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Art and classic car auctions top $600 million despite Iran war
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 late summer, however, collectibles sprang back to life. The classic car auctions at Monterey and Pebble Beach in August topped $430 million, marking the second-highest total ever. The next month, a Sotheby’s sale in London of the collection of British socialite Pauline Karpidas fetched $135 million, soaring past its estimate. The strength continued in Paris and the big New York sales in November, followed by big crowds at Art Basel Miami in December.
Kenneth Ahn, president of Broad Arrow, said the wealthy today seem to have become inured to the chaotic headlines and market gyrations.
“I don’t know if desensitization is the right word,” Ahn said. “But leading up to this, we’ve had Russia, which has been going on for a while, and the market has been fluctuating. What the market has done is effectively shut out those concerns as noise.”
Ahn said the current era of classic car collectors differ dramatically from those of the past. Previous buyers, mainly baby boomers, were highly sensitive to market swings and economic cycles. He recalled a sale in Monterey in 2019 days after the stock market fell 400 points and bond yields were signaling recession.
“I had a client walk into the auction room and say ‘I just lost 30 million bucks over the last two days of my portfolio. I’m not sure if I need to bid on this car right now,’” he added.
Ahn said today “feels different.” Despite the market volatility and uncertainty, “there’s still this incredible optimism in the car market,” he said.
The reasons vary. Oliver Barker, Sotheby’s lead auctioneer and chairman of Sotheby’s Europe, attributed the market’s strength to the ultra-rare works being offered for sale.
“I think it’s a function of the quality of the material that the market is seeing at the moment,” Barker said. “For savvy collectors, this is such an incredible opportunity to acquire rare-to-market and highly qualitative examples.”
A lack of supply, not demand, has been the main source of weakness in the art market, many say. After Christie’s blockbuster $1.5 billion Paul Allen sale in 2022, which included famed works by Cezanne, Van Gogh and Gauguin, few mega-collections came up for sale in 2023 and 2024.
Last fall, big estates returned. The sale of works from the collection of Leonard Lauder at Sotheby’s included a rare Gustav Klimt that sold for $236 million, making it the second-most expensive work ever sold at auction.
The sales in London last week included celebrated British works from the collection of Joe Lewis, the U.K. billionaire and investor. A self-portrait by Francis Bacon went for $21.5 million, doubling its low estimate. A painting by Leon Kossoff, called “Children’s Swimming Pool, 11 o’clock Saturday Morning, August” sold for $7 million after a bidding war between 10 bidders.
And at Christie’s, a sculpture by Henry Moore, titled “King and Queen” sold for $35.2 million — a record for Moore — after six bidders competed in the auction.
Henry Moore’s “King and Queen” sculpture sold for $35.2 million at Christie’s in March 2025.
Christie’s
Barker and others said there’s been a “return to quality,” meaning collectors are bidding up the best works by famous artists rather than buying more speculative works by younger, less established artists. The big brand names of the art world — Picasso, Monet, Warhol — were all big drivers of prices last week.
“It’s a perfect moment where there is a greater supply of great material, and there is also an extraordinarily hungry buyer class,” Barker said. “We’re seeing not only the depth of bidding that we’ve not experienced recently, but a much, much deeper depth of quality material.”
Another factor in the renewed strength of collectibles is a new generation of buyers. As the baby boomers slow their buying or sell their collections, Gen Xers, millennials and even some Gen Zers are stepping in. Some are entrepreneurs and tech founders, while others have inherited their wealth as part of the $100 trillion great wealth transfer.
While they’re buying a broader range of collectibles, from sneakers and handbags to Pokémon cards and sports memorabilia, they’re starting to make purchases in the art and classic car markets. And they are adding to the buyer’s pool.
“I do think we’re very much in the middle of a generational transition,” Watson said. “We have seen a lot of the collectors who have driven the postwar and contemporary market over the past couple of decades starting to age out. And we have the rising generational cohort moving in. “
The shift is most dramatic in the classic car market. A market once dominated by 1950s and 1960s sports cars has quickly become eclipsed by supercars of the 1990s and 2000s, favored by the new wave of younger collectors. While the trend started before the pandemic, it has accelerated in the past three years, Ahn said.
“We’ve seen almost a parabolic move in prices for some of the modern hypercars and supercars over the past six months,” Ahn said. “There is a seismic shift that’s happening. It’s the great wealth transfer: We’re seeing it, we’re feeling it. This is a huge emergence of successful entrepreneurs who exited their business in their 30s and 40s, or inherited enormous amounts of capital, and they are passionate about the cars they grew up with.”
