Joan Mitchell’s Mid 1900’s Paintings Provide the Breakout Fall Show of 2018

Last week Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 opened at Cheim and Read in Chelsea. The exhibition considers one of the most productive nine-year periods of the painter’s life. Mitchell came to fame in the 1950s and continued to make waves within the art world for her large-scale gestural abstract expressionist paintings in the decades to come. Within the almost entirely male-dominated art scene, Mitchell managed to carve out her own space.

Joan Mitchell at Cheim & Read

Garden Party, Courtesy of the Joan Mitchell Foundation

In this latest show at Cheim and Read, over ten paintings are featured. Each one showcasing different elements of Mitchell’s genius as well as her progression as an artist. In some works, there are more muted earth tones with an occasional burst of goldenrod yellow or dollop of purple. These paintings are easy to get lost in, with the depths of the tones and hues Mitchell has achieved. The works are expansive, which is apparent from both from the scale and the matter in which the paint was used.

In Mitchell’s 1959 painting Slate, she used several colours, although black and chartreuse are most prominent – the black and green brush strokes combine to create a larger central mass. It is accented with pops of brown, a bit of purple, and even the slightest hint of blue. Around it, other brush strokes surround it in longer, harder lines. The paint and brush strokes are thicker and take up a different kind of space that is different from her later works.

Joan Mitchell at Cheim & Read

Slate, Courtesy of the Joan Mitchell Foundation

Born in Chicago in 1925, Mitchell would go on to study painting in college and in graduate school. Studying at both the acclaimed School of the Art Institute of Chicago and famous seven sister school, Smith College. Mitchell went on to earn a BFA in 1947 and completed her MFA three years later. She then moved to Manhattan to try her hand at making it as an artist. However, after a small stint in New York, Mitchell quickly moved to Europe where she would spend the better half of her life.

During the 1950s, Mitchell started to come to prominence among her male counterparts within the Abstract Expressionist movement. Mitchell, at the young age of 28, achieved a level of success as an artist that some of her male peers such as Rothko, Willem de Kooning, and others only received later in their careers. It is through her use of vivid colours, treatment of the canvas, and gestural strokes, in which Mitchell stood out among other painters of this era. Like Pollack, and others, Mitchell asserted herself as a key player within the New York School and became a pivotal part of this movement.

Upon moving to Paris in 1959, a new phase of her work began. Mitchell began to break away from brighter colours and opted towards more muted hues. This resulted in her works created in 1960-64 taking on a life of their own. Mitchell’s painting style became more aggressive during this era which is evident from the way she handled her medium, essentially “attacking” the canvas.

In Mandres for example, which was painted between 1961-62, Mitchell’s “violent” attack of the paint is apparent. She incorporates a variety of colours including taupe, red, purples, blacks and blue. There is an intensity that is emitted from the work and her brushstrokes seem to leap off the canvas.

Joan Mitchell at Cheim & Read

Mandres, Courtesy of the Joan Mitchell Foundation

Mitchell’s work in recent years has also started to gain more attention at the auction block. Even though the artist passed away in 1992, her works have become more valuable over time. In June, one of Mitchell’s work went for $14 million at Art Basel. That same week, another piece from the 1950s sold for $7.5 million as well. This is an impressive feat and only adds to her importance as an artist.

Given the prominence Mitchell’s work has had on the art world, her work has also started to see a bit of a revival. Recently the Baltimore Museum of Art and the San Francisco Museum of Modern Art unveiled plans for a retrospective of the artist’s work in 2020. This show will eventually make its way to the Whitney in 2021. David Zwirner Gallery is also planning a solo show of the artist’s work for 2019.

Mitchell’s work has continued to capture the imagination of art-goers for the last five decades. Joan Mitchell is a vital artist who made critical contributions to the painting world and beyond which is made evident by this show. Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 is one of the most important shows of the fall art season and should not be missed.

It will be on extended view on Cheim and Read until November 4, 2018.  

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2018 Monterey Car Week Review

The 2018 Monterey Car Week brought hundreds of thousands of people to California’s Central Coast for arguably one of the most exciting automotive gatherings of the year. Spearheaded by the four to five days of sales held by global and regional auction houses, the weekend was capped off with the Pebble Beach Concours d’Elegance. This year, out of the 209 Concours entries, a 1937 Alfa Romeo 8C 2900B Touring Berlinetta won the prestigious best of show award.

Other special cars that passed through the auctions include a 1962 Ferrari 250 GTO, a 1966 Ford GT40 Mk II, a 1972 Ferrari Dino 246GTS, a 1998 Mercedes-Benz CLK GTR and a 1985 Modena GT Spyder California, also known as the Ferrari from Ferris Bueller’s Day Off.

Sales Overall

The 2018 Monterey Car Week auctions have realised $371,000,000 overall, an increase in total sales by $51,600,000. Another positive was the overall sale rate of 61%, which outperformed last year’s rate of 51%. The $371 million in total sales is the third-highest total ever, behind $463 million in 2014 and $397 million in 2015. View the table below for results broken down by each auction houses.

