28.11.2025
Liquidity and the market: what’s easier to sell — a rubellite or a Rembrandt?
For an investor, the secondary market is a mirror of liquidity. You can buy anything—but the real question is how, and for how much, you’ll be able to sell. This is where you see which asset works as a capital-preservation tool and which functions as a long-term status symbol.
With gemstones, things are simpler than they seem. Diamonds have an almost “bank-like” nature: they are standardized, certified by international institutes, and therefore their liquidity is comparable to gold. They can be sold quickly and predictably, and the price is easy to verify. Colored stones are a different story—this is a niche driven by exclusivity. Everything depends on rarity and demand: a single unique sapphire can deliver tens of percent in value growth over a few years, but it will take time to find the right buyer.
The art market is even slower in this sense. Paintings are sold mainly at auctions such as Christie’s or Sotheby’s, where value depends less on the quality of the canvas and more on the artist’s name and context. Deals can drag on for months, and liquidity is lower than even for colored stones. Art is an elite domain where money works together with cultural capital and time.
If you compare exit channels, the differences become even clearer. Financial assets live on exchanges: liquidity is instant, regulation is absolute. In gemstones there are, formally, exchange-like quotations as well—for example, Rapaport for diamonds—but the real market operates through auctions and private transactions. Where speed and transparency are needed, clients choose diamonds. Where growth and rarity matter, the bet is on colored stones. Art remains the realm of slow private negotiations and headline auction evenings.
With gemstones, things are simpler than they seem. Diamonds have an almost “bank-like” nature: they are standardized, certified by international institutes, and therefore their liquidity is comparable to gold. They can be sold quickly and predictably, and the price is easy to verify. Colored stones are a different story—this is a niche driven by exclusivity. Everything depends on rarity and demand: a single unique sapphire can deliver tens of percent in value growth over a few years, but it will take time to find the right buyer.
The art market is even slower in this sense. Paintings are sold mainly at auctions such as Christie’s or Sotheby’s, where value depends less on the quality of the canvas and more on the artist’s name and context. Deals can drag on for months, and liquidity is lower than even for colored stones. Art is an elite domain where money works together with cultural capital and time.
If you compare exit channels, the differences become even clearer. Financial assets live on exchanges: liquidity is instant, regulation is absolute. In gemstones there are, formally, exchange-like quotations as well—for example, Rapaport for diamonds—but the real market operates through auctions and private transactions. Where speed and transparency are needed, clients choose diamonds. Where growth and rarity matter, the bet is on colored stones. Art remains the realm of slow private negotiations and headline auction evenings.
One important factor is exit cost. Gemstones require appraisal by a certified gemologist—from hundreds to thousands of dollars. Auction commissions can reach 20%, while private deals are cheaper but rely on trust and intermediaries. Art is more expensive still: appraisal, taxes, and high auction-house commissions. Against this backdrop, financial markets look almost free—commissions are tiny and everything is transparent, but in return you give up privacy.
Regulation is also crucial. Financial markets answer to the state: every transaction is recorded, every movement of capital is traceable. Gemstones and art work differently: it’s a private club where rules are set by experts and participants rather than regulators. This very closed nature makes the market attractive to large capital: liquidity exists, but without excessive transparency.
In the end, a simple logic emerges. Diamonds are a standard, time-tested asset you could call “bank-like.” Colored stones are a niche where rarity and growth potential drive returns. Art is an elite but slow market, more about prestige and cultural capital than liquidity.
Seen through an investor’s eyes, diamonds become a universal tool for preserving and quickly mobilizing capital; colored stones offer a chance to outperform the market through uniqueness; and art serves as a symbol of status and a long game.
Regulation is also crucial. Financial markets answer to the state: every transaction is recorded, every movement of capital is traceable. Gemstones and art work differently: it’s a private club where rules are set by experts and participants rather than regulators. This very closed nature makes the market attractive to large capital: liquidity exists, but without excessive transparency.
In the end, a simple logic emerges. Diamonds are a standard, time-tested asset you could call “bank-like.” Colored stones are a niche where rarity and growth potential drive returns. Art is an elite but slow market, more about prestige and cultural capital than liquidity.
Seen through an investor’s eyes, diamonds become a universal tool for preserving and quickly mobilizing capital; colored stones offer a chance to outperform the market through uniqueness; and art serves as a symbol of status and a long game.