[Ante Microfinance] How does finance serve art

2018-07-11 16:00:01 antegroup 6


On March 19, 2010, the Central Propaganda Department, the People's Bank of China, the Ministry of Finance, the Ministry of Culture, the State Administration of Radio, Film and Television, the General Administration of Press and Publication, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued a document "Guiding Opinions on Financial Support for the Revitalization and Development of the Cultural Industry" "(Yinfa [2010] No. 94).

The document pointed out that increasing the financial industry’s support for the cultural industry and promoting the connection between the cultural industry and the financial industry is the need to cultivate new economic growth points, to promote cultural development and prosperity, and to improve the country’s cultural soft power and maintenance The need for national cultural security.

Document requirements: Actively develop credit products suitable for the characteristics of the cultural industry and increase effective credit supply. Promote diversified and multi-level credit product development and innovation. Actively explore a variety of loan models suitable for cultural industry projects.

The document emphasizes that all financial institutions should enhance their service awareness, set up expert teams and specialized service departments, and proactively provide high-quality financial services to cultural enterprises.

Since art is a category of culture, financial support for cultural development also includes financial support for artistic development. This is not only a requirement of the central government, but also an objective need and an inevitable choice for the development of Chinese art and finance.

How does finance support the development of art? What are the categories of art finance?

There are two main ones:

One is art financial tools

The second is art financial services

Art financial tools refer to products that can be used as financial management tools, which are mainly divided into art funds, art trusts, and art share transactions. Art financial services focus on providing art investment and financing services, mainly including art mortgages and Mortgage service and art appreciation plan.

Chinese financial institutions have already begun to explore art finance and use financial means to support art development. The influential events are:

In June 2007, China Minsheng Bank took the lead in art finance and became the first financial institution to set foot in the art finance industry. The product "Extraordinary Wealth Management • Art Investment Plan No. 1" (referred to as "Minsheng No. 1") launched by China Minsheng Bank is a public offering fund. The investment amount of the fund cannot be less than 500,000 and the investment period is two years. Once the fund was issued, it was enthusiastically sought after by investors and successfully raised funds in just one day. In 2009, the fund's closed period ended, and the annualized rate of return reached 25%, far exceeding the stock market and real estate yields in the same period.

In 2008, Sino-Philippines Guaranty Co., Ltd. cooperated with Zhongbo International Auction Company to launch the first art mortgage financial service. This mortgage service is mainly for artworks auctioned at Zhongbo International Auction Company, and the transaction price is more than 100,000 yuan. According to the mortgage service, buyers only need to pay 50% of the transaction price of the auction after the artwork is taken. The remaining 50% of the auction price can be paid in batches within one year, and the corresponding interest must be paid at the same time. The interest rate calculated by the People’s Bank of China; at the same time, the artwork must be mortgaged in the auction company before the auction price is paid, and the buyer cannot take it away.

In 2009, China Merchants Bank and China Wall Art Museum jointly launched the "Private Bank Art Appreciation Program". In this plan, high-end customers of private banks can choose their favorite works from the art collections provided by the former China Wall Art Museum, and after paying a certain deposit, they can take the artworks home and receive one year of free appreciation Service period. During the free service appreciation period, China Merchants Bank will also provide face-to-face communication opportunities with artists so that customers can have a deeper understanding of the cultural value and spiritual orientation of artworks. After the end of the one-year appreciation period, if the value of the artwork in the market rises, the customer can continue to obtain the artwork at the original purchase price; if the value is depreciated within one year, the customer can return it after paying the management fee.

In 2010, the first domestic art investment trust product, the "Poly No. 4 Collective Capital Trust Plan", jointly established by Beijing Poly Art Investment Management Co., Ltd. and SDIC Trust, was officially launched. On September 8, 2015, "Poly No. 4" ended smoothly as scheduled. According to statistics, the annualized rate of return of this trust project reached 17%. After deducting related management fees, the final investor's rate of return reached 13%.

In 2010, Shenzhen Tongyuan Nanling Cultural and Creative Park Company, through the introduction of Shenzhen Cultural Reform Office and other cultural institutions, reached a loan agreement with China Construction Bank, which is to pledge a batch of Su embroidery artworks collected by Tongyuan Company as bank pledge Products and received financial support from China Construction Bank. After evaluation by experts, these 154 collections are conservatively estimated to be worth 50 million. In the end, TongYong successfully obtained a 30 million bank loan from China Construction Bank, which solved the urgent need for funds for the company.

In June 2018, Qingtian County Ante Microfinance Co., Ltd. joined forces with Ante Group Ni Dongfang Art Museum to provide Qingtian stone carving artists and operating companies with stone sculpture (including rough and printed stone) pledge loans. This is the exploration of Ante Microfinance using financial means to support the development of Qingtian stone carving art. The advantage of Ante Microloan lies not only in preferential interest rates, simple procedures and timely services, but also in its strategic partnership with Ante Group Ni Dongfang Art Museum.