Attorneys in our Classic Cars practice group routinely represent a broad range of participants within the classic car industry, including vintage car collectors, dealers, classic car investment funds and their managers, classic car part suppliers, classic car insurance purveyors, auction houses and other classic car market professionals. Our full range of services cover all issues arising from the acquisition, disposition, collection and maintenance of classic cars, from car-related disputes to commercial transactions to succession and philanthropy.
Classic Car Investment Funds
Our Classic Cars practice is chaired by Enrique Liberman, one of the world’s foremost authorities on luxury asset-focused investment funds. Accordingly, our firm is uniquely positioned to advise clients operating within the classic car fund industry. We have extensive experience in the structuring of classic car investment vehicles and in working with their managers to articulate their investment strategies and guidelines. We also have a comprehensive understanding of the many regulatory and compliance issues involved in forming and operating classic car investment funds and regularly counsel classic car fund managers in connection with SEC, ERISA and broker-dealer compliance. We excel in the preparation of private placement memoranda and other offering documents for classic car fund managers, advisors and administrators. Our attorneys are also adept at evaluating the structure and investment terms on behalf of prospective investors in classic car funds and assist clients in negotiating their investments in classic car investment vehicles.
The Firm routinely represents clients in a wide variety of commercial transactions relating to classic car investments, helping them to achieve their commercial objectives while minimizing their legal risks.
We have advised clients in the following areas:
- Negotiating the terms of exhibition agreements with museums, classic car shows and other cultural venues both in the U.S. and internationally
- Leveraging classic cars or collections of classic cars held by individuals and classic car investment vehicles in order to raise needed capital for additional vintage car acquisitions or other commercial enterprises
- Drafting legal documentation pertaining to the purchase and sale of classic cars, including purchase and sale agreements, bills of sale, exclusivity agreements, mandate to sell letters, commission agreements, non-disclosure and non-circumvention agreements, and auction house consignment agreements
- Negotiating the terms of consignment agreements with prominent auction houses on behalf of collectors and classic car dealers
- Drafting classic car co-ownership agreements between prominent collectors, vintage car funds and dealers
- Advising sellers, buyers and dealers on issues relating to due diligence, disclosure, representation and warranties and rescission rights
- Structuring tax-efficient methods for investing in classic cars
Tax and Regulatory Advice
Our clients routinely rely on our attorneys for advice in complying with the many legal regulations both in the U.S. and abroad relating to their ownership and management of fine artworks. We have a comprehensive understanding of tax regulations, customs duties, export restrictions including cultural patrimony laws, and anti-money laundering rules. We also assist clients in structuring tax-efficient methods for acquiring and disposing of their fine art, including establishing the proper art investment vehicles and holding companies, assisting in the deferral of US capital gains taxes through 1031 like-kind exchanges of art and advising on VAT, sales and use taxes.
Succession and Philanthropy
We assist rare car collectors in connection with intergenerational succession plans and bequests to museums and other cultural institutions. Our attorneys work closely with our clients and their financial advisors to craft wills, trusts and lifetime gifts to meet their individual estate planning objectives for their classic car collections.