May 2016 Auction Dates

April Auction Dates

AuctionAuction HouseVerticalDateLocationURL
Modern & Contemporary ArtHeritageFine Art & Antiques02/05/2016New YorkN/A
Importante Orfvrerie, Botes En Or Et Objets De VitrineSotheby'sFine Art & Antiques 03/05/2016Paris
Le Got FranaisChristiesFine Art & Antiques03/05/2016Paris
Andy Warhol: MarilynChristiesFine Art & Antiques03/05/2016 - 12/05/2016Online
Post-War & Contemporary Art OnlineChristiesFine Art & Antiques03/05/2016 - 13/05/2016Online
19Th Century European PaintingsBonhamsFine Art & Antiques 04/05/2016New York
Voyage Rome, Collection Particulire Italienne, Iime PartieSotheby'sFine Art & Antiques 04/05/2016Paris
Le Got FranaisChristiesFine Art & Antiques04/05/2016Paris
Jewels OnlineChristiesPrecious Stones05/05/2016 - 12/05/2016OnlineN/A
Picasso CeramicsChristiesFine Art & Antiques06/05/2016 - 17/05/2016OnlineN/A
Art As JewelleryChristiesFine Art & Antiques06/05/2016 - 18/05/2016OnlineN/A
African, Oceanic, And Pre-Columbian ArtSotheby'sFine Art & Antiques 07/05/2016New York
Malcolm Volume One: New YorkSotheby'sFine Art & Antiques 07/05/2016New York
Netsuke From A European Private CollectionBonhamsFine Art & Antiques 08/05/2016London
Bound To FailChristiesFine Art & Antiques08/05/2016New York
20Th Century & Contemporary Art Evening SalePhillipsFine Art & Antiques 09/05/2016New YorkN/A
Asian ArtBonhamsFine Art & Antiques 09/05/2016London
Impressionist & Modern Art Evening SaleSotheby'sFine Art & Antiques 09/05/2016New York
From Earth To FireSotheby'sFine Art & Antiques 10/05/2016London
Impressionist & Modern Art Day SaleSotheby'sFine Art & Antiques 10/05/2016New York
Inspired Themes: A Fine Selection Of Chinese Works Of ArtChristiesFine Art & Antiques10/05/2016London
Jewellery & WatchesChristiesJewellery & Watches10/05/2016London
Post-War And Contemporary Art Evening SaleChristiesFine Art & Antiques10/05/2016New York
European ModernismChristiesFine Art & Antiques10/05/2016 - 19/05/2016OnlineN/A
Antique Arms And ArmourBonhamsFine Art & Antiques 11/05/2016London
Impressionist And Modern ArtBonhamsFine Art & Antiques 11/05/2016New York
Important Chinese ArtSotheby'sFine Art & Antiques 11/05/2016London
A Private Jayer CollectionSotheby'sFine Art & Antiques 11/05/2016London
Contemporary Art Evening AuctionSotheby'sFine Art & Antiques 11/05/2016New York
Chinese Ceramics, Works Of Art And Textiles Part IChristiesFine Art & Antiques11/05/2016London
The Dani & Anna Ghigo Collection:Part I: South East Asian, Himalayan And Indian Works Of ArtChristiesFine Art & Antiques11/05/2016London
Post-War And Contemporary Art Morning SessionChristiesFine Art & Antiques11/05/2016New York
Post-War And Contemporary Art Afternoon SessionChristiesFine Art & Antiques11/05/2016New York
Fine Chinese ArtBonhamsFine Art & Antiques 12/05/2016London
Fine Japanese ArtBonhamsFine Art & Antiques 12/05/2016London
Modern Sporting GunsBonhamsFine Art & Antiques 12/05/2016London
Post-War & Contemporary ArtBonhamsFine Art & Antiques 12/05/2016New York
Contemporary Art Day AuctionSotheby'sFine Art & Antiques 12/05/2016New York
The Dani & Anna Ghigo Collection: Part Ii: Oriental Carpets, European Furniture, Works Of Art & Tapestries, Chinese, Japanese & South East Asian Works Of ArtChristiesFine Art & Antiques12/05/2016London
