Art as collateral during the COVID-19 pandemic

As a result of the COVID-19 pandemic many business owners and other individuals are having to source funding. However, with some being unable or unwilling to mortgage their homes, they are now considering what other forms of collateral they might have to offer lenders, including works of art.

Susan Johnson, Consultant and Lara Mardell, Legal Director in BDB Pitmans’ private wealth team, discuss this in their article for Campden FB, explaining:

‘[BDB Pitmans] has already received enquiries from ultra-high net worth individuals interested in lending to others, with the borrower’s art being used as security.’

The full article is available here.