Impressionist Art Prices Rise 13.6% Amid Whisky Market Decline
Luxury Collectibles Market Sees Stabilisation After Two Years of Correction
Knight Frank, a renowned real estate consultant, has released its 20th edition of The Wealth Report, providing insight into the luxury collectibles market during the October-December 2025 period. According to the report, the prices of impressionist art rose by a maximum of 13.6 per cent, while rates of whisky bottles fell by 10.9 per cent.
The Knight Frank Luxury Investment Index (KFLII) recorded a marginal 0.4 per cent annual decline in the October-December period of 2025. This marks a stabilisation after two years of broad correction across several collectible categories. The report highlights that strength returned to segments focused on rarity, cultural significance, and exceptional provenance, reflecting a more disciplined and selective global collector base.
Key findings from the report include:
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| Category | Price Change |
|---|---|
| Impressionist Art | 13.6% |
| Watches | 5.1% |
| Classic Cars | -3.7% |
| Whisky Bottles | -10.9% |
The report also notes that watches rose 5.1 per cent, led by strong demand for Patek Philippe's Aquanaut and Nautilus models and continued resilience from Rolex. Classic car values fell 3.7 per cent, though 'halo' models, such as the Ferrari F50, remained in fierce demand.
Liam Bailey, Global Head of Research at Knight Frank, comments that the luxury investment market is now entering a more rational and more discerning phase. Collectors are increasingly prioritising rarity, provenance, and cultural resonance. Younger generations are also reshaping ownership models through digital and fractional platforms.
The luxury investment index has risen 38.6 per cent over the past decade. However, performance over the past 12 months has been uneven, with impressionist and modern art, and watches, delivering solid gains, while contemporary art, fine wine, prints, and whisky all recorded declines. As the market moves into 2026, it will be interesting to see whether this period of stabilisation will translate into recovery.
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