Pink Floyd Drummer joins Classic Car Fund
Posted by @ 15:39 18th Mar 2011
"Nick Mason, along with luxury car dealers and the designer of the McLaren F1 road car is helping to raise $50 million (£31 million) for the world's first classic car fund.
Mason, the drummer with Pink Floyd and long-term car enthusiast has joined IGA Automobile as they plan to dedicate $150 million to buy new vehicles. The move comes at a time when the market for classic cars has seen a huge increase, as demand for physical assets rises sharply. IGA Automobile noted that auction sales in 1994 were at £30 million, as opposed to the £422 million in 2009.
Former chairman of the British Racing Driver's Club and co founder of IGA Automobile told The Telegraph, "as people get fed up with paper assets they have gone back to physical assets. With emerging nations gaining more wealth there is increasing demand for cars. They are pieces of art."
The Guernsey-registered fund began canvassing investors at the start of the year. "We're looking for a straightforward in-and-out return on our assets," Nick Lancaster, a director of the fund said to Bloomberg, "this is the first classic car fund that's purely for financial returns, rather than passion."
The fund is particular, however, about the kind of people it wants to attract. The minimum investment is $500,000 (£310,000), so the rest of us will have to rely on classic car hire to enjoy the decadence of driving a piece of art."
Author:David Howells
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