Many people believe in collectibles as another track of asset allocation. In other words, buying and maintaining certain pieces of collectibles is seen as an additional brick in their financial planning foundation. It’s all part of establishing a net worth. For many of my age group, we had a great collection of comic books until we went away to college and returned home to find that our mother had cleaned out the garage and tossed all those dust-carrying original copies of Superman. We all experienced that one. But, as I grew older, the penchant for comic books ceased and I gravitated to something with wheels. I have a car that is now 17 years old. Yes, you read that right. 17! It has a mere 110,000 miles on it and is in mint condition. It was also, when it was unveiled in 1990, rated by most of the motor trend magazines as the car of the year. It certainly, over its lifetime, has lived up to that accolade. I noticed that before it hit the 15-year mark, its valued had certainly dropped. But, as soon as it passed the 15-year threshold, I saw an immediate rise in value as it entered the “classic” stage, which it is today. So, this to me is like money in the bank. As long as I keep it in such great condition with constant mechanic supervision, I have developed a pretty good asset. Some people don’t gravitate toward cars but more toward, let’s say, art. A few weeks ago, I visited the Raymond James Financial center, its corporate headquarters in St. Petersburg, Florida, to talk with various executives to find out where they are heading with the financial planning explosion upwards because of the Baby Boomers. Talk about asset allocation. I was opened up to the Tom and Mary James/Raymond James Financial Arty Collection, one of the country’s largest private collections. It consists of more than 1,850 pieces including original paintings, sculptures, and graphics in both prints and posters. Tom James, Chairman of the Board and CEO of Raymond James Financial, and his wife Mary, own more than 95 percent of the collection. It is on display at the firm’s corporate headquarters. The art is placed on different floors of each campus building according to style and theme. Mr. James has selected almost every piece of artwork himself. While some of the artists in the collection are now deceased, he believes buying works from living artists helps to sustain them in their profession. Although the collection began in the late 1950s with predominately American artists, primarily from Florida, it has grown to include works by such artists as Alfredo Arreguin, Alexander Calder, Mihail Chemiakin, Salvador Dali, Jacob Lawrence, Roy Lichtenstein, Joan Miro, Leonardo Nierman, Robert Rauschenberg, James Rosenquist, Andy Warhol, Jamie Wyeth and Victor Vasarely, among others. In the mid 1980s, while on trips to Colorado and New Mexico, Mr. James began to collect Western and Southwestern art. At the present time, more than half of the collection consists of Western/Southwestern styles of art, including works by Roy Anderson, Earl Biss, J. D. Challenger, Glenna Goodacre, The James family, as well as Raymond James Financial, has long been a supporter of the arts. This year, for the fifth consecutive year, Raymond James Financial will be the major sponsor for the renowned Raymond James Gasparilla Festival of Arts. In addition, Mr. James is currently president of the Salvador Dali Museum Board of Directors. Hmmm. Is he interested in trading a piece of art for my car? Probably not. And I probably wouldn’t, either.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access