High Value and Luxury Assets
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For asset-rich but cash-strapped individuals, luxury asset lending is growing. Whether the collateral is a watch, yacht, fine art, a luxury handbag, or classic car, many high-net-worth individuals are using luxury assets as security. Luxury asset lending is not a new phenomenon – in fact, much has been written about the intertwined history of banking and Renaissance art. Some of the greatest patrons of art, the Medici family, were among the architects of the modern economy. Later, the Dutch Golden Age saw Rembrandt and Jan Leivens pledging their stunning artworks as collateral to Herman Becker, a Baltic merchant and one of the first people in history to lend against fine […]Read more
Provenance, rarity and originality, these are the holy trinity for anyone purchasing a classic car. Good judgement and research also pays off. This is a market that is booming after leaping 17% in 2015, more than any other luxury asset such as watches, art and stamps. Earlier this year, a Ferrari 250 GTO was on sale in the UK for the asking price of a whopping £52 million. The current picture of the classic car market There was a sense at the beginning of 2016 that the classic car market was slowing down due to a drop in sales and cars selling for less than expected sums in auction halls […]Read more
I got a call last week from a worried but well-spoken young lady needing help in getting a divorce. Determined, but scared about what would happen if she made the first move, we discussed her partner, a wealthy businessman who controlled her assets, her kids, basically her whole life. She had never dealt with the family’s finances as her husband had “taken care” of it all. After 10 years of marriage, she realised that she did not want to be trapped in this kind of controlling relationship – She wanted out… But didn’t know what to do.What should you do in this situation? I gave her the same advice I give […]Read more