As Forbes wrote last week, “as stock markets flailed and the age of zero interest was only slowly beginning to end, 2022 was not kind to investors.” There were however some luxury goods that, according to the Knight Frank Luxury Investment Index, managed on average to deliver above inflation last year. At the top of this ranking was art, with a 29 percent increase over the 12-month period. Close behind was cars, with a return of 25 percent.

For investors in luxury items looking to play the long game though, a look at the 10-year price changes would be of interest. Here, when taking prices at the end of 2022, rare whisky is clearly the area to get into. Although 2022 only saw gains of 3 percent, an increase of 373 percent has been observed over the last decade. Last year, the highest selling price recorded for rare whisky was a bottle of The Macallan ‘The Reach’ – an 81-year-old single malt – which sold for £300,000 at Sotheby’s in October.

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