Classic cars topped a major annual index which tracks the price growth of 10 luxury investment sectors.
The Knight Frank Luxury Investment Index (KFLII), from the top property consultancy, rose in value by 10 per cent during 2014, according to data in the latest edition of The Wealth Report.
However, the performance of cars was markedly slower than in 2013 and they only just overtook art (+15 per cent), which has bounced back strongly after several years of limited or even negative growth, to take pole position.
Coins (+13 per cent) were the only other asset class to record double-digit growth, although Chinese ceramics and wine performed more strongly than in recent years, rising by 9 per cent and 7 per cent, respectively.
Furniture was the only component of the index to lose value, sliding by a further 9 per cent.
Wealth Report editor Andrew Shirley said: “Last year our luxury investment index outperformed the FTSE 100, gold and the prime central London housing market, so it not surprising that these kinds of luxury investments are becoming increasingly popular with UHNWIs.”
“Over 60 per cent of the respondents to this year’s Wealth Report Attitudes Survey said their UHNWI clients were becoming more interested in collecting investments of passion.
“However, it would be wrong to assume that continual growth is guaranteed in the short term. Both wine and art have been particularly volatile since the global financial crisis.
“Changes in fashions and tastes can also have an impact, which helps to explain why antique furniture has performed so badly over the past 10 years,” Shirley added.