Evolution Of Form: African & Oceanic Art At The Genesis Of ModernismChristiesFine Art & Antiques12/05/2016New York
Impressionist & Modern Art Evening SaleChristiesFine Art & Antiques12/05/2016New York
Chinese Ceramics, Works Of Art And Textiles Part IiChristiesFine Art & Antiques13/05/2016London
Impressionist & Modern Art Works On PaperChristiesFine Art & Antiques13/05/2016New York
Impressionist & Modern Art Day SaleChristiesFine Art & Antiques13/05/2016New York
ComicsHeritageMemorabilia13/05/2016 - 14/05/2016New YorkN/A
PhotographsPhillipsFine Art & Antiques 13/05/2016 - 19/05/2016London
Rm MonacoSotheby'sLuxury Vehicles14/05/2016Monaco
Important WatchesSotheby'sJewellery & Watches14/05/2016Geneva
Start-Stop-Reset: 88 Epic Stainless Steel ChronographsPhillipsJewellery & Watches14/05/2016Geneva
Bande DessineSotheby'sFine Art & Antiques 14/05/2016Paris
The Geneva Watch Auction: ThreePhillipsJewellery & Watches15/05/2016Geneva
Rare Watches Including Important Private CollectionsChristiesJewellery & Watches16/05/2016Geneva
Watches And Wristwatches Including The Collection Of A European NoblemanBonhamsJewellery & Watches17/05/2016London
Magnificent Jewels And Noble JewelsSotheby'sPrecious Stones17/05/2016Geneva
Fine And Rare WinesChristiesFine Wine17/05/2016Geneva
19Th Century European ArtChristiesFine Art & Antiques17/05/2016London
Design: CarpetsChristiesFine Art & Antiques17/05/2016 - 26/05/2016Online
Wine Online/LdnChristiesFine Wine17/05/2016 - 31/05/2016Online
British And European Ceramics And GlassBonhamsFine Art & Antiques 18/05/2016London
The Sporting SaleBonhamsFine Art & Antiques 18/05/2016Edinburgh
Instruments Of Science, Technology And Mechanical MusicBonhamsFine Art & Antiques 18/05/2016London
American ArtBonhamsFine Art & Antiques 18/05/2016New York
19Th Century European ArtSotheby'sFine Art & Antiques 18/05/2016New York
American ArtSotheby'sFine Art & Antiques 18/05/2016New York
Fine And Rare WinesChristiesFine Wine18/05/2016GenevaN/A
Christie'S InteriorsChristiesFine Art & Antiques18/05/2016London
Geneva Magnificent JewelsChristiesPrecious Stones18/05/2016Geneva
Gold Boxes & SilverChristiesPrecious Metals18/05/2016London
Latin AmericaPhillipsFine Art & Antiques 18/05/2016 - 24/05/2016New York
PhotographsSotheby'sFine Art & Antiques 19/05/2016London
Prints & MultiplesChristiesFine Art & Antiques19/05/2016London
The English Collector:English Furniture, Clocks, European Porcelain, Portrait MiniaturesChristiesFine Art & Antiques19/05/2016London
American ArtChristiesFine Art & Antiques19/05/2016New York
Wines From The Cellar Of William I. KochSotheby'sFine Wine19/05/2016 - 21/05/2016New York
Fine & Rare Wine, Cognac And WhiskyBonhamsFine Wine20/05/2016Hong Kong
PhotographsChristiesFine Art & Antiques20/05/2016London
The Aston Martin Works SaleBonhamsFine Art & Antiques 21/05/2016Aston
Bande DessineChristiesFine Art & Antiques21/05/2016ParisN/A
Prints, Photographs And Works On PaperBonhamsFine Art & Antiques 22/05/2016Hong Kong
DesignSotheby'sFine Art & Antiques 24/05/2016Paris
Music, Continental And Russian Books And ManuscriptsSotheby'sFine Art & Antiques 24/05/2016London
Latin America: Modern Art | Latin America: Contemporary ArtSotheby'sFine Art & Antiques 24/05/2016New York
The D. Brent Pogue Collection, Masterpieces Of United States Coinage Part IvSotheby'sFine Art & Antiques 24/05/2016New York
