Spey operates a bespoke lending platform that provides rapid financing solutions for the purchase of fine art, antiques, and luxury collectibles, addressing the liquidity challenges faced by buyers and sellers in this niche market. By facilitating access to capital, Spey promotes the preservation of culturally significant items while supporting a more sustainable circular economy.
Funding
Funding not disclosed
Founders
Product
Problem
Buyers and sellers of fine art, antiques, and luxury collectibles often face liquidity challenges, hindering transactions in this niche market due to the difficulty in securing rapid financing. Traditional lending institutions are often hesitant to provide loans for these unique assets, creating a barrier to entry and limiting opportunities for both collectors and consignors.
Solution
Spey provides a bespoke lending platform that offers rapid financing solutions tailored specifically for the fine art, antiques, and luxury collectibles market. Spey offers purchase finance, allowing buyers to spread the cost of acquisitions up to 80% of the purchase price, repayable in 12 monthly installments, while taking immediate possession of the item. For sellers, Spey provides consignor advances, enabling them to receive up to 50% of the item's value upfront, eliminating the waiting period for sales proceeds with automatic repayment following the sale.
Target Audience
Spey's primary customers include collectors seeking to finance the purchase of fine art and collectibles, as well as auction houses, marketplaces, and dealers looking to offer financing options to their clients.
Features
- Purchase finance covering up to 80% of the purchase price for items ranging from £4,000 to £100,000.
- Consignor advance providing up to 50% of the item value for items ranging from £5,000 to £100,000.
- Online application process with decisions provided within 2 days.
- Acceptance of a broad range of collectibles including paintings, sculptures, antiques, designer furniture, luxury watches, and jewelry.
- Finance available through a network of partner auction houses, marketplaces, and dealers.
- Tailored finance offers based on the specific item and individual circumstances.