The ultra-rich are piling into Rolexes, rubies and Klimts as inflation hedges—but the real return may be about more than money

BNY Wealth recently surveyed investment decision-makers at 290 single-family offices—the private firms that manage the fortunes of families with at least $250 million in investable assets. Nearly half of respondents oversee more than $1 billion. Notably, nearly two-thirds of the family offices surveyed held assets uncorrelated to their broader investment…