I agree that in some cases, that is certainly true, but not in all cases. There is an element of passion that is a part of collecting. And for some with the means, the money is a tool, a means, for following their passion. It's not about the money, it's about obtaining an example of something they are passionate about, or supporting artistic, or other endeavors that require a lot of cash to nurture, about which they are passionate.
I know a few very wealthy people, and all of them are very conscious about money. They don't spend anything close to what they make. They make their money work for them. The other thing I've found is that people with money, who are not trust fund babies, are very conscious regarding the value of what they're buying. A few of them are beyond frugal, they're downright cheap.
One of my friends grew up in Beverly Hills, in a house where the furniture was orange crates and sleeping bags for the first few years. The house was an investment. Furniture was an expense. Once the family business was producing enough cash flow, the furniture showed up, a piece at a time, and the orange crates went into the fireplace. And that practicality never left any of them, no matter how much money they earned or donated to various charitable causes.
Was his name Jed Clampett by any chance? ?
JK ☺