Porsche: the new Picasso?

Wealthy Britons who are wary of the stock market are investing in prestige cars instead. The number of people with four or more top-end models such as Porsche and Bentley is on the increase, according to insurance company Aviva. And some even have as many as 30 prestige cars, owning the likes of Aston Martin, Ferrari, Jaguar and Rolls-Royce, the company added.

Aviva said that, on average, owners of these types of expensive car only do about 8000 km a year - about two-thirds of the national average. The average value of the prestige car collections insured with Aviva is £350,000 ($538,378).

Almost two-thirds of these cars are less than two years old, with 50 per cent having personalised number plates and 85 per cent of the owners being male. The most popular of the prestige cars is Porsche, followed by Bentley, Aston Martin and Ferrari.

Scott Leonard, high net worth underwriting manager at Aviva, said: "The popularity of owning a collection of high-value cars is growing among the wealthy of the population generally. It is not simply the preserve of A-list footballers and pop stars.

"It seems that people with money to spend and invest are now as likely to add a new prestige car to their possessions as a work of art, so perhaps Porsches are the new Picassos."