The Knight Frank Luxury Investment Index (KFLII), which tracks a weighted basket of 10 collectibles, rose by 7% in the 12 months to the end of June 2023.This was a creditable performance compared with houses in Prime Central London, down 1% over the same period; the FTSE 100 index of equities, which rose by 5%; and gold which was up in value by just 1%. But it was the weakest annual performance by KFLII since Q2 2021, proving that even tangible assets are not immune to market uncertainty.A slowdown in the wine and classic car markets, where double-digit rises have often underpinned the index’s performance, helped temper growth. “Burgundy has been the big success story of the past decade, with prices having escalated 367% by the early autumn of 2022. However, the top of the Burgundy market peaked around that time and has since fallen by at least 9%. Published prices tend to lag realised sales, indicating that there is further to fall,” points out Nick Martin of Wine Owners, which compiles the Knight Frank Fine Wine Icons Index (KFFWII).