Formula 1 Racing
Paul ran his own Formula 1 team in the early 70’s. “Being in F1 was the highlight of my career,” he tells me. “A season back then cost me just £150k – and that included three engines and two cars! I doubt you could get a tyre for that now.
“Basically, I knew I wasn’t good enough to drive myself so I created my own team. Luckily I had a good relationship with Bernie Ecclestone and my driver John Watson. And we had an arrangement with Firestone who helped us no end!
What was the F1 supremo like to work with? “Bernie is probably the cleverest man in the world and he taught me a lot,” says Paul. “One of the things he showed me was that you must always define the terms of the contract. He’s a genius in business.
“Everyone was friendly in those days. Not like now where it’s so cutthroat. I remember going to Williams and asking Frank for an engine. It was simple back then.”
Did he win any races? “Yes, we did. Our best was at Monaco where we came 6th. John was driving. We never expected to get that position. We were invited to the Palace but we didn’t have any suits to wear to meet Rainer and Princess Grace. Luckily my sister helped us out with a tailor. He came over and gave us two suits.”
John Watson drove a Brabham BT44 to 4th place in Austria in the 73/74 season and got six points. In addition to F1 they raced Formula 5000 and D-Type Jaguars.
“We have a 1987 Porsche 962 – one of the most original examples in the world,” Paul shares proudly. “It raced twice at Le Mans – finishing 4th and 8th”.
Investing in classic cars
What makes classic cars a worthwhile investment? And which cars should collectors be sourcing today? “Ferrari, Aston Martin and Porsche are especially good,” Paul reveals. ‘Basically all low= production motor cars are likely to see prices rise.”
According to the KFLI (Knight Frank Luxury Index) classic cars YTD were up 188% in 2015. An example of which was a 1957 Ferrari 335 S Scaglietti that fetched €32.1m (£24.7m) when it was sold at the Retromobile Salon 2016 event in Paris earlier this year.
Apparently, you don’t always need supercar cash to invest in a classic car. Late 80’s to early 90’s Mercedes and Jaguars are in demand now. And even early series Land Rovers since the demise of the Defender.
Cars from the 60s, 70s and 80s are your “best bet,” says Paul, since they can be easily restored and maintained.
“Luxury classic cars will always be a collector’s item and always be in high demand to discerning collectors who value art and motor cars.” Which countries is he selling to?
“China is not a big player but Hong Kong is good, likewise South Africa. We also sell a lot in Germany – due to the fall in Sterling prices are more attractive to European buyers.”
And the rise in value? “Values have risen to 500% for the top cars over the last 10 years. But I doubt we will see that again for many years. Maybe gains of between 5 and 15% are to be expected.
“I always advise people to invest in classic cars simply because they love them. Not just because they are likely to go up in value. Cherish your car. Only use it on special occasions. As an asset class, a vintage car will always hold its value better than cash.”
But for Paul, the classic car business is not just about profit. “I do it because I love it,” he tells me.
“I don’t want people to come here just to buy luxury cars. I want the showroom and gallery and restaurant to be a destination that people enjoy coming to.
“There is nowhere else like it in Europe.”
How and Where
Hexagon Classics
www.hexagonclassics.com
Main showroom:
82-92 Great North Road, London N2 0NL
T: +44(0) 208 348 5151
E: [email protected]
Also at:
6 Kendrick Place, Reece Mews, South Kensington, London SW7 3HF
T: +44(0) 207 225 3388
Chef Chris Kitch – www.chriskitch.com
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