A new generation has embraced the joy of collecting, leading to a surge in inquiries about how to best protect a diverse range of fine and rare items. While watches continue to be an important signifier for younger clients, there is a growing interest in collecting sneakers, spirits, and trading cards.

Here, we offer our insights into the purchase, care, and insurance of these trending collectibles. 

Luxury watches

• Watches are particularly vulnerable to loss: Due to their wearable and visible nature, watches are an easy target for theft and susceptible to catching onto something and falling off unnoticed. To mitigate these risks, ensure the latch is secure and the watch doesn’t hang too loosely.
• A loss is particularly easy to recoup: If a lost watch is covered by a valuable article policy, it can be claimed as a mysterious disappearance and its value will be typically reimbursed without much hassle. This same policy also covers stolen items. However, you will not be compensated for a counterfeit watch, so ensure the authenticity of any watch that was not purchased directly from the watchmaker.
• There are various coverage options available: As with jewelry, you can opt for blanket coverage or schedule each piece individually. Blanket coverage limits payouts, while scheduling ensures each item is insured for its full value. Whichever option you choose, it’s important to maintain detailed, up-to-date written descriptions or photos of your collection, and store these records in a home safe, ideally bolted to the foundation and connected to an alarm.

Spirits

• Beware of counterfeits in the luxury spirits’ market: The luxury spirits market is increasingly plagued by counterfeit products, which can deceive even discerning buyers. To protect yourself from purchasing a fraudulent bottle, always conduct thorough research.
• Understand the proper care and storage of your spirits: Spirits are more resilient than wine as they will not spoil as easily. However, it is still important to store your bottles in a climate-controlled environment and away from sunlight. Spirits should be kept upright to prevent high-proof alcohol from degrading the cork.
• Spirit policies differ from standard wine policies: Spirits are not typically covered by standard wine policies. Ask your broker about a premium “all-risk” valuable articles policy to properly protect your collection.

Rare sneakers

• The best protection is prevention: Due to the limited availability of many styles, even adequate coverage cannot guarantee a direct replacement for damaged pairs. We suggest storing every pair of sneakers and their original boxes, in spacious plastic or acid-free containers within a climate-controlled, shaded environment.
• Understanding the distinction between wearing and displaying: Sneakers lose their eligibility for insurance coverage once they are worn. It's advisable to display them, rather than wearing them, to help preserve their worth and protect from damage.
• Keep track of their value and inventory: Current carrier policies for sneakers are evolving, typically requiring detailed listings of each pair and its current appraised value. Given the market’s volatility, owners must regularly update these valuations. We recommend documenting your collection with photos or videos for added security.

Trading cards

• Handling trading cards with care: The condition of a card greatly affects its price, and body oils or pressure from your fingers can smudge or otherwise cause damage, particularly to the edges. Keep them in protective sleeves and store cards in binders or card storage boxes in a climate-controlled shaded environment.
• Know the value of your trading cards: To fully appreciate and manage your trading card collection, it's essential to organize and catalog each item meticulously. By doing so, you gain a comprehensive understanding of what you possess and can accurately assess the value of your collection.
• Consult your broker for coverage: Card policies, like those for sneakers, are constantly evolving, so it’s crucial to stay informed. Regularly consult with your broker to discuss the specifics of your collection and ensure it is adequately covered.

Collecting is a timeless pleasure, and ensuring each piece remains a source of joy is essential. To ensure your collection will be treasured for years to come, be sure you work with a professional with deep expertise in this luxury market. While this brief overview touches on some key points, we are always happy to discuss any specific questions surrounding your collectibles.