Luxury investment index - Tài liệu tham khảo | Đại học Hoa Sen

Objects of Desire
Australian Special Edition h Luxury rc a e s /re m o .c k n Investment Index tfrahignk 2019
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9
THE KNIGHT FRANK LUXURY INVESTMENT INDEX
KFLII tracks the capital value of a theoretical
basket of selected collectable asset classes
using existing third-party indices provided by
leading independent experts (see below). Each 4
asset class is weighted to reflect its relative RESEARCH:
importance and value within the basket. The THE KNIGHT FRANK LUXURY
index does not take into account dealing, INVESTMENT INDEX
storage or other associated ownership costs.
Data provided by: Art Market Research (art, jewellery,
watches, stamps, coins and furniture), Fancy Color
Research Foundation (coloured diamonds), HAGI
(classic cars), Wine Owners and Rare Whisky 101.
Please contact andrew.shirley@knightfrank.com 6 for more information. SPECIAL REPORT: INVESTMENTS OF PASSION
Editor – Andrew Shirley IN AUSTRALIA andrew.shirley@knightfrank.com
Media enquiries – Philippa Giles
philippa.giles@au.knightfrank.com Design – Quiddity ro quidditymedia.com P Fr
Front cover: 7.5ct oval diamond ring by 10 Ob Fairfax & Roberts report provid INTERVIEW: SARAH the performa ORFANOS VANT,
© Knight Frank LLP 2019 many of whic FAIRFAX & ROBERTS
This report is published for general information only and as investmen
not to be relied upon in any way. Although high standards
have been used in the preparation of the information, research, how
analysis, views and projections presented in this report,
no responsibility or liability whatsoever can be accepted comes to thes
by Knight Frank LLP for any loss or damage resultant
from any use of, reliance on or reference to the contents of passion, it
of this document. As a general report, this material does that be the sp
not necessarily represent the view of Knight Frank LLP in
relation to particular properties or projects. Reproduction engine of a cl
of this report in whole or in part is not allowed without
prior written approval of Knight Frank LLP to the form generated by
and content within which it appears. Knight Frank LLP is art – that is s
a limited liability partnership registered in England with 12
registered number OC305934. Our registered office is collectors. Au
55 Baker Street, London, W1U 8AN, where you may look DEVELOPMENT FOCUS: at a list of members’ names. over the follo CROWN RESIDENCES, ONE BARANGAROO best the coun
OT H E R M A R K E T- L E A D I N G K N I G H T fine wine, da
F R A N K P U B L I C AT I O N S furniture or s Of course, largest indep
The global perspect ive on prime pro perty and i nvestment business, we argue that pr investment o residential pr and other par past decade b The Wealth Report 2019 International View 2019 development P A G E 2
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9 W H I S K Y G A L O R E Hatlapa. A Ni fetched US$6 Art boom By contras growth with t World Index, results, growi Lukasova-Du
Andrew Shirley, Head of Luxury Research at Knight Frank, shares the latest the market he
findings from our Luxury Investment Index (KFLII) “The 2019 cracking start by Elisabeth- for US$7.2 mi Masters. The of Muhamma Ambassador t not just for th Old Masters. “Last year Portrait of an
hisky surged straight to the top Supercars
However, the most desirable cars are living artist w
of KFLII when we introduced it W
still fetching big money. A McLaren F1
Dietrich Hatlapa of HAGI, which provides at Christie’s in
to the index at the end of 2018
“LM” spec supercar was the top seller at
our classic car data, says the dip is down to didn’t last lon
to reflect the growing interest from UHNWI
the recent benchmark Monterey sales in
speculative investors leaving the market collector paid
collectors, particularly in China and the
California fetching almost US$20 million –
to genuine enthusiasts who are more gleaming stai wider Asia-Pacific region.
a marque record. The market for Formula
circumspect about paying over the odds Postwar and C
Since then, market growth – as
1 cars is also hot right now, points out Mr for vehicles.
measured by the Knight Frank Rare Whisky
100 Index, compiled for us by the experts at The Knig
Rare Whisky 101 – has moderated slightly,
but prices still rose by 23% during the 12
months to the end of June, far ahead of any 10 YEAR
of the other asset classes in the index.
Andy Simpson of Rare Whisky 101 says a
steep downturn in prices for The Macallan
– a mainstay of the investment market Furniture
by both volume and value – coupled with -30%
plenty of supply, was one of the main
reasons the index stuttered, but he
predicts values will rise again during the rest of 2019.
“Things have since picked up 12 MONT
significantly, so we’re expecting a wholly
better set of results at the year end.”
