29% of Indian UHNWIs likely to invest in classic cars during 2023: Knight Frank’s Attitude Survey
Asset Value of classic cars appreciates by 25% YoY in 2022: Knight Frank Luxury Investment Index
According to the Attitude survey conducted by Knight Frank for The Wealth Report 2023, 29% of Indian ultra-High net worth Individuals (UHNWIs) are expected to make a passion-led luxury investment into classic cars in 2023. Globally, 34% of UHNWIs are expected to make an investment in classic cars in 2023, and 27% of the Asia-Pacific UHNWIs are expected to invest in the luxury investment asset.
hishir Baijal, Chairman and Managing Director at Knight Frank India, said, “We have witnessed a demand resurgence amongst collectors in India towards various passion investments. Most of the luxury investments have seen a considerable capital appreciation, however the purchase is not always made owing to monetary benefit but led by pure passion. Classic cars have always remained a mainstream passion driven luxury investment amongst Indian super rich individuals. The latent demand for classic cars in 2023 looks promising and the historical attribute of this asset will continue to find traction amongst Indian super rich collectors.”
Classic cars gain second best capital appreciation both in 12 month and 10-year period
According to Knight Frank Luxury Investment Index, investment in classic cars has clocked incremental returns of 25% in 2022 YoY, highest in the last 9-years. Classic cars are second only to Arts on the luxury investment index. Classic cars are one of the most sought-after alternate-investment assets that have grown significantly in the last ten years. In the ten-year period, investment in classic cars has provided stellar returns of 185%, putting classic cars in the top-three luxury investment performers along with Rare Whisky and Wine during the last ten years. A new record set by a US$143 million Mercedes-Benz Uhlenhaut Coupé for the most expensive car ever sold strongly justifies the demand growth.
source – Pr Agency