Performative provenance, auction-verified documentation, and 24-year holding data place this collection at the apex of the DIG IQ scale.
Portfolio Summary
Jazz instruments punched well above their weight
Miles Davis and John Coltrane pieces held for just 4 years produced CAGRs of 50% and 36% respectively — outperforming even the trophy guitar lots on a risk-adjusted basis. Short post-2020 windows dramatically outperform the long-dated pre-2015 book.
Performative provenance is the pricing variable that matters
Every lot in the top-quartile CAGR tier shares one attribute: the instrument was physically used at a culturally defining moment. Lots without this "touch" story — film scripts, personal jewellery, awards — underperform structurally regardless of artist fame.
76.8% of value sits in a single sub-category
Guitars represent $52.2M of the $68M current value. While the category has delivered +205% total return, the illiquidity profile and insurance cost of this concentration is material. Instruments and lyrics diversify the return base but remain underweight by allocation.
The market systematically underpriced performative provenance
Christie's pre-sale estimates reflected comp-based valuation. Realised prices told a different story. Ten lots exceeded 5× their low estimate, with the Miles Davis trumpet realising 16.5×. Every lot in the top-10 delta tier shares one attribute: the object was the primary tool at a culturally defining moment. The estimate-to-realised delta is the clearest quantitative signal for the D-Score.
Sector Analysis & Allocation
Sector Performance
| Sector | CAGR | Return | Rating | |
|---|---|---|---|---|
| Instruments | +20.2% | +103% | Buy | |
| Guitars | +15.9% | +206% | Buy | |
| Costumes | +11.0% | +248% | Hold | |
| Autographs | +7.4% | +239% | Hold | |
| Awards | +7.9% | +131% | Hold | |
| Lyrics | +9.8% | +109% | Hold | |
| Film MSS | +3.0% | +16% | — | |
| Personal Items | +1.2% | +14% | — |
Value Concentration
Holding Period Mix
Risk / Return Analysis
CAGR vs Hold Period (All 35 Lots)
Magnitude vs. Delta
Absolute realised price (Y) vs. estimate multiplier (X). Bubble size = D-Score intensity. The top-right quadrant contains lots with both high magnitude and extreme estimate-beating performance.
Lot-Level Performance
Top & Bottom Performers
| Lot | Acq. | Cost Basis | 2026 Value | Total Return | CAGR | Est. Delta | Contribution | Rating |
|---|
Estimate Smashers
CAGR measures what the market learned over time. The estimate delta measures what it hadn't yet priced in. Christie's pre-sale estimates reflect comp-based valuation — the consensus view of what an object should fetch. When realised prices obliterate those estimates, the excess return is attributable to performative provenance: the narrative gravity of an object's role at a culturally defining moment. This is the D-Score made visible.
| # | Lot | Christie's Low Est. | Realised | Multiplier | Delta |
|---|