Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Borro Raises More Capital to Expand, Art & Antiques 45% of Loan Book

February 11, 2015 by Marion Maneker

 

Paul Aitken, CEO, Borro
Paul Aitken, CEO, Borro

British loan company, Borro, has raised more capital from some of its seed investors to expand geographically and the depth of its loan book. This story from Tech Crunch offers some details on their business and a reminder of the growing business of asset-backed loans on art and antiques:

Borro is “just shy of breakeven”, with revenues growing at a rate of about 80% annually. Last year, the company made slightly under $20 million in sales on $75 million in loans. It is currently on a runrate of $100 million for this year, with total assets under management in 2014 exceeding $200 million.

Aitken tells me that around around 45% of the goods put up as collateral against loans on its platform are fine art and antiques, with another 40% jewellery and watches, 7-8% is classic cars and the balance is handbags and fine wines. Currently the average value of objects is around $50,000 but looks like it is coming down somewhat to around $45,000 as the business grows. Typical money payouts range from $5,000 to $2,000,000.

Borro Gets $19M From Rocket Internet, OurCrowd To Expand Its Online Pawnshop For Luxury Goods  (TechCrunch)

More from Art Market Monitor

  • Lisa Schiff Explains Cindy Sherman Before Market MomentLisa Schiff Explains Cindy Sherman Before Market Moment
  • What Happened in London?What Happened in London?
  • Frieze NY 2013 Sales ReportFrieze NY 2013 Sales Report
  • NYTimes Art Market Reporter Bows Out with Bubbles on Her LipsNYTimes Art Market Reporter Bows Out with Bubbles on Her Lips
  • Sotheby's HK Classical Chinese Painting = $52.48mSotheby's HK Classical Chinese Painting = $52.48m
  • Sotheby’s London Contemporary Evening Sale = £69.46mSotheby’s London Contemporary Evening Sale = £69.46m

Filed Under: General

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Asian Art Market Continues Rapid Ascent at Sotheby’s $270 M. Hong Kong Sales
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • How to Chant Like an Auctioneer
  • Tony Podesta's Secret Art Buying
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Sotheby’s to Sell $40 M. Monet Water Lilies Painting in May
  • Tracey Emin Neon Lights Up Sotheby's 'Contemporary Showcase' Pop-Up
  • $1.2 M. Dalí Magazine Painting, Reproduced in Artist's Autobiography to Sell at Auction
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor