New Delhi: A new report by Knight Frank has shown that 53% of ultra-high net worth Indians are likely to purchase art, watches and luxury handbags in 2023.
‘The Wealth Report’ released on August 9 stated these three items are followed by jewellery, classic cars and wine, which are the second most sought passion-led investments for 2023. Passion investments are investments driven by passion and not by monetary gains.
Shishir Baijal, CMD at Knight Frank India, stated that affluent individuals in India are prominently showcasing a strong inclination towards passion-driven investments.
In 2023, assets such as art, watches and luxury handbags remain the most sought-after passion-led investments among Indians, underscoring investors’ willingness to explore avenues beyond traditional investment options.
In India, 4% of UHNWIs are expected to allocate their money towards passion investments. Globally, this figure is marginally higher at 5%.
With 59% UHNWIs expected to buy it, art will remain the most sought-after passion investment globally, too, the report added. It will be followed by watches at 46% and wine at 39%.
It also showed that the works of 59 Indian artists were sold at auctions in Asia in 2022. China topped this list with works of 198 artists being sold in the year, followed by 110 Americans. India ranked fifth, following Japan (65) and Korea (60).
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