NEW YORK, April 17, 2024 /PRNewswire/ — Sotheby’s Financial Services, Inc. (“Sotheby’s Financial”), the world’s leading full–service art financing company, announced today the launch of a first-of-its kind securitization program. The inaugural issuance, which priced yesterday, consists of $700 million of asset-backed notes (the “Notes”) backed by art secured loans. Morningstar DBRS is expected to rate the four classes of Notes at closing with the senior-most class expected to receive the highly coveted AAA (sf) rating.

“We are thrilled to achieve another milestone with the launch of a landmark securitization program” said Ron Elimelekh, Co-Head, Chief Operating Officer, and Chief Capital Officer, Sotheby’s Financial. “This highly successful transaction, which saw strong demand from institutional investors resulting in a significant upsize to the transaction, will help further our mission of unlocking the power of our clients’ collections through the delivery of innovative financial solutions. Now with over $2 billion of funding capacity, Sotheby’s Financial has a flexible and committed funding framework supported by an existing credit facility and this groundbreaking securitization program.”

Over the last two and half years, under the leadership of Mr. Elimelekh and Scott Milleisen, Co-Head and Global Head of Lending, and their dedication to delivering the highest standard of client experience, Sotheby’s Financial has seen significant portfolio growth, ending 2023 with nearly 100% growth over a two-year period and its highest ever portfolio balance. By leveraging its unparalleled expertise in art and luxury, and on the strength of a best-in-class lending ecosystem, Sotheby’s Financial is creating the world’s leading finance company for fine art, cars, collectibles, and luxury goods.

Scott Milleisen added: “Our clients rely on Sotheby’s Financial to provide dependable lending solutions, and today’s news only furthers our commitment to enhancing our offerings to clients. Thanks to our continued access to capital markets, we are the only lender in the marketplace who can consistently offer loans of up to $250 million underwritten based on the value of one’s collection.”

Sotheby’s Financial has originated over $10 billion of loans since inception. Following a renewed strategic focus and investment in Sotheby’s Financial, the majority of lending activity has occurred within the last few years. Jean-Luc Berrebi, Sotheby’s Chief Financial Officer, added: “This transformational moment for Sotheby’s Financial Services is another step forward in our journey to innovate and lead the market in all aspects of our business, giving us significant advantage as a leader for art & luxury lending. With expanded access to capital, we can now significantly increase the scale of SFS to enhance the exceptional client experience that is central to Sotheby’s.”

The securitization transaction is scheduled to close on April 23, 2024, subject to customary closing conditions.

This press release is not an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

SOTHEBY’S COMMUNICATIONS TEAM

KARINA SOKOLOVSKY | [email protected]
DEREK PARSONS | [email protected]

About Sotheby’s Financial Services

Sotheby’s Financial is the world’s leading full–service art financing company. Sotheby’s Financial enables clients worldwide to unlock liquidity in fine art, luxury items, and other collectibles through financing solutions and innovation. Sotheby’s Financial is vertically integrated with Sotheby’s, one of the world’s largest and most-trusted marketplaces for world-class works of art and rare objects.  Sotheby’s has been uniting collectors with world-class works of art and luxury items since 1744. Sotheby’s empowers an international community of collectors and connoisseurs to discover, acquire, and consign fine art and rare objects.

https://www.sothebys.com/en/about/services/sothebys-financial-services

About Sotheby’s

Established in 1744, Sotheby’s is the world’s premier destination for art and luxury. Sotheby’s promotes access to and ownership of exceptional art and luxury objects through auctions and buy-now channels including private sales, e-commerce and retail. Our trusted global marketplace is supported by an industry-leading technology platform and a network of specialists spanning 40 countries and 70 categories which include Contemporary Art, Modern and Impressionist Art, Old Masters, Chinese Works of Art, Jewelry, Watches, Wine and Spirits, and Design, as well as collectible cars and real estate. Sotheby’s believes in the transformative power of art and culture and is committed to making our industries more inclusive, sustainable and collaborative.

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Stream live auctions and place bids in real time, discover the value of a work of art, browse sale catalogues, view original content and more at sothebys.com, and by downloading Sotheby’s app for iOS and Android.

