Where the Passion Portfolio Already Lives

A crop of firms is now in the business of treating luxury collectibles as their own asset class, formalizing what used to just be a hobby with very good taste. That idea will land differently depending on which stretch of coast you're standing on: Naples keeps its collections quiet and insured, Palm Beach keeps them appraised and diversified, and Miami is happy to let everyone see the portfolio. The pitch is the same everywhere — treat the passion like a position — but the realities, as the term "passion portfolio" suggests, are still being worked out. Down here, where a garage or a closet has doubled as a balance sheet for a while now, that's less a trend piece than a status update.

With reporting from Robb Report.