Dealer/Banking Relationships

The Antiques Trade Gazette just ran a short article on dealer relationships with banks.  The article mentions that many dealer/banker relationships are not strong, and the LAPADA is going to focus on dealer banking relationships at its next conference scheduled for February 2012  in London.  In preperation for that conference, the LAPADA is taking a survey to asses banking issues with art and antique dealoers.

The article is short, and I have posted in its entirety.  There is a link to the survey in the event anyone is interested in answering.

ESTABLISHING a satisfactory relationship with a bank appears to be one of the major difficulties facing art and antiques dealers in the current economic climate.

In response to the experiences of a number of their members, LAPADA, the Association of Art and Antiques Dealers, are 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, according to feedback received so far.

While simple issues of communication are a cause for concern, some LAPADA members 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.

The survey is being circulated to members, but LAPADA would like to hear the views of as many dealers as possible so that they can lobby more effectively on behalf of the whole trade.

To complete the survey online (which will only take five minutes) go to https://www.surveymonkey.com/s/LAPADA_BANKING2011. All responses will remain anonymous and be treated as strictly confidential.

The results of this banking survey will form a major focus of next year's LAPADA conference to be held in London on February 28. All those who complete the survey will be eligible for a draw to win two free places at the conference.