The new millionaires and billionaires are spending big. Prices for highly prized art, wine, vintage cars, jewels, watches and other collectibles are soaring past their 2007 highs.

Last year, Sotheby's (BID) sold more than $4 billion worth of collectibles, including the $11.9 million "Scream" painting by Edvard Munch, which set a record for a work of art sold at auction.

This year's collectible-car sale at Scottsdale, Ariz., blew past its pre-crisis sales record, racking up $223 million in sales, up from $163 million in 2008.

"It's almost a little shocking," said Craig Jackson, the CEO of Barrett-Jackson Auction, the auctioneer of collectible cars.

Prices for homes in the nation's wealthiest enclaves are also touching bubble levels. The average home price in Aspen, Colo., is now more than $4 million. And a buyer stepped forward last year to purchase the highest-priced co-op ever sold in Manhattan, at $52 million.

There are now several U.S. homes on the market priced at $100 million or more, including a mansion just listed in Dallas at $135 million, echoing the nine-figure deals of 2005 to 2009.

The waiting lists for new, six-figure Ferraris and Lamborghinis are stretching to more than a year, another development that hearkens back to pre-crisis days.

Yet spending on other forms of conspicuous luxury, including private jets, yachts and high-end handbags -- is still at a fraction of its pre-meltdown pace.

Even though the wealthiest have seen their wealth restored, their mindset has not returned to pre-crisis levels, financial advisers say.

"The fear is still there," said Stephen Martiros, a Boston independent consultant to wealthy individuals and families. "It's like they've been in a car crash. And it was far worse than they imagined. They may be driving again, in a new car on the same roads, but they're taking the corners a lot slower."

That means investing for stability and income rather than growth and risk.

Martiros said that wealthy investors have more money in cash, alternative investments, real estate and other assets seen as less volatile than stocks.

"The big change is reducing volatility," he said. "The big allocation is toward things that don't move a lot."

In opting for peace of mind, some of today's richest investors may be missing out on the rally that took the Dow back above 14,000.

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