This week, I'd like to talk about the power of 'wish fulfilment' on the value of collectibles. By that, I mean the opportunity to be like, or emulate, your heroes.
Of course, as we get older many of us rely on heroes less and less...
Yet, for people of a certain age, that childhood desire to be like Sean Connery's James Bond driving his Aston Martin DB5, or Geoff Hurst scoring England's winning goal in the 1966 World Cup final, never goes away.
This desire holds plenty of sway on the collectors' markets, putting some 'collectible assets' in a league of their own in terms of value.
Collectibles can be your own 'Great Escape'
Steve McQueen is a great of example of this. For movie audiences of the 1960s, McQueen personified a lifestyle of fast cars, luxury and living on the edge to which his fans aspired.
And, because of the so-called "James Dean Effect" - when a celebrity dies young, leaving their legacy unchanged for future generations to enjoy - McQueen's iconic status today remains undiminished.
Classic cars, fine clothes and fine wristwatches were all among Steve McQueen's interests. Consequently, he is today a regular at the world's top auctions...
Indeed, in his exclusive interview with Paul Fraser Collectibles last year, Julien Schaerer, Watch Director and Auctioneer at Antiquorum USA, named McQueen's Rolex Submariner as one of his career highlights.
Elsewhere, the Porsche 911S bought by McQueen in 1970 to film the classic Paris racing movie, Le Mans, is selling at RM Auctions' Monterey auction on August 18-20.
Hollywood's '60s style icons are smashing sale estimates
Another great icon is McQueen's long-time friend - and occasional source of competition - Paul Newman, whose interests often mirrored McQueen's including wristwatches.
Newman's most recent auction appearance is at Fellow's of Birmingham, UK. Thanks to his pull as a Hollywood icon, Newman made this 1969 Rolex Cosmograph Daytona watch (literally) synonymous with himself.
The watch has been described as "the vintage sports watch to own." So what are collectors willing to pay to be like Paul Newman? Well, the watch carries a pre-sale estimate of £30,000-£40,000.
Impressive. But even more impressive still is that a Sotheby's sale in November 2010 saw a 1966 example of this same watch sell for £186,000.
You have a chance to look at cool a Paul Newman when his classic
In other words, the Newman watch at Sotheby's could be greatly undervalued.
Depending on how bidders act on the day, Sotheby's sale of the 1969 "Paul Newman" Rolex Cosmograph Daytona could present you with a potential bargain.
On the other hand - as I've discussed in my previous columns - excitement among bidders could push the watch's value up and up...
But who are the buyers driving these markets?
Baby Boomers: causing a boom in collectibles
Did you know that there are an estimated 80 million people just starting to retire in the US alone?
That's an average rate of 75,000 a week for the next 20 years. What's more, this generation is now responsible for 80% of the world's wealth.
And that's not all... As these people retire, they're looking to pursue new hobbies (like an art or wine collection) - or resume old ones...
When I say resuming old hobbies, I mean recapturing childhood interests. Be it stamp collecting, or old movies starring the likes of Sean Connery, Steve McQueen or Paul Newman.
And, with a quarter of the population in the United Kingdom alone set to be aged 65 or old in the year 2031, the Baby Boomers are set to continue pushing up collectibles values for some time to come.
For more information on how you can benefit from these Baby Boomer trends as a collector and alternative investor, see Paul Fraser Collectibles 10 Reasons to Invest in Collectibles, or contact us for a free consultation at...
+44 (0) 117 933 9500
All the best, until next week
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