Auction Total Sales ($) Lots Sold (#) Lots Offered (#) Sale %
Bonham’s  $    37,700,000 110 135 82%
Gooding & Company  $  116,502,500 120 146 82%
Mecum Auctions  $    47,000,000 364 690 54%
RM Sotheby’s  $ 157,931,940 125 150 83%
Russo and Steele  $      8,500,000 95 196 48%
Worldwide Auctioneers  $      5,500,000 33 59 56%
Total  $ 371,000,000 843 1376 61%

RM Sotheby’s Sets the Record for Most Expensive Car Ever Sold

RM Sotheby’s had another successful 2018 Monterey Car Week, bringing in around 43% of the total sales, and one of the companies top all time performances. It also set the all time record for the most expensive car ever sold at auction, a 1962 Ferrari 250 GTO (pictured above). The Ferrari sold for $48.4 million, and along with the other marquee sales, Kenneth Ahn, President of RM Sotheby’s was quoted called this year’s auction “nothing short of historic.

Overall, 125 of 150 lots sold, bringing in a total of $157,931,940 and an 83% sell-through rate. View the full results on RM Sotheby’s website here.

Gooding & Company Sets Record for Most Expensive American Car Ever Sold at Auction

Monterey Car Week 2018

Courtesy of Gooding & Company

Headlining Gooding & Co.’s Pebble Beach auction was a 1935 Duesenberg SSJ previously owned by Gary Cooper (among others). With only two ever made, the record setting price of $22 million was well worth it.

Overall, 120 of 146 lots sold, bringing in a total of $116,502,500 (2nd behind RM Sotheby’s), and an 82% sell-through rate. View the full results at Gooding and Co.’s website here.

Bonhams Has Strong Showing Dominated by European Sports Cars

Montery Car Week 2018

Courtesy of Bonhams

The top result at the Bonhams Quail Lodge auction went to the 1948 Alfa Romeo 6C 2500 Competizione Berlinetta, which sold of $3,525,000 to a private European collector. This sale saw several new model benchmarks set, like a 1953 SIATA 208 S Spider ($1,655,000) and 1928 Bentley 6 1/2-Litre Open Sports Tourer ($1,655,000).

Overall, 110 out of 135 lots sold for a total of $37.7 million in sales for an 82% sell-through rate. View the full results at Bonhams’ website here.

Mecum, Russo & Steele and Worldwide Remain Solid

Mecum’s auction was highlighted by a 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria which sold for $3,850,000. Overall 364 out of 690 lots sold for a total of $47 million and a sell-through rate of 54%. You can view the full results at Mecum’s website here.

Russo and Steele sold a 2017 Ford GT Coupe previously owned by WWE wrestling superstar John Cena for $1,540,000. Overall 95 out of 196 lots sold for a total of $8.5 million and a sell-through rate of 48%. You can view the full results on Russo and Steele’s website here.

Worldwide’s auction featured a 1931 Duesenberg Model J Derham Tourster which sold for $1,320,000. Overall 33 our of 59 lots sold for a total of $5.5 million and a sell-through rate of 56%. You can view the full results at Worldwide’s website here.

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The 3rd Generation Bentley Continental GT is proof that the grad tourer is still at the forefront of the luxury automotive space. Even as brands like Lamborghini, Rolls Royce and even Bentley itself roll out SUVs, the Continental GT still retains the pure luxury you’d expect.

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The Bentley Continental GT: A Brief History

The Continental GT has captivated the hearts (and pockets) of the world’s wealthiest car buyers for well over a decade. After first being unveiled in May earlier this year, models are finally available to order online, and deliveries are expected to arrive at the start of the New Year.

The Continental GT has been a steady source of revenue for Bentley over the years since the first model rolled out of production. The Drive reports that Bentley has shifted 70,000 units of the Continental GT since 2003, which equates to almost 5,000 units per year.

This prompted Mark Del Rosso, the CEO of Bentley North America, to refer to the Continental GT along with the SUV Bentayga as a representation of the “future of Bentley.”

With the newfound spike in interest of luxury SUV vehicles, the Bentayga will lead the way for the Bentley in coming years. As close second in Bentley’s fleet, the Continental GT plays a pivotal role for the British firm.

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So, is the heightened price tag of the third generation Continental GT justified by a wealth of new features, or is this just a clever marketing gimmick from Bentley?

2nd vs. 3rd: Performance & Price

The second generation V8 version of the GT was first debuted in 2010 at the Paris Motor Show, the souped-up W12 variant’s first deliveries began in the latter half of 2011.

The 3rd generation model features an improved version of the Bentayga W12 6 litre TSI engine. This allows for a roaring 626 bhp, propelling the car to 207 mph, an improvement of the second generation’s 192 mph top speed.

The third generation model also features an 80kg reduction in weight, along with an extended wheelbase. The biggest overall design change comes from the rear taillights, which have gone from a square shape to more rounded and oval.

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It may sound like a subtle change, but it applies a much-needed softness to the car, which is designed as much for aesthetics and comfort as it is for performance.

In terms of price, the 3rd generation model has a base price of £156,700, which is similar to the original starting price of the 2nd generation model. Now production of the 2nd generation model has been discontinued, pre-owned prices vary between £50,000-£100,000.

3rd vs 2nd: Interior

The interior has been vastly improved, and in typical Bentley fashion, its leather (which requires 310,675 stitches) is available in 15 customisable colour options. Its fair to say attention to detail has not been compromised.

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Arguably the coolest feature of the 3rd generation interior is the world’s first rotating dashboard display that sees the 12-inch screen rotate when not in use, which you can watch here.

The plush, bespoke interior of the new generation Bentley remains classy and timeless whilst catering for a 21st century customer. It leaves the once ground breaking interior of the 2nd generation model looking out-dated and frankly sub par.

