High End Diamonds & Exclusive Art Recession-proof

Market Analysis
27/07/2020 09:30

The COVID pandemic, so much is clear, is far from over, and continues to put pressure on the global economy. Sales of personal, aspirational luxury items are taking a hit, but for the super rich, the Financial Times reports, that doesn't necessarily mean they are spending less. The so-called "ultra high net worth individuals" have shifted consumption patterns, from spending on high-end travel and restaurants, to buying real estate closer to home and exclusive items, from paintings over autographed sneakers to exlusive diamonds and jewellery pieces online. In recent months, auction houses have successfully tried and tested selling high ticket items in the virtual space, in most cases exceeding expectations on prices achieved. This week, Christie's New York is hosting its first online "Magnificent Jewels" auction, comprising of more than 260 lots of diamonds, gemstones and exlusive jewelry, with a 115.8ct pear-shaped diamond pendant headlining the auction.