Art finance

Financial arrangements regarding the buying and selling of art have their roots in old-school pawnbrokers. Practices have greatly developed over the years and now encompass art loans and guarantees underwritten by auctioneers or third parties.

Chinese boom sees Salisbury rooms post sales of £23m

10 January 2011

UNDERLINING the impact of the market for Chinese works of art on the UK auction landscape, Salisbury auctioneers Woolley & Wallis posted total hammer sales in 2010 of £23.36m.


Two blockbusters in New York antiquities sales

07 January 2011

THE latest antiquities series at the major rooms in New York produced strong selling rates, a slew of high individual prices and two blockbuster results.

Record year for Ketterer Kunst

07 January 2011

MUNICH saleroom Ketterer Kunst enjoyed a record year in 2010, posting annual sales of €21.6m (€26m including premium).

Sotheby’s broker art leasing deal for museum

26 July 2010

A DEBT-plagued university in Boston has entered into an agreement with Sotheby’s to lease rather than sell off works from its museum’s $350m art collection.


Hong Kong sales solid across the board

22 December 2009

WHAT the latest Asian auction series in Hong Kong lacked in terms of headline-grabbing 18th century Imperial blockbusters, it more than made up for in solid performances across the board.

Sotheby’s see fall in revenue in skewed third quarter results

09 November 2009

DAMIEN Hirst and juggled dates have severely skewed Sotheby’s third quarter results for 2009, contributing to a fall in revenue of 41 per cent year-on-year to $44.9m.

Dreweatts set up separate company to handle clients' money

05 October 2009

LEADING UK fine art auctioneers Dreweatts have established a separate company governed by independent directors to handle clients’ money.

Vendors remain unpaid as Scottish saleroom ‘downsizes’

28 September 2009

SCOTTISH auctioneers Loves Auction Rooms of Perth appear to have ceased trading, leaving vendors unpaid.

Price of scrap silver rises sharply

07 September 2009

THE price of silver rose sharply over the course of last week, up almost £1 to £7.75 per ounce by Friday.

Deloitte tell clients: buy antiques now

17 August 2009

DELOITTE, the leading accounting and business consulting firm, has recently turned its attention to the antique furniture market and concluded it is a good time to acquire a “proven asset at a low price”.

St Laurent sale proves a godsend for Christie’s

10 August 2009

Christie’s have announced a premium-inclusive £1.2bn ($1.8bn) in sales for the first six months of 2009, down 35 per cent on the same period last year, when results were £1.8bn ($3.5bn).

Sotheby’s revenues halved

10 August 2009

Second quarter results for Sotheby’s in 2009 show operating revenues down almost half to $167.3m on the first three months of the year thanks largely to the decline in auction totals.

Still no payment from dealer who bounced cheque

10 August 2009

THREE weeks after cheque-bouncing dealer Tony Nowaosad vowed to settle his debt at Durrants Auction Rooms, he has still not done so, say the auctioneers.

Campaigners set out plan to woo Whitehall

15 June 2009

THE campaign to persuade the government to extend business support to the antiques industry has set out in detail exactly what it wants to achieve.

Sotheby’s adopt ‘aggressive response’ as downturn bites

20 May 2009

SEVERE belt-tightening is the order of the day at Sotheby’s as the company ride out the downturn and position themselves to take strong advantage as the market recovers.

Getting the most out of foreign currency

08 May 2009

LEADING independent private and commercial foreign exchange providers Currencies Direct are hosting two seminars for LAPADA members to help them get better value on their foreign payments.

Own Art leads to £10.5m of sales in first five years

08 May 2009

The Arts Council have reported that over £10.5m worth of arts and crafts sales have been generated by its Own Art programme since the scheme's April 2004 launch.


Claim reveals terms offered to top seller

20 April 2009

More details have emerged regarding the ‘breach-of-contract’ lawsuit which claims that Christie’s backed out of a $40m guarantee made to secure a Francis Bacon self-portrait for sale.

1886NE05A.jpg (1)

Court case may force auction houses to review guarantees

14 April 2009

A LEGAL dispute in the US Federal court over auction guarantees could lead to a tightening of the terms and conditions under which they are issued.

LiveAuctioneers post first quarter results

14 April 2009

LIVEAUCTIONEERS have posted figures for their first quarter as a stand-alone online auctions platform.



Tags in this section