As the world's richest people got even richer, so did their appetite for the playthings needed to satisfy their lifestyles. Growing wealth from the emerging economies, largely in Asia Pacific, helped spur the demand for these so-called "investments of passion".
Sales of luxury cars jumped, with Mercedes-Benz reporting a rise in sales in China and Hong Kong of 112%, outpacing the total rise in its sales of 5%. Ferrari had its best ever year in China.
Chinese buyers are also pushing up the price of art. Last year, Bright Road, by contemporary Chinese artist Liu Ye, sold for three times the estimated price at auction. Chinese collectors are also passionate about European art. Two world records were set last year: $104.3m for a Giacometti sculpture was later surpassed by a Picasso painting which fetched $106.5m. » | Jill Treanor | Thursday, June 23, 2011
