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Auction house vs bank art mortgage mortgage buckies hot
Since the rise of the art market in the world, capital intervention art has always been relish and widespread concern. In the art of financial services, because the art of mortgage loans can be directly and effectively solve the art collection and trading bottlenecks, and become the hottest topic. Today, the global art market, including China, has repeatedly shown tepid - the prudence of collectors, the indifference of investors, and often make the auction room placid. However, capital, in particular, some of the funds in Europe and America happens at this time quietly eyeing the art of collateral. Why is this? The world's old auction house Sotheby's seems to have tasted a lot of sweetness, compared to other auction houses, how they and the financial incense incense.
Artwork loan: business is never good
In a recent report, the Financial Times mentioned a phenomenon that, despite the recent downturn in the art market, the auction was not ideal, but not all art classes were doing well - art loans Is never better! And more and more money is still waiting to enter this area. It is reported that Sotheby's since 1988 will be involved in art collateral, its Asian president Cheng Shoukang said that art loans in 2015 profit has reached the peak of history. Sotheby's released data show that by 2015, the average amount of corporate art collateral loans was $ 733 million, an increase of 26% from the previous year. The business has generated $ 65 million in revenue and $ 4 million in operating profit for Sotheby's.
Obviously, the art of mortgage loans in the mainland or a more fresh topic, whether it is the bank or the auction, really do this operation is not much. However, one of the global auction giants Sotheby's success has made the industry eager, the banking industry is also gearing up for this. It is reported that the world's relatively large banks such as Citibank, Morgan and Bank of America have been involved in this area. According to foreign media reports, there are more European and American banks to show full interest. Cheng Shoukang also said in an interview that he was repeatedly asked by the industry in this area of business, especially in the Mainland, some auctions and banks have shown great demand for this business.
Unavoidable is that in recent years the global and Chinese art market are in a difficult stage, the whole market transactions are flat, the work of art in all areas of the operating conditions are lackluster. But at this time, the art of mortgage loans are the majority of optimistic. Western art loans in the field of practitioners revealed that the main reason is that the overall economic situation is not optimistic, leading to more private or institutional collectors need cash flow. Just because the current art market is not at its peak, with its low price to sell the hands of art, it is better to take it as a mortgage, so as to obtain a loan to ease the moment. "The concept of artwork loans was first raised in the United States in the 1970s," said Cheng Shoukang. "The reason is that there are many large families who have a lot of estate taxes after their predecessors die and need to To ease the financial tensions, so all the need to obtain loans to the guests, will provide a family collection and hope to get cash support. "Edelman (Edelman art lenders) that: now many collectors may have a lot of hands Hall, Madden, etc. Many of them do not want to convert it into cash in the form of open transactions, because once the auction price does not reach the auction price may be, whether for collectors or artists are an injury. Thus, a form of realization - the art of mortgage loans will be more attractive. Christie's former president of the Americas MarcPorter also pointed out that in such a period, more and more banks, institutions want to join the art loan is not surprising, because the business threshold is relatively high, on the one hand need to have Financial aspects of experience, on the other hand must be art experts. The uncertainty of the valuation of art has led to a lot of capital has been afraid to enter, and now this wall is slowly becoming transparent, coupled with the art market, especially the Western art market after years of precipitation, has become relatively fair and rigorous. This time more and more funds will be eyeing this piece of "meat" is more reasonable in the.
In addition to the economy is not urgent need cash flow, Cheng Shoukang also pointed out that with the art market to the depth of development, there are many public and private collectors have a lot of inventory, although the museum, art museum is still very small. There is a large part of the collection is stacked in the warehouse, after all, can not hang a lot of painting at home. Instead of letting these collections pile up in the storehouse, it is better to take out mortgages in order to get cash to do other investments. And as time goes on, art is likely to be price increases, especially when the market goes up, the first money holding the use of something and the opportunity to appreciate, for the customer is not a win-win situation. For the auction point of view, Cheng Shoukang said: "This will not only solve the reality of the trouble of the customer, but also for the collection of the auction line to clear the way to become a collateral thing, after a moment of thinking in the customer simply commissioned us to sell So we can earn the commission through the auction. "Cheng Shoukang told reporters that although this business originated in Europe and the United States, but now the Asian region also occupies a large proportion.
