As persistent inflation reshapes the financial landscape and a likely recession looms, some argue that the classic 60/40 portfolio is ready for retirement. In its place, a new “modern” portfolio is gaining ground—one in which 30% of the allocation is dedicated to alternative investments. Among these, collectibles are gaining traction—watches, vintage cars, wines, and spirits that go far beyond mere “passions” when treated as investment assets. We spoke with Ioana Surdu-Bob, co-founder of Konvi, the first pan-European crowd-investment platform that gives small investors access to rare, high-yield alternative assets.
The importance of diversifying a portfolio’s holdings is well recognized. But how can an investor incorporate alternative investments into their strategy, especially when integrating bonds, stocks, or real estate feels straightforward?
In recent years, investors have sought new ways to build alternative asset allocations, moving beyond the traditional 60% equities and 40% bonds rule. New recommendations have emerged in response to high inflation, sluggish economic growth, geopolitical uncertainty, and a less globalized world. For instance, research by KKR, a New York–based private equity firm, suggests that a modern portfolio comprising 40% equities, 30% bonds, and 30% alternatives can enhance returns and reduce volatility in high-inflation environments.
However, building a diversified portfolio of alternative assets has traditionally required substantial capital. These include private equity, debt, startups, and collectibles. Konvi focuses specifically on the latter. Most alternative investments require a minimum capital outlay of €50,000 or more. But many platforms are now democratizing access to these asset classes. Konvi, for example, allows fractional ownership in watches, wine, and other collectibles starting at just €250.
These so-called “passion assets” offer multiple advantages for investors. First, collectibles act as a hedge against inflation since their prices tend to rise with the cost of living. Second, they have a low correlation with traditional assets. And finally, they have historically delivered higher average returns than conventional investments.
What is Konvi’s proposed model in this context? And how does it compare to directly purchasing collectibles on one’s own?
Directly acquiring high-quality alternative assets can be expensive—often exceeding €100,000—and requires strong networks in the industry. It also demands deep knowledge of the asset class, posing a high risk of acquiring inauthentic or poorly performing items. Konvi offers three key advantages in comparison: diversification, security, and access.
First, Konvi enables any investor to participate in high-value collectible assets—like watches and wine worth over €100,000—with as little as €250. This low entry point allows users to diversify across multiple opportunities and reduce risk.
Second, Konvi provides a secure structure. It operates as a three-sided marketplace connecting retail investors to top-tier providers through holding companies. Once invested in a financing project, Konvi users become shareholders of a special purpose vehicle (SPV) whose sole aim is to acquire, manage, and ultimately sell the asset—usually over a 3 to 5-year horizon. This makes users co-owners of the assets (not Konvi or the provider), enhancing investor protection.
Finally, the assets are carefully selected by renowned partners—such as WatchFund and CultWines—who source and store them securely. These providers have access to exclusive opportunities, often purchasing directly from manufacturers at favorable prices. A standout example is the Cartier Extra Large Tortue High Complication Platinum, valued at €500,000, of which only 15 pieces exist worldwide—co-owned by the Konvi community.
What are the recommended holding periods for assets listed on Konvi?
Assets financed through Konvi always have a predetermined holding period between 3 and 5 years. Although clients can choose the duration of their investment based on their personal financial goals, the ideal holding period recommended by the provider is determined based on the type and characteristics of each asset. Not to be forgotten, some asset classes, such as automobiles or watches, may have shorter holding periods of 3-5 years, while assets such as art or whiskey may require holding periods of 5-10 years.
Art and most collectibles are generally known to be illiquid investments. But many “traditional” asset classes now follow long-term megatrends—such as sustainability—which also require a 5 to 10-year investment outlook. How does the collectibles market respond?
One key driver of illiquidity in collectibles is exclusivity. The longer an item remains off the market, the greater its potential value. That’s why many investors prefer long-term holding strategies—for retirement, generational wealth, or legacy goals. While short-term investing in alternatives is possible, exiting through secondary markets can be risky, as these assets are not widely traded. Generally, it is preferable to consider the asset locked in for a certain period; if an early exit opportunity arises, it is good to take advantage of it.
A plea to “traditionalist” investors: any reasons to expand into alternative assets besides passion?
My approach to alternative investments has always been analytical rather than passion-driven. Alongside traditional assets like ETFs, I’ve incorporated several alternative investments over time. I invested in real estate for its appreciation potential and low interest rates, in peer-to-peer lending for monthly cash flows, and in Ethereum through a low-cost averaging strategy. I also tried to acquire collectibles like watches and handbags but was priced out. That’s when my co-founder at Konvi (and life partner) and I saw an opportunity to enable fractional investing in collectibles, building a pan-European solution. We’re working hard to raise awareness around portfolio diversification and the role of alternative assets. In addition to our platform, Konvi has launched “Discover”—a free community of over 20,000 users exchanging investment ideas. You’re all welcome to join!
