DENVER & NEW YORK--(BUSINESS WIRE)--Artnet, the leading platform for art market data and media, and the global online fine art marketplace, and Luxury Asset Capital, a leader in the alternative financing market, today announced a specialty financial services partnership that enables Artnet’s clients to quickly access capital without having to sell fine art or other luxury assets by using them as loan collateral held by Luxury Asset Capital. Artnet’s Art Secured Lending Brokerage program enables Artnet’s subscribers to obtain access to capital by leveraging their fine art assets, as well as other luxury assets, including watches, jewelry, gemstones, and autos.
Artnet is the trusted source of art market information, transparency, analysis, and online auctions to over 2.1 million monthly users from over 239 countries and territories. Luxury Asset Capital is the nation’s largest privately-held provider of non-bank loans that use borrowers’ luxury assets, such as fine art, as collateral, with over a billion dollars of loans to tens of thousands of clients.
Through the partnership, Artnet clients can initiate the loan process through an inquiry on Artnet’s website, which will typically include the pertinent information from the Artnet Price Database used by Luxury Asset Capital’s art asset underwriters to quote an initial loan amount to the prospective borrower. Upon acceptance of the initial quote, arrangements are made for inspection of the work and its supporting documentation, resulting in the generation of a final quote for a loan amount between $25,000 and $5 million. Art used as loan collateral is fully insured and held at a secure Luxury Asset Capital storage facility. Funds can be wired immediately upon agreement of loan terms, and owners can redeem their collateral – fine art or other luxury goods – at any time by paying off the loan principal plus service fees incurred. In addition to fine art and other auction-quality assets, Artnet clients can obtain loans using a wide variety of luxury assets, including luxury and classic cars, luxury watches, fine jewelry and diamonds, gold and silver, and designer handbags and accessories.
“Artnet is a natural destination for fine art focused Financial Services, and the introduction of Lending Brokerage is core to our vision of providing a holistic online ecosystem for the global art market” said Albert Neuendorf, Artnet’s Chief Strategy Officer.
“As the leading provider of loans that use borrowers’ luxury assets as collateral, we are naturally drawn to working with leaders in the various asset classes we lend against,” said Dewey Burke, CEO of Luxury Asset Capital. “There is no more significant partner in the fine art community than Artnet, and we look forward to expanding our relationships in the fine art community through this innovative partnership.”
“Luxury Asset Capital has long served the fine art community with liquidity solutions that provide an alternative to selling,” said Chloe Kilburn, Luxury Asset Capital Vice President of Fine Art. “We are honored to integrate our services with the Artnet Price Database and look forward to expanding our relationship with Artnet and the Artnet community.”
Founded in 1989, Artnet has revolutionized the way people discover, research, and collect art today. With 55 million unique users annually, Artnet is the largest platform for fine art globally. Artnet’s market data is a mission-critical resource for the art industry, encompassing more than 15 million auction results and AI- and ML-driven analytics providing transparency and insight into the art market. Artnet’s marketplace connects leading galleries and auction houses with our global audience, offering a curated selection of over 250,000 artworks for sale worldwide. Artnet Auctions, the pioneering online-only auction platform, offers unprecedented reach, liquidity, and efficiency. Artnet News covers the events, trends, and people shaping the global art market with up-to-the-minute analysis and expert commentary. Together, Artnet’s broad synergistic product offering provides a comprehensive ecosystem that drives and informs the modern art market. www.artnet.com
About Luxury Asset Capital
Luxury Asset Capital is a leader in the alternative financing market, with tens of thousands of transactions and over one billion dollars in loans funded by its Borro, New York Loan Company, and Beverly Loan Company brands since inception. We are a private lender to individuals and businesses in exchange for luxury assets that are held as collateral when traditional channels of financing are either too slow, invasive, burdensome or, in some cases, unavailable. We unlock the equity in a wide range of assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one hour. www.luxuryassetcapital.com