WatchBox Introduces Specialty Financial Services Through Partnership with Luxury Asset Capital
Global pre-owned watch platform's service offerings include buying, selling, trading, and now borrowing against the value of pre-owned luxury timepieces
PHILADELPHIA and DENVER, Dec. 5, 2018 /PRNewswire/ -- WatchBox, 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 WatchBox's clients to quickly access capital backed by luxury timepieces or other luxury assets held as loan collateral by Luxury Asset Capital.
WatchBox 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. WatchBox and Luxury Asset Capital's specialty financial services enable clients to realize a broader range of options for their timepieces.
"Our strategy at WatchBox is to deliver a full suite of services for the luxury watch buyer and collector," said David Kaplan, Chief Marketing Officer for WatchBox. "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 WatchBox. 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 WatchBox, enjoy a vibrant secondary market."
HOW IT WORKS
Prospective clients initiate the loan process through an inquiry on WatchBox'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
ABOUT WATCHBOX
WatchBox is the world's leading ecommerce platform for the buying, selling, and trading of pre-owned luxury timepieces; fueled by technology, innovation, and unmatched global experience in the high-end watch market. WatchBox offers an unrivaled selection of pre-owned luxury timepieces for sale and its client services for selling and trading timepieces are streamlined and readily accessible both on and offline, with private showrooms and buying offices in Philadelphia, Hong Kong, Switzerland, and South Africa. Trust, pricing transparency, and authentication are central tenets to WatchBox's platform, with each watch thoroughly evaluated by the company's in-house master watchmakers. www.thewatchbox.com
ABOUT LUXURY ASSET CAPITAL
Luxury Asset Capital is a leader in the alternative financing market. We are a private, family-office owned lender to individuals and businesses in exchange for luxury assets that are held as collateral, when traditional channels of financing are either too slow, invasive, burdensome or, in some cases, unavailable. We unlock the equity in a wide range of assets that are high in value but low in liquidity, believing that leveraging past purchases – assets owned free and clear – is often times a better option than putting your home, investments, earnings or retirement plans at risk. Luxury Asset Capital transactions are executed in as little as one business day and generally range from $2500 to $5,000,000 or more. www.luxuryassetcapital.com
PRESS CONTACTS
WatchBox | Caroline Kallman Joffe | [email protected] | +1 717 951 2259
Luxury Asset Capital | Rick Keating | [email protected] | +1 917 767 2400
SOURCE WatchBox
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