The 1916 Company Introduces Specialty Financial Services Through Partnership with Luxury Asset Capital
Philadelphia, PA; Denver, CO (December 5, 2018) – The 1916 Company, the leading global platform for the buying, selling, and trading of pre-owned luxury timepieces, and Luxury Asset Capital, a leader in the alternative financing market, today announced a specialty financial services partnership that enables The 1916 Company’s clients to quickly access capital backed by luxury timepieces or other luxury assets held as loan collateral by Luxury Asset Capital.
The 1916 Company has achieved global recognition for its trustworthy, easily accessible, and efficient solution for monetizing pre-owned watches. While many parallels can be drawn between collectible art and fine watches, auction houses and financial institutions alike have long offered financial services for the art market, while the watch market has historically not had the transparency nor liquidity to support comparable services. The 1916 Company and Luxury Asset Capital’s specialty financial services enable clients to realize a broader range of options for their timepieces.
“Our strategy at The 1916 Company is to deliver a full suite of services for the luxury watch buyer and collector,” said David Kaplan, Chief Marketing Officer for The 1916 Company. “We buy, sell, and trade thousands of watches every year. Our partnership with Luxury Asset Capital allows clients to tap into the equity of their luxury assets without forfeiting ownership or future appreciation.”
The financial services offered in partnership with Luxury Asset Capital represent another avenue to ‘unlock’ the value in one’s personal watch collection. “At Luxury Asset Capital, we enable clients to quickly and easily borrow against their past purchases, instead of leveraging their future by selling stocks or other securities,” added Dewey Burke, President and CEO of Luxury Asset Capital. “There is a natural fit between Luxury Asset Capital and The 1916 Company. Luxury watches are consistently among the most popular assets our clients use as loan collateral because they retain so much of their value, and thanks to companies such as The 1916 Company, enjoy a vibrant secondary market.”
HOW IT WORKS
Prospective clients initiate the loan process through an inquiry on The 1916 Company’s website, similar to the process of selling one’s watch. After receiving a loan quote from Luxury Asset Capital, the client receives free insured shipping to Luxury Asset Capital’s secure facility. Upon inspection of the watch, Luxury Asset Capital offers financing in amounts up to USD 5 million. Funds can be wired immediately upon agreement of loan terms, and owners can redeem their collateral – watches or other luxury goods – at any time by paying off the loan principal plus service fees incurred.
LEARN MORE: www.thewatchbox.com/financial-services