RCS - artnet AG - Introduction of Art-Secured Lending

Artnet AGAnnouncement

08/11/2022 08:15

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RNS Number : 5990F  artnet AG  07 November 2022

 artnet AG / Key word(s): Alliance/Product Launch

artnet AG: Artnet Pilots Financial Services through the Introduction of
 Art-Secured Lending in Partnership with Leading Asset-Secured Loan Providers

07.11.2022 / 20:33 CET/CEST

The issuer is solely responsible for the content of this announcement.

Artnet Pilots Financial Services through the Introduction of Art-Secured
 Lending in Partnership with Leading Asset-Secured Loan Providers

 ·      Artnet to provide collectors with easier access to liquidity to
 support the continuing growth of the Art Market

 New York/ London, November 7, 2022: Artnet, the leading platform for art
 market data and media, and the global online fine art marketplace, is excited
 to introduce its Art Secured Lending Brokerage program. Artnet seeks to
 create a global, efficient art market. This new service enables and improves
 Artnet's subscribers' access to capital by leveraging their fine art assets.
 Fine Art has become a significant alternative asset class, which has led to
 its increased use as collateral against loans. The overall market size of
 outstanding loans against art is expected to grow to $31.3 billion in 2022.
 Artnet aims to drive efficiency in the fine art financing market by connecting
 its users to the best possible lending provider, given their loan profile, and
 creating a transparent system that drives liquidity. Easing access to capital
 is designed to support continued market growth to benefit participants across
 the ecosystem at every level.

 "Artnet is a natural home for fine art focussed Financial Services, and the
 introduction of Lending Brokerage is core to our vision of providing a
 holistic online ecosystem for the global art market." said Chief Strategy
 Officer, Albert Neuendorf.

 Artnet is proud to launch this service together with the Fine Art Group and
 Luxury Asset Capital as its primary loan providers. The Partnerships program
 will facilitate global access to loans from $25,000 to over $10 million. In
 addition to fine art and other auction-quality assets, Artnet clients can
 obtain loans using a wide variety of luxury assets, including luxury and
 classic cars, luxury watches, fine jewelry and diamonds, gold and silver, and
 designer handbags and accessories. The service is integrated into the Price
 Database user experience, giving existing and new subscribers immediate access
 to the service.

 "The Fine Art Group shares Artnet's vision of improving access to art
 financing and we look forward to offering our leading art finance service to
 Artnet's clients." commented Freya Stewart, Chief Executive Officer Art
 Finance, The Fine Art Group.

 "Luxury Asset Capital has long served the fine art community with liquidity
 solutions that provide an alternative to selling, and we are honored to
 integrate our services with Artnet and the Artnet community." said Katelyn
 Conlon, Chief Revenue Officer, Luxury Asset Capital.

 About The Fine Art Group

 Founded over 20 years ago, The Fine Art Group is a market leading provider of
 asset-secured loans for collectors, the art trade and owners of high-quality
 works of art, jewelry and watches. The Fine Art Group offers flexible, bespoke
 financing solutions designed to meet each client's individual requirements. A
 unique combination of renowned in-house art, finance, legal and logistics
 experts ensure an unrivaled speed of loan execution, together with exceptional
 client service. The Fine Art Group offers a global financing service focussed
 on loans upwards of $1 million, with the ability to execute loans across most
 of the major art world hubs. (https://www.fineartgroup.com)

 About Luxury Asset Capital

 Luxury Asset Capital is a leader in the alternative financing market, with
 tens of thousands of transactions and over one billion dollars in loans funded
 by its Borro, New York Loan Company, and Beverly Loan Company brands since
 inception. Luxury Asset Capital is a private lender to individuals and
 businesses in exchange for luxury assets that are held as collateral when
 traditional channels of financing are either too slow, invasive, burdensome,
 or, in some cases, unavailable. Luxury Asset Capital unlocks the equity in a
 wide range of assets that are high in value but low in liquidity and execute
 transactions from thousands to millions of dollars in as little as one
 hour. (https://www.luxuryassetcapital.com)

 About Artnet

 Founded in 1989, Artnet has revolutionized the way people discover, research,
 and collect art today. With  55 million unique users annually, Artnet is the
 largest platform for fine art globally. Artnet's market data is a
 mission-critical resource for the art industry, encompassing more than 15
 million auction results and AI- and ML-driven analytics providing transparency
 and insight into the art market. Artnet's marketplace connects leading
 galleries and auction houses with our global audience, offering a curated
 selection of over 250,000 artworks for sale worldwide. Artnet Auctions, the
 pioneering online-only auction platform, offers unprecedented reach,
 liquidity, and efficiency. Artnet News covers the events, trends, and people
 shaping the global art market with up-to-the-minute analysis and expert
 commentary.  Together, Artnet's broad synergistic product offering provides a
 comprehensive ecosystem that drives and informs the modern art market.

 Artnet AG is listed in the Prime Standard of the Frankfurt Stock Exchange, the
 segment with the highest transparency standards. The majority of operations
 are headquartered in New York at its wholly-owned subsidiary, Artnet Worldwide
 Corporation, a New York based entity founded in 1989. Artnet Worldwide Corp.
 owns a London based subsidiary, Artnet UK Ltd.

 Further Investor-relations related news and publications can be found here:

 http://www.artnet.com/investor-relations/

 ISIN: DE000A1K0375

 LEI: 391200SHGPEDTRIC0X31

 Contact:

 Sophie Neuendorf

 sneuendorf@artnet.com

07.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News
 - a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
 Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

 Language:     English
 Company:      artnet AG
               Oranienstraße 164
               10969 Berlin
               Germany
 Phone:        +49 (0)30 20 91 78 -0
 Fax:          +49 (0)30 20 91 78 -29
 E-mail:       info@artnet.de
 Internet:     www.artnet.de
 ISIN:         DE000A1K0375
 WKN:          A1K037
 Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in
               Berlin, Dusseldorf, Stuttgart, Tradegate Exchange
 EQS News ID:  1481169

 

 End of News  EQS News Service

1481169  07.11.2022 CET/CEST

 

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