by Carrie Baker
From sports memorabilia to vintage jewelry, watches, and rare books, there are numerous rare items that individuals acquire without considering themselves “collectors.”
Many enthusiasts lack formal appraisals or proper insurance for their collections, potentially leaving them underinsured in case of loss.
Research indicates that numerous individuals unknowingly fall into the category of collectors, highlighting a gap in insurance coverage.
“Collecting” is no longer exclusive to the wealthy and has become a mainstream cultural phenomenon. The diversity of collectibles knows no bounds, with watch collecting serving as a prime example. According to watchcollecting.com, the global luxury watch market has seen remarkable growth, reaching $42.21B last year from $25B in 2013, with projections to exceed $45B this year. Do you have a collection? Have you ensured it is appropriately appraised and insured for potential losses?
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