatra selling for a record Rs 118 crore at a Christie’s auction recently, followed by Tyeb Mehta’s Trussed Bull, 1956, selling for Rs 61.8 crore at a Saffronart auction in April.

For Sotheby’s Indian & Himalayan Art auction in March this year, 56% of works sold above their high estimates. A large gilt copper alloy figure of Shakyamuni Buddha soared to $2,978,000, well over its $1,500,000 high estimate; a copper alloy figure of seated Buddha attributed to Chen Hongshou, achieved $1.4 million—more than 20 times its high estimate. Agony of a Dejected Lover: a folio from the Gita Govinda, sold for $571,500, surpassing its $500,000 high estimate.

“We are proud to be building and expanding the conversation beyond what the world considers blue-chip modern Indian art,” says Manjari Sihare Sutin, Sotheby’s specialist, co-worldwide head for modern and contemporary south Asian art.

At an AstaGuru auction in May 2024, a Patek Philippe watch estimated at Rs 70-90 lakh sold for Rs 99 lakh, and a natural pearl necklace (estimated Rs 90 lakh) sold for Rs 2 crore. At the Master’s Legacy auction in 2024, modernist JP Gangooly’s early work was estimated at Rs 10-15 lakh, but achieved a staggering Rs 2.6 crore. A pair of silver vases by Tiffany & Co achieved a sale price of Rs 88 lakh, surpassing original estimate of Rs 20–25 lakh. The vintage, antique pieces like a crystal floor chandelier by Osler were sold for Rs 18 lakh in 2024, while a vintage Chinese jade ship achieved a sale price of Rs 22 lakh. Last year, AstaGuru sold a stainless steel and resin sculpture by Anish Kapoor for Rs 9.61 crore, almost double its estimate of Rs 5 crore.

At the master auction ‘Collectors Choice’ in June this year by AstaGuru, the sale of 35 handwritten letters and 14 envelopes from Rabindranath Tagore to sociologist Dhurjati Prasad Mukherji fetched Rs 5.9 crore. This result marked the second-highest price ever achieved by a Tagore creation at an auction of a significant archive of correspondence.

Manoj Mansukhani, CMO, AstaGuru said, “More than financial appreciation, it’s the emotional and cultural connection that drives this market. Many are drawn to the idea of legacy—owning something historically and aesthetically significant.”

“Masterpieces by renowned artists such as Picasso, Basquiat, Raza, Husain and Amrita Sher-Gil have seen remarkable growth in value over time. Vintage watches from Rolex, Patek Philippe, and Audemars Piguet with complete paperwork and original packaging enjoy robust secondary markets,” said Singh of Christie’s.

Kiran Nadar, founder & chairperson, KNMA, advises new collectors to prioritise emotional value. “Art should be something you want to live with and appreciate daily, not just an investment locked away. Start by understanding what resonates with you personally, rather than chasing market trends,” said Nadar.