Art Collateral Loans

SeoulAuction executes the loan with the security of art article and antique.
You Collectors are requested to have much concern.

  • step
    01
    Send Email

    A client sends images and information of artworks
    to Seoul Auction's e-mail address.

    Title of an e-mail : 'Inquiry of Artwork - the sender's name'

    ※ Do not use the word ‘mortgage’ or
    ‘loan’ at the title of email. If you use the word,
    email can be classified as spam.

  • step
    02
    Specialist’s Reply
    The specialist in charge appraises the artwork and replies with the availability of lending.
  • step
    03
    Artwork Valuation
    Receive the original artwork and appraises the authenticity and price.
  • step
    04
    Notify Confirmation
    Confirm the availability of collateral loans.
  • step
    05
    Visit and Submit
    Fill out the paperwork and visit Seoul Auction to submit the form.
  • step
    06
    Guide for Deposit
    After deliberation of the paperwork, the loan is paid within a week.

Preparation of documents for personal customer

  • Personal legal seal (stamp)
  • Certification of personal legal (within to 3 months)
  • Photocopy of identification
  • Photocopy of money passbook
  • Certification of amount of income (National Tax Service)
  • Certification of full payment (National Tax Service)
  • Certification of council taxes (district office)

Any default of national taxes is unavailable to apply.

Disapproval loan if at least one document is not exist.

Preparation of documents for business corporation

  • Certified photocopy of registration/license
  • Certification of corporate of legal seal (within to 3 months)
  • Corporate of legal seal
  • Certified copy of corporate of the register (within 3 months)
  • Certified copy of personal of the register (within 3 months)
  • Photocopy of identification (president CEO)
  • Photocopy of conference of directors
  • Photocopy of money passbook
  • A statement of audit (past year)
  • Imposing tax of assessments of statement (past year)
  • Certification of detailed imposing tax and payment of tax

If a person representing the president CEO : 1. Identification of your representative, 2. Legal seal of letter of attorney

Disapproval loan if at least one document is not exist.

Type of collateral

artwork available for auction
(Example) Modern and contemporary Art, antiques (Except for Chinese ceramics)

Condition of Loan

Condition of Loan
Sort Interest Rate Overdue interest rate Regular Loan Period Charge Interest Settlement of Collateral
Default 1% per month 1.5% per month 6 months Principle: Payment in advance 150%
Qualification
Sort Default
Interest Rate 1% per month
Default Rate 1.5% per month
Regular Loan Period 6 months
Charge Interest Principle: Payment in advance
Settlement of Collateral 150%

※ Conditions above are adjustable depending on each case.

Condition of Loan

Auction Loan
Tender price Loan ceiling Loan ceiling amount Interest rate Overdue interest rate
Less than 50 million won 50% of the tender price 25 million won 1% per month 1.5% per month
Under one hundred million won 30% of the tender price 30 million won 1% per month 1.5% per month
Less than two billion won 20% of the tender price 40 million won 1% per month 1.5% per month
Over two billion won 50 million won 1% per month 1.5% per month
Qualification
Tender price Less than 50 million won Under one hundred million won Less than two billion won Over two billion won
Loan ceiling 50% of the tender price 30% of the tender price 20% of the tender price
Loan ceiling amount 25 million won 30 million won 40 million won 50 million won
Interest rate 1% per month 1% per month 1% per month 1% per month
Overdue interest rate 1.5% per month 1.5% per month 1.5% per month 1.5% per month

Loan amount : maximum 50% of the value (market price) of the collateral (artwork)

Contact
SpecialistSP,Park
Tel Office +82-2-2075-4460