Passion Play Investors looking to expand their portfolios are putting their money where their hobbies are.

In five short years, the price tag on Larry Sirolli's loft apartment in Manhattan has skyrocketed 70 percent. But what's hanging inside his home represents his most impressive purchase: a late 1950s abstract expressionist painting by American artist Stephen Greene. Sirolli purchased the piece at an auction in Chicago for little more than $1,000 in 1999. Today, he estimates it's worth $60,000--a whopping 5,900 percent gain.

No amateur to the art world, Sirolli, 47, boasts 23 years at Sotheby's and one year as owner of New York City private art dealership and consulting business Sirolli Fine Art, which has brought in sales of $1.3 million so far. However, his investment play is becoming more commonplace. Individuals who once focused solely on stocks and bonds are diversifying into so-called "passion investments" like art, wine and even NASCAR.

This year, high-income families will place 22 percent of their assets in these alternative investments, according to Capgemini and Merrill Lynch, up from 10 percent in 2002. Experts say the appeal is both monetary and emotional. "Psychologically, you don't get that attached to bonds and shares," says Mahesh Kumar, author of Wine Investment for Portfolio Diversification. "But a 1982 Chateau Margaux--people take pride in that." Investing in a Jeff Koons or a cabernet can be a gamble, however, so be sure to research and diversify.