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What Luxury Asset Does The Millionaire Want To Buy?
- 15th Dec 2020
In the last decade, we have witnessed a surge in super-wealthy individuals across the world. As a result, their demand for luxurious products is increasing too. Besides the millionaire-worthy purchases such as yachts, property and private jets, the ultra-rich are also looking into other products which are being demanded. These smaller investments are made because of their passion and love for it. Let’s look at the dramatic increase in all such products.
People have been looking for expensive and vintage spirits such as rare whiskey, especially single malt Scotch varieties. In 2019, a bottle of the Scotch set worth £700,000 was bought at an auction in October. In just one month’s span, it was overtaken by a bottle sold for £1.2 million. Distilled in 1926, the hand-painted bottle was sold at Christies’s wine and spirits auction in London. The demand for rare whiskey in the 12 months has gone up by 40% and over the past ten years, it has soared 582%.
Another all-time classic favoured by millennials is vintage cars. They have
Been the hottest items bought by the elite and the demand for them has risen by 258% over the past decade. Last year, records were broken when a 1962 Ferrari 250 GTO was bought for $48.4 million at an auction.
Coins and stamps are also known in their circle and their value has gone up by 193% and 189% respectively in the last 10 years. The most expensive stamp that was sold in 2019 was for $1.6 million while a 1621 Polish gold 100 ducat coin was sold by the Classical Numismatic Group for $2.2 million. Art has seen a rise of 158%, coloured diamonds 122% and Jewellery 112%.
Besides this, furniture investors have seen a sink in their assets sink by 32% over the past 10 years.