Seven Art World Professionals on the 2017 Resolutions You Must Make
As we ring in 2017, we also usher in a new round of pledges to ourselves. We resolve to eat healthier, contribute to our communities, and be kinder to others. As you reflect on the past year and plan for the next, don’t forget about your art. Take small measures now to ensure that some of your most beloved assets are in good shape. You’ll be saving yourself major headaches down the road. We asked seven professionals from different areas of the art world to suggest New Year’s resolutions that collectors and businesses should make. Read on for expert advice that spans technical, legal, and financial considerations. No matter how your new personal resolutions go, your art will be in great shape. ART SECURITY 1. Check or upgrade your gallery or studio CCTV (closed circuit television, used for surveillance). Is it definitely still recording? For how long? Is the footage covering the right areas and is it of sufficient quality to satisfy your insurance underwriter's requirements? 2. When did you last test your b...
Private Banks Boost Art Advisory Units
Top wealth management firms have long had comprehensive art advisory units. Their bread-and-butter service: Using the artwork in their best client's valuable collections as collateral, to lend them money, when the client momentarily needs extra cash to make a big purchase.
Art as Collateral in a Fickle Market
LONDON - Art and money have long been closely linked, but in the 21st century, it seems, the two have become synonymous. One way to extract the latter from the former is art-based lending, in which paintings or sculptures are used as collateral for loans.
8 Questions to Ask Before Getting an Art Loan
Borrowing money against your collection of artworks is an attractive - if complicated - option. Here are Denis Petkovic's tips Despite the last global financial crisis, the art market has continued to perform well and many families have seen the value of their collections jump to become an increasingly important share of their wealth.
Interview with Joseph Charalambous, Borro Business Development Director
We continue our series of interviews with leading art service providers. Whether you are learning about these companies for the first time or are already familiar with their services, we hope this series helps shed insight into each’s distinct niche and make the art services market in general more transparent. In November, we sat down with Joseph Charalambous, Business Development Director for Borro, a major player in the art lending category. The Clarion List: What is Borro?- Joseph Charalambous: Borro is a fast-growing marketplace for short-term loans secured by luxury assets. Its mission is to simplify access to credit for private clients through technology, allowing loans to be completed quickly and discreetly. CL: What makes you unique?- JC: Borro is unique in that it targets a widely underserved area of the market. Private banks and boutique lenders are offering loans above $1 million secured by art, whereas Borro on the other hand offers loans from $10,000 up to $5 m....