Cover As traditional markets remain volatile, alternative luxury investments are emerging as a vital way to preserve wealth (Photo: courtesy of Phillips Watches)
As traditional markets remain volatile, alternative luxury investments are emerging as a vital way to preserve wealth (Photo: courtesy of Phillips Watches)
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As stock markets swing on presidential tweets, and gold rewrites records by the week, sophisticated investors are wondering: what if your portfolio could sit on your wrist or around your neck? Tatler speaks to wealth managers and experts to explore why luxury investments are becoming increasingly wearable
Gold prices surged above US$5,500 in late January this year, easing off as the year progressed; it was trading at around US$4,500 per ounce at the time of writing in June. But even that figure would have been dismissed as fantasy two years ago; at the start of 2024, it sat at US$2,063. The metal gained 67 per cent in 2025, recording 53 all-time highs over the course of that year, the World Gold Council reports. The rally slowed as conflicts in the Middle East reduced demand for gold as a place of safety, but the broader argument for owning physical assets has not changed.
Watches, jewellery, gemstones, art: the category once dismissed as “passion investing” is being reappraised at scale. The 2026 High-Net-Worth Asset Allocation Study by high-net- worth networking community Long Angle found that nine in ten investors with an average net worth of US$17 million now hold private or alternative assets, with nearly 30 per cent of their total wealth outside traditional public markets. The question is no longer whether tangible assets belong in a sophisticated portfolio; it is how to decide what to buy, store it securely and understand what you own.
Mario von Bergen, co-founder and head of investment at Splint Invest, a Swiss platform offering fractional ownership of everything from vintage watches to whisky casks to palladium, told Tatler: “For decades, there was nothing wrong [with] just having huge exposure in the stock market.” But the pandemic changed people’s approach. “Suddenly, macro uncertainty increased significantly. We started questioning our risk concentration around stocks.” But the barrier to entry into alternatives was a hurdle: a single Picasso drawing might easily cost US$300,000. “That literally already represents the full portfolio of many retail investors.”
His answer was fractional co-ownership of such high- value assets, and he went on to set up his company in 2021. As of last November, it had nearly 20,000 users and had released a total of US$40 million worth of investments across the platform. The typical Splint Invest user is “male, between 35 to 50, with good income, a well-diversified portfolio already, and actively looking for new opportunities to reduce overall portfolio risk ... The object is not necessarily higher returns, but to improve the risk-adjusted performance and resilience of the portfolio.”
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Above Sharon Chan of Bonhams (Photo: courtesy of Bonhams)
Above Jean Ghika of Bonhams (Photo: courtesy of Bonhams)
Sharon Chan of Bonhams (Photo: courtesy of Bonhams)
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Sharon Chan, Bonhams’ international director of clocks and watches, sees a similar logic at auction. “From an auction perspective, high-quality watches are increasingly viewed as portable assets: collectible enough to enjoy but [something that] can also be sold to rebalance a portfolio.” The names that hold up in difficult markets are consistent: “Rolex sports models such as the Daytona and Submariner, certain classic references from Patek Philippe, and selected pieces from Cartier and Audemars Piguet”—their durability driven by “broad, global demand, active auction markets, and enduring, recognisable designs that continue to sell even during periods of market stress”. She says the focus, perhaps surprisingly, is not necessarily on scarcity. “[Investors] typically dedicate a modest share of their portfolios to watches, aiming to balance risk rather than maximise returns. The emphasis is on quality over pure rarity, with buyers favouring well-known pieces that can provide both financial diversification and personal enjoyment.”
Chan’s 2026 auction data supports that: “The widening range of brands represented at auction shows that watches are no longer confined to a narrow luxury niche but are being incorporated into broader consumer portfolios,” a shift accelerated by digital platforms “providing access to realised prices”. She also highlights where new demand is clustering. “In 2026, strong auction demand for gold watches, independent brands, neo-vintage and rare-dial pieces, and affordable vintage watches highlights their growing role as portfolio assets rather than purely collectible luxuries.” When a buyer can look up what a similar watch sold for at auction last month, buying one stops being a luxury and starts being a financial decision. Knowing what things are actually worth is what turns a purchase you love into one that also makes sense on paper.