Elsewhere in the KFLII, we have seen
a mixed picture among some of the more Jewellery -7%
mainstream asset classes. Growth in the
classic car market, for example, has slipped Source: Comp
into reverse gear, but investment-grade HAGI (cars), R
A 1994 McLaren F1 “LM spec” sold at the Monterey auctions by RM Sotheby’s for US$19.8m.
wine and art have both performed strongly. IMAGE COURTESY RM SOTHEBY’S P A G E 4
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9 P A S S I O N P L A Y
Andrew Shirley curates a special focus looking at the latest trends shaping the
luxury investment landscape in Australia hen it comes to investments
over AU$1 million by Sotheby’s Australia
much more mixed picture,” explains AMR’s of passion in Australia, art W
in April, more than doubling the artist’s
Sebastian Duthy. “Average values are is the most collected asset previous record.
now half their peak in 2012 after changes
class, according to our research. It is also
“Over the past several years, it has
in Australian government regulations,
currently setting the pace in terms of price
been immensely pleasing to see the artists
including artist resale rights and pension
growth if recent auction sales are anything
we champion receive the recognition
fund rules, had a negative impact on prices. to go by.
they deserve, with commercial results
“But as this year’s auction results
At its Important Australian Art sale in
increasingly reflecting the depth of artistic
suggest prices are showing recovery at the
August, Sotheby’s Australia hammered
merit Australia has to offer,” says Geoffrey
top end of the market. The average value
works worth in total over AU$12 million,
Smith, Chairman of Sotheby’s Australia.
of the index is up 95% from 2015, which
a record sum. Records were achieved for
“Indeed, we are seeing stronger
was the lowest point since 2007,” points
three artists: William Dobell, Peter Booth
engagement from our clients than ever out Mr Duthy. and Cressida Campbell.
and our results are reflecting this demand
Interest in Australian art, however,
The top seller was Mountain Creek,
– with record prices being achieved
is not restricted to works being snapped
Mount Kosciusko by Fred Williams.
regularly for both long established and
up by private collectors, explains Owen
Estimated to make between AU$800,000
contemporary artists,” he adds.
Craven, Senior Curator at UAP – a global
and AU$1.2 million, the oil on canvas work
However, while prices have risen public art and design firm.
eventually sold for AU$1.7 million.
strongly, a detailed analysis by Art Market
“Australian art is so exciting right now.
Earlier in the year, Seafood Paella also
Research (AMR) shows the market is still
With the advent of the art fair over the past
set a record for John Olsen, often referred some way from its peak.
decade, our galleries and artists have been
to as Australia’s greatest living artist.
“An index of 14 of the best performing
afforded exposure to the global market and
The six-metre oil panel was sold for just
Australian 20th Century artists reveals a
this has pushed artists’ boundaries into the global context.
“It’s hard to pinpoint any one artist but
Lindy Lee is an artist whose practice is
Most collected luxury assets by Australian UHNWIs
gaining global recognition. We are proud
to be delivering public commissions with 1. 2. 3. 4. 5.
her in cities around the globe including Shanghai and New York.” Raise a glass
While it is whisky collectors based in Art Wine Classic cars Watches Jewellery
Singapore, China and Hong Kong who are
Source: The Knight Frank Wealth Report Attitudes Survey 2019
really setting the pace when it comes to
the very top of the market in the Asia- P A G E 6
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9
“The Glenlivet released The Winchester
Collection, which is comprised of three
P A I N T I N G B Y N U M B E R S
single malts that have been resting in our
L U X U R Y D A T A I N S I G H T
cellars for fifty years. The 1964 edition
was laid down by Captain William Smith
Most valuable Australian artists by highest priced individual work
Grant, the last distilling descendant of
The Glenlivet’s founder. It is an extremely SIR ARTHUR
limited release, with only one hundred ERNEST FRED WILLIAMS STREETON You Yangs
bottles available and it provides an JOHN CECIL Sydney Harbour, Landscape 1, 1963 1907 BRACK AU$2,287,500
incredible tangible link to the distillery’s SIDNEY NOLAN The Old Time, 1969 AU$2,074,000 Sold Jun-13
First-Class Marksman, 1946 AU$3,360,000 Sold Aug-16 AU$5,400,000 Sold May-07 rich history.” Sold Mar-10
Rarity could also boost the demand for ARTHUR MERRIC BLOOMFIELD
a “home-grown” Australian investment BOYD EMILY KAME Drowned KNGWARREYE
of passion. The imminent closure of Bridegroom (1959)
Earth’s Creation I, 1994 AU$1,952,000 AU$2,100,000 Aug-2018
the Argyle mine in Western Australia, Sold Nov-17 CLIFFORD POSSUM
which produces many of the world’s TJAPALTJARRI Warlugulong, 1977 SIR WILLIAM BRETT WHITELEY
