kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Jan 23, 2019 10:26:21 GMT
I'm repeating myself here, but for the sake of all investors let's hope we don't get a future update which says:
"It became apparent that the market for tiny sculptures of this size was very small." (after they've been sold for about 10% of the stated value).
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 26, 2019 17:01:09 GMT
I'm repeating myself here, but for the sake of all investors let's hope we don't get a future update which says: "It became apparent that the market for tiny sculptures of this size was very small." (after they've been sold for about 10% of the stated value). Close..but no cigar 26/03/19 we get "After discussion with several auction houses, it has been decided to delay the sale, as it was felt that a more specialised auction would be preferable. An update will be provided once the suitable auction has been decided upon". Well why not..youve already delayed it over a year swallowing every puerile excuse the borrower has dreamt up..another year or so isn't going to make any difference..another epic shambles
|
|
p2ploser
Member of DD Central
Posts: 163
Likes: 221
|
Post by p2ploser on Mar 26, 2019 18:09:17 GMT
So the previous update was 22nd jan when they stated “After making enquiries with both dealers and auction houses, we have decided to enter these items into sale with a London based auction company with the sale date expected to be during April.”
its now more then 2 months since so what the hell have fs been doing in the meantime?
Do they think continually kicking the can down the road achieves anything. Too many updates are this meaningless.
Thought new management we’re meant to be improving things. Looks like same as to me.
Rant over 😜
|
|
jcb208
Member of DD Central
Posts: 821
Likes: 608
|
Post by jcb208 on Mar 26, 2019 19:04:04 GMT
Great another loan I will be waiting forever to get any money returned,at this rate I will never see the end of this outfit
|
|
|
Post by df on Mar 26, 2019 21:12:57 GMT
I'm repeating myself here, but for the sake of all investors let's hope we don't get a future update which says: "It became apparent that the market for tiny sculptures of this size was very small." (after they've been sold for about 10% of the stated value). Close..but no cigar 26/03/19 we get "After discussion with several auction houses, it has been decided to delay the sale, as it was felt that a more specialised auction would be preferable. An update will be provided once the suitable auction has been decided upon". Well why not..youve already delayed it over a year swallowing every puerile excuse the borrower has dreamt up..another year or so isn't going to make any difference..another epic shambles I would've thought it will be one of the first on pawn broker's order list - don't lend money against something you can't sell? Oh well, at least we've got an update...
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 26, 2019 21:19:50 GMT
Great another loan I will be waiting forever to get any money returned,at this rate I will never see the end of this outfit Bet you still made an overall profit
|
|
|
Post by Badly Drawn Stickman on Mar 26, 2019 21:30:33 GMT
Close..but no cigar 26/03/19 we get "After discussion with several auction houses, it has been decided to delay the sale, as it was felt that a more specialised auction would be preferable. An update will be provided once the suitable auction has been decided upon". Well why not..youve already delayed it over a year swallowing every puerile excuse the borrower has dreamt up..another year or so isn't going to make any difference..another epic shambles I would've thought it will be one of the first on pawn broker's order list - don't lend money against something you can't sell? Oh well, at least we've got an update... Whilst very true. The big difference is a 'conventional' pawn broker would not be paying/not paying ongoing interest, so could play the long game in getting the value of the asset back eventually when a suitable buyer turned up and would be getting a 'swings and roundabouts' return over his whole stock. This is seemingly a problem with the FS model.
|
|
rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
|
Post by rogerthat on Mar 26, 2019 21:35:40 GMT
fundingsecure As these 11 items (in your 'secure vault' ) are part of a greater collection of 39, one presumes that any shortfall at auction of these 11 can be made up by selling others from the same collection. As this was presented to us by you with a value in excess of £3m for the total collection, there is clearly ample scope to recover the full loan and all interest accrued. But ive no doubt you've thought of that already...…...
|
|
jcb208
Member of DD Central
Posts: 821
Likes: 608
|
Post by jcb208 on Mar 26, 2019 21:49:47 GMT
Great another loan I will be waiting forever to get any money returned,at this rate I will never see the end of this outfit Bet you still made an overall profit Yeh I wish as it stands 2.5K loss in a £20k investment my worst performing P2P
|
|
|
Post by df on Mar 26, 2019 21:50:54 GMT
I would've thought it will be one of the first on pawn broker's order list - don't lend money against something you can't sell? Oh well, at least we've got an update... Whilst very true. The big difference is a 'conventional' pawn broker would not be paying/not paying ongoing interest, so could play the long game in getting the value of the asset back eventually when a suitable buyer turned up and would be getting a 'swings and roundabouts' return over his whole stock. This is seemingly a problem with the FS model. Yes, using other people's money takes it to a different level of responsibility.
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 26, 2019 23:10:45 GMT
Bet you still made an overall profit Yeh I wish as it stands 2.5K loss in a £20k investment my worst performing P2P Diversify that would never happen. You would only have 1% in any single loan. My Actual declared complete losses on FS <£1500 on £200k+ With interest of over £30000 been paid
|
|
adrian77
Member of DD Central
Posts: 3,899
Likes: 4,131
|
Post by adrian77 on Mar 27, 2019 9:29:43 GMT
we were told the below in January This is plain insulting and treats us as complete idiots - are FS seriously saying that in one of the worlds major and wealthiest cities they can't find an auction house to sell this item within 2 months!
Just asked FS who said they were in a secured location ... well then what's the problem?
Considering Brexit seems a total sell-out Sterling is rising in value so I would say shame this was not put to the international market last month and the sooner the better!
And yes I am in this loan.
|
|
james21
Member of DD Central
Posts: 651
Likes: 669
|
Post by james21 on Mar 27, 2019 10:36:50 GMT
I dodged this one and while I am no art expert cant help thinking these are little more than a gimmick, therefore dubious value, cant see a full recovery somehow
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,745
Likes: 3,138
|
Post by jonno on Mar 27, 2019 10:45:53 GMT
I dodged this one and while I am no art expert cant help thinking these are little more than a gimmick, therefore dubious value, cant see a full recovery somehow I agree. But isn't most "art" little more than a "gimmick" with little intrinsic value; unfortunately (or maybe fortunately in our case) there are many plonkers around the world who are prepared to pay astronomical amounts to get their hands on what is, in many cases, tat of the worst possible taste.
|
|
kielbasa
Member of DD Central
Posts: 246
Likes: 411
|
Post by kielbasa on Mar 27, 2019 11:41:20 GMT
I see that some of the artist's works were entered into a Bonham's auction on 15 November 2016. The results were: Lot 165: Gold Galleon on a grain of sand - SOLD for £10,000 inc. premium Lot 166: Statue of Liberty in the eye of a needle - estimate £10k-£15k - NOT SOLD Lot 167: Dinosaur in the eye of a needle - estimate £10k-£15k - NOT SOLD Lot 168: Rhino in the eye of a needle - estimate £10k-£15k - NOT SOLD Here is the link for the auction results (for lots 101 to 200): www.bonhams.com/auctions/23472/#/aa0=2&MR0_length=100&w0=list&aj0=lot_number_asc&m0=0Scroll down to see the microsculptures.
|
|