Watch collectors in the United States spend on average 10% of their annual income on their hobby, according to a survey by security and insurance specialist Chubb.
The company surveyed 1,212 “collectors” over the summer with a household income of over $50,000
A staggering 40% of collectors said they had spent more than 10% of their net worth on watches.
More than one third (37%) of all collectors said they would buy watches for their own personal pleasure if they had the necessary funds.
Something about the pandemic has supercharged collecting as a pastime and passion. Not only are there more collectors of more assets, but there is increasingly irrational behavior when it comes to acquiring new treasures.
Forty percent of all collectors recently began collecting wine, a direct reaction to the pandemic, perhaps.
Seventy-four percent of American collectors have purchased or would consider purchasing art sight unseen. Of those individuals, 94% have personally experienced a claim on their collection in the past year. Showing that, not only, are purchasing decisions becoming riskier, but a direct correlation is also materializing to an increased rate of loss or damage to these collections as well, Chubb suggests.
Over the past year, 79% of those surveyed have bought collectibles from online auctions.
Art (41%), jewelry and gemstones (48%) and wine (31%) are perceived to be the best long-term financial investment.
Americans would purchase art (41%), jewelry and gemstones (47%), wine (34%), watches (32%) and classic or collector cars (30%) as an investment, if they had the funds to do so.
Similarly, if they had the funds to do so, art collectors (52%), wine collectors (48%) and spirits collectors (48%) would most like to purchase jewelry and gemstones as an investment.