Not all collectibles segments are benefitting from the rising spending. While ultra-Contemporary art drove most of the post-pandemic recovery, sales by Contemporary art dealers were stagnant in 2025, according to the Art Basel and UBS Art Market Report. Higher costs have also forced some galleries to close, even as buyers flock to auction houses and at fairs for older works by recognized artists.
“On balance, this year’s data points to something more consequential than a return to growth,” said Noah Horowitz, CEO of Art Basel. “It reflects a sector adjusting to new economic realities, refining its models and strengthening its foundations for the long term.”
Yet with stock markets likely to remain volatile, and interest rates potentially falling, the financial backdrop for collectibles remains strong. Add to that the fact that America’s wealthiest 1% have seen their wealth nearly double since 2020, to over $55 trillion, according to the Federal Reserve, and experts say the bull run in the art and classic car markets is likely to continue.
“We’re optimistic that a lot of that more positive sentiment, at least in the art market, will continue,” Watson said.
Form 4 Tripadvisor Inc For: 12 March
A local urban design enthusiast suggests ways WA could cut building vacancy rates.
Namibia stands as one of Africa’s most underrated destinations, offering dramatic landscapes, unique wildlife encounters, and adventures that rival any destination on the continent.
This southwestern African gem combines otherworldly desert scenery with rich cultural experiences and some of the most pristine wilderness areas you’ll find anywhere. Whether you’re planning your first visit or returning to explore more of this captivating country, these five experiences should top your itinerary for an unforgettable journey.
Explore the Towering Dunes of Sossusvlei
The Namib Desert’s iconic red dunes create one of the most photographed landscapes in Africa, and experiencing them firsthand is simply breathtaking. Sossusvlei, located in the Namib-Naukluft National Park, features some of the world’s highest sand dunes, with Big Daddy reaching an impressive 325 meters.
The best time to visit is at sunrise when the low light creates stunning contrasts between the illuminated and shadowed sides of the dunes. The climb to the top of Dune 45 or Big Daddy challenges your fitness, but the panoramic views across the endless sea of sand make every step worthwhile.
Don’t miss nearby Deadvlei, a surreal white clay pan dotted with ancient dead camelthorne trees that have stood for nearly 900 years. This otherworldly landscape looks like something from a science fiction film and offers incredible photography opportunities throughout the day.
Experience Wildlife at Etosha National Park
Etosha National Park ranks among Africa’s premier wildlife destinations, offering exceptional game viewing in a unique setting centered around a massive salt pan. The park’s network of waterholes creates natural theaters where you can observe elephants, lions, rhinos, and countless other species gathering to drink.
Unlike many other African parks, Etosha allows self-driving, giving you the freedom to explore at your own pace. However, booking a Namibia luxury safari with expert guides provides deeper insights into animal behavior and access to exclusive areas that enhance your wildlife experience significantly.
The dry winter months from May to October provide the best game viewing as animals concentrate around permanent water sources. You might witness dramatic predator-prey interactions or simply enjoy watching elephant families socializing at sunset.
Discover the Skeleton Coast’s Haunting Beauty
The Skeleton Coast earned its ominous name from the numerous shipwrecks that line its foggy, treacherous shores, creating an atmosphere unlike anywhere else on earth. This remote stretch of coastline where the Namib Desert meets the Atlantic Ocean offers an adventure into one of the planet’s most inhospitable yet fascinating environments.
The landscape features an ever-changing tapestry of shipwrecks, seal colonies, desert-adapted wildlife, and wind-sculpted rock formations. Cape Cross hosts one of the largest Cape fur seal colonies in the world, with up to 200,000 seals during breeding season creating an unforgettable sensory experience.
Flying over the Skeleton Coast provides the best perspective on this vast wilderness, revealing patterns and features invisible from the ground. Many visitors combine coastal exploration with visits to the Himba people, one of Namibia’s last semi-nomadic tribes maintaining traditional lifestyles.
Marvel at the Fish River Canyon
The Fish River Canyon ranks as the second-largest canyon in the world and offers hiking opportunities that rival more famous trails elsewhere in Africa. This geological wonder stretches 160 kilometers long, reaches up to 27 kilometers wide, and plunges 550 meters deep in places.
The five-day Fish River Canyon hiking trail challenges experienced trekkers with its rugged terrain and extreme temperatures, but the rewards include complete solitude and ever-changing scenery. The trail only operates during winter months when temperatures become manageable and flash flood risks decrease.
If you’re not up for the full hike, the viewpoints along the canyon rim provide spectacular vistas, especially at sunset when the light transforms the rocky landscape into shades of purple, orange, and red.
Stargaze in the World’s Oldest Desert
Namibia boasts some of the darkest skies on Earth, making it a premier destination for astronomy enthusiasts and anyone who appreciates natural beauty. The country’s low population density, minimal light pollution, and clear desert air create perfect conditions for observing celestial wonders.
