Art quality pledge financing breaks the ice

by xyxgyp1998 on 2012-02-04 19:55:17

Art Quality Pawning Financing Breakthrough

⊙Reporters Qiu Jiahe and Tang Zitao

Recently, Shanghai Orient Pawn Co., Ltd. signed an agreement with the Chinese Collectors Club in Shanghai to pilot art [calligraphy and painting wholesale] appraisal and pawning financing services. Notably, the signing ceremony invited leaders from relevant departments such as the International Cooperation Center of the National Development and Reform Commission, the Information Center of the Ministry of Culture, and the Information Center of the Ministry of Industry and Information Technology to attend in person, attracting significant media attention. Given that the evaluation and pawning financing of artworks are currently the bottleneck for the financialization of art, the organizers of the ceremony claimed that this would be a groundbreaking move for domestic art pawning financing.

According to the relevant strategic framework agreement, the Chinese Collectors Club will collaborate with the Ministry of Culture, major museums, university research institutions, and domestic and international experts, scholars, professionals, and collectors to establish the Cultural Art Research Institute of the Chinese Collectors Club. They will provide art valuation and issue institutional appraisal reports based on the financing needs of Shanghai Orient Pawn's clients, helping the pawn industry in Shanghai gradually establish a convenient and fast financing channel for art pawning financing, breaking through bottlenecks in identification, evaluation, and pawning financing of artworks, and researching and exploring a reasonable and effective evaluation system for financial institutions' art investment and financing behavior.

To standardize the assetization of cultural art, the International Cooperation Center of the National Development and Reform Commission has launched a project, specifically implemented by the Cultural Industry Research Institute, and entrusted the Chinese Collectors Club to form an expert committee for the project group, aiming to create a "Cultural Art Appraisal System" suitable for Chinese characteristics. After the project is approved, a third-party cultural art review committee will be formed, inviting domestic and international collectors, experts, scholars, and introducing professional advanced instruments and equipment as well as related scientific and technological means, providing effective data support for the current art market's rational standardization.

A private collection organization, the "Chinese Collectors Club," collaborating with a pawnshop may not seem particularly remarkable. However, their signing signifies the official implementation of the national project for the "Cultural Art Appraisal System," indicating the imminent establishment and implementation of a third-party "Cultural Art Appraisal System" suitable for Chinese characteristics.

Regarding why these two private institutions were chosen as project pilots, Chen Zhe, Director of the Cultural Industry Research Institute of the International Cooperation Center of the National Development and Reform Commission, told reporters: "In the art appraisal system, one crucial link is the collector system, or the final buyer." In this aspect, the Chinese Collectors Club gathers relatively rich collector resources, making it a ready and important system terminal. "I want to use capital and financial leverage to promote the development of a certain industry," said Chen Zhe, "The characteristic of China's previous appraisals was biased towards individuals, experts, and scholars. Now, we aim to combine some scientific methods from abroad with the excellent features of traditional Chinese methods to form norms."

Addressing the issues of irregularities and lack of legal constraints in the current art appraisal industry, Chen Zhe stated that formulating corresponding legal norms is a massive project requiring extensive social practice and industry recognition. The establishment of current art appraisal pilot institutions is just the first step toward standardizing the art appraisal system. Before more standards are issued, official intervention should be limited. Chen Zhe said, "Currently, what we can do in this area is to guide, supervise, and promote."

It is reported that establishing this complete and sound third-party art authentication and appraisal system will likely take two years for research, initially piloting in three categories of art with the most active trading: modern and contemporary calligraphy and paintings, porcelain, and jade.

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