COMING FALL AUCTION SEASON 2008
Applying For An Auction ArtLoanTM
1. Log in to Your Account, Browse Auction Lots
Once you have logged into your secure account, you may browse pre-approved auction lots at upcoming sales or you may submit a Bid Request Form to bid on any auction lot at any forthcoming sale in the United States. At this time, auctions occurring outside the U. S. are not eligible for ArtLoan financing.
For all pre-approved auction lots, ArtLoan provides auction estimates (as published by the auction house) and the maximum approved loan amount for each lot. Interest rates and additional charges, if any, are also noted. Clients may borrow the pre-established dollar amount for a lot or a percentage of the final selling price, whichever is lower. You may apply for as many auction loans as you like; however, each purchased lot is treated as a separate loan.
All auction purchases require a down payment, made by the borrower directly to the auction house. After this down payment has been made, ArtLoan will release the balance of your purchase price (your Auction ArtLoan™) to the auction house.
2. Bid with Confidence
Once you have won your lot and received your auction house invoice, you must login to your account within 24-hours and enter the appropriate details into our system. A Notice of Winning Bidder’s Instructions (NOWBI) will be generated. You will be required to provide an electronic signature on this document and make your required down payment to the auction house. You will also be required to electronically sign your final loan contract. At this time, ArtLoan will electronically transfer funds to the auction house to complete your purchase transaction.
3. Your Property Is Shipped to ArtLoan
Once your Auction Loan has funded, your property will be shipped to ArtLoan for storage. Property is stored in a secure, temperature-controlled, humidity-monitored facility, and is insured to the extent of the loan. Once your loan has been repaid, you will be able to redeem your property. All clients are strongly advised to maintain their own insurance while their property is in ArtLoan’s safekeeping.
