Protecting Luxury: How the Most Expensive Items in the World Are Insured

Some of the most expensive items in the world include a yacht worth over $700 million, a painting worth over $400 million and a coupe worth over $100 million. Unsurprisingly, extravagant luxury items with staggering price tags like these generally require incredibly high insurance premiums and may need to be insured by specialty carriers that are capable of covering extremely large financial losses.

Continue reading for more examples of the most valuable assets in the world and information about insuring rare and expensive items of your own.

What Are the Most Expensive Items in the World?

In the following sections, you’ll learn about the most expensive things in the world in eight different categories. The list does not include buildings, intangible things, items that are considered to be priceless but don’t have an actual known value, such as the Kohinoor diamond, or items whose existences are disputed, such as the History Supreme yacht.^[1][2]

Dilbar Yacht ($735 Million)

Dilbar is the most expensive yacht in the world with a confirmed price, being valued between $600 and $735 million, according to the United States Department of Treasury. It is owned by Russian billionaire Alisher Usmanov, who was sanctioned by the United States and the European Union following Russia’s invasion of Ukraine in 2022.^[3]

Some of the luxurious features boasted by the Dilbar superyacht include two helipads and one of the largest indoor swimming pools ever installed on a yacht. As of 2022, Dilbar is registered in the Cayman Islands, a British territory located in North America.^[3]

While it is currently unknown how Usmanov insures his boat, the sum of all costs related to running the yacht is estimated to be $60 million per year. It’s also worth noting that, due to the ongoing sanctions imposed on Usmanov, he is not allowed to do business with American insurance companies or any insurer that uses United States dollars.^[3]

‘Salvator Mundi’ by Leonardo da Vinci ($450.3 Million)

“Salvator Mundi” is a painting reportedly purchased on behalf of Mohammed bin Salman, the crown prince and prime minister of Saudi Arabia, for $450.3 million at an auction in New York in 2017, putting it at the top of the list of the most expensive paintings in the world. Scholars believe “Salvator Mundi” was finished around the year 1500 and it is commonly attributed to Leonardo da Vinci, although da Vinci’s creatorship is disputed among scholars.^[4]

The painting — the name of which literally means “Savior of the World” in Latin — depicts Jesus Christ lifting up his right hand as if to give a benediction while holding a crystal sphere symbolizing creation in his left hand.^[4]

There is no public information regarding whether or how “Salvator Mundi” is currently insured, though one insurance broker speculated that the painting could cost between $225,000 and $292,500 per year to insure. Due to the incredibly high value of the painting, the broker suggested that it would have to be covered by a massive reinsurer, such as Lloyd’s of London, or through a combination of policies purchased from multiple different insurance companies.^[5]

Cullinan I Diamond ($150 Million)

Discovered in South Africa in 1905, the Cullinan was the largest rough diamond ever found. It was split into several smaller diamonds, the largest and most valuable of which is Cullinan I, also known as the Great Star of Africa. It has an estimated value of approximately $150 million.^[6]

The original uncut Cullinan diamond was gifted to King Edward VII of the United Kingdom for his birthday in 1907, and he insured it for $1.25 million.^[7] Today, Cullinan I is set in the Sovereign’s Scepter with Cross, a part of the British royal family’s coronation regalia, and it requires an estimated insurance premium of around $2.25 million per year.^[6]

1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé ($142 Million)

In 2022, a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé was sold at an auction in Germany for $142 million, thus becoming the most expensive car ever sold. The Uhlenhaut Coupé’s high price tag stems from its rarity; following World War II, only two prototypes of the car were created before Mercedes-Benz shut down its motorsports program due to a multi-casualty accident involving one of its vehicles.^[8]

Since this classic car was purchased as a collector’s item rather than something to be driven, it is not eligible for coverage under a standard auto insurance policy. One high-end insurance executive suggested the 300 SLR Uhlenhaut Coupé might be best covered by an inland marine insurance policy for a premium of more than $100,000 per year.^[9]

‘L’Homme au Doigt’ by Alberto Giacometti ($141.3 Million)

Alberto Giacometti’s “L’Homme au doigt” sold for $141.3 million in 2015, making it the most expensive sculpture in the world. The 1947 sculpture depicts a withered man raising one hand and pointing with another. In designing it, Giacometti was influenced by artistic movements like cubism, surrealism and African sculpture.^[10]

There is no public information available about what kinds of insurance policies cover “L’Homme au doigt,” if any. In general, art insurance tends to cost 1% to 2% of the total value of the piece, meaning “L’Homme au doigt” may cost between $1.4 million and $2.8 million per year to insure, assuming its actual value is the same as its auction price.^[11]

Mouawad L’Incomparable Diamond Necklace ($55 Million)

