Nairobi, July 14 -- Kenya's wealthy art collectors are searching for paintings created and acquired during the 1980s, 1990s and early 2000s. Reason? Not solely to hang them on their walls but as an alternative investment.

Art, the latest Knight Frank Wealth & Investment Trends Report shows, is now the most-sought-after collectible asset by Kenya's high-net-worth individuals, followed by watches and classic cars.

The surge in demand has driven prices sharply higher. Paintings that once sold for between Sh7,000 and Sh10,000 now fetch Sh800,000, Sh900,000, and in some cases over Sh1 million at art auctions, says veteran artist and curator Michael Soi. He explains that the appetite largely centres on paintings and modest-sized sculptures, u...