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COVID boom in collectibles adds value to society

Luxury items withstand time, and economic bubbles too

| Japan
Yusaku Maezawa attends the opening of the new exhibitions Jean-Michel Basquiat and Egon Schiele in Paris in October 2018: he paid a record $110.5 million in 2017 for an untitled Jean-Michel Basquiat painting.   © Getty Images

Nobuko Kobayashi is a partner with EY Strategy and Consulting Co., Ltd., Strategy and Transactions -- EY-Parthenon.

Collecting luxury items, Japanese billionaire Yusaku Maezawa, former president and founder of online fashion retailer Zozo, paid a record $110.5 million in 2017 for an untitled Jean-Michel Basquiat painting -- is another way the rich diversify their wealth in addition to more traditional assets such as equities bonds and real estate.

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