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This is not a complete overhaul of the previous model. As expected, Bentley have made many subtle changes contributing to an overall improved design and engine performance, utilising state of the art features to compete with the other highest luxury coupe’s of today.

It certainly remains at the top of its game for those who haven’t been swept up in the SUV craze, while offering a refreshing upgrade on a classic. Whether it’s worth splashing the extra cash, well, that’s up to you.

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Borro Private Finance’s Top 5 NYC Fall 2018 Art Shows

Fall marks the busiest in the contemporary art world. With things in full swing, this also means a brand new crop of shows to see. From major museums like the Whitney and MoMA, to galleries across the city, everyone is gearing up to see just what’s in store for this season. Although it can sometimes be daunting to keep up with everything that is currently on view, our list has you covered for some of the top 5 NYC Fall 2018 art shows.

David Wojnarowicz: History Keeps Me Awake at Night, The Whitney

NYC Fall Art Show

This exhibition offers one of the most comprehensive looks at artist David Wojnarowicz’s work to date. The show explores over three decades of the artist’s work featuring photographs, paintings, video, sculpture, performance, writing and more. A mostly self-taught artist, Wojnarowicz came of age during the AIDS epidemic, which also became a large theme explored in his art. Inspired by the world around him, Wojnarowicz incorporated elements from many genres into his artistic practice, and in the process made work about his life and political realities of the time. Queer and HIV-positive, Wojnarowicz also became an outspoken advocate for the LGBT community at a time when many people were not aware of the magnitude of the AIDS crisis and other issues facing this group. The retrospective is on view until September 30th.

Anne Truitt Paintings at Matthew Marks

NYC Fall Art Show

Known primarily for her sculptures within the art world, Anne Truitt’s latest show at Matthew Marks is attempting to confound those expectations. Featuring 15 paintings that were created between over a thirty-year span, many of which have not been seen before, this is one show that is a must-see this season.  Although the works nod to minimalism, Truitt has always sought the capture the tension between the materials she uses. This can be seen in her bold color choices, and the often sparse lushness that are created on her canvases. Truitt’s work has also been widely exhibited throughout the US with shows that have been featured at the National Gallery, the Whitney Museum and the Baltimore Museum of Art among others. Anne Truitt Paintings is on view from September 14 to October 27.

Judith Eisler: Riffs. Jarman’s Caravaggio at Casey Kaplan

NYC Fall Art Show

In her first show with Casey Kaplan Gallery, painter Judith Eisler showcases a new series of paintings based on the 1986 movie “Caravaggio.” For this exhibit, Eisler took photographs from paused scenes from the movie “Caravaggio” and created paintings based on her images resulting in detailed canvases. Eisler’s unique approach to painting combines a series of complicated elements to create work that art that considers larger issues of psychological and physical space. Her art also seeks to address issues surrounding the role of the gaze, and how larger depictions of representation and abstraction intersect and diverge. Eisler, who is a professor of painting at the University of Applied Arts in Vienna, Austria has also exhibited extensively internationally and was also a recipient of a Guggenheim Fellowship. Riffs. Jarman’s Caravaggio will be on view at September 6th through October 20th.

Joan Mitchell: Paintings from the Middle of the Last Century, 1953–1962 at Cheim and Read

NYC Fall Art Show

Paintings from the Middle of the Last Century chronicles one of the most fruitful decades of painter Joan Mitchell‘s life. Mitchell who would come to carve out her own space within the male-dominated Abstract Expressionist movement of the last century, creates bold works that jump out beyond the confines of the canvas. This exhibition takes into account when Mitchell first started to gain critical acclaim early on in her career. However, she has continued to capture the imaginations of those her view work even almost three decades after her death. It is also the ninth show of her work at Cheim and Read. Paintings from the Middle of the Last Century is open from September 6 until October 27th.

Jojakim Cortis and Adrian Sonderegger Icons at Bryce Wolkowitz Gallery

NYC Fall Art Show

Zurich artist duo Jojakim Cortis and Adrian Sonderegger are back at it again this fall in their first show with Bryce Wolkowitz Gallery. In Icons, Cortis and Sonderegger have recreated iconic photographs with a twist. Cortis and Sonderegger are complicating what photography, sculpture, and performance are often thought of through their funny and often absurd recreations. The images they chose to re-stage are usually easily recognizable and come from historical events and pop culture. The works are meticulous, at times funny, and ironically comment on the way in which narratives and imagery are made. Icons open September 13th and will be up through November 3rd.

With the art world kicking into high gear, these shows will be at the top of many people’s lists to see this fall. This season seems to have a little something for everyone and with so much great work on view, it’s hard not to be inspired.

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Ask any car enthusiast and they will tell you the Goodwood Revival is just around the corner; and of course the annual Revival sale and all of the commotion and anticipation that comes with it. It’s a truly English affair in the automotive space this month; expect Goodwood and RM Sotheby’s: London to dominate the car sales.

It doesn’t stop with luxury cars. Scroll down to discover a host of jewelry, watch and fine art sales along with our featured auctions to wet your appetite:

RM Sotheby’s: London

5th September – London, England

 September 2018 Auction Calendar 

RM Sotheby’s hail this as one of the most successful sales on the European calendar since 2007, and for good reason. The sale is set in the stylish and affluent area of Knightsbridge and features an array of modern supercars combined with highly important and desirable classics. The top lot falls into this category and sees yet another Aston Martin set to fetch millions.

