DIAMONDS, they say, are for ever. They can be pricey, too. On December 5th 173 lots of jewels auctioned by Sotheby’s raised $54m. They included several pieces belonging to Sean Connery, known for playing James Bond. The following day a car favoured by Bond, the Aston Martin DB5, was auctioned for $2.7m. It was among 24 classic vehicles that together fetched $45m. The sales in New York last week by the world’s two biggest auction houses, Sotheby’s and Christie’s, also involved fine wines, watches and other luxuries. Between them they sold $200m-worth.
The Economist has compiled price indices for many of these items—diamonds, classic cars, fine wine, art, watches and other curios—and grouped them in a “passion” index. The index is weighted according to the holdings of high-net-worth individuals (HNWI)—defined as people with more than $1m of investable assets—as reported by Barclays. Our passion index has dropped by 2% a year, on average, for the past three...Continue reading