ANGELENO - Pawn, Baby, Pawn...
by Amandy Gordon
Want proof that the recession is finally affecting the rich too? The high-end Beverly Loan Company pawn shop is currently granting twice as many $50,000-and-up loans in exchange for luxury goods as it was just six months ago. “Never before have we seen so many white-collar customers in need of cash: doctors, producers, politicians, agents, brokers,” says CEO Jordan Tabach-Bank. Ninety-five percent of the collected “collateral” is jewelry (Cartier, Tiffany, etc.) and fine watches, but recent pawns have included everything from Frank Gehry chairs and Francis Bacon triptychs to jewel-encrusted ivory horse bookends.
This entry was posted on Wednesday, September 7th, 2011 at 5:57 pm
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