adrian77
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Post by adrian77 on Nov 22, 2017 9:55:44 GMT
I note this loan will not be renewed and the owner wants to sell it
I read
I think it is a bit late for December for most auction houses so I asked FS for the details
The told me that they would not give me any details whatsoever in order to respect the client - I don't understand this as the auction house don't need to disclose who owns it.
However this chap seems very popular and his work sells well so I don't foresee a problem in realising a full recovery (interest is still being paid). I am not pleased this is where we are but I don't blame FS as the LTV and DD seem very reasonable to me (I know nothing about art)- unlike some of these property loans which I think are crazy.
If anybody in the art work could comment on my appraisal of the painting's value I would be grateful. I am not too worried by this loan default but if I had money in Whitehaven, a speedboat, Wimbledon etc etc that would be different
I thank you
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keith
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Post by keith on Nov 24, 2017 15:25:31 GMT
I think that art should carry a very low LTV due to the idiosyncratic nature of the item. If something with a functional value such as housing (not development projects - arguably a value of zero) takes some time to shift then how long should (to some) a garbled monstrosity rather than a masterpiece take to shift?
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chunkie
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Post by chunkie on Dec 13, 2017 17:02:46 GMT
Seems it will be auctioned Dec14th or 15th at: <link redacted>
Bids required to start at GBP 9,000
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adrian77
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Post by adrian77 on Dec 13, 2017 17:17:11 GMT
thanks - surprised to see it in M****d (up North) amongst a load of cheap, as in £30 lots, granted it may cost more to put in a prestigious London auction house but that is where the money is - especially for this sort of art! I used to work for one such house and they have massive pulling power allied with marketing clout and a database of people to whom £100K is small change. I can see a dealer buying this at a modest price and immediately re-selling it down south at a hefty profit.
I am in this loan and to be honest disappointed to see it in such a saleroom (no disrepect to the owner who is very well known to TV audiences).
FS refused to tell me who was selling it .....be interested to see if I get my money back!
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Post by dan1 on Dec 13, 2017 17:43:20 GMT
Seems it will be auctioned Dec14th or 15th at: <link redacted> Bids required to start at GBP 9,000 Link to the auction lot can be found on DD Central, see here
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adrian77
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Post by adrian77 on Dec 13, 2017 17:50:18 GMT
lot 1075 of the sale ...Estimate: £15000 - £20000
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 13, 2017 18:07:56 GMT
Originally "Valued" for the Loan at £30K, so this'll be interesting. Although, to be fair to FS (and I've been fair for a second time now!) it IS art.  |
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Bagman
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Post by Bagman on Dec 14, 2017 17:44:03 GMT
bidding got up to £12,500 , not sure if it sold or passed as it is still showing as LIVE
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rogerthat
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Post by rogerthat on Dec 14, 2017 17:51:41 GMT
Tried to look which is difficult ..has PASSED when I glimpsed
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adrian77
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Post by adrian77 on Dec 14, 2017 18:05:46 GMT
yeah - looks not sold (passed) to me - well what a good result - not!
I said it should have been in a posh London sale!
Will ask FS tomorrow where we are with this.
If it got to £12.500 then that would have just about covered the capital so why wasn't that accepted? If we are lucky this may be sold immediately post-auction - mind you if somebody gets it for £12,500 then Xmas came early for him...
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hendragon
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Post by hendragon on Dec 15, 2017 17:47:51 GMT
I am really getting worried about the ability of FS to end defaulted loans within a reasonable time frame. As a lender I do not want to see an asset undersold, but I DO want to see a loan like this resolved within an reasonable time period. For an asset like this, if it does not make the reserve the first time then sell it without reserve. At least we get most or all of our capital back and can move on. I am starting to feel that FS are thinking too much of the borrowers interests and far less of the lenders.
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adrian77
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Post by adrian77 on Dec 15, 2017 18:01:56 GMT
totally agree- ref the PH painting I used to work for an up-market auction house.
I firmly believe FS could have phoned around and got shot of this painting for the capital owing. Granted probably less than the owner hoped but tough as he should have redeemed the loan!
Some auction houses advance money against lots and there are plenty of dealers who will buy if the price is right - this is a popular artist who sells well for good money...
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Post by shyinvestor on Dec 22, 2017 20:12:47 GMT
I could not find any listing of this painting at an auction house. Where was it put up for sale? It is an interesting and arresting painting, and Peter Howson's paintings are widely admired. A fine art auction in Edinburgh might do the trick.
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Post by dan1 on Dec 22, 2017 20:21:43 GMT
I could not find any listing of this painting at an auction house. Where was it put up for sale? It is an interesting and arresting painting, and Peter Howson's paintings are widely admired. A fine art auction in Edinburgh might do the trick. I've PM'd you a link that was originally place on the main FS board but was subsequently moved to DD Central.
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chunkie
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Post by chunkie on Jan 12, 2018 12:26:12 GMT
Response from FS today: "Thank you for your email. We are still looking into further sales routes and auctions at the moment. Once we have one an update will be posted on the loan page with a date"
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