Aspire Art Auctions has partnered with Bidvest Bank to bring an exciting new finance product to the art market, targeted at art collectors and buyers looking for a credit plan to finance their purchases The product will help fund prospective art acquisitions at auctions, as follows:
- Bidvest Bank will provide funding for a portion of the total value of the final bid;
- Applicants submit a funding application on the Aspire page, and Bidvest Bank will conduct a credit check and accept or decline the application based on normal credit criteria and compliance with FICA requirements;
- Bidvest Bank will endeavour to maintain a 24-hour turn around for approvals;
- Repayment options and periods will vary from “Bridging Finance” of three months (a minimum period which will attract a higher interest rate), to “Term Loans” of up to 24 months (the maximum period which attracts a lower interest rate);
- Depending on the terms of the agreement, the artwork will be retained by Aspire until the debt is settled.
