TITLE: Non-finitely generated ring of regular functions
QUESTION [11 upvotes]: It is remarked in Shafarevich's Basic Algebraic Geometry 1 that Rees and Nagata constructed examples of quasiprojective varieties such that the ring of regular functions is not finitely generated, but I cannot find the source he is referring to. Can anyone give such examples here? Does that mean we can't really say anything about the ring of regular functions of a quasi-projective variety?

REPLY [5 votes]: "Does that mean we can't really say anything about the ring of regular functions of a quasi-projective variety?" 
Since every variety contains an open affine, the ring of regular functions is always a subring of a finitely generated ring. (I assume that you consider varieties to be integral.) This is a nontrivial restriction. Also, the ring of regular functions will be noetherian, since any infinite ascending chain of ideals would give an infinite descending chain of subschemes. Wrong, see below.