North American high net worth individuals are the most passionate about art investing, slightly ahead of their Asia-Pacific (ex-Japan) and Middle East counterparts, figures show from the World Wealth Report 2013 from RBC Wealth Management/Capgemini.

On average, when asked about their “investments of passion” in the first quarter of this year, data shows that 16.9 per cent of HNW individuals cited art, while the biggest single investments of passion area was jewellery, gems and watches (31.6 per cent). Luxury collectibles (yachts, jets, cars) accounted for 19 per cent, while sports investments (sports teams, sailing, race horses) was 8 per cent, and “other collectibles” (coins, wine, antiques) accounted for 24.4 per cent.

In North America, 19.1 per cent of investments of passion were in art, while in Asia-Pacific (ex-Japan), the figure was 17.3 per cent, and in the Middle East, 17.1 per cent.

“Led by the continued recovery, the global art market is beginning to approach the peak levels of 2007. Buoyant in the initial years after the crisis, the recovery lost some of its momentum in 2012 after a major contraction in the Chinese art market, as China experienced slower economic growth,” the report said.

“Other parts of the market grew substantially in 2012, particularly the Old Masters market, which spiked as art investors signalled a desire to take advantage of its perceived reliability. Sales of Old Masters at the leading auction houses, Christie’s and Sotheby’s, increased by 56.5 per cent,” the report said, citing figures from The Fine Art Fund Group.

The area with biggest interest in jewellery, gems and watches, at 35 per cent, is the Middle East.