Research Project | A Psychological Investigation into the Meaning of Ultra-High-Net-Worth Individuals’ Collecting Behavior

• Principal Investigator: Ass.-Prof. Mag. Dr. Tarek el Sehity, Tarek.el-Sehity@sfu.ac.at

• Project Advisor: Prof. Dr. Heinrich Liechtenstein, HL@IESE.EDU
• Project Manager: Renata Semmel, RSemmel@IESE.EDU

Sample: Of particular interest for the understanding of UHNWI-collector behaviour, known European collectors should be interviewed.

• A targeted sample of 20 UHNWIs (net worth > $30M) who are active collectors – about 50-60% of participants from elite collector networks.
• Geographically distributed across Vienna, Munich, Zurich, London, Rome, and Milan.
• Balanced gender representation and age range between 30-65 years.

Instruments: Semi-structured interviews will be conducted to probe deeply into the experience of collecting. Our interview-experiences with UHNWIs show that interviews in the form of open conversations are preferred to structured inquiries (e.g. el Sehity, 2012, 2020). The laddering method – a qualitative research technique used to explore the values, motivations, and beliefs of individuals – is particularly effective for digging deeper into people’s responses revealing the underlying motives behind a behaviour or preference. Researching collecting behaviour, the aim would be to understand what characteristics of an item make it collectible and capture the deeper psychological reasons behind these preferences.

Based on recommendations from our sponsor, we select interviewees known for their particularly highly-developed item collections, and we will conduct in-depth, semi-structured interviews to gain a fuller understanding of how their passions and motivations for collections developed and how it may have been transmitted across generations – if at all. These collectors will provide important insight into the needs and values collections and collectibles generate and fulfil.

The project aims to:

• Define the psychological features of collectibles—what makes an item collectible and why collectors value certain characteristics.
• Understand the motivations and traits of collectors—exploring their psychological needs, such as achievement, social belonging, legacy, and financial value.
• Examine the role of collectibles in social competition and self-expression—investigating how collectors use their collections to gain prestige, recognition, and emotional fulfillment.
• Analyze the intersection of collecting with family businesses—identifying the role of collections in reinforcing family identity, tradition, and succession planning.

Key Research Questions:

• What essential features render an item collectible?
• What psychological needs do collectibles satisfy?
• How do personality traits influence collecting behaviors among UHNWIs?
• What role do competition and social status play in the pursuit of collectibles?
• How do family businesses integrate collectionism into their legacy and identity?

Theoretical Implications

This research contributes to theoretical perspectives by examining the psychological and social dimensions of ultra-high-net-worth individuals‘ (UHNWIs) collecting behavior: We advance psychological theories on collectibles by identifying the essential features that make an item collectible and the psychological needs these items fulfill. Drawing from self-determination theory (Deci & Ryan, 2000), the study aims to highlight how collecting satisfies fundamental human needs for competence, relatedness, and autonomy, with collectors deriving pleasure from mastery, social belonging, and self-expression. Additionally, through the lens of terror management theory (Greenberg et al., 1986), the research explores how collecting serves as a mechanism for legacy-building and self-transcendence, helping individuals cope with existential concerns by creating enduring symbols of their identity.

Furthermore, this research project reframes consumer behavior and luxury consumption theories by demonstrating that UHNWIs‘ collecting behaviors extend beyond traditional financial motivations. While Belk’s (1988) extended-self theory suggests that individuals use possessions to reinforce personal identity, this study extends the concept by illustrating how UHNWIs incorporate their collections into family legacies and social positioning. Also, Veblen’s (1899) theory of conspicuous consumption is reinterpreted within the elite collector subculture, where status is not merely socially signaled through financial expenditure but through expertise, curation, and network validation. This challenges conventional views of luxury consumption by emphasizing knowledge-based prestige rather than purely economic displays of wealth.

In this perspective, the study deepens the understanding of social competition and status-seeking behaviors in collecting, linking it to Bourdieu’s (1986) theory of social capital. Collectors do not merely accumulate objects but engage in competitive and cooperative behaviors within exclusive networks, using collections as a means of gaining peer recognition and distinguishing themselves from others. Findings may suggest that collecting functions as an intellectual and emotional pursuit, where collectors compete for rare artifacts, solidifying their positions within high-status circles.

Finally, the research aims to explore the intersection of collecting and family business dynamics, contributing to stewardship theory (Davis et al., 1997) and succession planning models in family enterprises. Collections serve as both a symbolic and material legacy, reinforcing family identity, tradition, and continuity across generations. However, the study also highlights tensions in inheritance decisions, as collectors often prefer to pass their collections to other dedicated collectors rather than family members, challenging traditional notions of wealth transfer and legacy preservation.

Practical Implications

The findings of this research will have important implications for luxury brands, wealth management firms, and family businesses seeking to engage with ultra-high-net-worth individuals (UHNWIs). By uncovering the psychological drivers behind collecting, businesses can tailor their marketing and customer engagement strategies to emphasize exclusivity, legacy, and emotional connection rather than purely financial investment potential. Luxury brands may leverage these insights to create curated collector experiences, limited-edition offerings, and community-driven initiatives that enhance social belonging among collectors. Additionally, wealth advisors and estate planners can develop specialized strategies for legacy-oriented collection management, ensuring that valuable collectibles are preserved, authenticated, and passed down according to the collector’s wishes. For family businesses, understanding the role of collections in identity, succession planning, and tradition can provide new approaches to strengthening intergenerational continuity and emotional attachment to the business. Finally, this research offers guidance for institutions such as museums and auction houses on how to build trust with collectors, particularly in areas like authenticity verification and blockchain-based provenance tracking, reinforcing long-term relationships with elite collectors.

IESE Business School

79.800 EUR of which 43.000 EUR to SFU

November 2023 – October 2025