Art loans

Art consultancy and valuation firm Gurr Johns has launched a new money-lending business.

Art lending in the UK suffered a blow this week when the government announced it was abandoning a proposed bill to reform lending laws.

Financier Falcon Fine Art has completed its first art lending deal in Belgium. The firm helped a collector in Belgium borrow against the value of a collection of 19th century “museum-quality” paintings and sculpture.

Philip Hoffman’s Fine Art Group are to launch a new finance company targeting artworks valued between $250,000 and $20m.

Forum Auctions are to introduce a credit facility for buyers at future sales. In an exclusive arrangement with lending platform Unbolted, the new London firm will offer approved bidders the opportunity to pay for purchases with up to 90 days of interest-free finance.

If Scotland votes for independence on September 18, how might this affect the ownership of art North and South of the Border?

Pawnbrokers borro have secured another £67m lending facility to help expand their activities in the field of asset-backed lending.

Borro have introduced a concierge service to help make their asset-backed loans programme much easier and quicker to use for clients across the UK.

Borro have announced a total £36m injection of investment for the new asset-backed loan scheme based on art, antiques and luxury goods that they unveiled in September.

Borro, the world’s first online asset lender, are to advance loans against high-value items being consigned for sale by auction or private treaty. The company have devised a scheme whereby they will loan up to 70% of the estimated sale price of assets valued between £50,000 and £1m, such as fine art, jewellery and wine, recouping their costs and fees once the sale has been completed.

Arts Council England have launched Own Art, a new national interest-free loan scheme to encourage people to buy art.

WITHERS and Devonshires Solicitors, law firms who specialise in art market issues, are sponsoring two seminars: one on art loans and the risks involved, the other on art and the police.