The ultra-rich are piling into Rolexes, rubies and Klimts as inflation hedges—but the real return may be about more than money

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BNY Wealth recently surveyed investment decision-makers at 290 single-family offices—the private firms that manage the fortunes of families with at least $250 million in investable assets. Nearly half of respondents oversee more than $1 billion.

Notably, nearly two-thirds of the family offices surveyed held assets uncorrelated to their broader investment programs, almost double last year’s share. More offices reported investments in luxury assets, from watches, fine jewelry, art and spirits to sports teams and music rights.