Hedgies Big Fans of Art, Chartering Yachts. Maybe.

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While researching for his forthcoming book, Fortune’s Fortress: A Primer on Wealth Preservation for Hedge Fund Professionals, Russ Alan Prince polled a group of hedge funders about their spending habits, and found that, on average, each one spent roughly $4 million on art in 2005. And though they’d never really struck us right side of the brain-type folks, and we actually paused for a second or two and said “Really? Fine art? Seriously?”, we concluded that $87.9 million paintings and the like are probably pretty good status symbols and that “maybe that Prince character knows what he’s talking about.” But then—whoa there, Skippy. Run down the respondents' average spending from last year and there seems to be a subtle but obvious reason why art tops the list and not, perhaps, something else.

2005 personal average spending:
Fine art: $3.99 million
Yacht charters: $429,700
Jewelry: $376,400
Hotels & resorts: $304,900
Watches: $271,300
Fashion and accessories: $204,200
Traditional spa services: $124,000
Electronics: $99,300
Entertaining friends: $76,700
Wine & spirits for the home: $48,900

The Spending Habits of Hedgies[DealBook]

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