Filed under: Classics, Earnings/Financials, Celebrities
Classic rock fans recognize Nick Mason as the drummer from Pink Floyd, but classic car enthusiasts know him just as well for his automobile collection and regular column in Octane magazine. Now the musician/car nut is headlining a different kind of group: an investment fund.
Based on the growth in value of some of the top collector cars the past few years, IGA Automobile is putting together a portfolio of historically significant and highly collectible cars for its investors. The new investment fund targets raising 0 million in capital and turning it around over the course of seven years to earn its investors a 15% profit. To get there, IGA is looking at buying cars like Ferrari 250 GTO, Aston Martin DB4 Zagato, Ford GT40, McLaren F1, Shelby Daytona Coupe and Porsche 917 and selling them at a profit.
The fund has solid basis for its financial projections: record prices have been fetched in the past few years by such exemplary automobiles as a 1957 Ferrari 250 Testa Rossa ( million), a 1961 Ferrari 250 GT California Spyder ( million) and a 1936 Bugatti 57SC Atlantic (~ million). Overall, Hagerty’s “Cars That Matter” index rates prices for collectible postwar automobiles as having gone up 67% from 2006 to the end of last year, compared to the S&P 500 Index, which dropped 5.9% over the same time period.
[Source: The Detroit News | Image: Mark Thompson/Getty]
Pink Floyd’s Nick Mason headlining classic car investment group? originally appeared on Autoblog on Sun, 30 Jan 2011 13:07:00 EST. Please see our terms for use of feeds.
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