Driving a Ferrari 599 lets everyone know how much money you make. Covering your Ferrari 599 in velvet, however, lets everyone know that you make so much money you are no longer restricted by the bounds of taste and civility.
Like power clashing, velvet-wrapping your Ferrari tells the world that you make so much money you can afford to look like a total idiot. it isn't a fashion statement, it's a challenge.
So I tip my cap to you, you power clashing Ferrari driver. May you prowl the streets of London in pride. Just watch out for flying eggs, I bet washing this thing is a nightmare.
(Hat tip to Renescent!)