Why Art Is Leading Luxury Investments as Knight Frank’s Report Reveals This Shift Among Wealthy Kenyans.

Art remains the most sought after collectible among wealthy Kenyans, while watches have overtaken classic cars as investors seek assets that combine personal enjoyment with the potential for financial returns.

Knight Frank’s Wealth and Investment Trends Report 2026 shows that 75% of wealth managers surveyed said their clients were interested in acquiring art, up from 72% in 2025. Watches ranked second at 50%, displacing classic cars, which fell to third place at 44%. Jewellery attracted interest from 38% of respondents, followed by wine at 31%.

The findings point to growing interest in tangible and portable assets as affluent investors diversify beyond property, shares and other conventional investments. Knight Frank attributed art’s continued dominance to the growing recognition of Kenyan artists, greater access to galleries and exhibitions and the expansion of digital marketplaces. Art is also increasingly being treated as a legacy asset that can be passed between generations while reflecting the owner’s identity, cultural interests and support for local creative industries.

Collectors are also using art to diversify their portfolios because its value does not necessarily move in step with equities and real estate. Watches offer similar appeal, supported by their portability, collectibility and potential to retain or appreciate in value. Established brands can also be sold across international markets, making high end timepieces relatively easy to transfer.

Classic cars remain attractive because of their scarcity, prestige and appreciation potential, although their ranking slipped as watches gained popularity. Jewellery continues to appeal as a durable and portable store of value, particularly during periods of inflation and market uncertainty. Interest in fine wine is also growing as investors gain more knowledge of the market, access international wine collections and increasingly view selected bottles as assets that can be held for future consumption, collection or investment.

Despite the growing interest, wealthy Kenyans are keeping their exposure to luxury assets relatively low. About 63% of the wealth managers said their clients allocated less than 10% of their portfolios to wine, watches, classic cars and jewellery, while none reported clients committing more than 40% of their wealth to the category.
Even within these small allocations, financial returns are not the only attraction. The joy of ownership accounted for 25% of the motivations identified in the survey, narrowly ahead of investment purposes at 23%. Status among peers followed at 19%, intellectual interest at 18% and membership of collector communities at 15%.

The growing interest does not mean wealthy Kenyans are replacing their core investments. Art, watches and other collectibles remain a small part of portfolios still centred on assets that generate income and grow wealth over time.