
Collectibles market rises despite economic volatility

Despite major declines in the stock market due to the war in Iran, global collectors still spent more than US$600 million on classic cars and fine art, signalling strength at the top of the economy. Last week, London art sales were up over 50% from last year, topping $550 million, according to Sotheby’s, Christie’s and Phillips auction houses. Some works sold for more than double their estimates, and records were set for several artists with bids pouring in from 40 countries. The Broad Arrow Auctions hosted its most successful auction ever at the Amelia Island Concours in Florida last week, which totalled $111 million. The sale included a $15 million 2003 Ferrari Enzo and a $6.7 million 2005 Porsche Carrera GT and followed a strong auction a week earlier by RM Sotheby’s at ModaMiami that reached $74 million. These strong sales come as consumer volatility picks up and oil markets surge amid the war in the Middle East. The Strait of Hormuz, where around 20% of global oil flows through, continues to be closed due to the ongoing conflict, causing crude oil to surge over $100 per barrel. However, experts said the global turmoil may have helped demand for rare collectibles as the wealthy search for safe long-term in






