{"id":3720961,"date":"2018-03-27T07:41:22","date_gmt":"2018-03-27T11:41:22","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3720961"},"modified":"2018-03-26T18:48:33","modified_gmt":"2018-03-26T22:48:33","slug":"report-art-is-the-top-performing-asset-class-of-2017","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/report-art-is-the-top-performing-asset-class-of-2017\/","title":{"rendered":"Report: Art Is The Top Performing Asset Class Of 2017"},"content":{"rendered":"

According to Douglas Elliman and Knight Frank\u2019s Wealth Report<\/a>\u00a0released last week,\u00a0art was the top-performing asset in 2017. With a 21% rise, art overtook recent front-runners wine and classic cars.<\/span><\/p>\n

Two very different record-breaking paintings topped the art market and news.<\/p>\n

\"Screen
\n<\/a>Photo credit: Sotheby\u2019s<\/span><\/i><\/p>\n

Untitled <\/span><\/i>by Jean-Michel Basquiat sold to the Japanese collector Yusaku Maezawa for $110.5 million (Sotheby\u2019s), setting \u00a0a new record for an American artist.<\/span><\/p>\n

\"Screen
\n<\/a>Photo credit Christie\u2019s<\/span><\/i><\/p>\n

Leonardo da Vinci\u2019s <\/span>Salvator Mundi<\/span><\/i> sold at Christie\u2019s auction for $450 million. Despite the fact that some experts criticized its condition and others doubted its authenticity, it crushed the previous world record set by Picasso\u2019s <\/span>Women of Algiers<\/span><\/i> in 2015 at $179 million.<\/span><\/p>\n

Although those are extreme examples, the entire art market proved very strong, driven by post-war and contemporary art.<\/p>\n

Wine, the\u00a02016\u2019s top-performing asset class, rose 11% in 2017, compared with\u00a0 24% in 2016. It is now the second place asset class after art. Much of the demand for wine\u00a0comes from Asia. Burgundy markets increased the most, at 16.5% though many wine regions were hit hard due to frost damage (some production down as much 70% in volume).<\/p>\n

\"aston\"
\n<\/a>Photo credit: RM Sotheby’s<\/em><\/p>\n

Classic cars, a consistently strong asset class, saw record-breaking sales. The top seller was a 1956 Aston Martin DBR1, raced by legendary Stirling Moss, at a RM Sotheby\u2019s auction for $22.5 million. It was the most expensive British car ever sold. Some other notable sales were a 1995 McLaren F1 sold through Bonhams for $15.6 million and a 1959 Ferrari 250GT California Spider LWB that sold for $18 million.<\/p>\n

\"Screen<\/a>
\n<\/a>Photo credit: Sotheby’s <\/span><\/em><\/p>\n

In other asset classes, Hong Kong jeweler Chow Tai Fook paid $71.2 million for \u201cthe Pink Star,\u201d a 59.6-carat vivid pink diamond. A a 1,000-year-old Ru guanyo ceramic brush-washing bowl sold for $40 million. And a rare set of four 16th- or 17th-century Chinese huanghuali folding chairs, sold for almost $7.5 million.<\/span><\/p>\n

To read the full report, click <\/span>here<\/span><\/a>.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Art was the top performing asset class of 2017 according to Douglas Elliman’s Wealth Report.<\/p>\n","protected":false},"author":114,"featured_media":3720962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13302,1],"tags":[1829,14614,13707,5227,14613,14612,1333,4795,14611,14615,14608,14610,807,14609,13925],"class_list":["post-3720961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage-slider","category-news","tag-art","tag-asian","tag-aston-martin","tag-auction","tag-burgundy","tag-christies","tag-douglas-elliman","tag-ferrari","tag-jean-michel-basquiat","tag-jewelry","tag-knight-frank","tag-leonardo-da-vinci","tag-sothebys","tag-wealth-report","tag-wine"],"acf":[],"yoast_head":"\nReport: Art Is The Top Performing Asset Class Of 2017<\/title>\n<meta name=\"description\" content=\"Art was the top performing asset class of 2017 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