Last week I was transported to Monaco - alas only in spirit - and the glamorous world of millionaire playboys, motor racing and astonishingly expensive classic cars.
A group of car enthusiast businessmen have set up a fund (IGA Automobile) specifically investing in classic and iconic cars, some of which can sell for as much as $30 million these days (as I reported in the Sunday Times, InGear, 9/1/2011). Tiny production numbers coupled with increasingly wealthy collectors are pushing prices sky high.
But can it last?
Fund founders Grant Tromans, Ray Bellm, and Nick Lancaster certainly hope so and think they could raise as much as $150m from wealthy petrolheads keen to turn their passion into profit. One such celeb petrolhead is Pink Floyd's Nick Mason who races his own Ferrari 250 GTO (pictured above), one of which sold last year for $26 million.
If I had a spare $500,000 lying around - the minimum investment - I'd be tempted myself. It's certainly more fun and less contentious than investing in arms dealers, tobacco companies and rapacious miners.
A car lover with money vs. his/her conscience
That retro Ferrari's spirit, if ever it does have one, would talk to a car lover in some special way that would make him or her buy it. Well, it does look awesome, but you did mention about super cars being a big investment. That's one cool Ferrari, btw.
Posted by: Leisa Dreps | August 19, 2011 at 03:31 PM
Of course, super cars are very valuable. These are things that many people want, but only a few are privileged enough to own. If I had a million dollars lying around I would definitely get a 250 GTO - that's one rare car. If not, I'll just get a Bugatti Veyron.
Posted by: Ivo Beutler | July 22, 2011 at 02:47 PM
Sounds like a great investment, if you have the money to burn. But then again, owning one of these wonderful works of genius engineering would be worth it. By the way aren't the only 39 250 GTO's produced? So whoever bought Mason's 250 GTO is one lucky guy.
Posted by: Clovis Seeman | April 19, 2011 at 05:55 AM