A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.Global collectors shrugged off the stock market declines and the war in Iran last week to spend more than $600 million on classic cars and fine art, signaling continued strength at the top of the economy.Last week’s art sales in London topped $550 million, up over 50% from last year, according to Sotheby’s, Christie’s and Phillips auction houses. Some works sold for more than twice their estimates and records were set for several artists, with bids pouring in from 40 countries.Also last week, at the Amelia Island Concours in Florida, Broad Arrow Auctions hosted the most successful auction ever at Amelia, totaling $111 million. The sale, which included a $15 million 2003 Ferrari Enzo and a $6.7 million 2005 Porsche Carrera GT, followed a strong auction a week earlier by RM Sotheby’s at ModaMiami that reached $74 million.A baby blue 2005 Porsche Carrera GT went for $6.7 million at the most successful auction ever at Amelia.Nick Zabrecky | Courtesy of Broad Arrow Auctions.The strong results in both art and classic cars, stretching from London to Florida, show continued confidence among wealthy consumers even as volatility picks up and oil markets surged on the outbreak of war in the Middle East. Experts say the global turmoil may have even helped demand for rare collectibles, as the wealthy search for safe, long-term stores of value in an increasingly uncertain world.”It’s surprising, yet not surprising,” said Drew Watson, head of art services at Bank of America. “It’s surprising with all that’s going on geopolitically. But when times are uncertain, and I think we’re in a broader era of uncertainty, people go with the tried and true.”The strong prices continue a rapid rebound in collectibles markets following two years of declines. In 2023 and 2024, art auction totals fell by 40% from their 2022 peak, despite soaring stock markets and falling interest rates. President Donald Trump’s tariff announcement in April last year only added to the gloom.By …