Art loan: auction bank PK bank
Despite the increasing number of art in the art of mortgages, but now really put into the operational level is limited to several important auction houses such as Sotheby's and several well-known commercial banks around the world. There is news that the mainland of China there are sporadic water test institutions. But in general the art of mortgage loans have all kinds of constraints, on the one hand because of the valuation of works of art is difficult to control, on the other hand, even if the valuation can be determined, the art of the final uncertainties have been the biggest constraints. So the real participation of enterprises / institutions is not a lot, more or in a wait state.
There is no doubt that Sotheby's here is the most successful. For the reason, Cheng Shoukang attributed it to "We provide the one-stop service of art." He analyzed the whole process of Sotheby's Art Mortgage: "Sotheby's has an independent department to operate so that To solve the financial related issues, such as interest, repayment of the loan time.Although Sotheby's is a unified global rules, but decide whether the loan and the number of loans is required to discuss with the regional experts.For example, there is a large Asian customers come I need to call his report to the New York headquarters of the United States, let the New York headquarters know: this person (who want to get the loan) how long I know how the relationship with Sotheby's is not reliable. Repayment ability. The above information needs to be detailed report, after all, their most understanding of the customers around.Second is to see what kind of collateral he took out if his collateral is Western painting, it may need to London or New York Western painting Experts to come to the certification; if it is porcelain or Chinese painting and calligraphy, you can directly by our department here to give a valuation advice. Which is 40% -50% of the low valuation.Of course, this ratio there is a certain amount of room for consultation, but the important thing is that we can loan things must be experts think that can be honored by the auction of things. If not particularly large amount , Usually by Sotheby 's direct loan to him, if the amount is particularly large, maybe we have to use other banks, funds and other loans.
Cheng Shoukang stressed: "We are a one-stop service, if the customer directly to the bank loans, many banks do not understand the art, but also took things to find experts to assess and confirm the liquidity of the collateral to ensure that in case Customers can not repay on time, mortgage things must be easy to flow.Of course, the banks do not understand the auction process, so often to drag for a long time, which is a lot of banks do not carry out the business reasons and we operate this business for many years , Sometimes if the guests are impatient, if fast, almost a week or 10 days of loans have been to the hands of customers.
For auctions, artwork mortgages are not just as simple as getting interest from them. "After a lot of people get the loan, not everyone will repay the money on time to redeem this thing.As the collateral thing once handed into our hands, many people have this thing did not appreciate the interest, the mortgage Give us for many years, the money and take the investment, and if you want to redeem the money is tight, especially the big collectors, so many times even if the direct let us take to sell. Do not have to continue to repay, sell excess money we have to give customers.Perhaps the above situation for the auction is more practical, because we can grant lending things must be good things, we feel promising, you can sell the price, Which in our previous risk assessment have been done in addition to the value of things too low loans do not make sense, generally in the value of about 10 million Hong Kong dollars, you can lend about 400-500 million Hong Kong dollars through this way, This good thing has entered our warehouse. Our competitors can not take away from me, so it is also a good idea for us to collect the goods Segment. "Chengshou Kang said.
"The biggest advantage is that banks have relatively low interest rates because, like Sotheby's, they are mostly a point of profit on the basis of their interest on banks," said a senior art finance official. Bank loans, although the provision of art collateral, but a lot of restrictive provisions may eventually become a non-pure art collateral, such as the bank once the feelings of the repayment may be the plight, or the value of the collateral and the ability to sell Certainty, it will be attached to the terms of the other frozen assets, such as stocks, bonds and other binding terms, so that for the lender, your cost will be higher. Moreover, the bank's most fundamental motivation is to Interest, and no solicitation of demand. Less a big reason, many banks themselves are not very interested in this business. Moreover, if the half-way repayment problems, you can not ask the bank to sell the work, The extra money will be returned to you, and there is certainly no auction in this respect. Unless you are really not a loan, the bank is compelled to go Through other ways to sell. "This is probably why the world's major banks, although both set up this business, but not enough to form a competitive reason for Sotheby's.
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