Deposit your artwork, get a loan!

A private firm is offering loans to artists who are in need of cash. Artists can deposit their artworks, the firm will evaluate them and then extend the loan, organisers said Monday.

"The Alturaash Art Fund" is an initiative of Dubai-based Alturaash Art and Culture, a five-year-old organisation which promotes artists across the globe.

"If you have a contemporary art work, then you can lend it to us as your asset. It will be evaluated by a team of experts who will check the authenticity and history of the artwork," said Asif Kamal, co-founder, Alturaash Art and Culture, in a statement.

"The fund will provide loans against the artwork at a very minimal interest rate," he added.

The firm follows guidelines of Unesco Copyright Convention, 1952.

The fund has been created with a start up investment of Rs.500 crore.

In a bid to increase the value of the painting, the firm will exhibit the artworks or paintings at various exhibitions, but won't put them up for auctions.

"This exposure will enhance the monetary value of the works," said the statement.

"This will ultimately benefit the original owner when he redeems his art on complete repayment of the loan," it added.