economy
Art and classic car auctions top $600 million despite Iran war
Experts say the global turmoil may have even helped demand for rare collectibles, as the wealthy search for safe, long-term stores of value.
TL;DR
- Global collectors spent over $600 million on art and classic cars last week, defying stock market declines and the war in Iran.
- Art sales in London reached over $550 million, a 50% increase year-over-year, with record prices set for several artists.
- A classic car auction at Amelia Island Concours in Florida totaled $111 million, featuring high-value sales like a 2005 Ferrari Enzo for $15 million.
- Experts believe global uncertainty may be driving demand for collectibles as safe, long-term stores of value.
- The collectibles market has seen a strong rebound after two years of declines, with significant sales in late 2024 and early 2025.
- A new generation of wealthy buyers, including Gen X, millennials, and Gen Z, is entering the market, influencing trends, particularly in classic cars.
- The market is experiencing a 'return to quality,' with collectors focusing on high-value works by established artists and renowned car manufacturers.
- While some segments like ultra-contemporary art show stagnation, the overall art and classic car markets are expected to continue their bull run due to wealth concentration and market volatility.