Unlocking the World of Passion Investing: Where Heart Meets Asset Value

Date: 19 Nov 2025

Karen Jones

Passion investing has emerged as a compelling trend among wealthy individuals who want to blend personal interests with their financial portfolios. From art and classic cars to wine, jewellery and rare collectibles, these assets are no longer viewed as indulgences but as strategic holdings that offer diversification, long term value and a deeper sense of personal meaning. As markets become more sophisticated and global collectors look to protect wealth while expressing identity, passion investments are gaining a central place in estate planning, succession strategies and multi generational wealth conversations.

Beyond traditional stocks and bonds, passion investments offer emotional fulfilment and unique long-term value. From fine wine and classic art to luxury watches and rare collectibles, passion investments cater to those who prioritize pleasure and legacy alongside profit. Experts from New York to Geneva, Zurich to Singapore, reveal the nuances, risks, and rewards of this growing asset class, illustrating why passion investing is more than just a financial strategy — it’s a lifestyle.

A Lifestyle Beyond the Balance Sheet: The Rise of Passion Investing

Joshua Rubenstein, Partner and National Chair, Private Wealth Department, Katten, a law firm in New York delves into the topic of passion investing. “What defines passion investing is that the most important element is the pleasure one gets from making the investment. The possibility of turning a profit is often secondary, and sometimes not even realistic. Wasting assets such as cars, boats and planes are an example of where turning a profit is possible, but generally against the odds. Racehorses and breeding horses is another investment that requires constant new investment and may or may not prove profitable at the end of the day. My favourite example of passion investing, however, is wineries. They require constant investment and skilled supervision, often run at a loss, except for the truly world-renowned wineries, but allow the investors to express their love of and taste for wine in their vision of the production process.”

Expanding on the allure of wineries, industry insiders highlight fine wine as a resilient and appreciating asset that merges passion with portfolio diversification.

Fine Wine as a Resilient and Appreciating Asset

Gintare Nedelec,Trust officer, Guardian Trust Company, Geneva branch adds her view on wineries. “I spend my time with people who work in wine importing, exporting, selling, making wine and investing in wine also some of our clients have fine wine investment portfolios. While the markets are being particularly difficult to predict due to current political landscape, proving it hard for investors to manage the volatility and losses, investing in something different as passion investment in fine wine could be a good idea for diversification. Fine wine is not only a passion investment, but it also does have certain characteristics of anti-fragile assets as it has proven resilience against economic downturns in the past and does appreciate over time.”

Nedelec continues, “Certain winemakers have a very limited supply, as low as one barrel of certain cuvee of wine made each year, and an immense demand for their wines around the world, meaning that this wine will certainly keep its value and increase over time. When investing in wine it is essential to understand what type of wine the investor would appreciate as there is a lot of choice between different countries, regions, styles, and types of wines. As there are a variety of options available, it would be beneficial, in my view, to reach out to wine experts to create certain objectives and understand the main goal of the investment over time. We have a few great wine investment experts in Switzerland who can help clients to shape their portfolios while tracking authenticity – even providing storage services and considering tax consequences when importing the wine to certain jurisdictions. I would consider investment in wine a great choice not only because of the appreciation of its value over time, but also due to its historical and cultural significance and pleasure it can create when discovering the world of fine wines. For classic wineries that have done well over time, we would consider the following, Chateau Lafite Rothschild; Domaine D’Auvenay and Domaine Bizot. For natural wine which is a very rare product and there is not enough to supply high demand: Maison Pierre Overnoy; Domaine des Miroirs and Les Jardins Esmeraldins.» Les Jardins Esméraldins is a small, highly esteemed natural wine estate located in the Loire Valley, near Saumur. Founded in the late 1990s by biologist Xavier Caillard, the domaine is renowned for its minimalist, biodynamic approach to viticulture and winemaking. Due to the estate’s small size and limited production, Les Jardins Esméraldins wines are extremely rare and difficult to find. They are highly prized among collectors and natural wine enthusiasts for their unique character and the dedication of their creator.”

While wine remains a timeless passion investment, other markets, particularly in Switzerland, showcase exciting growth in art and luxury collectibles.

Swiss Collectibles and the Art Market Surge

Tobias Kaufmann, Attorney-at-law and Associate, Homburger. Homburger AG is a prominent law firm based in Zurich, Switzerland. Established in 1957, it is one of the largest and most respected Swiss law firms. “Passion investing has seen significant growth in Switzerland. A prime example is the Swiss art market which experienced substantial expansion in recent years, highlighted by record-breaking sales and increased auction turnover. Similarly, the luxury watch sector, particularly for brands such as Rolex, Patek Philippe, and Audemars Piguet, has seen significant value appreciation. This growth persists despite a general decline in overall demand and has led to the emergence of a thriving pre-owned market, making luxury watches more accessible to a wider audience.”