Old Masters & 19Th Century Art - (Including Dutch Impressionism)ChristiesFine Art & Antiques24/05/2016Amsterdam
Light Volume And Form: Works From The Shalom Shpilman CollectionChristiesFine Art & Antiques24/05/2016 - 02/06/2016Online
Home & InteriorsBonhamsFine Art & Antiques 24/05/2016 - 25/05/2016London
Africa NowBonhamsFine Art & Antiques 25/05/2016London
JewelleryBonhamsJewellery & Watches25/05/2016Edinburgh
Fine Maritime Paintings & Decorative ArtsBonhamsFine Art & Antiques 25/05/2016New York
19Th And 20Th Century SculptureSotheby'sFine Art & Antiques 25/05/2016London
19Th Century European PaintingsSotheby'sFine Art & Antiques 25/05/2016London
The Rarities AuctionSotheby'sFine Art & Antiques 25/05/2016New York
Two Centuries Of American History: Highly Important Letters And DocumentsSotheby'sFine Art & Antiques 25/05/2016New YorkN/A
Old Masters & 19Th Century Art - (Including Dutch Impressionism)ChristiesFine Art & Antiques25/05/2016Amsterdam
First Open HomeChristiesFine Art & Antiques25/05/2016Paris
Illuminated Manuscripts From The Collection Of Maurice Burrus (1882-1959)ChristiesFine Art & Antiques25/05/2016London
Shakespeare: The Four FoliosChristiesFine Art & Antiques25/05/2016London
Design Du SoirChristiesFine Art & Antiques25/05/2016Paris
Latin American ArtChristiesFine Art & Antiques25/05/2016New York
Arte Moderna E ContemporaneaSotheby'sFine Art & Antiques 25/05/2016 - 26/05/2016Milan
TimepiecesHeritageJewellery & Watches26/05/2016New YorkN/A
Fine And Rare WinesBonhamsFine Wine26/05/2016London
Master PaintingsSotheby'sFine Art & Antiques 26/05/2016New York
Impressionist & Modern ArtSotheby'sFine Art & Antiques 26/05/2016New York
South Asian Modern + Contemporary ArtChristiesFine Art & Antiques26/05/2016LondonN/A
Latin American ArtChristiesFine Art & Antiques26/05/2016New York
Arts Of IndiaChristiesFine Art & Antiques26/05/2016London
Modern And Contemporary South Asian ArtBonhamsFine Art & Antiques 27/05/2016London
Finest & Rarest Wines: Direct From Great EstatesChristiesFine Wine27/05/2016Hong KongN/A
Asian 20Th Century & Contemporary Art (Evening Sale)ChristiesFine Art & Antiques28/05/2016Hong KongN/A
Fine & Rare WinesChristiesFine Wine28/05/2016Hong KongN/A
The Hong Kong Watch Auction: TwoPhillipsJewellery & Watches28/05/2016 - 30/05/2016Hong KongN/A
Fine Chinese Paintings And Southeast Asian ArtBonhamsFine Art & Antiques 29/05/2016Hong Kong
Asian Contemporary Art (Day Sale)ChristiesFine Art & Antiques29/05/2016Hong KongN/A
Asian 20Th Century Art (Day Sale)ChristiesFine Art & Antiques29/05/2016Hong KongN/A
Chinese Contemporary InkChristiesFine Art & Antiques29/05/2016Hong KongN/A
Fine Classical Chinese PaintingsSotheby'sFine Art & Antiques 30/05/2016Hong Kong
Swiss ArtChristiesFine Art & Antiques30/05/2016ZurichN/A
Fine Chinese Classical Paintings & CalligraphyChristiesFine Art & Antiques30/05/2016Hong KongN/A
Important WatchesChristiesJewellery & Watches30/05/2016Hong KongN/A
30 Years: The SaleChristiesFine Art & Antiques30/05/2016Hong KongN/A
Livres Et ManuscritsSotheby'sFine Art & Antiques 31/05/2016Paris
Schweizer Kunst / Swiss ArtSotheby'sFine Art & Antiques 31/05/2016Zurich
Fine Chinese Modern PaintingsChristiesFine Art & Antiques31/05/2016Hong KongN/A
Hong Kong Magnificent JewelsChristiesPrecious Stones31/05/2016Hong KongN/A
Collection Jean-Paul JungoChristiesFine Art & Antiques31/05/2016Paris

