Jewellery is among the best performing assets in the latest update from the Knight Frank Luxury Investment Index. This pair of gold and amethyst pendant earrings by Andrew Grima, 1971, are being offered at Bonhams with an estimate of £6000-8000 today (September 20).

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The Knight Frank Luxury Investment Index, which tracks the price growth of 10 luxury investment sectors such as classic cars, wine and antiques, found wine was up 25% over the past 12 months, while coins, watches and jewellery were up 4%.

Classic cars, which have dominated the rankings for the past few years, moved into sixth place with average prices rising by 2%.

Knight Frank’s Andrew Shirley, who compiles the index, said: “It has been an interesting year so far in the world of luxury investments, but one that is difficult to generalise about. In terms of classic cars, for example, we have recently seen the most expensive Aston Martin ($22.5m) and Mclaren F1 ($15.6m) go under the hammer, but other auction sales with less stellar cars have disappointed.

“Jewellery continues to capture the imagination of wealthy collectors and is a genuine investment of passion.”

The report by property agent Knight Frank uses data from Art Market Research, Stanley Gibbons, Historic Automobile Group International (HAGI), Wine Owners and Fancy Color Research Foundation. Bonhams also helped contribute to the report.

Bonhams' global chief executive Matthew Girling said: “Our own experience at Bonhams certainly bears out the report’s conclusions with wine, art, watches and jewellery all performing strongly over the past year.”

The report is the latest investment tracker of luxury goods. Earlier this month private bank Coutts reported musical instruments were the best performing asset in 2016.