In today’s credit crisis, affluent Americans are turning to pawn loans as a way to meet their financial needs. Pawn Shop to the Stars, New York Loan Company, specializes in pawn loans – also known as collateral loans – against jewelry, watches, fine art and entertainment/sports memorabilia.
When it comes to securing a pawn loan on high-end or luxury items, savvy consumers provide more information about their collateral than one might think. While New York Loan Company has experienced GIA trained gemologists, and expertise in art and memorabilia, it is always recommended that any item is accompanied by as much documentation as possible. Providing detailed authentication helps borrowers secure the largest pawn loans possible.
Jordan Tabach-Bank, CEO of New York Loan Company, recommends that his customers bring all related documentation with them when making a pawn loan. “We specialize in making large dollar loans on unique items, so we need as much information as possible about the items that we loan against,” said Tabach-Bank. “Providing provenance, including certificates of authenticity, appraisals, auction records and sales receipts, expedites the authentication process and helps our clients receive the most money for their items.”
For all pawn loans, personal identification is the first and most important item required. Most government issued identification will suffice including a passport, State issued identification or drivers license, a foreign passport with an additional identification bearing an address or a Matricula Consular with an additional identification bearing an address. In addition, New York Loan Company always requires a physical address where notices can be sent.
New York Loan offers pawn loans on fine jewelry and luxury watches, including estate jewelry, diamonds and fine gems. When securing a pawn loan on collateral of this nature, laboratory certifications are extremely helpful especially with respect to high-end diamonds and colored stones. Certifications should be from prominent sources such as the Gemological Institute of America (GIA), American Gem Society (AGS), European Gemological Laboratory (EGL), International Gemological Institute (IGI), Gubelin Gem Lab or American Gem Trade Association (AGTA). GIA is the most common and trusted source for laboratory certifications.
With certain brands such as Rolex, Cartier, Tiffany and Co., Van Cleef & Arpels, Harry Winston, Chopard, Bvlgari, Patek Phillipe, Hublot, Panerai, IWC, Audemars Piguet and Chanel, retaining the original packaging is essential and can have a tremendous impact on the final loan amount. All original jewelry, watch or fine gem packaging, boxes and documentation can not only be very helpful in determining authenticity but also increase the value of the item – thereby increasing the potential pawn loan amount.
Fine art, especially contemporary or modern, is of great interest to Jordan Tabach-Bank. “The true value of art often relies on its provenance,” he says. “It’s important to provide any documentation relating to your fine art. We need to prove how the artwork got from the hand of the artist to the hand of the borrower.” Documents that support authenticity and provenance include gallery receipts, auction records (Christie’s, Sotheby’s, Bonham’s, etc.), appraisals or certificates of authenticity.
New York Loan Company will also make pawn loans against sports, entertainment or political memorabilia. In order to verify the authenticity of these types of items and guarantee the highest loan amount, it is recommended to provide sales receipts, auction records, appraisals or certificates of authenticity. For sports related items, 3rd party authentication companies such as Professional Sports Authenticator (PSA/DNA), James Spence Authentication (JSA) and Online Authentics are trusted sources. Also approved dealers, such as Upper Deck Authenticated, Steiner Sports, Mounted Memories, Tristar Productions or GT Sports Marketing (GTSM) are valuable reference points to determine authenticity and value. Determining entertainment memorabilia value can be difficult due to the ephemeral nature of these types of items. However, value, history and provenance can be established by providing auction records from trusted auction houses such as Julien’s Auctions, Heritage Auctions or Profiles in History.
The common theme among all genres of collateral is the more documentation the better. Tabach-Bank says, “When in doubt, bring it in.”