An investment index report from Coutts called Objects of Desire, found the value of rare musical instruments rose 16.4% last year while classic cars fell by 10.4% and fine art by 6%.
The Coutts Index captures the price return in local currency of 14 ‘passion’ assets across property and objects termed ‘alternative investments’ such as fine art, collectables, jewellery and watches.
The report is compiled from data from Coutts and sales data compiled by firms including Sotheby’s Mei Moses, Fathom, Stanley Gibbons and Savills.
Despite the figures for 2016, the index reveals classic cars remain the top performing asset over 12 years, up over 330%.
Although musical instruments showed the largest overall gain in 2016, it follows an 11% drop in 2015. Coutts described the sector as ‘demonstrating high short-term volatility’ levels as an investment and it records an average return of just 2.3% over a 12-year period.