Why fine wine and fancy art have slumped this year

OENOPHILES, ART aficionados, petrolheads and all those who like the finer things in life have, alas, not had the best year. The prices of their luxury assets have tanked. An investor who put their money into art at the beginning of 2024 lost on average 16% by the end of November, according to the All Art index, a measure assembled by Art Market Research, which tracks sales at auction. Those who invested in fine wine lost about 11% over the same period, according to the Liv-ex Fine Wine 1000 gauge—the closest thing to a global benchmark for the wine industry. The price of diamonds has dropped by almost 20% and those of collectible cars are more or less flat.