Nick Mason has always been good at banging on the skins, but now he wants to drum up some business through an unusual investment fund betting on the prospects of classic cars.
The drummer for the rock band Pink Floyd, Mason has signed onto the advisory board of IGA Automobile, which intends to invest $150 million on the world’s finest automobiles. The group believes that it can yield annual returns of 15%, a figure not entirely off-the-wall considering what has happened in the collector car market, over the years.
Indeed, with the economy recovering there are signs that high-value auto collectors are looking to upgrade their garages. Though it fell short of an all-time record, the annual Barrett-Jackson Auction, held in Scottsdale, AZ, last week, generated $70 million in sales, well ahead of 2010’s weak performance.
The IGA Automobile fund, which went into operation this month, is being described by director Nick Lancaster as “the first classic car fund that’s purely for financial returns, rather than passion.”