What are the most common collectibles owned by Millionaires?
My son has been watching the most recent set of Stanley Cup play-off games clothed in a Chicago Blackhawks jersey signed by Tony Esposito. The first time he wore it I remembered that I had been intending to get the jersey framed….someday. His argument was that he is able to enjoy it more if he can actually wear it at times like this. Since he is a college student, I warned him that he could not drink while wearing the jersey because it couldn’t be washed without ruining the signature. He assured me that he will take good care of it. I am telling myself that Tony Esposito would approve of my son celebrating (and spilling on) the jersey while the Blackhawks fight for the championship.
Sports paraphernalia happens to be one small item that we collect. But our collection really consists of the afore-mentioned jersey and some signed White Sox paraphernalia. We have a Bulls jersey that was signed as well….but that’s it. We won’t be able to sell the items and count on a secure retirement.
Only 6 percent of Millionaires collect sports paraphernalia. Perhaps they understand that the market for it isn’t great, or perhaps many don’t think of it as an investment. Clearly my family just thinks of it as items that are “cool to have”.
According to Spectrem Millionaire Corner data, one of the most common collectibles for Millionaires is Art. Twenty one percent of all Millionaires collect Art while 38 percent of Millionaires over the age of 65 collect Art. Senior corporate executives are more likely than other occupations to collect Art. I have some extended family members that collect Art. During the economic downturn their Art collection retained its value. They also had greater opportunities to invest because some other collectors were holding back on new purchases. Collecting Art makes sense.
The most common collectible for Millionaires is Currency or Coin, with 24 percent of Millionaires collecting these items. I always think of people who are into coins as rather nerdy….but clearly there is great investment value and what do I know? In fact, Professionals such as Doctors and Lawyers are the most likely to collect Currency and Coins. My grandfather gave me some silver dollars when I was young. He told me to keep them because some day they would be worth a lot of money. I keep them in a coffee can in my closet. Do you think they have any value? They are probably worth $1.01 by now. Again, I won’t be retiring on the value of my silver dollars.
The third most common collectible for Millionaires is Automobiles. About 13 percent of Millionaires collect Automobiles. Twenty percent of Millionaire car collectors are Baby Boomers. It used to be called a middle age crisis when a guy would buy a 1960s muscle car. Now it’s called an investment. I know lots of middle-aged men that watch car shows….most of them aren’t Millionaires but they still think about buying these cars. They all believe that they will be the one to get the deal. You know, the old grandma with the perfect car in their garage that she never drove?
Even my father fell for that one. He has a 1969 Camaro that he now keeps locked up in a garage. He told me that now that he has the perfect car he doesn’t need anything else in life. All of his grandsons are schmoozing him daily with the hope that one day the car might belong to them. He should give it to me. Clearly the value of my collectibles needs some enhancement.
The bottom line is that for most individuals, they probably have a smattering of valuable items that could be considered collectibles. There are individuals, however, that actively seek out certain items. I am jealous of these individuals and hope to one day find the right item to collect. I am afraid, however, that if I find the right bottle of wine to collect, I may choose to indulge rather than keep it. What about you?