As the most requested magazine in the industry, Art Business News stays true to its mission of reporting the latest industry news and emerging trends driving the fine art market. ABN: The art industry's news leader since 1977.
GE CAPITAL AT WORK
WYLAND GALLERIES HOPS ABOARD THE LUXURY FINANCING TRAIN BY JENNIFER M. WOOD
nancing sector for more than seven decades now, if you've ever opted to pay for a big-ticket item in installments rather than one lump sum, chances are good that you had GE Capital to thank for that con- venience. Just as the company has revo- lutionized the way luxury items from appliances to jewelry are bought and sold, GE Capital is now turning its attention to the fi ne art sector. "Art merchants
W
Investing in fi ne art is quick and easy with Wyland Worldwide, thanks to its partnership with GE Capital
are looking for a solution and we wanted to put more
eff ort into it," says Regina Leadem, GE Capital's vice presi-
dent of client development. "Last year, we decided to make much more of a statement in the market, because there were so many people reaching out to us." One such merchant is Wyland Worldwide (www.wyland.
com), the brainchild of renowned marine life artist Wyland, which operates more than 20 galleries across the country. In February 2011, Wyland began working with GE Capital
to off er fi nancing options to its customers. Today, Wyland credit and fi nance manager Robin Norde-Davis estimates that "the option to fi nance a large-ticket item has helped close about 20 to 25 percent of our deals." With locations in some of America's preeminent tourist
destinations, including Key West, Las Vegas, Maui and San Diego, GE's quick and easy approval process is a particularly great fi t for Wyland. "Many of our customers are visiting our galleries while on vacation," notes Norde-Davis. "T e option to fi nance their
ARTBUSINESSNEWS.COM 23
hen it comes to a secret formula for art gallery success, it's not just about loca- tion, location, location. At least not if the folks at GE Capital have anything to say about it. A behemoth in the consumer fi -
purchase means that they can easily purchase a piece of art without tapping into their vacation fun money!" But beyond the convenience of it all (the approval process is
almost identical to what you might experience in applying for a department store credit card), "T e fi nance specials are re- ally helpful," says Norde-Davis. "T ey allow us to off er longer fi nancing terms to our customers without greatly aff ecting our bottom line." More customers into the galleries isn't the only traffi c boost
GE Capital's partners are seeing. "Giving customers the option of paying their accounts from a link to our Website is a re- ally great marketing tool," notes Norde-Davis. "Anything that drives customers to your Website is a good thing!" For more information on GE Capital's Luxury Financing
Program, visit www.gogecapital.com/luxury or contact Regina Leadem at regina.leadem@ge.com. You can also visit GE Capi- tal at International Artexpo New York beginning on March 22nd; company representatives will be on-hand and will also be sponsoring a VIP Trade Lounge. ABN
ART THAT MAKES YOU LAUGH