Risks and side effects: If art is a pledge

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Bares against originals: What sounds sensible, has its drawbacks in detail. Especially if not agreed exactly which plants actually secure the loan.

Umsatzeinbrüche of more than thirty percent in the major auction houses, seller, must give significant discounts or postpone deliveries indefinitely: the financial crisis continues to cast its shadow on the art market, and a recovery is slow in sight. And so it seems only logical that the already battered banks withdraw from a sector which is often reputed to be somewhat profitable appendage of retail banking. The latest example: the Swiss bank UBS , which had announced earlier this year to close its Art Banking department.

On the other hand, there are currently “Art Loans”, art-based loans so high in demand. Many collectors and artists gain the much-needed liquidity by granting their donors art as collateral. Thus, the photographer Annie Leibovitz recently the copyright to her entire oeuvre to a specialized art finance company passed (see our box). Negative, licenses and other contractual rights which may yet emerge from the images are included.

If murals are used for credit protection

Also, the American artist Julian Schnabel is said to have pledged several works by Picasso, Warhol and Dali for financing a property recently. Finally, venerable institutions like the New York Metropolitan Opera resort to this means: early March transferred the opera two murals that had once attached Marc Chagall in the lobby, to secure a 35-million-dollar loan to the bank. But independent of banks and private lenders can be found on this market: art is just an asset like any other. Artworks, as well as jewelry, real estate, machinery or cars, are given for a loan or other liabilities as collateral if there are also against such a “normal” economic goods some special features.

The lawyer knows basically two ways in which a security can be ordered on moveable property: the pledge and the equitable lien. While the borrower (guarantor) for the security transfer ownership of belonging to him movable property to the lender (secured party) transfers, is contractually ordered a limited real right in the matter to ensure the requirement in the pledge. the creditor now falls with its claim for payment so he can be satisfied by the recovery of the mortgaged or of over suitable object.

Owned lot lien

In their economic function, the collateral assignment corresponds to the lien, however, has gained acceptance in practice against this because the pledge of movable property requires the transfer of goods to the pledgee necessary. In the transfer of ownership, however, it is possible to leave the possession of the thing the guarantor. It is therefore also called “possessory pledge”. This is also in the art world mostly the interests of the parties; because the collector is supposed to continue to be able to exhibit the work in itself or, for example in the museum, the dealer requires a work that it can offer its customers.

What is to be aware of when works of art are intended to secure a loan? First, the parties must specify exactly which plants are used as collateral. What sounds so obvious in practice is not always common: It should be noted that in so-called collective terms, such as “my collection of Asian art,” the objects in question must be distinguishable based on manageable, external criteria.

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References:

1. http://slsc.albany.edu/
2. http://greendayonline.com/
3. https://www.reuters.com/article/us-ukraine-privatbank-insight/ukraine-money-go-round-how-1-7-billion-in-bank-loans-ended-up-offshore-idUSKBN1FD0G5

Money Creation: How is money in the world?

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Not only the European Central Bank may make money, but also any ordinary bank. It draws its loans out of nowhere. But is that bad as Occupy claims?

There are things that are so obvious that you do not think about it. Among them is the money. Are able to collect bills from the machine, it carries in his wallet around with them, counts them sometimes and use them to pay. But where does the money come from? It will stop anyone to print, you might think.

The bank-critical movement Occupy represents the provocative thesis that it was the banks that provide the money in our economic system. The critics of capitalism did not find good: For-profit private institutions that would democratically control in any way, are creators of money. This is dangerous, says Occupy.

Not only notes and coins

Occupy is right, not with the vote, but with the explanation. It’s the banks that created much of our money. And that large commercial banks like the German Bank and Commerzbank as well as small people and savings banks.
Although banks no bills can print mint coins. This may in the euro area, only the European Central Bank and the national central banks. All others are prohibited by the state and are “not less than one-year imprisonment” sanctioned by, as stated in paragraph 146 of the Criminal Code.

But the money creation by the banks is already of a different nature. To understand this, one must first accept a definition: Money today are not only notes and coins. Also what lies dormant somewhere on accounts that is real money. If figures wander from one account to another, money flows. You can buy things for it and make it pay off.

Money creation:

This electronic part of the money is now even the greater part: In Europe, there is a so-called able to pay money (experts call it “M1”) of about 4.8 trillion euros. This includes 858 billion euros of cash in bills and coins. The unimaginably large remainder, however, is existent only on accounts that “demand deposits”. Just this money it is mainly created by the banks.

How banks do this? By lending. The majority of our money today is no longer produced by the processing of precious metals as it was in earlier centuries. Aristotle and Plato philosophized their time yet as to whether the value of money through the metal value of the coins ( “physics”) arises or by the face value, which the state defines qua decree ( “nomos”). Today, money is created by a variety Schuldenmacherei. What is paper money eventually but a sort of promissory note the issuer who lives by the confidence that he has at any time transfer or redeem?

It creates money from nothing

With the money that the banks create, the so-called “book money” or “scriptural” it is not much different. That kind of money arises when a bank gives a customer a loan and credits the amount to its account. The customer (it may be an individual, a business or even the state) can continue to use the amount as money. Actually, it is technically only a demand that is denominated in cash. He can but the amount is transferred to others, use it with the debit card for shopping or withdraw cash from the machine. The amount is not only “like money” – it’s money originated.