Never mind the stock market - try the signature market. GoldFinger has learned that autographs of the rich and famous have surged over the past decade, leaving equities trailing in the dust.

According to Paul Fraser Collectibles, a firm tracking the market and acting in sales of such exotica, its PFC autograph index that tracks 40 of the most famous celebrity signatures has shown an average rise of 335.9 per cent in a 10-year period to 2010, chalking up an annual compound rise of almost 16 per cent.

Just compare those figures with the 10-year annualised performance of the MSCI World Equity Index, of minus 0.24 (based on figures as of 31 December last year). Those figures reflect the damage wrought by the end of the dotcom boom and the financial crisis of 2008. When it comes to signatures versus stocks, it appears that the scribbles by famous people are a nice little earner. (And remember, the MSCI data looks even worse as it includes reinvested dividends, not just pure capital appreciation).

The PFC report highlights some astonishing figures. For example, Neil Armstrong, the first man to walk on the moon all the way back in 1969, has seen his signature soar by 900 per cent over the past years. The most valuable signature in terms of the price paid was that of the Beatles, on a photo – it fetched £22,500. The data suggests that the Baby Boom Generation that was beguiled by Pop and the Space Race is happy to splash out on mementoes of that era. It is a broad trend - investors will also spend big time on items such as Steve McQueen's cars or Eric Clapton's guitars, for example.

"The collectibles markets are booming with world record prices being set virtually every day. Much of this attention is on top-quality autographs, and historical signed documents, which have become favoured assets for investors seeking diversification from mainstream markets. There are currently 200 million serious collectors around the world, with the market size expected to double in the next 20 years, according to PFC.

It is certainly would be a mistake to dismiss such collectibles as a fringe hobby, although no-one is suggesting that they can or should replace mainstream investments in many people’s portfolios. They do of course throw light on how much money people are willing to spend on such fragments of history.

GoldFinger is certainly minded to keep a closer eye on this market in the future. Your correspondent happens to have a small signed photograph of Sir Winston Churchill – acquired via a friend – and it is nice to think that the old fellow, having once been in charge of the UK’s finances, would have appreciated the irony.