Several lodges and reserves offer dedicated stargazing experiences with telescopes and expert guides who help you navigate the southern hemisphere’s constellations. The Milky Way appears so vivid in Namibia that it seems almost three-dimensional, stretching across the sky in a brilliant band of light.
Even without specialized equipment, simply lying on the desert sand and looking up reveals more stars than most people see in their entire lives. This humbling experience connects you to the vastness of the universe in ways that few other activities can match.
Conclusion
Namibia delivers experiences that satisfy adventure seekers, wildlife enthusiasts, photographers, and anyone craving connection with raw, untouched nature. From climbing ancient dunes to tracking desert-adapted elephants, from exploring haunting coastlines to sleeping under star-filled skies, this remarkable country offers diversity that few destinations can match. Start planning your Namibian adventure now, and prepare for a journey that will exceed your expectations and leave you planning your return before you’ve even left.
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Market Review
Global small cap equities rose in the fourth quarter, with signs that market leadership was beginning to broaden. Notably, the months-long AI-driven rally appeared to enter a new phase, with investors becoming increasingly cautious about the sustainability
Expert explains why IEA oil reserve release is not going to address the issue
President Donald Trump said that America benefits when oil prices increase because the nation is the world’s biggest oil producer, but added that he considers blocking Iran from obtaining nuclear weapons to be more important.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” the president said in a Thursday Truth Social post.
“BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen! Thank you for your attention to this matter,” he added.
TRUMP TOUTS ‘HISTORIC’ $300B TEXAS REFINERY AS FIRST NEW US PLANT IN NEARLY 50 YEARS
President Donald Trump speaks during a press conference at Trump National Doral in Miami, Florida, on March 9, 2026. (SAUL LOEB / AFP via Getty Images / Getty Images)
Gas prices have been surging amid the war, with AAA’s national average price for regular gas currently at $3.598.
The U.S. plans to release millions of barrels of oil from its Strategic Petroleum Reserve next week.
“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” Energy Secretary Chris Wright said in a Wednesday statement.
A diesel fuel pump at a Chevron gas station in Seattle, Washington, on Monday, March 9, 2026. (M. Scott Brauer/Bloomberg via Getty Images / Getty Images)
“As part of this effort, President Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week. This will take approximately 120 days to deliver based on planned discharge rates,” Wright noted.
“Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year — 20% more barrels than will be drawn down — and at no cost to the taxpayer,” he said in the statement.
IRAN THREATENS $200 OIL BARRELS AS US PREPARES MASSIVE RELEASE OF EMERGENCY PETROLEUM RESERVES
U.S. Energy Secretary Chris Wright attends a working lunch at the “Shield of the Americas” Summit at Trump National Doral in Miami, Fla., on March 7, 2026. (Rebecca Blackwell / POOL / AFP via Getty Images / Getty Images)
White House press secretary Karoline Leavitt told Fox News on Thursday that the administration “is considering waiving the Jones Act for a limited period of time to ensure vital energy products and agricultural necessities are flowing freely to U.S. ports.”
The Iranian regime has threatened increased oil prices as the regime targets commercial shipping in the Strait of Hormuz.
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“Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” Iranian military command spokesperson Ebrahim Zolfaqari warned in comments directed toward Washington, Reuters reported.
Fox News’ Patrick Ward contributed to this report.
US stock futures edge higher after Iran jitters spark deep losses; PCE data on tap
Form 4 Arlo Technologies For: 12 March
FOX Business is honoring 10 special small businesses that keep America moving.
FOX Business is celebrating small businesses that have been the backbone of American excellence with a campaign in honor of America’s 250th anniversary that will award three winners $25,000 each, the network announced Thursday.
FOX Business’ “Made in America” contest participants can apply online with a video or written entry at SmallBusinessAwards2026.com. Submissions and nominations will be taken on the website until March 30.
The three winners will also be featured in a Fox Nation special.
Fans will participate in their first round of voting for their favorite small businesses beginning on April 13, after the initial submissions are narrowed down to 10 finalists.
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FOX Business is launching its “Made in America” campaign to give back to small businesses on Thursday, March 12, 2026. (FOX Business)
A panel of judges, which will include FOX Business hosts and executives, will determine the three winners of the “Made in America” contest.
The winners of the campaign will be announced on air and receive an award for their businesses, as well as an oversized check.
The contest victors will be announced during Small Business Week starting on Monday, May 4.
RARE AND ORIGINAL AMERICAN FOUNDING DOCUMENTS TO FLY ON FREEDOM PLANE ACROSS NATION
The U.S. flag waves in front of the White House on April 30, 2025, in Washington, D.C. (J. David Ake/Getty Images)
A plethora of FOX Business hosts and anchors appeared in a promo announcing the campaign.
