If you are looking to invest in luxury items, then choosing where to invest will be important. And whilst we aren’t experts on where to invest your money, we are experts in insurance. And we can help you take steps to protect your investments through the provision of risk management and insurance advice.
Types of Luxury Item Investments
Watches
The secondary luxury watch market had seen significant growth, but recent news may suggest a slow in the market. With articles highlighting a cooling in the watch market over recent months, as well as changes to the values of watches on the secondary watch market.
Art
This article from the Financial Times gives an overview of the global art market. Showing growth in the trade of art, a rise in spend and a return of in person art events following the COVID-19 pandemic.
Designer Handbags
The market for luxury handbags has seen significant growth in recent years. This article from auction house Christies takes a look at luxury handbag trends for 2022.
Sneakers
In recent years, those building up valuable collections of sneakers (or trainers) have grown in numbers. With a resale market for rare trainers, collaborations, and unique and luxury brands.
Classic Cars
The latest update to the UK Hagerty Price Guide gives an overview of the classic car market, as of September 2022, giving insight into which types of car are rising and falling in value.
Protecting your Investments
Whatever you choose to invest in, then it will be important to protect your investments. Taking steps to keep them in the best condition possible to help them maintain their value will of course be vital.
You’ll also need to protect your investments against a range of perils. One way to do this is to ensure that you have the right insurance in place for your collectibles. This could be a specialist insurance policy, or a high net worth insurance policy.
Whatever type of insurance you put in place, ensure that you have the most up to date valuation of your possessions to ensure you get the right level of cover.
And take the necessary steps required by your insurer to maintain the secure storage of your possessions. Your insurer for example may stipulate possessions need to be kept in a safe and may even specify the type of safe to be used. Failing to adhere to conditions set by your insurer can see your policy invalidated if you do come to claim.
If you have a collection of valuable items and are unsure of the best cover for you or whether your current insurance provides sufficient cover then do get in touch with us at Anthony Jones. Our team of high-net-worth insurance experts can work with you to understand the risks your collection may face, how to get an accurate valuation of your collection and the level of insurance required to adequately protect your valued items. Contact us on 0208 290 9086 or email us at personal@anthonyjones.com
