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Post by drstarter33 on Jul 5, 2015 10:12:45 GMT
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Post by ogwellian on Jul 5, 2015 10:21:08 GMT
The Gumtree sale is for a limited edition print.
The MT loan is secured on the original.
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pom
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Post by pom on Jul 5, 2015 10:23:47 GMT
Well we've all been a bit skeptical about the art, but related to your specific point, the one you're linking to in gumtree is a limited edition print (ie an authorised copy), whereas the one on MoneyThing is the original.
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oldgrumpy
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Post by oldgrumpy on Jul 5, 2015 10:24:13 GMT
No doubt Ed will confirm that the loan is secured on the original art work, whereas gumtree are selling (for a very optimistic price) a limited edition print. hey everybody .... SNAP!!  |
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justsaying
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Post by justsaying on Jul 5, 2015 10:24:49 GMT
Hello and welcome to the forum.
As far as I can see, the loan on MT is against the original painting, whereas the item for sale on Gumtree is a limited edition artist proof (one of twenty) which I would expect to be valued for quite a lot less.
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Post by drstarter33 on Jul 5, 2015 10:31:09 GMT
Thank you everyone. That helps the uninitiated! I have the artistic knowledge that is equivalent to a brick!
But I would like to see a credible valuation report available to investors before we place our hedges! I wonder why MT has not provided these documents (surely, they must be evaluating them professionally before agreeing to lend!)
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Post by MoneyThing on Jul 5, 2015 10:39:24 GMT
Morning. I can confirm that the works are all original (not limited edition prints). Regards, Ed
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Post by drstarter33 on Jul 5, 2015 10:55:18 GMT
Morning. I can confirm that the works are all original (not limited edition prints). Regards, Ed Thanks, that helps. Can you please make the valuation documents available for all to see?
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Post by MoneyThing on Jul 5, 2015 11:03:08 GMT
Morning. I can confirm that the works are all original (not limited edition prints). Regards, Ed Thanks, that helps. Can you please make the valuation documents available for all to see? Morning drstarter33. Will respond to your query regarding valuation later once I am on a bigger screen and not reliant on mobile reception. Regards, Ed.
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jonbvn
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Post by jonbvn on Jul 5, 2015 15:42:41 GMT
OP,
If you are unsure of the artwork, then best you don't lend on them. Personally, I like to stick to assets like gold/jewellery & cars/planes.
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Post by MoneyThing on Jul 5, 2015 20:55:08 GMT
Evening,
With respect to the valuations, I initially spoke to the borrowers expert valuer (with 43 years relevant experience), who specialises in contemporary art. He was incredibly enthusiastic about both Protsouk & JJ Adams and considered that their work is very desirable and getting more so all the time. He went through each painting's value (FMV rather than insurance value), which came to a total of £255,000.
I then contacted another gallery who deals in both these artists who has seen these paintings and confirmed their authenticity. He valued them at £220,000 based on current market but also confirmed that they were rapidly increasing in value.
The value that has been used on the website is based on a figure that I have modelled based on the difference between the two valuations taken off the lower resulting in £185,000 in order to come up with a more conservative/fire-sale value.
Since these have gone on the website, I have been approached by someone who owns another JJ Adams original and wanted me to ask the borrower if they might be interested. They were looking for £40,000 with a absolute minimum or £35,000 (I always find it odd when people disclose a minimum because that is the obvious figure the potential buyer will offer). I was happy to field this enquiry as it helped reaffirm their popularity/value.
I must admit that after all the excitement I have since personally bought a couple of JJ Adams framed prints to go up in our office.
I am more than happy to underwrite these loans.
Please however make your own judgement - all lenders/investors have different preferences as to what they are willing/comfortable to lend against.
Kind regards,
Ed
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