Luxury Law Enforcement – When Sports Cars Become Cop Cars

Dubai Police - Bugatti | Luxury Police Cars

We’re used to seeing cops on the big screen making use of vehicles that are fast, sexy and luxurious. Whether it’s Don Johnson’s Ferrari Daytona in Miami Vice, Steve McQueen’s Ford Mustang in Bullitt or more recently Saga Noren’s Porsche in hit Swedish drama The Bridge (which is well on its way to cult status). The ultimate in law enforcement autos is of course the Batmobile – but as a vigilante Bruce Wayne has a lot more leeway than your typical detective.
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Featured Asset – 1955 Bentley Continental

1955 Bentley Continental

The R Type Continental coupe was reminiscent of the fast 1930s Bentley tourers, which were lower and sleeker than the sedans, with a curved windshield, streamlined form, long swooping tail and rear fender skirts. At its introduction, it was the fastest four-seater in the world with a top speed of 120 mph. The 1955 model was the first to include a 4.9 litre engine and a four-speed gearbox that could be floor- or column-shift.

Estimated Value: Up to £1,300,000

Upcoming Sale:

Borro offers secure and flexible financing solutions for classic cars.

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Inside Watchmaking: A Case Coating Conundrum

Case making is an art, but it was not why people used to buy watches. The accuracy of timepieces in the early days was far less reliable than it is today, and, for that reason, a premium was placed on refined mechanisms. Watches were rarely used for sport and so case integrity was not so much an issue. But as time moved on, and the ability to guarantee excellent timekeeping became a common calling card, manufacturers started to get more creative with their case designs.

Schofield Watch

That’s why these days – much to the chagrin of the classicists – we’re used to seeing absolutely bonkers cases made from everything and coated in anything to set them apart from the competition. We’ve seen housings hewn from sapphire, forged carbon, polycarbonate, brand new materials like Morta, gold, silver, ceramic, tungsten, steel, titanium, platinum, aluminum… the list goes on and on. But what’s even more common than the case itself being made of something downright weird, is the ubiquity of surface coatings applied to a steel base.

Luminor Panerai Watch

DLC-coatings (Diamond-Like Carbon) give watches a black finish. And unlike PVD (Physical Vapour Deposition) DLC-coatings form a much tighter bond on the substrate, often resulting in a cleaner, more metallic result. The one aesthetic downside is that it’s only available in black, but that didn’t seem to bother the thousands upon thousands of consumers who rushed out to buy one of these stealthy timepieces.

MCT Frequential One F110

But was it good buy? How do these coatings wear and what is the potential for refinishing a damaged DLC-coated case? Will these items hold their value or will they fall out of favor as trends shift towards something new?

