Fine art is latest form of finance for wealthy

Brits are turning to fine art and sculpture to access finance, according to analysis from borro, the UK personal asset lender.  Since this period last year, borro has seen a 21.7% increase in the loan value of art.

borro's underground vaults in London's Chancery Lane are home to some exquisite pieces of art including a Henry Moore sculpture with a loan of £50,000 and Andy Warhol prints with a loan value of £24,000.  Other artists that borro has seen work from are Kyffin Williams, Andy Warhol, Damien Hirst, Montague Dawson and Jack Vettriano.

Selection of loans against fine art at borro:

Fine Art and artist - Loan value
 
A portrait by Sir Peter Lely £20,000
A collection of Andy Warhol screen prints £24,000
Henry Scott Tuke, Landscape, oil on canvas £34,000
Henry Moore sculpture £50,000
George Romney three quarter length portrait, oil on canvas £50,000
A collection of Montague Dawson oil on canvas paintings £32,000

Paul Aitken, CEO of borro said: "We have seen an increasing number of high net worth individuals and small business owners lending against fine art amongst other assets for liquidity. People do not want to lose their assets by selling and also recognise that they can access quick  finance by coming to us. We have seen a 21.7% increase in the average loan value of fine art in the last year alone.

"Many people are realising they have collected an array of valuable personal assets they can use to raise funds without lengthy bank processes or putting property up as a guarantee. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide."

For more information, visit borro.com.