Dear All
It seems that establishing a satisfactory relationship with a bank appears to be one of the major difficulties facing art and antique dealers in the current economic climate. In response to the experiences of a number of our members LAPADA is conducting an online survey to pinpoint the areas of major concern.
The replacement of the traditional bank manager by inexperienced ‘relationship managers’ who show little interest in understanding the nature of the art and antiques business is one of the major frustrations. While simple issues of communication are a cause for concern, some dealers also had specific complaints about the sudden withdrawal of banking facilities without explanation and about the unreasonable demands placed on them when they applied for a loan or an overdraft.
There has also been criticism of the way in which banks valued stock and other assets when assessing a client’s credit-worthiness, often using valuers without sufficient experience in the field.
To complete the survey online please go to https://www.surveymonkey.com/s/LAPADA_BANKING2011.
All responses will remain anonymous and be treated as strictly confidential.
Many thanks.
Sarah Percy-Davis
Chief Executive
LAPADA The Association of Art & Antiques Dealers
535 Kings Road
London
SW10 0SZ
Posted in: Uncategorized
Posted on November 23, 2011 by Editors
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