“For 250 years, small businesses have been the backbone of America,” “Mornings with Maria” and “Sunday Morning Futures” host Maria Bartiromo said.
“Built by people who took a chance on themselves and their communities,” “Kudlow” namesake Larry Kudlow added.
“These are the places where the American story is written,” “Making Money” host Charles Payne said.
“The Bottom Line” and “The Big Money Show” co-host Brian Brenberg said, “FOX Business is shining a light on the independent hops that keep our country moving,” and his co-host and founding FOX Business anchor Dagen McDowell provided details on the campaign.
FOX Business is celebrating small businesses that have been the backbone of American excellence by awarding three with $25,000 each and a feature in a FOX Nation special. (FOX News Media)
The FOX Business “Made in America” campaign is sponsored by Comcast Business and JP Morgan Chase.
America is celebrating its 250th anniversary on July 4, 2026.
President Donald Trump previewed his “Freedom 250” campaign in December, announcing a series of celebrations to mark the milestone anniversary of the country’s independence.
FOX Business’ Stuart Varney discusses how Iranian attacks on the Strait of Hormuz are choking global energy supplies and threatening to drive domestic gas prices above $4 a gallon.
The escalating conflict in Iran may no longer be contained to the Middle East, as it threatens to deliver a direct hit to the American pocketbook.
As oil prices surge and global flight paths are redrawn, international carriers are already raising fares. While U.S. airlines have not yet raised prices, a new analysis warns a double-digit fare increase could be imminent for domestic flyers.
With jet fuel one of the largest expenses for airlines, domestic flight prices would need to increase by at least 11% to offset current fuel costs, according to Skift Research. Higher fuel costs could translate into higher fares for U.S. travelers.
Global benchmark Brent crude topped $100 per barrel late Thursday morning, marking a more than 60% increase since the start of the year. The market continues to react to halted oil shipments in the Strait of Hormuz and multiple strikes on Middle Eastern oil facilities and tankers as U.S. military forces continue Operation Epic Fury.
AMERICAN AIRLINES BECOMES FIRST U.S. CARRIER TO RESTORE VENEZUELA FLIGHTS SINCE 2019 SHUTDOWN
Qantas and Scandinavian Airlines announced earlier this week that they would raise fares in direct response to rising fuel prices, Reuters reported.
Travelers at William P. Hobby Airport in Houston, Texas, on Monday, March 9, 2026. (Getty Images)
Air New Zealand said it plans to cancel 1,100 flights, impacting more than 44,000 passengers, between now and early May.
“It’s an unprecedented issue as far as fuel price is concerned, but managing fuel spikes is a well-trodden path if you’re running an airline,” CEO Nikhil Ravishankar said on Radio New Zealand.
Multiple outlets reported Wednesday that Thai Airways plans to raise ticket prices by 10% to 15% due to demand and rising fuel costs, with CFO Cherdchom Therdthirasak saying during an investor meeting this week that “passengers planning to travel should secure their tickets as soon as possible before fares rise further.”
Fisher Investments founder Ken Fisher discusses the Democratic Party’s ‘tax the rich’ proposals and his outlook oil prices on ‘Varney & Co.’
The CEO of Hong Kong’s primary carrier, Cathay Pacific, said at a press conference that with fuel prices as high as they are, price surges are being considered.
“In March, like ever since the Middle East episode began, the costs of our fuel already doubled,” CEO Ronald Lam said, the AFP reported. “So we are going to announce [a surcharge] very soon.”
United Airlines CEO Scott Kirby spoke at a Harvard University event Thursday and said high oil prices will have a “meaningful” effect and could extend into the second quarter if the war continues, adding that the impact on fares will “probably start quick,” according to Forbes.
Most U.S. carriers, including United, Delta, Southwest and American, stopped hedging fuel decades ago, Forbes said, and there is no protection contract with the U.S. government that fixes fuel prices for commercial companies.
Delta, however, is partially insulated due to its ownership of the Trainer refinery in Pennsylvania, allowing them to avoid refining margins, though they still pay market rates for raw crude oil.
FOX Business host Liz Claman talks with The Points Guy founder Brian Kelly about FAA delays and how travelers can stay ahead on ‘The Claman Countdown’.
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Popular travel guide The Points Guy recommends not waiting to book flights amid the conflict — or risk paying more.
“If you’re planning to fly this summer, go ahead and lock in your airfare now. As experts noted, prices could surge any day now,” The Points Guy wrote. “That’s especially true if you’re hoping to fly in June or July, which in recent years have been the busiest and most expensive months of the summer to travel.”
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