Art Market

The wealthy spent more on art than on wine in 2017, though the latter remains a better long-term investment, according to a new report.

Artsy Editors
Mar 27, 2018 2:00PM, via artnet News

Ultra-high-net-worth individuals (those holding assets in excess of $30 million) spent more on art than on wine for the first time in eight years, according to The Wealth Report, published by consultant Knight Frank and broker Douglas Elliman. Art also performed better last year than any other category tracked by the report, growing by 21% compared to wine, which grew by 11% and landed in second place. But art’s growth over a decade, which clocked in at 78%, was outpaced by wine (192%), as well as several other categories including cars (334%) and jewelry (138%). Part of art’s comparatively poor long-term performance can be attributed to the sector’s volatility, according to artnet News, while the dramatic growth in 2017 partially stems from the record-smashing $450 million sale of Leonardo da Vinci’s Salvator Mundi and the intensified focus on the art market since then.

Artsy Editors
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Jenna Gribbon, Luncheon on the grass, a recurring dream, 2020. Jenna Gribbon, April studio, parting glance, 2021. Jenna Gribbon, Silver Tongue, 2019