The most expensive piece of jewelry in the world is the $55 million L’Incomparable Diamond Necklace manufactured by Mouawad. Described as “befitting of a royal court,” the L’Incomparable includes a 407.48-carat yellow diamond hanging from an 18-karat rose gold necklace that is decorated with 229.52 carats of white diamonds.^[12] Without considering the rest of the necklace, the yellow Incomparable diamond itself would cost an estimated $103,894 per year to insure.^[6]

First Printing of the United States Constitution ($43.2 Million)

Hedge fund manager Kenneth Griffin purchased a rare first edition of the United States Constitution at an auction in New York in 2021 for $43.2 million, which is the most anyone has ever paid for a single book or document. He subsequently loaned it to the Crystal Bridges Museum of American Art in Arkansas so it could be publicly displayed. The document Griffin purchased is notably one of only 13 known copies of the first printing of the Constitution and one of only two privately owned copies.^[13]

It is unclear whether this early printing of the Constitution is covered by a personal policy bought by Griffin or a commercial policy bought by the Crystal Bridges Museum. As a point of reference, the Historic Arkansas Museum paid an annual premium of around $27,300 in 2011 to insure a collection worth $8.8 million, nearly five times less than the value of Griffin’s copy of the Constitution.^[14]

Assuming museum insurance prices in Arkansas have remained somewhat level relative to the value of covered items since then, it’s possible that the Crystal Bridges Museum of American Art could have to pay over $130,000 per year to insure the $43.2 million copy of the U.S. Constitution.

Badminton Cabinet ($36.7 Million)

On two separate occasions, the Badminton Cabinet broke the record for the most expensive piece of furniture sold at an auction. It first earned the title of the world’s costliest piece of furniture when it sold for around $15.2 million at an auction in 1990. Then, in 2004, the Badminton Cabinet broke the record again when it was sold for $36.7 million to Johan Kraeftner, the director of the Liechtenstein Museum in Austria.^[15]

Named for the British village of Badminton rather than the racket sport, this ornate piece of furniture was commissioned by British Duke Henry Somerset in the 1700s. The Badminton Cabinet was designed in the pietra dura style and made with materials like ebony, bronze, lapis lazuli, agate, jasper, chalcedony and amethyst.^[15]

While it’s unknown how exactly the Badminton Cabinet is insured, high-end insurance company Chubb advises owners of extremely valuable collectibles like the Badminton Cabinet to comprehensively document their valuables, have all of their collections appraised, implement risk prevention efforts after identifying potential risks and constantly reevaluate how much the items are worth to make sure they are insured sufficiently and at an appropriate cost.^[16]

Why Is It Essential To Insure Expensive Items?

The more expensive an item is, the more significant of a financial loss you will experience if it is damaged or destroyed due to a sudden peril like fire or theft, so it’s crucial to have insurance policies in place to protect yourself from a major financial setback. Although items like the ones described above may be irreplaceable, it can at least provide peace of mind to know that you’ll be adequately reimbursed in the event that you lose a highly valuable item.

How Are Expensive Items Insured?

Most property owners can secure ultimate luxury asset protection through a standalone insurance policy or an add-on to their homeowners insurance, though collections worth millions of dollars may require unique coverage from one or more specialty insurance carriers.

Some insurance providers specialize in covering specific high-value items like jewelry or yachts, which may be an appealing option if you’re looking for coverage that is specifically tailored to the type of property you own.

Otherwise, you may want to purchase a scheduled personal property coverage rider for your home insurance policy, which allows you to cover specific items up to a set amount of money so that they aren’t bound by the standard coverage limit for your personal property insurance.^[17]

Scheduled items may be insured against perils that aren’t ordinarily covered by homeowners insurance, such as misplacement and other accident losses, and claims involving them may not require a deductible. Examples of items you may be able to schedule under your existing home insurance policy include the following:^[17]

• Jewelry
• Furs
• Artwork
• Antiques
• Stamp or coin collections
• Firearms
• Musical instruments
• Expensive cameras

Can One Policy Cover Multiple Expensive Items?

You can generally add multiple expensive items to a single insurance policy. If you opt for a standalone insurance policy or a scheduled personal property endorsement for your homeowners policy, then each individual item covered by the policy will typically come with its own coverage limit.

However, if you only have a basic home insurance policy, your valuable items may only be covered up to a sublimit that is less than the overall personal property coverage limit and potentially less than the actual value of the items themselves. For example, if your policy applies a $1,500 sublimit to claims of jewelry theft, then you would not be fully covered if a $2,500 ring is stolen from your expensive private residence.^[17]

What Factors Impact Insurance Premiums for Luxury Items?

Various factors can impact the cost of property insurance for luxury items, including the appraised value of those items, risk factors associated with your location, policy details like your deductibles and coverage limits, discounts you are eligible for and personal information like your credit score and claims history.