pink diamonds, may help support price My Armchair, 1976 AU$2,400,000 DOBELL CHARLES BLACKMAN AU$3,927,272 Sold Jul-07 The Dead Landlord,
Mad Hatter’s Tea Party,
growth. Pink diamonds already outperform Sold Oct-13 1936 1956 AU$1,220,000 AU$1,891,000 Sold Aug-19 Sold Nov-17
blue and yellow stones, according to the
Fancy Color Research Foundation, which
Source: Art Market Research *By most expensive work, sale price includes buyer’s premium
provides data for the Knight Frank Luxury Investment Index. 10-year price change of coloured diamonds Fine Wine
While Australian craft malt whisky 320%
production has cranked up in response to 205%
the surge in demand – in 2014 there were Basket Press S 144%
nine distilleries on Tasmania, now there Henschke Hil
are 32 – and is winning awards around and 707 and G
the world, the country’s most famous Series Chardo Y E L LO W B L U E P I N K
home-produced alcoholic beverage is still One man w
Source: Fancy Color Research Foundation
wine. And values for the best bottles are than most ab powering ahead. Crawford, wh
Performance of luxury investments
Average price at auction* for strategy for C versus prime property
Australian 20th Century artists almost 425,00 uu
Knight Frank Luxury Investment Index 100 the wine indu My philosophy is great Sydney prime residential “Australia Melbourne prime residential
things should be opened sensational w 80 and enjoyed a lot of Austra 250 drink a lot of 60 uu can afford it – 200 19 0 for wine prod 2 2 40 Q 150
“Penfolds Grange Bin 95 has entered things that I’d = 0 10
the Knight Frank Fine Wine Icons leader never even ha x e d 20 In
board with growth of 25% over the last 12 “For instan 100
months,” says Nick Martin of Wine Owners, Tasmania. Jim 0 50
which compiles the index for us. at McWilliam 12 13 14 15 16 17 18 19 9 11 12 13 15 17 18 19 0 0 0 0 0 0 0 0 10 14 16 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2
“The Wine Owners Australian 70 index now, but Cha 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2
is a star performer up 21% over the last 12 hectare block Source: Art Market Research Source: Knight Frank Research
*Calculated in AU$, central 80% of sales
months and by almost 13% since the start does pinot. T
of 2019. Top performers include Rockwood expensive – o P A G E 8
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9 surrounded b
A S P A R K L I N G S U C C E S S of the time. The turn o it many chan became a nat newfound pa jewellery to a showcased th
Sarah Orfanos Vant, Director of Brand and Partnerships at jeweller fauna were o
Fairfax & Roberts, explains how jewellery trends continue to reflect Australia’s everything fr development as a nation and crocodile pieces that w As the sou War I faded, i and bubble o
Fairfax & Roberts is Australia’s
mosaic. Gentleman’s jewellery consisted begun on the
oldest jewellery house. How did
of ornate breast pins, studs and gold watch had a bold sty it all begin?
chains, which signified status and style enthusiasm i within a conservative period.
Richard Lamb, who had emigrated from jewellery wor
The discovery of gold in the 1850s
London to Sydney in 1836 and established inter-war yea
brought a gold rush to New South Wales
himself as a jeweller and optician was With fashion
and Victoria, and with it Australia’s
joined by Alfred Fairfax – of the Fairfax linear, jewell
prosperity and population grew. Along
publishing family – to create Sydney’s first streamlined,
with a new wave of immigration came
emporium for fine silver and watchmaking triangles and
new styles of jewellery. Australia’s gold
at 394 George St – already the bustling increasingly
rush attracted fortune seekers from
artery of the growing city. When Fairfax
around the world, a number of whom were
& Roberts first opened its doors in 1858, a Tastes and
jewellers. At a time when photography
journey of luxury bespoke jewellery began. fluid, but a
did not yet exist, souvenir jewellery that
One of our early achievements in 1873 you are see
literally depicted life, and success, on the
was the design and production of the iconic there some
goldfields was very popular. Brooches
tower time piece that still marks Sydney’s out of fash
often featured mining equipment
Central Station. Over our 160-year history, Definitely co
we have crafted treasured possessions in engagemen
and heirlooms for princes, governors and recent high p
many of Australia’s finest families, and we weddings. On
are proud to say that many of our earliest out of fashion
pieces are still in use today. handmade pi that one pers
Your history has run pretty much down throug
in tandem with the creation
of modern Australia. Have the Australia h
country’s milestones been cultural m
reflected in your jewellery? the huge ri the Asia-Pa
While the jewellery of the time was much internation
influenced by European styles, Australian that affect
jewellers such as Lamb and Fairfax made of jeweller
