Collectibles Coverage: Insuring Prized Possessions

Everyone’s familiar with the concept of collecting stamps, coins, comic books and even “Star Wars” action figures—but how about collecting surgeons’ tools from the Civil War era or locks of celebrities’ hair? 

Believe it or not, there’s a growing market for these unusual collectibles as well as pretty much everything else under the sun. These trends present plenty of business opportunities for the insurance industry as collectors become more sophisticated in seeking protection for their valuables.

Aside from fine art, which remains a strong—even record-setting—market for collectors, wealthy individuals are sinking their money into jewelry, fine wines, antique furniture and classic cars, according to a study commissioned by Barclays Wealth and Investment Management earlier this year.