Let G be the group GLr(C) × (C × ) n . We conjecture that the finely-graded Hilbert series of a G orbit closure in the space of r-by-n matrices is wholly determined by the associated matroid. In support of this, we prove that the coefficients of this Hilbert series corresponding to certain hook-shaped Schur functions in the GLr(C) variables are determined by the matroid, and that the orbit closure has a set-theoretic system of ideal generators whose combinatorics are also so determined. We also discuss relations between these Hilbert series for related matrices, including their stabilizing behaviour as r increases.