The 1961 Aston Martin DB4GT has silver screen prowess after being the star of the British comedy crime caper, the Wrong Arm of the Law (1963). Peter Sellers is believed to have been the owner and it is one of only 75 DB4GT’s originally built. However, a car of this rarity and provenance does not come cheap. It is expected to go under the hammer for between $3.8-4.3 million.

Bonhams Goodwood Revival

8th September – Chichester, England

September 2018 Auction Calendar

After RM Sotheby’s classic gem, the Goodwood Revival sale features a modern beast as its top lot. Goodwood Revival is easily one of the biggest dates on the calendar for motoring enthusiasts and draws crowds from near and far. Typically in the motor industry, such a spectacular event comes with an auction to match and the Goodwood Revival certainly lives up to that notion.

So what is the aforementioned beast featured as Goodwood Revival’s top lot you ask? The jet black 2017 LaFerrari Aperta is described by Bonham’s as the ‘ultimate evolution of the ground breaking LaFerrari.’ It is one of just 210 examples made worldwide, giving it limitless investment potential as a collectible for the future. It is offered in pristine condition, with just one owner and less than 510 kilometers on the clock. All of these factors contribute to a price estimate of between $6.4 million – $8.3 million.

Bonhams Watches & Wristwatches

11th September – London, England

September 2018 Auction Calendar

Here we see yet another featured auction coming out of Knightsbridge. From Rolex’s to rare Tag Heuer’s this sale incorporates a diverse array of timepieces for collectors and horologists to get excited about. Judging from the auction preview the standout piece will be the Faberge limited edition platinum and titanium manual tourbillon wristwatch.

Production of the limited edition version was limited to 30 pieces, 15 of which were platinum; leading Bonham’s to describe the timepiece as ‘fine and rare’. The Faberge also comes with a matching pair of 18K white gold and diamond cuff links. The sale is estimated to fall between $38,000 and $51,000 when the hammer falls on the 11th September.

 See the full list of auction dates below:

AuctionAuction HouseCategoryStart DateEnd DateLocationURL
The Beaulieu SaleBonhamsLuxury carsSeptember 1, 2018-Beaulieuhttps://goo.gl/gHdg7y
RM Sotheby's: LondonSotheby'sLuxury CarsSeptember 5, 2018-Londonhttps://goo.gl/nCv614
Old Master Copies OnlineSotheby'sFine Art and AntiquesSeptember 5, 2018-Onlinehttps://goo.gl/15Q9mg
Finest & Rarest WinesSotheby'sFine WineSeptember 7, 2018-New Yorkhttps://goo.gl/j2ZsC0
Goodwood RevivalBonhamsLuxury carsSeptember 8, 2018-Chichesterhttps://goo.gl/9jNoAp
Watches and WristwatchesBonhamsJewellery & WatchesSeptember 11, 2018-Londonhttps://goo.gl/wAf8FP
Important Chinese ArtSotheby'sFine Art and AntiquesSeptember 11, 2018-New Yorkhttps://goo.gl/gj9eRL
Irish ArtSotheby'sFine Art and AntiquesSeptember 11, 2018-Londonhttps://goo.gl/qvpQez
Yellow Ball: The Frank and Lorna Dunphy Collection OnlineSotheby'sFine Art and AntiquesSeptember 11, 2018-Onlinehttps://goo.gl/RxLrtp
Fine & Decorative Asian ArtHeritageFine Art and AntiquesSeptember 11, 2018-New Yorkhttps://goo.gl/68MSRD
JewelryBonhamsJewellery & WatchesSeptember 12, 2018-Londonhttps://goo.gl/6oMxLg
InteriorsChristie'sFurnitureSeptember 12, 2018-London https://goo.gl/Gu2TNn
Fine Chinese Paintings & CalligraphySotheby'sFine Art and AntiquesSeptember 13, 2018-New Yorkhttps://goo.gl/7eMZEc
WineChristie'sFine WineSeptember 13, 2018-Londonhttps://goo.gl/jUPfjs
First OpenChristie'sFine Art and AntiquesSeptember 14, 2018September 20, 2018Onlinehttps://goo.gl/Qxo4Qq
Saturday at Sotheby's: Asian ArtSotheby'sFine Art and AntiquesSeptember 15, 2018-New Yorkhttps://goo.gl/i95ivw
Made in BritainSotheby'sFine Art and AntiquesSeptember 18, 2018-Londonhttps://goo.gl/Cb6sar
The Collection of PerfectionSotheby'sFine Art and AntiquesSeptember 19, 2018-Londonhttps://goo.gl/j2ZsC0
Jewels & JadeiteBonhamsJewellery & WatchesSeptember 19, 2018-Hong Konghttps://goo.gl/q7HztX
Instruments of Science and TechnologyBonhamsJewellery & WatchesSeptember 20, 2018-Londonhttps://goo.gl/w5uJgQ
Yellow Ball: The Frank and Lorna Dunphy CollectionSotheby'sFine Art and AntiquesSeptember 20, 2018-Londonhttps://goo.gl/gNPVKg
Prints and MultiplesChristie'sFine Art and AntiquesSeptember 20, 2018-London https://goo.gl/rQyFaY
Fine JewelryBonhamsFine Art and AntiquesSeptember 20, 2018-Londonhttps://goo.gl/nsj175
First Open | ShanghaiChristie'sFine Art and AntiquesSeptember 21, 2018-Shanghaihttps://goo.gl/EQAuBF
20th Century & Contemporary Art (Evening Sale)Christie'sFine Art and AntiquesSeptember 21, 2018-Shanghai https://goo.gl/fBRbHv
Brooklands Motor Museum 22nd September 2018 SaleHistoricsLuxury CarsSeptember 22, 2018-Weybridgehttps://goo.gl/sNZCZs
Finest & Rarest WinesSotheby'sFine WineSeptember 22, 2018-New Yorkhttps://goo.gl/j2ZsC0
Fine TimepiecesSotheby'sJewellery & WatchesSeptember 25, 2018-Londonhttps://goo.gl/n5vgop
Christie's Jewels OnlineChristie'sJewellery & WatchesSeptember 25, 2018October 4, 2018Online https://goo.gl/Qxo4Qq
Christie's Wine OnlineChristie'sFine WineSeptember 25, 2018October 9, 2018Onlinehttps://goo.gl/Qxo4Qq
The Air and Space SaleBonhamsMemorabilliaSeptember 26, 2018-New Yorkhttps://goo.gl/HT5fQi
New NowPhillipsFine Art and AntiquesSeptember 26, 2018-New Yorkhttps://goo.gl/zqGNCL
Fine JewelryBonhamsJewellery & WatchesSeptember 26, 2018-Londonhttps://goo.gl/Vj3VjH
Prints & MultiplesSotheby'sFine Art and AntiquesSeptember 26, 2018-Londonhttps://goo.gl/AXzUyF
HOME & InteriorsBonhamsFine Art and AntiquesSeptember 26, 2018-New Yorkhttps://goo.gl/3LR1fz
Fine and Rare WinesBonhamsFine WineSeptember 27, 2018-Edinburghhttps://goo.gl/4qdwvy
The Porsche Sale 2018SilverstoneLuxury CarsSeptember 29, 2018-Southamhttps://goo.gl/S59ch3
Finest and Rarest WinesSotheby'sFine WineSeptember 29, 2018-Hong Konghttps://goo.gl/j2ZsC0
Finest and Rarest WinesSotheby'sFine WineSeptember 30, 2018-Hong Konghttps://goo.gl/j2ZsC0
September Sale 2018SilverstoneLuxury CarsSeptember 30, 2018-Southamhttps://goo.gl/auHoRC