Kaufmann explains, “Once considered a niche, passion investing seems to have evolved into a recognized alternative asset class, promising both emotional satisfaction and long-term value appreciation. Incorporating passion assets into a portfolio can provide diversification benefits, and in some cases, offer protection against inflation and increase resilience to financial shocks. Banks and financial advisors have recognized these opportunities and are increasingly offering specialized guidance on passion investing to UHNWIs, including tailored strategies for building art collections.”

Collecting classic cars, art, or luxury handbags

“The rise in passion investing could partly be driven by the ongoing generational transfer of wealth,” says Kaufmann. Younger investors are increasingly seeking assets that reflect their personal values and interests. The ability to combine financial returns with the pursuit of personal passions – such as collecting classic cars, art, or luxury handbags – makes passion investing particularly appealing and can serve as an accessible entry point into the investment world. Another notable trend is the growing importance of provenance and sustainability. Investors are placing greater emphasis on responsibly sourced collectibles with verifiable histories and ethical investment practices.”

Kaufmann adds publicly known art transactions, from the past year which are strong in provenance. FERDINAND HODLER, Genfersee mit Mont-Blanc am frühen Morgen, 1918, oil on canvas. Sold for CHF 7.4m (Link); CLAUDE MONET, Le bassin d’Argenteuil, 1875, oil on canvas. Sold for CHF 2.3m (Link); Paul Cézannes, Paysage, oil on canvas, 1904. Sold for CHF 2m (Link; Alberto Giacometti, L’Atelier, oil on canvas. Sold for CHF 4.8m (Link); Juan Gris, Le Journal, oil on wood, 1914. Sold for CHF 3.4m (Link); Piet Mondrian, Ocean 4, charcoal on paper, 1914. Sold for CHF 4.2m (Link).

Luxury watches exemplify another dynamic segment where passion and financial appreciation intersect, with trends shifting yet value enduring.

Luxury Watches: Timeless Investments with Personal Flair

Samantha Haizelden, founder of Watch Concierge Services adds her view. “The watch market has had an interesting five years. Prices on pre-owned watches have settled from the heady heights of 2021, when you could potentially buy a Rolex Daytona for around £12,000 and resell it the next day for £38,000. Although the hype around luxury sports watches has softened, we’ve seen an increased interest in smaller watches, particularly vintage pieces from brands like Cartier and Piaget. In February of this year, Sotheby’s sold a rare Cartier Crash for an impressive $228,000.”

Haizelden says, “Much like any luxury item, trends change; however, a well-made wristwatch can continue to operate for decades, even centuries. And with the correct care, it can not only be considered a potential investment, but a trusted friend is there with you during life’s most precious moments. I would always recommend seeking professional advice before purchasing a luxury watch, but after the details are covered, the best advice is to buy what you love; the watch that puts a smile on your face when you put it on your wrist.”

Looking beyond Europe, emerging passion markets like Singapore reveal vibrant ecosystems nurturing new generations of collectors and investors.

“The market in Singapore is also an interesting place for passion investing”, says, Usha Chandradas, Legal Advisor, at the Singapore office of law firm Withers. Usha has a particular interest in cultural philanthropy and the stewardship of art collections. “In Singapore, sentiments surrounding the visual art market are promising. Since 2016, total exhibition days for visual art have increased by nearly 50%, with new corporate and individual collectors entering the scene. This growth has been bolstered by major events such as ART SG—Singapore’s anchor art fair featuring 105 galleries from 30 countries and attracting over 41,000 visitors during its third edition in 2025—reflecting the vibrancy of the post-Covid era.”

ART SG was founded by three prominent figures in the international art fair industry including Magnus Renfrew, formerly the founding director of ART HK, later Art Basel Hong Kong. Chandradas adds, “With a rise in gallery spaces and private non-profits, the Singapore government remains committed to deepening art appreciation across the country. Its latest initiative, the SG Culture Pass, will – for the first time– grant a S$100 credit to all Singaporeans 18 and above to offset the costs of attending eligible arts and cultural events. The government is actively nurturing a vibrant, art-appreciating market that spans mid-tier and emerging sectors, alongside seasoned collectors. Gallerists in the community have also noted a growing presence of younger, more research-driven collectors in Singapore. These individuals increasingly view art acquisitions as cultural assets with long-term value, rather than merely decorative purchases.”

“To give some depth to this” Usha adds, “Younger collectors are turning their attention to local and regional women artists as well as minority artists who may have been underrepresented in conventional Asian art historical narratives. One regional woman artist who seems to be obtaining traction on a global scale is Balinese artist Citra Sasmita, who was named as one of five emerging artists to watch at Frieze New York this year (Five Emerging Artists to Watch at Frieze New York 2025 | Frieze) – she’s represented by Singapore gallery Yeo Workshop.”

