The oxidized aluminum pigment comprises not more than 95% by weight metallic aluminum, wherein the pigment is a flaky particle, and has a color travel from the hue angle range of about 50° to about 100° at the aspecular observation angle of 15° to a hue angle range of about 200° to about 270° at the aspecular observation angle of 110°. The oxidized aluminum pigment may be made by the steps of: providing a flaky aluminum pigment, and oxidizing the aluminum pigment in a water-in-oil emulsion comprising a surfactant in the presence of a base. The water-in-oil emulsion comprises a mixture of water dispersed in a hydrocarbon solvent. The aluminum pigment is predominantly in the hydrocarbon solvent during the oxidation step, and the amount of water in the mixture is in the range of about 5% to about 40% of the total weight of the emulsion.