Personal asset lenders will advance money against art items. Art items include paintings, statues, and other items of value.
As with motor vehicles and jewellery, the lender will keep possession of the artwork for the duration of the loan.
Things that will affect the value of the artwork are:
- The artist
- The type of work (mixed mediums, watercolours, oils)
- Condition of the artwork
- Comparable realized auction sales values for the artist
Typically a lender will advance 60%- 70% of the value of an artwork.