More than 200 people attended the formal launch of Falcon Fine Art at the top of 30 St Mary Axe, the iconic building in the City of London, better known as the Gherkin, on October 13
Dr Tim Hunter, vice president of Falcon Fine Art, welcomed guests and explained how Falcon Fine Art believes their is need for a new entrant purely focused on art.
Simon de Pury, art auctioneer and collector, gave an entertaining presentation selling art as an asset class. He also said there was room for more art finance providers.
“As an auctioneer I have met many people, some of whom who may have inherited works, where they have 85% of 95% of the wealth tied up in great pieces of art,” says De Pury. “Being able to free up some of that wealth – with help from Falcon and Kamel [ Kamel Alzarka founder of Falcon Group and Falcon Fine Art] – could be of real use to them.”
Falcon Fine Art offers financing backed by art. It is initially focusing on paintings, watercolours and drawings, ranging from Old Masters to established modem artists. As it is not a bank, it does not require any existing banking relationships. Falcon Fine Art is able to allow borrowers with properties in England and Wales to keep possession of works that have been financed. It hopes to offer this in other countries soon.
Falcon Fine Art is targeting loans of between $2 million and $15 million. It is based at the Gherkin.