DURBAN - Aspire Art Auctions has partnered with Bidvest Bank to bring a new finance product to the art market.
This finance product is targeted at art collectors and buyers who are looking for a credit plan to finance their art purchases.
Aspire Art Auctions who is partnering with Bidvest Bank is well-known in the fine art auction business for its innovation, entrepreneurial attitude and ethical approach to all their business dealings.
Japie van Niekerk the Managing Director of Bidvest Bank said, "We believe that our Art Finance Plan in partnership with Aspire is a strategic fit with our retail offering and provides us access to a niche market with which we want to be associated".
The Bidvest Bank Art Finance Plan is suitable for art collectors wanting to get funding for gallery purchases or to use their existing art as security.
“This product will allow a wider range of potential collectors access to funding to obtain the art their passion deserves,” Van Niekerk adds.
According to Van Niekerk, the product is perfect for the fine art auction market which has art collectors bid on artworks at a variety of prices.
In practical terms, it will have some of the following features:
1. Bidvest Bank will provide funding for a part of the total value of the final bid.
2. Aspire will offer sales channels through their office and through a direct link from the company's website to Bidvest Bank’s credit department.
3. Applicants will submit a funding application on the Aspire page, and a credit check conducted by Bidvest Bank. Acceptance or declining the application will based on normal credit criteria and compliance with FICA requirements.
4. Bidvest Bank will strive to maintain a 24-hour turn around for approvals;
5. Options and periods for repayments will differ from “Bridging Finance” of three months (a minimum period which will attract a higher interest rate), to “Term Loans” of up to 24 months (the maximum period which attracts a lower interest rate)
7. Depending on the terms of the agreement, the artwork will be kept by Aspire until the debt is settled.