In short, yes. However there are strict rules around these types of investment and it is important they are adhered to. The assets must not be used (such as displayed on walls) by members of the fund or other related parties.
They must also be stored off the private residence. They may be stored on other premises owned by a related party but the reasons must be documented (for example an office building may have a secure storage room that is temperature controlled)
Collectables must be insured in the name of the fund within 7 days of the purchase. Ensure you can obtain insurance prior to purchasing the assets. The assets can be leased however this must be to an unrelated party on commercial terms.
And finally, in the event the assets are to be sold an independent valuation must be obtained by a professional.
Check out our blog on investing in collectables here.