Looking to get your car collection into gear but unsure where to start? CollectionSuites is ready to steer you in the right direction.
Tomorrow, the Doral, Florida-based company, which offers customizable sanctuaries for car buffs, will host The Lucrative Art of Collecting, an event and meet-up meant to provide car collectors and those interested in starting with the knowledge they need to take their passion in Ferraris and Porsches to the next level. Over the course of an evening, attendees will get to hear collector Bernard Bohn, curator Jorge Luis Gutierrez and renowned attorney Beth Tractenberg discuss what goes into building a successful and well-rounded collection. The panel discussion, which will be hosted by Hannes C. Grascher, will be followed by a cocktail party where collectors will get to mingle with others who share their love of automotive excellence while checking out all the exciting facilities CollectionSuites has to offer.
CollectionSuites founder and CEO Juan Manuel Fayen shares some tips every beginning car collector needs to keep in mind.
It’s a great time to start investing in cars.
Cars, unlike so many other investments, hold their value. Yes, prices took a slight hit after the financial crisis of 2008, but they’ve rebounded and steadily increased since. Part of that is because as time passes, a specific car only becomes rarer. “You compare the price with the same amount you invested in the stock market,” Fayen explained, “they have a huge advantage if you invested your money in cars.” And unlike other investments, when you buy a car, you actually own it.
Ferraris should be on every collectors’ list.
No matter what a collector’s preferences may be—whether they’re into German autos or American muscle cars—there’s one brand that everyone is interested in. “Ferrari is the number one for everybody who knows a little bit about collecting cars,” says Fayen. In fact, as far as he’s concerned, every collection should have one of the Italian sports cars. “If you want to invest in cars, you need to have at least one Ferrari,” he added.
Some other cars to look out for.
“There a few cars that people are crazy for and they’re going to pay whatever you ask,” according to Fayen. Right now, those cars are the Ford GT40, LaFerrari Aperta and the Porsche GT2 RS. But it will take more than just money to get these cars. “It’s like a sport,” he said. “It’s like hunting and you have to get lucky.”
Diversification is key.
One way that car collecting is similar to other types of investment is that you want to make sure you diversify. “Diversification is good because you cannot put all the eggs in the same basket,” Fayen advises. But while building out a well-rounded collection is important, you also need to make sure that every addition to your collection is one that you’re passionate about.
Never go into buying a car alone.
One piece of advice Fayen has for any collector, no matter their experience, is to do their research and to not be afraid to ask for help. “You don’t specifically need to have a mechanic with you,” he explains. “What you need is somebody who knows about these matters. It’s crazy to buy your first car, without having somebody helping you make a good decision.”
The Lucrative Art of Collecting will take place at CollectionSuites on Thursday, June 20, and will last from 6:30 p.m. to 9 p.m. Interested collectors can register here.