Art, classic cars, wine and watches have seen a 179% growth in value over the last decade, outperforming many more mainstream investments such as the FTSE 100, according to Knight Frank's Luxury Investment Index, cited in the 2014 Wealth Report. The growth in value of some of these luxury collectables has been particularly dramatic - for example, the value of classic cars increased by 456% over the same 10-year period.
This article studies the insurance considerations that luxury collectables hold and the implications for brokers and insurers.
• Tax considerations.
• Importance of storage and insurance.
• Provenance affecting collection values.
• Domestic and global high net worth trends.