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Borro Private Finance Featured in Antiques & The Arts Weekly

Our Chief Commercial Officer, Claire Hillier, joined Antiques & The Arts Weekly for their featured story to discuss what the first 10 years of Borro Private Finance have been like and what the future holds.

Borro Private Finance Antiques & The Arts Weekly

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Borro Private Finance is a relatively new player in the luxury asset market, but instead of buying and selling, they provide loans secured against such assets, tapping into a large network of appraisers and auctioneers and providing non-bank financing options for immediate access to capital. With a few different options for clients, Borro Private Finance has funded more than $400 million since 2008. As the company marks its 10th anniversary, Antiques and The Arts Weekly caught up with Claire Hillier, Borro Private Finance’s Chief Commercial Officer, for additional insights into Borro Private Finance’s success.

In a nutshell, how does the process work? What are the differences and benefits of each of them?

We offer three types of loans. In a “sale advance loan,” Borro Private Finance advances a client money and manages the sale of their asset through a global network of auction houses. This is ideal for clients who have made up their mind to sell, who do not have an emotional attachment to the value of an item, and who are willing to wait for the best and most appropriate auction. With a “bridge loan,” the client uses their asset as collateral without having to sell the asset. The asset is returned to the client at the end of a loan period once the client has paid the loan amount and accrued interest. That option is great for clients who need money quickly and can repay Borro Private Finance within six months. A “term loan” is like a bridge loan but differs in that the length of the loan is longer.

Are there minimum / maximums for these loans? Is there a typical loan amount?

In general, we do not loan against very many items valued below $50,000. At the moment, we will loan as much as $30 million against an item. Our average loan is currently $150,000 but we are on track for that to rise to $500,000. We find that our sweet spot is for items valued between $500,000 and $5 million.

Is Borro Private Finance unique in the industry? What sets Borro Private Finance apart?

Borro Private Finance is not completely unique, but we were the first game in the industry, the first to leverage high-end assets. We occupy a space with fewer competitors, and because we lend against a relatively broad spectrum of assets, not just art, we can represent a higher volume of assets. We use our extensive network of contacts of appraisers and experts to identify the best venue for a specific item, even if that means a collection is sold across multiple venues. Clients come to Borro Private Finance because they want our expertise to guide them.

What is the advantage of working with Borro Private Finance over, say, a fine art dealer or other agent to negotiate the sale?

Borro Private Finance provides a very independent, unconflicted role in the market. We do not make money selling assets, we are only interested in making money through lending.

When looking for an auction house to consider selling an asset, what factors do you consider? Which auction houses does Borro Private Finance work with? Do you ever work with a private gallery?

Borro Private Finance looks at the track record of an auction house with that asset. We gauge their excitement in an item, the strategy they propose for selling it, if there is anything comparable in the sale. Another influencing factor is the timing of the sale and how that fits into our client’s needs. Borro Private Finance has a great track record and strong relationships with all of the houses: Christie’s, Sotheby’s, Bonhams, Phillips, Heritage. Approximately 95 percent of the items we sell go through auction, though there are some instances where we will work with a gallery.

Does Borro Private Finance transact Private Sales? Do you do guarantees?

