Forget buying and maintaining luxury homes, yachts and exotic cars. There's a growing trend in "fractional ownership," which is sweeping the high end market as experience takes the lead over ownership in importance to luxury consumers.

Ten years ago, no self-respecting multi-millionaire or billionaire would have been caught dead in a rented car, house or boat, notes The Wall Street Journal's Wealth Blog. But now, jets, yachts, homes, and automobiles available from exotic-car clubs are among the larger items for which shares are sold.

As consumers focus on experiences over assets, many wealthy people seek driving lessons and cooking lessons from only the best, and exclusive travel experiences, says James Lawson, senior research director at Ledbury Research.

But while luxury consumers choose fractional ownership to avoid the hassles of home improvement abroad, luxury car repair and finding pilots to take the helm of their private planes, companies focusing on fractional ownership could still encounter problems with seasonal consumer demand, among other things.

For the rich, ownership used to be everything.

Ten years ago, no self-respecting multi-millionaire or billionaire would have been caught dead in a rented car, rented house or rented boat. What was the point of being rich if you couldn’t own your own status symbols?

Now, a sea change is sweeping through the luxury world in the form of fractional ownership. It started with jets, then moved to plush vacation homes (rented by destination clubs) and automobiles available from exotic-car clubs.

(Continue reading this story on WSJ.com)

Next article » DaimlerChrysler’s Own Workers Mull Huge Stake Buy

Previous article « Foot Locker Wants Hat Business at Genesco