Beauty is More Than Skin Deep

The first problem is that PVD and DLC wear. Once the coating has been scratched away, reapplying the finish is incredibly difficult. It requires a total overhaul of the case. In most after sales departments I have seen, and in all of those in which I have worked, a damaged DLC-coated case goes nowhere but the trash can. Right now that’s not a huge problem for the consumer (although maybe their wallet). As long as brands stock the cases then that’s fine, but remember when buying a watch as an investment, brands are only bound to supply replacement parts for your timepiece for a specific amount of time (all brands vary on the number of years in question). If you’re looking for an heirloom, a coated watch may not be the way to go.

Moser Watch

That said, it is difficult to predict how the market will view this fad in the future. On the one hand, the relatively fragile nature of DLC might make perfectly preserved examples of this era extremely valuable. But I doubt these watches will never occupy the same level of desirability as a watch made of precious metal. They may capture a certain Zeitgeist, but they lack the inherent value, rarity, and sustainability of more classically composed pieces. That’s not to say rolling out one of these watches twenty years from now won’t garner a fond reception, it’s just unlikely to be reflected in inherent value retention.

About the Author

Rob Nudds is a watchmaker and freelance writer based in the UK.

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Pilkington Collection Invigorates Sotheby’s Important Chinese Art Auction

Yongle (1403-24) blue and white bianhu
Nicolas Chow, deputy director of Sotheby’s Hong Kong together with the Yongle (1403-24) blue and white bianhu or moonflask sold for HK$97m (£9.25m) on April 6.

The booming market for Chinese works of art that peaked in 2011 has been checked in recent years. The dwindling supply of top-quality material, an economic slowdown, issues of non-payment and a plague of confidence-sapping fakes have all taken their toll. But the emergence from obscurity of a time capsule collection that brings the perfect storm of provenance, rarity and attractive pricing is an opportunity not to be missed.

The centrepiece of Sotheby’s spring series in Hong Kong was the April 6 sale of Chinese ceramics formed by the English collector Roger Pilkington (1928-69) within a single decade from the late 1950s. Unseen for half a century, it was sold by a direct descendant. Nicolas Chow, deputy director of Sotheby’s Hong Kong, described it as “one of the greatest collections of Chinese porcelain left in private hands”.

Eton-educated Pilkington, who briefly worked for the family glassmaking firm in Lancashire, was one of a second generation of British enthusiasts who built their collections after the Second World War. With hindsight it was a collecting golden age and today many purchases – bought from the legendary London dealership Bluett & Sons at sums between £100 (approximately £3000 today) and £5000 (£140,000) – appear remarkable bargains.

moonflask from the collection of Roger Pilkington
The Yongle (1403-24) blue and white bianhu or moonflask from the collection of Roger Pilkington (1928-69) sold for HK$97m (£9.25m) at Sotheby’s Hong Kong on April 6.

Pilkington’s great love was the miraculous blue and white porcelains made in the Jingdezhen workshops for the Yongle (1403-24), Xuande (c.1424-35) and Chunghua (c.1464-87) emperors. This period of huge creativity saw mutual cross-fertilisation between the Middle and the Far East.

In both form and the complex geometric design, an elegantly potted 10in (25cm) Yongle bianhu or moonflask recreates in porcelain a Persian metalwork model. Only two similar flasks have been offered previously at auction and both in 1979 at a time when Japanese and Western buyers dominated the marketplace for Chinese works of art.

This particular example was first sold by Bluett in 1954 (for £285) and then again in 1962 when it was bought by Pilkington for £2750. Estimated at HK$25-35m, it sold to a buyer from the Greater China region for HK$97m (£9.25m).

The Yongle emperor, a devout Buddhist, commissioned many porcelains for ritual use. A group of 8in (21cm) pear-shaped rose water ewers with tapering spouts were among the most extraordinary. These are long revered and auspicious objects and the art-loving Qing emperor Qianlong (1735-95) chose one – probably the piece still in the Palace Museum, Beijing – to feature prominently in his portrait.

