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Upscale Collateral Lenders Loan on Art

By   /   August 2, 2013  /   No Comments

Business owners and entrepreneurs are turning to pawn shops instead of banks for their short-term cash needs.  One customer pawned a Picasso to help pay the bills.  “I’ve been collecting art for a long time,” he said.  “I settled on a Picasso, and pulled it off the wall.    Many think of pawn shops dusty shops filled with dubious goods but pawn shops capable of funding a $40,000 art loan are of a different sort. Artists such as Chagall, Warhol and Picasso are common collateral for high-end pawnbrokers. Rather than small loans of $50-$100, upscale collateral lenders average loans of $10,000 and as high as six figures. Art lending is popular but upscale pawn shops take a variety of luxury goods including high-end watches, jewelry and collectibles.  For those not looking for loans, shopping at a high-end pawn shop gets you all the luxury goods of an auction house without the drama of the auction.

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