Whether you have a collection of luxury handbags, watches, whiskey, wine and/or jewellery, protecting a luxury collection represents protecting milestones, investments, and personal memories. Unfortunately, these same qualities also make collectible items prime targets for theft. As break-ins targeting high-value items continue to be a significant concern, taking active steps to protect your collection has never been more essential.

A Growing Problem

Our team of collectible insurance experts know that theft of luxury items from private residences is still prevalent in Canada. Statistics Canada reported a 5% decline in break-and-enter incidents in 2023. However, there were still 130,748 reported cases. Unfortunately, break-and-enter incidents are one of the most common types of property crime in the country​ (Statistics Canada). Keep reading as our insurance experts explain some of the ways of protecting a luxury collection.

So What Do Thieves Want Most?

Homes (not just high-value homes) with collections of multiple luxury handbags, jewellery, art, wine, collectibles, and watches are particularly vulnerable. Thieves often target items like these because they are easy to carry and resell.

The luxury handbag market has grown significantly, with designer bags becoming popular investment pieces. Limited-edition handbags from brands like Hermès, Louis Vuitton or Chanel are known to retain or even increase in value over time. This makes them highly attractive to thieves, who can easily transport and resell them. Luxury handbags are also popular vessels for stolen goods that can be thrown in the bag.

Jewellery, due to its value and sentimental importance, is frequently targeted during break-ins. Rare pieces, in particular, are often quickly sold on the black market, making them hard to recover once stolen. In other instances, pieces are melted down, making them impossible to recover.

High-value art is often an attractive target for thieves due to its significant value and ability to be easily hidden or transported. Recent years have seen an increase in targeted art thefts, especially of pieces that are less conspicuous but hold high value in private auctions.

Rare wines and whiskeys have emerged as a favoured asset classes, often performing well as long-term investments. Thieves target wine and whiskey collections due to their high resale value, especially for rare vintages or limited editions.

Collectibles like sports memorabilia, rare coins, and vintage vinyl records have seen growing popularity among collectors. The high value, unique nature, and often irreplaceable sentiment of these items make them prime targets for theft. Unlike mass-produced items, collectibles are uniquely identifiable, which means they can be harder to sell but are irreplaceable to their owners.

High-end watches, particularly those from brands like Rolex, Omega and Patek Philippe, remain in high demand in the secondary market. Their small size and considerable value make them ideal targets for break-ins.

Recent Crime Severity Trends

While the overall rate of break-ins has seen a slight decline, the Crime Severity Index (CSI) for Canada increased by 2% in 2023, indicating that the nature of crime may be shifting toward more targeted or sophisticated operations​ (Statistics Canada). In fact, criminals are increasingly targeting high-value properties, often planning their attacks to maximize the payout in a short time. The CSI increase in major cities like Toronto (+11%) suggests that affluent urban areas are seeing a rise in more severe crimes, including well-organized burglaries focused on luxury items.

Non-Violent Crimes Targeting Luxury Goods

The rise in fraud and extortion, reported alongside increases in property crime, is also relevant for those with luxury collections. Designer bags, watches, and jewellery can be used as currency in these crimes. Organized criminal groups are known to target valuables that are not only easy to steal but also easy to leverage for further illicit activity, which underscores the importance of securing these items​ (Statistics Canada).

Steps for Protecting a Luxury Collection

While these statistics are concerning, there are several proactive steps you can take to protect your collection:

1. According to our insurance experts, a robust security system is one of the best deterrents. Outdoor motion sensors, security cameras, and entry-point sensors make it more challenging for criminals to access your home unnoticed. Thieves tend to avoid well-protected properties.
2. Many break-ins occur through easily accessible entry points like basement windows or balconies. Reinforcing entry points with shatter-resistant glass or window films makes entry harder and buys time for security responses.
3. Items like watches and jewellery should be stored in a high-quality safe when not in use. Safes should be heavy and bolted to the floor to prevent them from being carried away. Investing in a certified burglary safe adds an essential layer of security.
4. Visible security measures like cameras, alarm systems, and signage indicating security monitoring are effective deterrents. Thieves usually avoid properties that show signs of advanced security systems.
5. Wine collectors should consider specialized storage facilities, heavy-duty locks, and humidity-controlled safes, particularly for the most valuable bottles.

Ferrari & Associates Partners with Private Collection Insurance

Thieves are often looking for an easy target—quick access, minimal barriers, and valuable rewards. By taking steps for protecting a luxury collection, you will make your home less appealing to intruders. These preventive measures not only protect your possessions but also help preserve the peace of mind that comes from knowing your valuables are secure. Ferrari & Associates has partnered with Private Collection Insurance (PCI), to provide tailored insurance solutions that protect your valuable collections against theft and loss. Security measures help prevent incidents but having the right insurance ensures that, should the unexpected occur, you’re financially safeguarded. Ferrari & Associates along with Private Collection Insurance protect what you collect.

To learn more about protecting a luxury collection, please visit our personal insurance page on Private Art, Jewelry and Wine Collections.

*The information provided on this page is for information purposes only and should not be taken as insurance advice. For actual insurance advice, please contact Ferrari & Associates at 1-888-467-8989