Since December 2011, asset lender borro has seen a 21.7% increase in the loan value of fine art and sculpture.
Borro’s underground vaults in London’s Chancery Lane currently houses such art as a Henry Moore sculpture with a loan of £50,000 and Andy Warhol prints with a loan value of £24,000.
Other artists that borro has seen work from are Kyffin Williams, Andy Warhol, Damien Hirst, Montague Dawson and Jack Vettriano.
“We have seen an increasing number of high net worth individuals and small business owners lending against fine art amongst other assets for liquidity,” said Paul Aitken, CEO of borro.
“People do not want to lose their assets by selling and also recognise that they can access quick finance by coming to us. We have seen a 21.7% increase in the average loan value of fine art in the last year alone.
“Many people are realising they have collected an array of valuable personal assets they can use to raise funds without lengthy bank processes or putting property up as a guarantee. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide.”