Above Rolex Submariner “Hulk” sold by Bonhams (Photo: courtesy of Bonhams)
Rolex Submariner “Hulk” sold by Bonhams (Photo: courtesy of Bonhams)
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That’s not to say investors shun unusual or one-off items—the dynamic shifts at the top end of the market, where collectors with deeper pockets are moving beyond broadly tradeable names towards pieces of genuine historical scarcity. Thomas Perazzi, head of watches for Asia at auction house Phillips, says, “Collectors are becoming more selective, reallocating towards rarer pieces and positioning top-tier watches as stores of value alongside shares and gold.” At Phillips’ most recent Geneva Watch Auction in May, 14 timepieces crossed the CHF 1 million mark. A single Patek Philippe—the Ref. 2523 “South America” worldtime—sold for over CHF 7.96 million (US$10 million), setting a world record for the reference and becoming only the third vintage wristwatch ever to pass that threshold.
Perazzi points to the breadth of today’s buyer base as part of what makes the category so resilient. “Participants in our auctions now come from more than 80 countries, and we are seeing a growing share of younger buyers,” he says. “Watches are increasingly seen as a store of value that travels with you— recognised and tradeable anywhere in the world.” That global reach is a large part of why the market holds up when other assets waver.
The Knight Frank 2025 Wealth Report showed a 147 per cent rise in watch prices over ten years, outpacing vintage cars at 118 per cent and diamonds at 13 per cent. It further reported that the US$10,000 to US$20,000 investment range “represents a sweet spot where investment potential outweighs rarity”. Gold prices have added fresh impetus: full-gold bracelet watches are attracting buyers who understand that the metal content alone is worth considerably more than it was two years ago.
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Above Cartier ruby and diamond necklace, circa 1935 (Photo: courtesy of Bonhams)
Cartier ruby and diamond necklace, circa 1935 (Photo: courtesy of Bonhams)
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Jean Ghika, Bonhams’ global head of jewellery, makes the same argument for jewellery—that it can protect and grow wealth outside the stock market, with one particular phrase doing considerable work in wealth management circles: hybrid asset. “Historically, jewellery has been viewed as a safe haven in periods of political and economic uncertainty. Many collectors see it as a hybrid asset, combining emotional resonance with intrinsic and market value.” What this means in practice, she says, is that, “Clients often look to diversify beyond traditional financial instruments, with jewellery collections functioning as tangible, wearable wealth.” The strongest auction interest centres on antique and art deco jewels alongside coloured gemstones, all with decisive provenance. “There is a focus on signed pieces from the leading jewellery houses, with provenance continuing to play an important role. Exceptional pieces are inherently scarce, and when they do appear, they tend to in practice, is also about being able to sell when you need to: pieces in prime condition trade far more reliably in any market.
The numbers at auction reinforce the appeal. Sell-through rates at top Phillips watch sales have held at close to 100 per cent, even during periods of wider market turbulence—meaning almost everything that goes up for sale, sells. “Trophy watches increasingly function like blue-chip shares,” says Perazzi. “Buyers are prioritising provenance, rarity and historical significance qualities that hold up
Gold coins at IBV International Vaults. Opposite page, clockwise from top left: The Geneva Watch Auction XXIII by Phillips Watches; Patek Philippe reference 2499 in pink gold; IBV International Vaults in London in difficult times because they offer something no financial product can replicate: something beautiful to own while you wait.”
Another critical consideration is where these assets physically live. The rise of private secure storage has tracked the broader surge in tangible asset ownership: specialist vault operators across London, Geneva and Dubai have reported sharply rising demand, driven by high-net-worth clients who want their gold, watches and jewellery held outside the banking system entirely accessible, insured and attract competitive bidding, often achieving pricing that exceed pre-sale expectations.”
