Musical instruments top collectibles investment chart
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Rare musical instruments have been named at the top of the collectibles investment chart following the release of a new report from investment bank Coutts.
Although it deals with rare items that sell less frequency than many of its collectible counterparts, the musical instruments market reached the top of the latest collectibles list as other alternative investments began to fall out of favour as a result of economic uncertainty around the world.
Many instruments have already drawn success for their owners, with an Antonio Stradivari violin made in 1684 selling in March 2017 for £1.9 million despite its original purchase price of £91,800 in 1984.
The Coutts index specialises in drawing the price return in local currency for a range of collectibles such as art, fine wine, rare stamps, classic cars, watches, carpets and musical instruments.
Like the musical instruments market, many of these asset markets see average returns vary from year to year, but jewellery was found to have been almost as successful as instruments, achieving a return of 11.6 per cent last year for an average value increase of 8.6 per cent year on year.
Despite falling last year and 2015, reflecting falls in worldwide auction prices achieves on nearly all models included in the Coutts index, classic car prices remained at the top of the alternative investment market, with the gap between prices for the world's best cars and more average models widening significantly.
Commenting on the relative success of classic cars, Mohammad Kamal Syed, managing director at Coutts, said: "2016 saw the highest ever price paid for a Ferrari 250 GT, with a rare 1961 SWB California Spider barn-find fetching US$18.15 million. More recently, a new world record price was set in August 2017 for a British Automobile (1950s Aston Martin DBR1 at $22.55 million)."