Such emerging markets underscore a universal truth in passion investing: the emotional connection to collections often parallels their long-term value.

The Emotional Currency of Collecting

Sherri Cohen, Senior Vice President, Global Head of Fiduciary Client Group, Sotheby’s adds her experienced view. “Passion investing, acquiring art and luxury objects not just for enjoyment but as long-term stores of value, is as personal as it is financial. Collecting will always be passion driven, but because personal property often appreciates in value, its appeal extends beyond the emotional connection. This rings especially true during times of uncertain market volatility.”

Cohen continues, “A collector’s home, and the property with which she chooses to surround herself, whether amongst fine art, jewellery, design, watches, handbags, rare books, wine or memorabilia, are ultimately a reflection of her personal identity, history and legacy. This is why, for many of our clients, collecting is a never-ending story from acquisition, collection management to disposition for the next custodian.”

Cohen adds, “One particularly passion-fuelled and growing category is sports collectibles. For many fans, collecting memorabilia offers a powerful sentimental link to their favourite teams, players, and defining moments in sports history. Whether it’s a game-worn jersey, a signed ball, or even a ticket stub from a legendary match, these items can evoke deep personal nostalgia — driving up prices by like-minded fans.”

Reuters news source, announced a Kobe Bryant jersey, worn during his Los Angeles Lakers pre-season and regular-season debuts was sold for $7 million at Sotheby’s in New York City.

Sports Memorabilia: From Court Heroes to Investment Icons

Kobe Bryant was an American professional basketball player widely regarded as one of the greatest in NBA history. Born on August 23, 1978, in Philadelphia, Pennsylvania, he spent his entire 20-season career with the Los Angeles Lakers, retiring in 2016. At $7 million the item is the fourth-most expensive game-worn sports jersey behind Babe Ruth’s “called shot” jersey ($24 million), Michael Jordan’s 1998 NBA Finals jersey ($10.1 million), and Diego Maradona’s Argentina shirt from the 1986 World Cup $9.3 million.

Another sport collectible example includes Michael Jordan Chicago Bulls jersey from the 1992-93 season did indeed sell for $2.623 million at Heritage Auctions in May 2025. The jersey was photo-matched to at least 17 games, including the one featured on the cover of Sports Illustrated. Testifying to its provenance.

Opening of the Fanatics Collectibles store

An 8,647 sq. ft flagship collectibles store recentlyopened at 54 Regent Street—Europe’s first brick-and-mortar dedicated to trading cards and collectibles with Lewis Hamilton as the star.Held on 25 April 2025, with Hamilton and Fanatics CEO Michael Rubin cutting the ribbon amid early-morning queues of over 100 fans. Motorsport.com said “Hamilton shared personal insights: he’s collected ~400 race-worn helmets, and Fanatics will integrate pieces of his gear into special “relic” trading cards” Fanatics store says it’s a physical celebration of fandom, where people can not only buy collectibles but also share experiences like live pack openings, athlete meet‑and‑greets, trading events. “Live pack openings” refers to events or broadcasts where people open packs of collectible items—like trading cards, sports memorabilia, or similar products—in real time, either in-store or streamed online.

Having Lewis Hamilton, a living legend who underlines the emotional connection fans have to their heroes illustrates that collecting is deeply personal. Lewis Hamilton is a British Formula 1 racing driver widely considered one of the greatest in the history of the sport. Born on January 7, 1985, in Stevenage, England, he has won multiple Formula 1 World Championships and holds numerous records in the sport.

Collecting extends into sports memorabilia and equine investments, where passion intertwines with prestige and substantial financial stakes.

Equine Investments: Prestige, Passion, and High Stakes

Ariel Sergio Davidoff, Co-founder, Davidoff Law, who is a distinguished Swiss lawyer, describes the passion investing market from the point of view of a specialist, “Investing in sport horses is not just about numbers. It can be a lifestyle, access to an elite world, prestigious events and people with great passion for the horse athlete and its activities. Transactions related to horse purchase and sale can be indeed lucrative and exciting; however, it is also a demanding market that carries unique risks and requires a deep understanding of the equestrian world. The horse industry continues to grow; therefore, it is essential to focus on horse purchase on safe terms that protect the interests of both parties of the transaction and the welfare of the animals themselves.”

“The international trade of horses and racehorses is a significant segment of the equine industry, involving the movement of thousands of horses annually with an estimated value of more than a billion US$, involving many jurisdictions and therefore posing legal and veterinary as well as equine welfare issues,” says Davidoff. “This trade is driven by factors such as breeding quality, performance and market demand. In the last months, the most expensive publicly reported horse sale was Palladium, a four-year-old colt purchased for US$ 1.4 million in October This acquisition set a record for the highest price paid for a racehorse.”