their own mark on the craft by producing
pieces that strongly reflected Australia’s I have to say t
identity as a colony. Women’s brooches As a bespoke
often featured native flora and fauna, set make is uniqu
with European silver, around a cameo or The Starlet pendant by the individ P A G E 1 0
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9 o y flo D yo latest oversea fresh linens la at the end of a a bottle of rar your special g entertaining? can be reques in a Crown Re in Sydney. Sydney is lifestyle, bout exceptional r harbour that a certain je ne cosmopolitan and return to living though and country e then spots lik nestled by the Sydney is cafes and rest Sydney-sider superb wine b spectacular su from its abun Located on th
Something to sing about – a view from the penthouse Barangaroo is become the d Waterfron This year Syd “Most Liveab V I E W T O A T H R I L L Economist In Australia is cu most preferre residential pr the global fin residential ca 5% of the mar total 71% to Ju
Crown Residences at One Barangaroo will set new standards Global and
for Sydney harbour-front living when they open in 2021. attracted to th
Knight Frank’s Erin van Tuil explains why in 2018, these average prem with similar p inland withou Homeowners P A G E 1 2
L U X U R Y I N V E S T M E N T I N D E X 2 0 1 9
metres high, giving multi-aspect views
With location, views, design and
your Residence, overlooking the majestic Investmen
of the Harbour Bridge, iconic Opera
certainty being everything, what is left?
harbour or pamper yourself in the Blainey The starting p
House and beyond from the moment they Service of course.
North-designed spa after a dip in one of the AU$9.5 millio
wake up, to breakfast on the open-air
As Australia’s leading hospitality
resort’s two infinity-edge pools. such conveni
balcony or a private moment soaking in a
provider, it seems the most natural fit that
The list of first-class amenities one Enviable posi
windows-edge, free-standing bathtub.
Crown Resorts would step in to provide its
can expect include: 24-hour residents’ amenities, aw award-winning service.
concierge, valet parking, doorman, security, Style and service international
“We are confident that our residents will
in-home dining and housekeeping with best the world
The captivating architectural façade,
appreciate the unique offering of this iconic
complete access to the resort-style facilities investment fo
designed by the genius WilkinsonEyre,
building, brought to the market by Crown
(tennis court, gym, residents’ pool, spa) value – and b
is only a taste of the lifestyle behind its
Resorts, which has a 20-year track record of
and then some you wouldn’t normally residence like
walls. Step into interiors designed by
delivering luxury hospitality in Australia,”
expect like grocery stocking, dog walking, fetch a 25-33%
New York-based Meyer Davis Studios and
says the company’s Todd Nisbet. sommelier or a private chef. Asian cities, a
immediately you are swept off your feet.
Life at Crown Residences will be about
To be a resident of Crown Residences 2019 Branded
The interior design emanates warmth
ease and convenience, with modern
is to be treated as a permanent VIP of our “Many of o
and entertaining is front of mind; focal
amenities such as in-residence dining,
hotel where the real indulgence is knowing Crown Reside
living spaces destined to bring people
where meals are prepared by the integrated
that there is always someone looking out for choice enabli
together, thanks to design elements such
six-star hotel or, if you feel so inclined,
you. Take comfort in knowing that managing a la
as European oak floors, ripple textured
you can venture to one of the in-house,
your everyday needs will be expertly and the assoc
bronze glass, polished stainless steel and
handpicked restaurants situated downstairs. executed here. recognise tha
stunning veined marble slabs from the
People may spend the year between Fine dining unique, and t best quarries in the world.
several homes around the world or travel investment w
A fortunate few will have a choice of
Book your table at your favourite restaurant
extensively for business or pleasure. The asset for the w
two, three or four-bedroom Residences
or bar when friends come over simply by
joy of Crown Residences is that you can Mr Nisbet.
with a single, six-bedroom duplex
calling your dedicated concierge. Banish
call the concierge ahead of your arrival “Crown Re
penthouse also available. All oversized
all guilt by working out in the state-of-
and your linens are pressed and your a city pad; the of course.
the-art gym that enjoys the same views as fridge is stocked. children, gran gather to enjo Sydney’s C Barangaroo a discerning of just a home, t returns the ul And the pr harbour is ab Crown Reside halfway mark ahead of sche To be a Reside as a P L E A S E C O N E R I N . V A N
The whisky bar offers a place to relax and enjoy fine spirits P A G E 1 4