The rich spent a lot of money to buy these things this year, rates increased by up to 30%
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A new report from Knight Frank suggests that 53 percent of Ultra High Net Worth Individuals (UHNWIs) will spend the most on these three luxury items in 2023. Buying a collection of these items increased the average price of many works of art by up to 30%. Whereas, the price of watches and jewelery increased by 10 per cent. The cost of cars and wine went up by 5 per cent, while the cost of colored diamonds went up by 4 per cent.
artwork auction trends
According to the report, in the year 2022, the artwork of 59 Indian artists was sold at auction in Asia. China tops the list with 198 artists’ artwork sold. Then there are 110 Americans. India is at number five after Japan (65) and Korea (60). According to the report, 41 per cent of ultra-rich Indians are expected to buy jewelery in 2023 as a passion investment. And 29 percent of these will invest in both classic cars and wines.
There was a big fall in the stock of this company of Ratan Tata;
fast growing rich in the country
The number of rich in India is increasing rapidly. This has been revealed in the income tax return filing data this year. According to this data, the number of taxpayers earning more than Rs 1 crore in the country has increased rapidly. According to the report, for the financial year 2022-23, the number of taxpayers with income above Rs 1 crore has been 2.69 lakh among those who filed ITR. This is 49.4 percent more than the year 2018-19. In the last 4 years, the official number of people earning more than Rs 1 crore has increased by almost 50 per cent.
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