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24 Museums around the world to receive critical conservation funding 

CHARLOTTE, N.C., April 17, 2024 /PRNewswire/ — Twenty-four cultural institutions have been named as grant recipients of the 2024 Bank of America Art Conservation Project. They represent a diverse range of artistic styles, media and cultural traditions across the United States, Canada, Mexico, Brazil, United Kingdom, France, Italy, The Netherlands, South Africa, India and Japan.

Since 2010, Bank of America’s Art Conservation Project has supported the preservation of paintings, sculptures, and archeological and architectural pieces of critical importance to cultural heritage and the history of art. More than 261 projects across 40 countries managed by nonprofit cultural institutions received funding since the program’s inception to conserve historically or culturally significant works of art that are in danger of deterioration.

This year’s grant recipients include:

• Waterlilies (1914-15) by Claude Monet at The Portland Art Museum  
• Dancer with Bouquets (c. 1890-95) by Edgar Degas at The Chrysler Museum in Hampton Roads, Va.
• Statuette of Susan B. Anthony by Bessie Potter Vonnoh at the National Susan B. Anthony Museum & House in Rochester
• The Large Bathers (Les Grandes Baigneuses) (circa 1895-1906) by Paul Cezanne at The National Gallery London 
• Paintings Restoration in The Napoléon III Apartments (19^th c.) at the Musée du Louvre in Paris
• Selections from Truisms, Inflammatory Essays, The Living Series, The Survival Series, Under a Rock, Laments, and Child Text (1989) by Jenny Holzer at the Solomon R. Guggenheim Museum in New York
• Orco, Norandino e Lucina (Norandino and Lucina Surprise by the Ogre) (1619-1621) by Giovanni Lanfranco at The Galleria Borghese in Italy
• Two Japanese Wooden Statues of the Guardian Kings: Zōchōten and Tamonten, Nara National Museum, Nara City, Japan
• Early African American Photography Project at The Smithsonian American Art Museum, Washington, DC

“This year, we are proud to share a slate of projects that feature some of the most celebrated artists of all time,” said Brian Siegel, Global Arts, Culture & Heritage Executive at Bank of America. “The Art Conservation Project reflects our longstanding commitment to cultural history, so that these works may be appreciated and experienced by generations to come.”

The Art Conservation Project is one demonstration of BofA’s commitment to promoting cultural sustainability and making the arts more accessible. A wide range of support for cultural institutions around the world helps uplift communities and is one of the many ways BofA helps drive Responsible Growth. For a full list of museums receiving grants through the 2024 Bank of America Art Conservation Project, please view the 2024 Art Conservation brochure (PDF).

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:

AnnMarie McDonald, Bank of America
Phone: 1.332.234.8635
[email protected]

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Aurora Payments, a prominent player in the payment solutions landscape, has launched the ARISE Payment Platform, marking a significant advancement in the realm of SMB-focused payment systems.

ARISE is designed to address the unique requirements of SMBs, offering a comprehensive, cloud-based payment solution that streamlines transactions and enhances operational efficiency.

The introduction of this pioneering offering is driven by the longstanding need for a dedicated payment ecosystem catering to the demands of SMBs.

Historically, SMBs have faced challenges in managing multiple payment systems and revenue streams effectively, highlighting the necessity for a unified and user-friendly payment solution.

The ARISE Payment Platform serves as a one-stop payment hub, offering a range of features and benefits aimed at simplifying payment processes for SMBs.

Aurora Payments CEO and founder Brian Goudie, commented, “ARISE is more than a payment service — it’s an all-encompassing financial ecosystem for SMBs that manages all aspects of the payment lifecycle, ensures secure transactions and offers real-time reporting. Our portfolio of over 27,000 merchants has taught us that small businesses need a solution that makes it easy to accept payment from virtually any source. ARISE achieves this while giving merchants unparalleled oversight of their finances; merchants can receive their ARISE Smart Terminal, be up and running, and accept payments in minutes.”

The ARISE Payment Platform is equipped with seamless APIs, enabling Integrated Software Vendor (ISV) application developers to integrate their vertical software directly into the platform.

This integration capability allows ISVs to create a seamless payment ecosystem and offer access to the ARISE Payment Platform as a value-added service to their customers.

The launch of the ARISE Payment Platform underscores Aurora Payments’ commitment to driving innovation in the payments industry and empowering SMBs with tailored, cutting-edge solutions.

Source: fintech.global

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