Today, The Wall Street Journal ran an excellent article on how to get a loan secured by artwork (6/15/15 page R6). Have you ever needed some cash to pay off a high interest loan, or maybe there are some antiques or art that is coming up for auction, that you want to purchase, but your funds are temporarily tied up? Or maybe you just want to invest some funds in a startup, but you don't want to sell a valuable item to make the investment? What's a collector to do? Borrow against your individual artwork or antique or the whole collection. It may be hard to believe but there are actually lenders that will provide you with non-recourse loans on these items, including jewelry and fine wine. Usually reserved for real estate, a non-recourse loan is one that is solely and exclusively secured by a particular asset or group of assets. If the value of the asset drops below the amount of the loan, and you can't pay off the loan, then the lender can't come after you for th
Showing posts from June, 2015
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Here is a collectible for the billionaire who has everything. There was an auction held at Sotheby's on May 28 in London which had some interesting things for sale, many of which are music related. The auction, "Music, Continental and Russian Books and Manuscripts," is selling, along with many other items, locks of hair . Probably the most unusual items were the locks of hair of Mozart and Beethoven. Mozart's had a sale estimate of $14,800 and $17,800, and Beethoven's were $3,000 to $4,500. Mozart's hair sold for an incredible 35.000 GBP ($53,456). Even Beethoven was hammered at an amazing 8,125 GBP ($12,413). Total sales for the auction amounted to $4,076,597.38.