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Record wealth for the wealthy meant record prices for trophy purchases in 2014.
From a $147 million oceanfront estate in the Hamptons to a $38 million Ferrari and a $24 million pocket watch, the most sought-after status symbols and collectibles of the rich reached an entirely new level this year.
Read MoreThe year of the 'most expensive...'
While most experts say the collectibles boom will continue given the growing number of millionaires and billionaires, some say that sectors like cars have reached bubble-like levels and are poised for a slowdown—if not a correction.
McKeel Hagerty, CEO of Hagerty, the insurer of collectible cars, said that the auction total for collectible cars was $1.3 billion in 2014, up from $1.2 billion in 2013. There were 158 cars sold for $1 million or more, up from 145 in 2013.
Read MoreWhat millionaires expect for 2015
Yet Hagerty said that prices have gotten so high after four-straight years of increases that many buyers are starting to balk. He said prices started to soften at the end of this year, which may signal a slowdown—but not a crash—next year.
"There are still a ton of buyers out there," he said. "But no one wants to be made a fool of by overpaying. I think the market may be taking a collective inhale to see where this market goes."
Most of the auction experts and companies in the collectibles are bullish on the collectibles market. They all point to a simple equation—there are more rich people (more than 12 million millionaires and nearly 2,000 billionaires in the world) yet a scarce number of 1960s Ferraris and Mark Rothko paintings.
Yet the spending of the wealthy is a matter of confidence and mood as much as money. And with the stock market falling and trouble brewing in emerging markets, demand from overseas buyers that has been fueling much of the collectibles boom could falter. It could also have an impact on real estate.
So whether 2014 is just a warm-up to even higher prices in 2015 or the prelude to a collectibles correction remains to be seen. But for now, the past seems to have set a record for the number of record prices. They include:
(To see these items and more, click here.)