Borro Private Finance will work with auction houses that do private sales, but in general, we do not partner with houses to secure guarantees.

Auction estimates are not guarantees of sale results. What if an item goes to sale at auction but the sale result falls short of the estimate? What if the sale result exceeds expectations?

In the case of the former, Borro Private Finance assumes that risk and the client would not be obligated to pay the difference. In the case of the latter, the client would benefit from any upside achieved at sale after repaying the loan amount, which frequently happens.

What are some of the more unusual or unique items Borro Private Finance has loaned against?

Borro Private Finance has lent against an Olympic gold medal, an Oscar, a Super Bowl ring, some costumes and some sports memorabilia.

Is Borro Private Finance looking to expand into other asset categories in the near future? Conversely, are there asset categories Borro Private Finance is likely to stop loaning against?

Borro Private Finance is not likely to expand our asset categories. Right now, musical instruments and items with restricted materials, such as ivory or rosewood, can be very challenging. Borro Private Finance has to be sensitive of downward trends that might cause many items in a specific asset class — such as furniture or other decorative arts — to become limited in terms of what we would loan against.

Borro Private Finance is celebrating a ten-year anniversary this year — what do the next ten years look like?

We are in the middle of a rebrand. We are planning to expand our presence in Los Angeles, to join our existing offices in London and New York City. Other areas we might expand into include Miami, Dallas, possibly Denver. There is less focus on expanding on the Continent because there is so much opportunity for growth in the United States.

Borro Private Finance is a relatively new player in the luxury asset market, but instead of buying and selling, they provide loans secured against such assets, tapping into a large network of appraisers and auctioneers and providing non-bank financing options for immediate access to capital. With a few different options for clients, Borro Private Finance has funded more than $400 million since 2008. As the company marks its 10th anniversary, Antiques and The Arts Weekly caught up with Claire Hillier, Borro Private Finance’s Chief Commercial Officer, for additional insights into Borro Private Finance’s success.

In a nutshell, how does the process work? What are the differences and benefits of each of them?

We offer three types of loans. In a “sale advance loan,” Borro Private Finance advances a client money and manages the sale of their asset through a global network of auction houses. This is ideal for clients who have made up their mind to sell, who do not have an emotional attachment to the value of an item, and who are willing to wait for the best and most appropriate auction. With a “bridge loan,” the client uses their asset as collateral without having to sell the asset. The asset is returned to the client at the end of a loan period once the client has paid the loan amount and accrued interest. That option is great for clients who need money quickly and can repay Borro Private Finance within six months. A “term loan” is like a bridge loan but differs in that the length of the loan is longer.

Are there minimum / maximums for these loans? Is there a typical loan amount?

In general, we do not loan against very many items valued below $50,000. At the moment, we will loan as much as $30 million against an item. Our average loan is currently $150,000 but we are on track for that to rise to $500,000. We find that our sweet spot is for items valued between $500,000 and $5 million.

Is Borro Private Finance unique in the industry? What sets Borro Private Finance apart?

Borro Private Finance is not completely unique, but we were the first game in the industry, the first to leverage high-end assets. We occupy a space with fewer competitors, and because we lend against a relatively broad spectrum of assets, not just art, we can represent a higher volume of assets. We use our extensive network of contacts of appraisers and experts to identify the best venue for a specific item, even if that means a collection is sold across multiple venues. Clients come to Borro Private Finance because they want our expertise to guide them.

What is the advantage of working with Borro Private Finance over, say, a fine art dealer or other agent to negotiate the sale?

Borro Private Finance provides a very independent, unconflicted role in the market. We do not make money selling assets, we are only interested in making money through lending.

When looking for an auction house to consider selling an asset, what factors do you consider? Which auction houses does Borro Private Finance work with? Do you ever work with a private gallery?

Borro Private Finance looks at the track record of an auction house with that asset. We gauge their excitement in an item, the strategy they propose for selling it, if there is anything comparable in the sale. Another influencing factor is the timing of the sale and how that fits into our client’s needs. Borro Private Finance has a great track record and strong relationships with all of the houses: Christie’s, Sotheby’s, Bonhams, Phillips, Heritage. Approximately 95 percent of the items we sell go through auction, though there are some instances where we will work with a gallery.

Does Borro Private Finance transact Private Sales? Do you do guarantees?

Borro Private Finance will work with auction houses that do private sales, but in general, we do not partner with houses to secure guarantees.

Auction estimates are not guarantees of sale results. What if an item goes to sale at auction but the sale result falls short of the estimate? What if the sale result exceeds expectations?

In the case of the former, Borro Private Finance assumes that risk and the client would not be obligated to pay the difference. In the case of the latter, the client would benefit from any upside achieved at sale after repaying the loan amount, which frequently happens.

What are some of the more unusual or unique items Borro Private Finance has loaned against?

Borro Private Finance has lent against an Olympic gold medal, an Oscar, a Super Bowl ring, some costumes and some sports memorabilia.

Is Borro Private Finance looking to expand into other asset categories in the near future? Conversely, are there asset categories Borro Private Finance is likely to stop loaning against?

Borro Private Finance is not likely to expand our asset categories. Right now, musical instruments and items with restricted materials, such as ivory or rosewood, can be very challenging. Borro Private Finance has to be sensitive of downward trends that might cause many items in a specific asset class — such as furniture or other decorative arts — to become limited in terms of what we would loan against.

