Porsches the new Picassos for super rich
It's not just the likes of Jay-Z, Wayne Rooney and David Beckham who are building up their car collections, according to the UK's largest insurer.
Statistics from Aviva show the number of people with four or more top-end cars is on the increase, with some clients owning more than 30.
But like a treasured piece of art, some of the car collections are often more cared for than a mere form of transport, with staff employed to look after them for their owners, and the average vehicle mileage is 5000 miles a year, two thirds of the national average.
Some of the rising popularity of prestige car collections is thought to relate to investors looking to new ways to invest their money in the current economic climate - unique and collectable cars hold their resale value, and some vehicles have changed hands for millions.
The typical value of the prestige car portfolios is a cool £350,000, which though somewhat less than the reported £1.3m Beyonce paid for her husband Jay-Z's 253mph Bugatti Veyron birthday present, is just over 69 times the value of the average new family car.
Aviva's records show that Porsche topped the list as this year's most popular prestige car for insurance quotes on their Distinct contract, with Bentley, Aston Martin, Ferrari and Jaguar making up the top 5.
The most popular combination of cars in Aviva's Distinct prestige portfolio in 2010 is a Bentley Continental, Range Rover, Aston DB9 or Ferrari 599 and a Fiat 500 or Mini Cooper. This seems to provide the perfect mix of luxury, sports and convenience for every occasion and all members of the family.
Modern new cars are most popular, with almost two-thirds (65%) of high end cars insured by Aviva less than two years old, reflecting the fact that high net worth customers tend to change their cars on average every 1.7 years. Personalised plates are found on around 50% of the vehicles. Perhaps not surprisingly, 85% of prestige car collection drivers are male.
Scott Leonard, high net worth underwriting manager at Aviva, comments: "The popularity of owning a collection of high value cars is growing among the wealthy of the population generally - it is not simply the preserve of A-list footballers and pop stars. It seems that people with money to spend and invest are now as likely to add a new prestige car to their possessions as a work of art, so perhaps Porsches are the new Picassos.
"High value cars can be assets that appreciate in value too - some classic cars with famous prior owners have changed hands for millions of pounds. However for many people with money, it is most likely pure enjoyment rather than return on investment that is top of their minds with a love of both the form as well as the function of these pieces of automotive modern art."
