increase in value = increase in wealth?

Let's say an object you purchased - an 'investment' - goes up
in value; a painting, land, house, ... kudos

And let's say the increase in market price is greater than
inflation. Hence this rise in value is demand driven; the
object is worth more today than yesterday.

Now, can we say there is a net gain of wealth, if no
new products or services have been generated? It
seems to me this is purely a zero sum situation -
something else must have dropped in value.
(consider: the house has deteriorated over time, it
should depreciate!)

You could analyze it strictly in monetary terms - if
there's more money spent on the object, less must be
spent elsewhere - but it's not so simple, as perhaps no
money changed hands, the gain is 'on paper', so to speak.

How does conventional economics answer this?


--
Rich

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