Now just three are known. Pilkington’s was formerly owned by HRN Norton, a dealer in London in the 1920s whose collection was sold by Sotheby’s in 1963. Then it sold to the celebrated New York dealer JT Tai for £1350, reselling at Christie’s in 1967 (for 4000 guineas) shortly before Pilkington acquired it for £5000. It was his most costly single purchase but 51 years later it would sell for a triple-estimate HK$87m (£8.3m).

The Yongle (1403-24) blue and white rosewater ewer
The Yongle (1403-24) blue and white rosewater ewer sold for HK$87m (£8.3m) at Sotheby’s Hong Kong on April 6. British collector Roger Pilkington (1928-69) bought it from London dealership Bluett & Sons for £5000 in 1967.

In total the Pilkington collection doubled its high estimate selling for a hammer total of HK$427.7m (£40.8m). Chow said: “the fact that this was totally fresh and unseen for the last 50 years gave so much energy to the room.”

About the Author

Roland Arkell (LinkedIn) is the Contributing Editor at ATG Media.  For almost two decades, Roland has been writing about the British and international art and antiques market for Antiques Trade Gazette, the leading publication for serious buyers and sellers of art and antiques.

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Exploring Luxury Electric Hybrid Cars

BMW i8 Electric and Hybrid Car
Electric and hybrid cars, it’s hard to keep avoiding the subject, so this week we are looking at two luxury electric and hybrid cars, the gorgeous BMW i8 and the insanely fast Tesla Model S P90D

Firstly the BMW, a 1.5 litre supercar, crazy right? Well it certainly looks crazy from the outside and once sat inside you feel like you are in a Hollywood film transported into the future. But, getting into the car is a challenge, the carbon fibre reinforced plastic (CFRP) tub is similar to a race car in that you have to kind of fall into the seats. Not ideal if you are dressed for night out!

The technology isn’t ground-breaking, a tuned 1.5-litre three-cylinder turbo engine sits behind the driver, and is linked to an electric motor at the front. The two combined total 357bhp and 570Nm of torque. Those figures allow the i8 to dash to 62mph in just 4.4 seconds and go on to a top speed of 155mph. That’s the kind of performance to keep Porsche 911 and Audi R8 drivers looking in their windows.

Priced from £104,540 the BMW starts to make sense especially with its 134mpg fuel efficiency rating, in the real word you will do well to get half their quoted figure but it is still better than a traditional supercar and if your commute is short you might never leave EV mode.

Tesla Model S P90D

Out on the road the drive is firm but it’s certainly a ride you could live with, handling is good but efficient narrow tires make the car feel a little like it wants to understeer. As you would expect the combination of a MINI engine and an electric motor don’t make for a great noise so an artificial noise is pumped into the cabin, it sounds good and will fool passengers.

The car can be driven in full EV mode and with a full charge and a full tank you should see just over 300 miles. Standard household charging will take eight hours while a special BMW-supplied charger will give you an 80% charge in just two hours.

2015 Tesla Model S P85D

Tesla has enjoyed much more exposure and many more sales than BMW’s i8. The Model S P90D is their latest addition to the range, from the outside it looks like an unassuming saloon, inside you are treated to the lovely touchscreen that really dominates the cabin, it can be updated via Wi-Fi and will also control some advanced autonomous features.

The real magic is the brutal power, the Tesla Model S P90D will accelerate from 0-62 in an eye watering 2.8 seconds, top speed is 155mph but it’s irrelevant, this car is all about the traffic light Grand Prix and shaming many supercars in the process.

Tesla Model S

There is one drawback, 762bhp of pure electric power comes with a weight penalty, meaning the handling suffers, it’s by no means terrible, but you can’t throw the car around in the way you might want to.

