From designer handbags to expensive watches, treating yourself to those highly-coveted luxury items is one of the biggest pleasures in life, and a much-deserved way to reward yourself for the hard work it has taken to grow your fortune.
Showing off your shiny new Rolex or toting your new Chanel 22 is a sure-fire way to guarantee you’ll feel like a million dollars next time you go out for dinner or head to that red carpet event – but beyond the simple joys that come with wearing and using your high-end purchases, they could also turn out to be some savvy investments for the future.
Whether you choose to pass them down through the generations as precious family heirlooms or sell them for a profit later on, taking care of your luxury goods is essential to extend their lives and keep them looking their best for as long as possible. And, with many coming with eye-watering values, it’s important to protect them in every way you can.
Here, we take a look at some of the simple ways you can look after your most prized possessions, and guarantee that they will stand the test of time – just as you’d expect from quality items like these.
Take out comprehensive insurance
Getting insurance on engagement rings, original works of art and designer goods, as well as rare and collectible items, is one of the first things you should do to ensure your high-end purchases are protected from loss, theft, accidental damage and unfortunate events like fire, floods and storms.
In insurance terms, luxury goods and high-value items are considered to be those worth more than £1,000. Most insurance companies have a single-item limit, which is the maximum you can claim for any one stolen or damaged item, so be sure to take this into consideration when selecting your policy. If your items are particularly valuable – say, over £2,500 – then it’s wise to take out specialist cover as soon as you gain possession of it, to ensure that you have maximum protection from the off. Diamond rings and other expensive pieces of jewellery, which can be particularly vulnerable to loss and theft, are some good examples of items that could qualify.
Store correctly and do regular maintenance
Storing your luxury items is important and can make a big difference to how long they remain at their best. Designer handbags and clothing, for example, should never be stored in direct sunlight, as this can cause colours to fade, so place the former in its dust pouch inside your wardrobe, and stuff with tissue paper to ensure that it retains its shape.
Handbags, watches, jewellery and artworks can all quickly begin to gather dust and debris, so take some time to wipe them down or polish them on a weekly basis. Doing so will retain the shine of gemstones, diamonds and precious metals, as well as keeping them looking new and clean. Avoid using wipes that contain alcohol, as these can damage some materials and finishes – opt instead for a warm, damp cloth.
Take advantage of free services
Many luxury goods will come with a warranty, so don’t forget to take advantage of this should you encounter any problems with your purchase while this is in date. If one of the tiny gemstones on your engagement ring falls off, for example, then take it back to the jeweller you bought it from immediately to have it replaced, and be sure to get your ring resized for free if it’s a little large on your finger, as ensuring the perfect fit is essential to reduce the risk of losing it.
If your shiny iced out Rolex or super stylish Patek Philippe isn’t keeping time correctly or the batteries don’t last as long as expected, then these are also reasons to take your watch back to the manufacturer and have them rectify the issue. The great thing about splurging on items with hefty price tags is that they often come with guaranteed peace of mind should minor problems like these arise, and generally speaking, issues will be sorted quickly and easily on your behalf so that you never have to stress about doing so yourself.