Borro Private Finance is celebrating a ten-year anniversary this year — what do the next ten years look like?

We are in the middle of a rebrand. We are planning to expand our presence in Los Angeles, to join our existing offices in London and New York City. Other areas we might expand into include Miami, Dallas, possibly Denver. There is less focus on expanding on the Continent because there is so much opportunity for growth in the United States.

This entry was posted in: News

Borro Private Finance Featured on WealthManagement.com

Our Chief Commercial Officer, Claire Hillier, joined WealthManagement.com to discuss the personalized services Borro Private Finance provides to clients that enables them to raise liquidity efficiently and discreetly.

Borro Private Finance WealthManagement.com

“Whether it’s hefty legal bills, private school tuition or an unpredictable cash flow, there are several reasons why high net-worth individuals may need to raise liquidity in a timely manner. Yet regulatory issues can make it difficult to access loans from traditional lenders, whatever your financial status, says Claire Hillier, Chief Commercial Officer for international private lender Borro Private Finance.

Difficulty in raising liquidity can lead individuals to methods of funding that can hurt their financial plans. “Wealth managers tell me that if they are doing a good job at managing their client’s money they just shouldn’t have large quantities of cash sitting around”…..”

Read the full article here https://www.wealthmanagement.com/wealth-planning/tapping-value-luxury-items

 

This entry was posted in: News

The History of the Lamborghini Countach

The Lamborghini Countach was a trail-blazing pioneer for the sports car industry. It was one of the first vehicles to incorporate the ‘Italian wedge’ that would shape the designs of countless super cars in years to come.

Lamborghini Countach

It remains prevalent even to this day, as proved after a certain white Countach was featured as Jordan Belfort’s prized vehicle in one of the Wolf of Wall Street’s most iconic scenes.

Lamborghini Countach

Originating in 1974, the Countach’s production spanned 16 years through to 1990. It proved to be one of the most popular models to ever be produced by the Italian giant.  The grand total of models produced was 2,042 over the 16-year period before production was discontinued in favour of the newer Diablo.

Why the Countach Name?

To focus on the history of such an incredible vehicle, one must first start with the now iconic name – Countach. The word countach is derived from the Piedmontese language as an exclamation of astonishment.

The chief designer for the Countach model, Marcello Gandini, said in an interview that the phrase was often used by one of the profilers in the manufacturing process, which is how the name was formed.

The Progression of the Lamborghini Countach

 The Countach went through 6 progressions starting with the LP400. Each version came with modifications and improvements made mostly to the engine performance. The initial angular design typically remained unaltered, after it proved to be a popular favourite amongst sports car enthusiasts.

One of the most notable editions of the Countach through its production span was the Walter Wolf edition. Walter Wolf is a wealthy Canadian businessman and was the owner of the Wolf F1 racing team in the 1970’s.

Lamborghini Countach

Wolf was not satisfied with the engine power of the LP400 and commissioned Gianpaolao Dallara, the chief engineer of Lamborghini at the time to produce a higher-powered version. It featured a 5-litre engine that produced an improved top speed of 201 mph.

This model also featured upgraded wheels, Pirelli P7 tires, large fender flares, the front and rear spoilers of the LP400 S model and was painted red with black fender flares.

Two other versions were produced from the initial model, which was dubbed the LP500S.

The Countach was also featured as the F1 safety car during 1980-83 at the world-famous Monaco Grand Prix.

The Pioneering Countach Design

Unknowingly to the then young and inexperienced automotive designer Marcello Gandini, the angular wedge shaped body of the Countach would go on to shape the design of sports cars throughout the 1970s and ’80s.

Lamborghini Countach

This is perhaps one of the reasons why the Countach designs remained unchanged since the initial prototype reveal in 1971, right through to its discontinuation in 1990.

The ‘scissor’ doors were a key feature of the Countach. They were first featured on the Alfa Romeo 33 Carabo Concept Car in 1968 (also designed by Gandini). However, they were revolutionised by the Countach, a design that is copied by sports car manufacturers through to present day.

The Countach was also a forerunner for the ‘cab forward’ design initiative, which accommodates for a rear-mounted engine with the passenger seat pushed forward.

Engine and Performance

 The initial LP400 Countach, released in 1974 featured a 5-litre V12 engine capable of achieving a 179mph top speed, with an acceleration of 0-100km/h in just 5.4s.

Lamborghini Countach

The 25th anniversary version (and the final model of the Countach series that was released) was arguably the most powerful and fastest version of all of the Countach’s. It produced a top speed of 183mph and a boasted a 0-60mph-acceleration time of 4.7 seconds.

Investment Value

Currently, the most expensive Countach ever to sell at auction was for $1.21 million at Bonham’s Greenwich sale in 2014.

The Lamborghini Countach proves to be a popular classic amongst collectors and enthusiasts alike; the ground-breaking design process will likely stand the test of time. As the years roll by, rare LP400 models in pristine condition will likely see auction prices continue to inflate.

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The Investment Value of the Aston Martin V8 Vantage

Comparing investment values of automobiles can be a tricky, delicate process with many factors to Consider, particularly with reference to prices realised at auction. If you discount Ferrari (who account for 6 of the top 10 most expensive cars ever sold at auction), Aston Martin ranks at the very top when it comes to investment value for rare examples. But just how good an investment is the Aston Martin V8 Vantage?

