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Pierre Valentin Partner

Constantine Cannon LLP London

�  Regulated Lenders •  Private banks

�  Citibank �  Deutsche Bank �  JP Morgan �  US Trust �  Royal Bank of Canada �  UBS

•  Other banks �  Emigrant Bank Fine Art Finance

�  Unregulated Lenders •  Auction Houses •  Specialist Lenders

�  Borro �  Right Capital �  Art Finance Partners �  Art Capital Group

� Buy more art � Finance a business � Re-finance other debts � Diversify wealth � Fund life events, e.g. divorce,

funding medical expenses � Improve lifestyle

� Amount � Term � Recourse or non-recourse � Interest rate � Facility Fee � Expenses � Penalty for early repayment � Possessory or non-possessory � Guarantee

� Established auction market � Diversification � Collecting categories � Due diligence

•  Legal due diligence •  Art due diligence

� Loan to value � Valuation process

•  Independent valuation •  Confidentiality •  Low auction estimate •  Annual review

� Type of security interest depends on •  Nature of owner of collateral •  Country of residence of the owner •  Country where the collateral is located

� USA: UCC registration � United Kingdom

•  Pledge •  Bill of sale •  Other solutions

� Conflict of laws •  Validity of security interest depends on the

law of the country where assets are located when security interest is granted

Any questions?

Pierre Valentin Constantine Cannon LLP

T: +44 20 3668 5606 E: pvalentin@constantinecannon.co.uk