Fine art list is latest form of finance for wealthy
Since this period last year the short-term lender has seen a 21.7% increase in the loan value of art.
borro’s underground vaults in London’s Chancery Lane are home to some exquisite pieces of art including a Henry Moore sculpture with a loan of £50,000 and Andy Warhol prints with a loan value of £24,000. Other artists that borro has seen work from are Kyffin Williams, Damien Hirst, Montague Dawson and Jack Vettriano.
Paul Aitken, CEO of borro, said: “We have seen an increasing number of high net worth individuals and small business owners lending against fine art amongst other assets for liquidity.
“People do not want to lose their assets by selling and also recognise that they can access quick finance by coming to us.
“We have seen a 21.7% increase in the average loan value of fine art in the last year alone.
“Many people are realising they have collected an array of valuable personal assets they can use to raise funds without lengthy bank processes or putting property up as a guarantee. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide.”
SELECTION OF LOANS AGAINST ART
A portrait by Sir Peter Lely: £20,000
A collection of Andy Warhol screen prints: £24,000
Henry Scott Tuke, Landscape, oil on canvas: £34,000
Henry Moore sculpture: £50,000
George Romney three quarter length portrait, oil on canvas: £50,000
A collection of Montague Dawson oil on canvas paintings: £32,000