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.
‘[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.’
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