Coins and stamps now more profitable than art and wine
M. Moshe Malamud, Chairman of The Franklin Mint, holds an 8 Reales Silver coin from The Franklin Mint's collection of treasure recovered from the sunken spanish ship 'El Cazador' in a vault at The Franklin Mint offices on March 9, 2007 in Hicksville, New York. Luxury collectibles like coins and stamps are now more profitable than art and wine.
There's a special category of assets called 'passion investments.' This includes fine art, wine and other collectibles. It's high glamour, high cost and also high risk, which is why it's mostly the realm of the super-rich. Jason Karaian, senior Europe correspondent at Quartz, says there are some interesting new trends in this arena. Classic cars are fetching a lot of money right now, and coins and stamps are doing especially well -- better than fine art, wine and jewelry. He says the shift could point to a number of things, but it's worth noting that these items have a more 'geekier' image associated with them.
"We billed it as a bit of a ‘revenge of the nerds’ scenario," says Karaian.
Karaian says that although these 'passion investments' can be more fun and interesting, they tend to only be about 3 to 5 percent of the super wealthy's portfolios so in comparison to traditional investments like bonds, stocks and property, they're not a one-way ticket to wealth.
Jason Karaian, senior Europe correspondent at Quartz, joins Marketplace Morning Report host Mark Garrison to discuss.