ART FINANCE”The hedge funder’s new Ferrari” is not Italian, fast or even a car, according to financier-turned-art dealer Asher Edelman.
For those on a tighter budget, a Chinese company plans to finance the purchase of a $75 million Michelangelo painting by issuing 7.5 million restricted shares at $10 a pop.
Even so, there are Ferraris and then there are Ferraris.
More owners are buying and barely driving supercars because low mileage means a higher price later on, Ferrari expert and racer Todd Morici said. (He calls those cars “garage art”. ) Vintage autos as a category returned 288 percent in the past decade, according to the Knight Frank Luxury Investment Index, or more than twice that of the SP 500 Index.
Morici, 62, owns five Ferraris and builds collections for European and Middle Eastern buyers through his Morici Motor Sports LLC.
Ferrari allows only clients who race in its motorsports program to buy the special edition 488 Pista Piloti.
Article source: http://www.dailystar.com.lb/Business/International/2018/Dec-17/471938-psychedelics-ferraris-and-art.ashx