Above Patek Philippe Reference 2499 first series in pink gold sold by Phillips Watches (Photo: courtesy of Phillips Watches)
Patek Philippe Reference 2499 first series in pink gold sold by Phillips Watches (Photo: courtesy of Phillips Watches)
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The word she returns to is condition. “Collectors are placing increasing emphasis on rarity and overall quality, with condition remaining a critical factor in any acquisition.” Buying only pieces in excellent condition in practice, is also about being able to sell when you need to: pieces in prime condition trade far more reliably in any market.
The numbers at auction reinforce the appeal. Sell-through rates at top Phillips watch sales have held at close to 100 per cent, even during periods of wider market turbulence—meaning almost everything that goes up for sale, sells. “Trophy watches increasingly function like blue-chip shares,” says Perazzi. “Buyers are prioritising provenance, rarity and historical significance—qualities that hold up in difficult times because they offer something no financial product can replicate: something beautiful to own while you wait.”
Another critical consideration is where these assets physically live. The rise of private secure storage has tracked the broader surge in tangible asset ownership: specialist vault operators across London, Geneva and Dubai have reported sharply rising demand, driven by high-net-worth clients who want their gold, watches and jewellery held outside the banking system entirely—accessible, insured and beyond the reach of institutional risk. IBV International Vaults, which stores everything from gold bullion and coins to watches, art, fine jewellery and even cryptocurrency hardware wallets, is one such operator.
Sean Hoey, gold London manager at IBV, explains that the company’s client base expanded by 121 per cent year-on-year in 2025, driven partly by rising street theft targeting watches and handbags in London, and partly by soaring gold prices drawing international investors to London’s stable legal infrastructure. With a hub also in Dubai, IBV Gold clients can “diversify geographically, benefit from tax-efficient gold ownership, hedge against currency depreciation, and access their assets seamlessly as they move between regions.
Above IBV International Vaults in London (Photo: courtesy of IBV London)
IBV International Vaults in London (Photo: courtesy of IBV London)
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“We anticipate increased demand for luxury storage, most notably for gold, from businesses, family offices and individual investors. Across each of these groups, there is a growing demand for gold as a dependable reserve asset that helps diversify portfolios and mitigate financial risks,” he says. The infrastructure includes biometric iris scanners, AK47-rated ballistic glazing, and 24/7 surveillance, with up to £1 million in complimentary insurance.
While there is much to be said for the relative stability of such alternate investments, Von Bergen does advise some caution. The watch market corrected sharply after the pandemic-era peak of 2022, and he is candid about having entered at that peak. But the longer view holds. “I’m fairly confident that [, for example, luxury watches] will grow in emotional value over time, as they did before.” He says the market has returned to being driven by people who genuinely want the watches, rather than those who were simply betting on prices going up—a healthier place from which to grow. On the broader question of risk, Von Bergen says: “If I would tell you today, this particular watch would never drop in price, I would be lying to you. There’s no guarantee. As with any financial product, there are market shifts, trend shifts, demand shifts which you can’t predict.”
Perazzi’s read on where this is heading is straightforward. “Collectors are repositioning watches as a kind of hybrid asset— part store of value, part cultural object, and part way to spread risk alongside shares, gold and art,” he says. “The decisions being made now are driven by the same logic people apply to any financial portfolio.” High-quality timepieces, he argues, are increasingly functioning as wearable wealth: assets you can enjoy today and sell tomorrow.
With JP Morgan in May still forecasting gold prices moving back towards US$5,000 by year-end, the case for tangible assets is as compelling and even stronger than it has been in years. What is shifting, alongside the price of gold, is who is paying attention. The Daytona, the art deco brooch and the gold bars stored in a Mayfair vault were once the preserve of collectors and family offices. In 2026, they are being reappraised by anyone who has grown tired of watching a carefully built portfolio rise and fall entirely with the stock market, with nothing to cushion the swings.
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As the Regional Editor for Watches and Jewellery and Editorial Content Lead for Tatler GMT, Amrita Katara specialises in luxury watch and jewellery coverage across Asia, with expertise in editorial strategy, feature writing and interviews with industry leaders. Her past roles span luxury lifestyle media and client partnerships. Based in Mumbai, Amrita’s work bridges global trends and Asian market insights.
