Living a life of luxury.

According to Knight Frank's 2024 Wealth Report, wealthy individuals with a net worth of over $US30 million typically allocate 20% of their portfolios to luxury collectibles such as art, watches, classic cars, wine, and jewelry. The joy of ownership is the primary motivation for investing in these goods, with profit being a secondary consideration. However, the performance of these assets as investments varies. In 2023, the value of rare whisky, classic cars, handbags, and furniture dropped, while art experienced an 11% growth rate. It is important to note that investing in luxury items requires expertise, as determining their value is not an exact science. It is recommended that individuals approach luxury investments with a passion rather than solely as an investment. Additionally, those investing in luxury items through self-managed super funds must adhere to strict rules set by the Australian Taxation Office. Finally, potential investors should be cautious of scams and should thoroughly research companies and authenticate items before making any purchases. [Extracted from the article]