Talking about unique risks with horses and of Palladium where a recent cast injury changed the course of his racing life, even if temporarily, moving him from jumps to flats. Considered the world’s most expensive jumps racehorse, owned by Lady Bamford, he made a successful debut in January this year, winning at Hamburg in ‘24 and Huntingdon in ’25, with British jump racing Champion Trainer Nicky Henderson. Legendary jumps handler Henderson was hoping for a big run in the ’25 Cheltenham Festival’s Triumph Hurdle, however, in a sudden change according to press articles, Palladium left Nicky Henderson’s stables and joined John and Thady Gosden in Newmarket without running at Cheltenham, because as The Sun newspaper reports “Palladium had got cast overnight.”

Thought to have caused considerable disappointment and illustrating the up’s and down’s of passion investing, ‘cast’ means the horse was found to have rolled over and got stuck, causing concern about whether it had injured itself while trying to get up when horses are known to panic. The new trainer John and Thady Gosden are known for flat racing including racecourses like Ascot. Palladium ran, finishing fourth.

“Horses can be hugely expensive,” says Davidoff, “examples are Fusaichi Pegasus, who remains the most expensive horse ever sold, fetching an eye-popping US$ 70 million in 2000. Other notable sales include Justify at US$ 60 million and Shareef Dancer at US$ 40 million.” Highlighting the risk and expense involved in this sector.

Beyond equestrian assets, a niche yet thriving sector focuses on celebrity and royal memorabilia, blending history, emotion, and value.

Passion Investing in Practice: Navigating Risks and Rewards

Davidoff expands the theme with a further comment. “I believe we’re all familiar with the usual categories of passion investments, which you’ve already outlined, however, a niche I’ve begun to notice among a few of my clients in recent times is the discreet yet growing interest in collecting worn garments and personal items once belonging to celebrities or sporting legends, a market which, it seems, is very much alive. For reasons of discretion, I won’t go into specifics, that’s precisely why these clients turn to lawyers, but one need only look to high-profile examples to understand the allure: Kim Kardashian famously wore Marilyn Monroe’s iconic “Happy Birthday, Mr. President” dress to the Met Gala in 2022, a gown originally sold by Christie’s in 1999 for $1.3 million, and later acquired by Ripley’s for a reported $4.8 million following the event.”

Following this thread, in the world of sport, Michael Jordan’s game-worn sneakers fetched $2.2 million at auction in 2023, while a pair worn by Kanye West sold for $1.8 million. Similarly, dresses once worn by Princess Diana have repeatedly achieved record-breaking prices at auction, underscoring the emotional and cultural value collectors place on such items. One such dress was a Jacques Azagury Ballerina-Length Gown. A black and blue velvet dress, featuring a blue organza skirt and metallic embroidered stars, was worn by Diana during a 1985 dinner in Florence and a 1986 performance by the Vancouver Symphony Orchestra. It sold at Julien’s Auctions for $1,148,080, more than 11 times its estimated value.

From iconic garments to more eccentric items like royal wedding cake slices, passion investing spans a fascinating spectrum of collectibles.

“It seems that for some, the desire to own a tangible piece of cultural history, something worn, touched, or performed in by an icon, carries not only emotional resonance, but also investment appeal. And then there are the truly eccentric corners of the memorabilia world, such as the auctioning of royal wedding cake. A slice of Queen Victoria’s wedding cake, preserved since 1840, was sold at auction, still sealed in its original tin. More recently, fragments of cake from the weddings of Queen Elizabeth II and even the Duke and Duchess of Cambridge have fetched tidy sums. One might call it the most charmingly uneatable investment in British history.” Explains Ariel.

Conclusion: Blending Pleasure with Portfolio Power

Passion investing is reshaping how ultra-high-net-worth individuals engage with their wealth—transforming collections into enduring legacies. As experts highlight, whether it’s rare wines, luxury watches, contemporary art, or one-of-a-kind memorabilia, the emotional resonance of these assets often complements their financial potential. With markets evolving globally and younger investors valuing authenticity, provenance, and sustainability, passion investing promises a compelling balance between pleasure and prudence. For those ready to venture beyond conventional assets, passion investing offers a personalized gateway to both enjoyment and diversification in uncertain financial times.

Key Takeaways

Passion investing merges personal interests with financial portfolios, offering diversification and emotional fulfilment.
Assets like fine wine, art, and luxury collectibles provide both long-term value and unique satisfaction.
The rise of passion investing drives younger generations to seek investments reflecting personal values and interests.
Investments in luxury watches and equine assets highlight the intersection of passion and financial appreciation.
Emerging markets, like Singapore, nurture new generations of collectors interested in cultural and personal significance through their investments.

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