The 2013 World Wealth Report released yesterday revealed some not so astonishing news. Apparently rich people care more about jewelry and cars and less about art. The survey was based on testimony from 4,400 wealthy people from across the world. Although this is only a fraction of the rich people in the world, the news is still a bit off-putting.
The report finds that international investors with crazy amounts of money devote the biggest portion of their cash to watches, gems and jewelry (31.6%). In second place, investors buy collectibles like antiques and wine (24.4%). Luxury items like cars and boats place third (19%). Lastly, investors devote money to "passion investments" like art (16.9%).
Yeah, we didn't think artworks would beat out diamonds and Lamborghinis. However the survey notes that although art isn't as popular as other categories, the art buying community is vibrant because "the art market is lively compared to other categories that are characterized more by inheritance and private sales." So art is unpopular and dramatic. Thanks rich people.