A number of factors combined to make 2008 a disastrous year for the world’s wealthy: stock markets experienced unprecedented falls, as did hedge funds and other supposedly uncorrelated investments, and several elaborate frauds were uncovered, which wiped millions from the assets of high net worth individuals.

An ongoing lack of confidence in financial markets, and arguably the wealth management industry - which could be perceived as having failed to deliver the service and security that clients pay for - has left investors searching for safer investment options. But options such as cash and government bonds are simply not that attractive in terms of returns; moreover, for some, these ‘safe haven’ investments are not safe enough amid lingering fears over the safety of banks and spiralling government debt.

This lack of confidence is driving investment in tangible assets such as art, gold bullion, jewellery, antiques and collectable cars, as are the bargain prices attached to some of these investment ideas: as Ms Ellis notes, the fine art market has declined 35 per cent this year.

But the investment appeal of collectables is not solely based on their tangibility - although it is easy to see why HNW individuals may be drawn to an asset they can see over an opaque investment vehicle - but also the pleasure that such objects can give in addition to being a means of storing wealth.