Tesla’s free-to-use European Supercharging network continues to grow with over 1000 chargers across the continent. The Supercharges can deliver up to 50% charge in just 20 minutes. A full charge should give you 250 miles as long as you don’t drive it in Ludicrous mode all the time! The Tesla nips in under £100k even with the Ludicrous mode option ticked.

These two cars represent exciting times for the automotive industry. It is reassuring to see that manufactures are still considering the needs of drivers that want to enjoy driving in the future.

About the Author

Tim Hutton has been involved in the automotive industry for 17 years, creating ideas and content for premium brands. When not writing about cars, you will find him driving them all around the world. Having learned to drive at seven in a racing car, petrol is very much in his veins.

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Is an Omega Watch a Good Investment?

From journeying to the surface of the moon on Buzz Aldrin’s wrist, to becoming the watch brand of choice for James Bond, Omega watches have an impressive history that has helped to build up the brand image. This is an image accompanied by a set of noteworthy horological achievements made by Omega in the 20th century, including creating a watch that can withstand the conditions of space travel. In spite of Omega’s success, can a timepiece from the watch brand prove to be a wise choice of investment?

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Luxury Electric Vehicles – Tesla vs. The World

Tesla Model S | Luxury Electric VehiclesSince its release in 2012 the Tesla Model S has been showered with praise and accolades from across the board. A perfect 5.0 safety rating from the NHTSA; Automobile Magazine‘s 2013 Car of the Year and “Car of the Century” by Car and Driver Magazine among many others. It set standards not just for an electric car, but as a luxury car of any description.

Yet there still remains hurdles for electric vehicles, even one as feted as the Model S – such as the charging infrastructure or lack of familiarity with the technology. The price, $70-80,000, which though not exorbitant for a vehicle of this kind, may seem a lot for a nascent brand and an emerging technology. However, luxury manufacturers have always been aware of the potential electric vehicles have and have not held back in launching their own efforts with varying results.
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Are Cartier Watches a Good Investment?

When it comes to investing in fine watches, Cartier isn’t the brand that usually springs to mind. The idea of owning a watch from a brand like Rolex seems a lot more appealing due to their perceived value, but of course there is no guarantee that any watch will hold its value, regardless of who made it.

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A Unique Property Case from Borro’s Senior Underwriter


Sue Coyle, Borro’s Senior Underwriter expounds on how she has solved some of the unique cases from her career and how her approach has changed now that she is at Borro.

Even in bridging, which is well pretty understood, do you receive a lot of complicated cases?

Always! It’s a really interesting role. No two days are alike and customers always have quirky ideas, range of properties and schemes for us to assess.

Can you give an example of one?

Last summer, while at an international bank, a customer approached me for a property bridge loan, however his existing Barn property and the new one he wanted to buy as an investment, had ATs on them.

What’s an AT?

It means an Agricultural Tie – they can be entered onto the Land Registry as a Restrictive Covenant. In this instance it could only be sold onto farmers or their family, or people demonstratively active within the farming community. This is to ensure that people in the industry are able to have the opportunity to buy homes where they work /countryside to ensure that the skills/ farming sector continues to be a viable option for those in the sector and encourage continuation.

That must have had a significant impact on the deal?

This obviously affected the valuation, as the market would be reduced to buyers who would qualify under the restriction, thereby limiting the market, and therein valuation. Plus, for the same reasons on resale value and potential subsequent sale.

How did you get around the problem?

I structured a deal using additional non-residential property to release enough funds to make his purchase and during the term of the bridge loan, worked with him, his solicitor and his estate agent to help get the AT removed prior to the end sale. Everyone was happy!

Would you approach this any differently now that you’re at Borro?

Yes, I would have been able to look at the various other assets the customer had – such as his cars, wine, or watches – to make up any shortfall in valuation, which I am sure the customer would have preferred. The range of asset lending available from Borro would have given the customer far more options, and also provide more flexibility for me as the Underwriter. This approach and the ability to offer innovative lending solutions was actually one of the main reasons for my decision to join Borro.

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