BNY says two-thirds of family offices now hold assets outside their main portfolios, with watches, art and jewellery rising sharply. Evidence that these luxury items beat inflation is mixed, but their role as status symbols is clear.
01Summary
- 01BNY Wealth surveyed 290 single-family offices, with nearly half of respondents overseeing more than $1 billion in investable assets.
- 02Nearly two-thirds of the offices held assets uncorrelated to their broader investment programmes, almost double last year’s share.
- 03The biggest year-on-year gains were in tangible luxury items such as watches, fine jewellery, art and spirits, rather than cash-generating assets.
- 04The Knight Frank Luxury Investment Index fell 0.4% in 2025, while fine art sales rose 11% last year and watch prices climbed 5.1%.
- 05BNY found artificial intelligence was still the most compelling five-year investment theme, cited by 68% of respondents.
02Why it matters
The findings show how the ultra-wealthy are spreading money beyond traditional markets, which can affect demand for high-end collectibles and luxury goods. They also suggest that for many buyers, the appeal is as much about status and taste as financial return.
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