Anonymous ID: 0d8893 March 22, 2020, 4:06 p.m. No.8523131   🗄️.is 🔗kun

Freezing Credit Markets Force Rich People To Finance Against Fine Art

 

With global equities and commodities crashing, the ultra-wealthy are increasingly requesting financing against fine art as a way to build liquidity.

 

Bloomberg notes that a New York client of Fine Art Group requested financing against a $10 million painting by Jean-Michel Basquiat as the stock market crashed in recent weeks. Simultaneously, a top London gallery was called by a collector who wanted to sell his art collection for quick cash. Then a Swiss client asked for financing against $30 million worth of diamonds.

 

Freya Stewart, the head of art-financing division at Fine Art Group, said as the stock market plunged in the last month, the number of requests for loans against art has increased "two-fold."

 

Lenders said clients are building cash in these turbulent times. Others are saying some have been slapped with margin calls for borrowing against their stock. Top investment firms have raised collateral standards, and maybe one way the rich are quickly building liquidity is through borrowing on their fine art.

 

As credit markets freeze and a pandemic consume the world, the wealthy are accessing emergency financing through borrowing against Picassos and Warhol paintings.

 

"Major high net-worth clients told us they are putting a halt on any purchases, privately or at auction," said Elizabeth von Habsburg, managing director of Winston Art Group in New York. "Clients are saying: 'You know what? We are not in the game right now.'"

 

Evan Beard, who runs the National Art Services business at Bank of America's private bank, said art financing has been popular during periods of market volatility. He said BofA had received increasing calls from collectors to shift debt tied to assets that price daily to fine art that is considered low margin risk.

 

Stewart said Fine Art Group had been contacted by wealth managers, credit brokers, and art collectors across the world.

 

https://www.zerohedge.com/markets/freezing-credit-markets-force-rich-people-finance-against-fine-art

Anonymous ID: 0d8893 March 22, 2020, 4:11 p.m. No.8523224   🗄️.is 🔗kun   >>3407

Trump Approves New York, Washington Requests to Declare Major Disaster, Activates National Guard

 

So far, the number of confirmed coronavirus cases in the United States has reached 32,644, according to the Johns Hopkins University, which puts the US in third place in terms of its COVID-19 toll, surpassed only by China and Italy.

 

President Donald Trump said on Sunday he had approved New York and Washington's requests to declare a major disaster in the two states amid the COVID-19 pandemic, adding that he will approve California's request soon, "maybe tonight".

 

According to President Trump, the US federal government will fully cover the costs of deploying national guard units in the states of New York, California, and Washington to help fight the coronavirus.

 

"Today I'm announcing action to help New York, California, and Washington ensure that the national guard can effectively respond to this crisis", Trump said on Sunday.

 

Other states most affected by COVID-19 will receive help too, the president said.

 

"Through FEMA [federal emergency management] the federal government will be funding 100 percent of the cost of deploying national guard units to carry out approved missions to stop the virus, while governors remain in command", Trump said.

 

The president also said the US is mobilising all resources available to combat the spread of the virus and said it was important that the US citizens followed the federal guidance on social distancing.

 

Trump referred to the coronavirus outbreak in the country as a "great national trial".

 

Over the coronavirus situation in the US, Trump said he was considering to release elderly non-violent prisoners.

 

US Vice President Mike Pence says that 254,000 US citizens have been tested for coronavirus under the federal programme, and over 30,000 have tested positive. These figures do not include local tests, he added.

 

As of today, the United States has reported a total of 32,644 cases of the new coronavirus and at least 409 deaths from the disease, the Johns Hopkins University Coronavirus Resource Center count shows.

 

New York remains the hotbed of coronavirus in the US, with the highest number of cases registered - a total of 15,168, according to Governor Andrew Cuomo, and at least 114 people have died so far.

 

Washington is leading in terms of fatalities, with at least 94 deaths reported so far.

 

https://sputniknews.com/us/202003221078672937-trump-says-approved-new-york-washington-requests-to-declare-major-disaster/

Anonymous ID: 0d8893 March 22, 2020, 4:13 p.m. No.8523270   🗄️.is 🔗kun   >>3407

WH Trade and Manufacturing Director Peter Navarro Warns US Government Will Come After Price Gougers Hoarding Medical Supplies

 

White House Trade and Manufacturing Director Peter Navarro spoke at the White House Coronavirus Daily Press Briefing on Sunday.

 

Navarro warned the hoarders that the government is going after them and will confiscate their products if they are caught price gouging.

 

Peter Navarro: The last thing I’ll tell you is I also get a lot of calls that are very disquieting. Brokers are offering millions of items, whether they’re goggles, masks, whatever. And you go through three different brokers trace them to a warehouse in LA that allegedly has got 10 million masks and they want to charge you seven times what they cost. That’s price gouging. We have got a message to the hoarders. If you got any large quantities of materials that this country needs right now. Get them to market or get them to us we’ll pay you a fair price but if you don’t do that we’re going to come for you and make sure we don’t let that happen in this country. And that would be a good use of the Defense Production Act. So thank you, sir. You made my job easier.

 

https://www.thegatewaypundit.com/2020/03/wh-trade-and-manufacturing-director-peter-navarro-warns-us-government-will-come-after-price-gougers-hoarding-medical-supplies-video/