- Artnet to provide collectors with easier access to liquidity to support the continuing growth of the Art Market
NEW YORK, NY and LONDON, UK / ACCESSWIRE / November 7, 2022 / Artnet, the leading platform for art market data and media, and the global online fine art marketplace, is excited to introduce its Art Secured Lending Brokerage program. Artnet seeks to create a global, efficient art market. This new service enables and improves Artnet's subscribers' access to capital by leveraging their fine art assets. Fine Art has become a significant alternative asset class, which has led to its increased use as collateral against loans. The overall market size of outstanding loans against art is expected to grow to $31.3 billion in 2022. Artnet aims to drive efficiency in the fine art financing market by connecting its users to the best possible lending provider, given their loan profile, and creating a transparent system that drives liquidity. Easing access to capital is designed to support continued market growth to benefit participants across the ecosystem at every level.
"Artnet is a natural home for fine art focussed 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 Chief Strategy Officer, Albert Neuendorf.
Artnet is proud to launch this service together with the Fine Art Group and Luxury Asset Capital as its primary loan providers. The Partnerships program will facilitate global access to loans from $25,000 to over $10 million. 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. The service is integrated into the Price Database user experience, giving existing and new subscribers immediate access to the service.
"The Fine Art Group shares Artnet's vision of improving access to art financing and we look forward to offering our leading art finance service to Artnet's clients." commented Freya Stewart, Chief Executive Officer Art Finance, The Fine Art Group.
"Luxury Asset Capital has long served the fine art community with liquidity solutions that provide an alternative to selling, and we are honored to integrate our services with Artnet and the Artnet community." said Katelyn Conlon, Chief Revenue Officer, Luxury Asset Capital.
About The Fine Art Group
Founded over 20 years ago, The Fine Art Group is a market leading provider of asset-secured loans for collectors, the art trade and owners of high-quality works of art, jewelry and watches. The Fine Art Group offers flexible, bespoke financing solutions designed to meet each client's individual requirements. A unique combination of renowned in-house art, finance, legal and logistics experts ensure an unrivaled speed of loan execution, together with exceptional client service. The Fine Art Group offers a global financing service focussed on loans upwards of $1 million, with the ability to execute loans across most of the major art world hubs. (https://www.fineartgroup.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. Luxury Asset Capital is 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. Luxury Asset Capital unlocks 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. (https://www.luxuryassetcapital.com)
About Artnet
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.
Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the segment with the highest transparency standards. The majority of operations are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp. owns a London based subsidiary, Artnet UK Ltd.
Further Investor-relations related news and publications can be found here:
http://www.artnet.com/investor-relations/
ISIN: DE000A1K0375
LEI: 391200SHGPEDTRIC0X31
Contact:
Sophie Neuendorf
[email protected]
SOURCE: artnet AG