If you are an art lover, then you have probably entertained more than a couple of ideas of buying art to display in your home. The problem you may have come across is that the art you want is out of your budget.
But maybe you really, really want that piece, or maybe you are sure that the artist you want to invest in is going to be a great financial investment.
Well, you may be considering the possibility of getting a loan to cover your art purchase.
Just how easy is it to get a loan to buy art? Well, it’s not going to be a simple process, but we’ll look at a couple of ways that you could use borrowed money to secure the art work of your dreams.
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So, first off, you’ll likely come across specialized companies that offer art loans.
Specialized companies such as these are most likely going to be looking to lend money to institutions who have an interest in art or its conservation. Likewise, they will look to trustees or employees who can equally demonstrate a dedication to their particular cause.
Companies or establishments like this will often have a focus of their own, and will most likely want to use their financial leverage to assist those whose vision aligns well with theirs.
Unfortunately, if you are an individual who just wants to own some nice art, this may not be the way to go.
Going To The Bank
Your other option may be to go to the bank and ask for a loan from them. You’ll need to demonstrate that you can repay the loan, but if you can, then there’s no reason why a bank would decline your request.
At the end of the day, the bank wants to make sure that they can get their money back with interest, and what you do with the money is not really of interest to them.
This may be the best route for more modest art purchases.
Using Art As Collateral
Yes, you can actually use art as collateral for a loan. You’ll offer a piece or pieces of work that you currently own as security against the money that you are borrowing.
Again, you’ll need to have the financial ability to pay the loan back, and the bank will certainly means-test this, but it is an option that’s available to you.
You should exercise caution before taking out any loan and make sure that it fits in with your financial plan.
Whether you are doing this for future fiscal gain, or simply for the love of art, you should make sure that your love of art aligns with your future financial plans.
Unfortunately, unless you are sure that your art purchase is going to be an asset in the future, then you should probably be saving the pennies instead.… Read More...Read More