Why the ultra-rich are giving up on luxury assets

Oct 12th 2025|Paris and San Francisco|5 min read

A BOTTLE OF Château d’Yquem 2010 is a fine thing. Apricot, toasted almond, citrus zest, juicy lemon, white truffles: it is all there. Until recently, the cost of the world’s finest sweet wine rose steadily. By 2023 a given bottle from the producer went for 60% more than in the mid-2010s. At the time, all forms of opulence were becoming more expensive. Classic cars, aged whiskies and enormous mansions shot up in value. From 2015 to 2023 a “luxury-investment index” produced by Knight Frank, a property firm, rose by 70%.