Azimut launches the first world fund on historic cars
Azimuth launched the first ‘evergreen’ fund on historic cars. This was announced by the investment group, specifying that the product, with an unlimited duration which provides the investor with the possibility of exit over time, is called Automobile heritage enhancement (Ahe), is incorporated under Luxembourg law and is managed by Azimut Investments with the advisory of Alberto Schon, CEO of Rossocorsa leading operator in the automotive sector.
“This is an innovative fund with a collection plan in Italy and around the world that interprets the growing interest in a unique way by investors for cars as an alternative to traditional asset classes – explains Azimut. – A question that could continue to grow buoyed by the rise of the ‘super rich’ and by the growth of collectors in the face, however, of an offer that remains limited by its nature”.
The historic car market has reached significant dimensions, with an estimate according to the Italian investment group that from about $31 billion in 2020 it will grow to about $43 billion in 2024. The Belapese plays a leading role: according to the first Report on historic motoring drawn up by the Caracciolo Foundation and the Aci Study Center, there are over 25 thousand cars with more than 30 years of seniority. Obviously not all of them are of value but a good 10% reach considerable figures
A record year
2022 turned out to be a record year for the classic car market: the results of the international auctions highlight a turnover exceeding 1.9 billion and an 82% sales share. The average selling price increased by 9% in the last year and there have been 314 models paid more than a million dollars (+64%). At the top of the list of receipts, undisputed, one of the two Mercedes-Benz “Uhlenhaut” Coupé of the Mercedes Museum, which changed ownership for the sum of 135 million eurosthe highest sale price ever paid for a collector’s car.
GHowever, most of the million-dollar cars are Ferraris, primarily the 1955 rosso corsa 410 Sport Spider sold for $22 million. “The cars of the Prancing Horse occupy the largest slice of the market in terms of trade, with a share of 20.90%, closely followed by Mercedes-Benz, with 15.59%, Porsche, with 13.45% , and Ford, with a 6.92%”.
Overall, a +86% of cars sold compared to the previous season, also thanks to online auctions which have proved to be a catalyst and “new normal” factor in the post-Covid era, especially in the United States.