Aston Martin V8 Vantage

Brief History of the V8 Vantage

The Aston Martin V8 Vantage was first unveiled to the public in 1977 and was dubbed Britain’s first supercar with a top speed of 170mph. Aston Martin used the “Vantage” name on high-performance variants of their existing GT models, notably on the Virage-based car of the 1990s.

The major design shift came in 2005, when Aston Martin started rolling the new breed of their Aston Martin Vantage V8’s out of production. A new star was born.

Designed by iconic automotive figure Henrik Fisker, the V8 Vantage was intended to rival the Porsche 911 Carrera S.  It is arguably the leanest, and most agile car in the Aston’s line up; this intuitive design process has led to the car being relatively unchanged for 12 years until manufacture came to an end in 2017.

From this era, a number of variations of the V8 Vantage arose, most notably the Vantage GT12, the Vantage S and the Vantage N430; all more enhanced, racing friendly versions of previous models.

Performance Statistics

 The Vantage was first unveiled in 2003 as a concept car at the North American International Auto Show. The features and performance expectations remained the same through to its release in 2005.

The Vantage’s V8 produced 380 horsepower at 7,300 RPM and 302 lb-ft of torque at 5,000 RPM powered by a 3.4 litre V8 engine derived from Jaguar’s AJ line. This the car reached zero to 60 mph in a mere 4.7 seconds, and claimed a top speed of 175 mph.

The 2019 Aston Martin V8 Vantage

Aston Martin V8 Vantage

The successor to the much loved V8 Vantage, a task that Aston Martin had to get just right.

The 2019 V8 Vantage was first revealed in November 2017 and features a price tag of just over £120,000 (£40,000 more than the 2005 Vantage was offered at).

Interestingly, this time Aston Martin decided to opt for a Mercedes designed engine, differing from the last model’s Jaguar inspired one. It features a Mercedes-AMG M117 4 litre twin turbo V8 that develops 503bhp, as well as Mercedes highly innovative COMMAND system.

Aston Martin claims the new Vantage is capable of accelerating from 0–62 mph in 3.6 seconds, and has a recorded top speed of 195mph. The Vantage also utilises a rear-mounted 8-speed ZF automatic gearbox.

It mirrors the 2005 version’s design, only more futuristic, aggressive in look. Expectedly this is a more powerful, prevailing version of a modern classic and has already sold phenomenally well since opening orders last year.

 Standout Features that Make the V8 Vantage a Sound Investment

Aston Martin V8 Vantage

Although the V8 Vantage is a supercar in its own right, it is still a car that can be purchased as a primary vehicle and driven daily.

Aside from that, the car’s sleek design holds it in high regard in the luxury car community. The angles of the car have a beautifully soft element to them that go easy on the eye following a golden ratio design. This is a most different approach to the newer Aston models such as the DB11, which features more aggressive bodywork.

The well-received design of the Aston Martin V8 Vantage could hold the car in high regard in years to come.

The available price is a huge incentive for purchasing for investment. Motor Enthusiast and Journalist, Freddy Hernandez describes it as the ‘best used exotic car on earth’, after purchasing a 2007 version for just £32,000.

Features Holding the V8 Vantage Back

 As beautiful and powerful as the V8 Vantage is, it has its imperfections. The most widely acknowledged one being the accelerator lag. This came about due to Aston Martin hindering the potency of the pedals as a result of switching from mechanical to electronic throttles in the late 1990’s.

This feature somewhat downplays the driving performance from an otherwise outstanding vehicle.

Aston Martin V8 Vantage

Unlikely to Make You a Millionaire

As a rule of thumb with the classic car market, whilst a car is still in its manufacturing period it is unlikely the value will increase anywhere over the initial retail price, unless production is extremely limited.

Now production has ceased, it is likely that in years to come the prices will rise for pristine condition V8 Vantage’s. So expect to see an increase in investment value in years to come.

However, with a retail price of just £79,000, production was at a relatively mass level. Combine this with little racing provenance and it is unlikely that the V8 Vantage will ever be a super rare car that will go on to fetch millions.

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A Day in the Life of a Business Development Manager at Borro Private Finance

Ashley Lockwood

First Things First: I get into work at 9.00 am, I’ll catch up with the team and create a plan for the day. I generally spend the morning prepping for our weekly team meeting, gathering information on my cases from the previous week. I try to get 2-3 cases in per day, usually a mix of conference calls and face to face walk ins/appointments.

Morning meetings: I have been working with property brokers, developers and agents since late 2015 and my network has grown since then. I am often referred by property brokers to help fund property transactions using luxury assets. This morning I am meeting an advisor in Mayfair to discuss raising £500k for his client in the middle of a property purchase.

Afternoon: This afternoon I have a client home visit with our valuations director Samantha. The client is a well-known property dealer looking to raise funds for business expansion. We are looking at 5-6 pieces for her that will be used as collateral for a loan; our task is to identify which pieces are most appropriate for lending both from a risk and logistical perspective. As with the nature of the business, the client needs funds ASAP so having received the enquiry last night, we are on the front foot in terms of getting the deal secured.

UK Property Predictions - Luxury home

End of Play: I’ll be back in the office for 4pm where we will have our team meeting. We review strategy and discuss deals from last week. Business Development and Sales also agree commercial terms for transactions that could happen this week or next. After this, we run a company ‘stand up’ meeting which helps boost company morale and momentum.

If you have clients looking to raise funds secured by a luxury asset, please send me an email at ashley.lockwood@borro.com or call 0800 056 1000 for more information.