Who beat the market this year? Investors who like the finer things in life. Luxury assets, including wine, art, classic cars and fancy colored diamonds, have outperformed stocks and bonds this year. “People are looking for a place for their cash, and the security of holding something physical is appealing,” said Anthony Maxwell, director at Liv-ex, the London-based wine exchange. “They are looking outside securities, and gold is not what it used to be.”
On Thursday, a well-known painting by British artist David Hockney is poised to smash the record for a work by a living artist sold at auction.
“Art,” says Yu, “is home, and home is art. This is my philosophy as an art agent. Your whole home is your work of art.”