For a third year, Baydonhill are sponsoring the Young Masters Art Prize. Now in its third edition, the Prize is open for applications. Artists from all over the world working in any medium are invited to apply. The Prize, founded by gallerist Cynthia Corbett, celebrates contemporary art’s relationship to the art of the past.
Bruce Borrie, Head of Business Sales at Baydonhill tells us more about their company and sponsoring the Prize.
Q. Please can you tell us about Baydonhill and the services you offer?
Baydonhill is a longstanding non-bank provider of deliverable foreign exchange and international payments. Established in 2000, Baydonhill has rapidly become the provider of choice for private individuals and companies making or receiving international payments for overseas property purchases, importing and exporting art, corporate invoice payments and repatriation of overseas corporate earnings just to mention a few.
Baydonhill is located in the City of London, is authorised as a payments institution by the FCA and has helped tens of thousands of clients with their foreign exchange needs over the last 14years.
Q. Why is FX important in today’s world?
The currency markets are the most liquid and fast moving on the planet. With an increasingly globalised world, the need for foreign exchange to support international trade and cross border payments is growing exponentially. The rapid growth of emerging markets such as China, India, Russia, Brazil also increases the need for foreign exchange as does growing economies in the US, UK, Europe, Scandinavia and Australasia as they increase their import and export activities.
Migrant workers tend to send money home from their country of work, companies manufacturing and importing goods from China, Germany or the USA need to purchase commercial amounts of currency to pay for their goods. Private individuals buying or selling overseas investments such as property and sometimes art have a need to access the currency markets through their bank or broker in order to achieve the best rates of exchange.
Q, Why have you decided to sponsor the Young Masters Art Prize in 2014?
Baydonhill has supported the Young Masters art prize for 3 years and the emphasis very often reflects the same things at Baydonhill’s financial world.
Whilst the Young Masters encourages artist to look and learn from the artists of the past and respond with innovation and creativity in their own work to provide new, vibrant pieces, Baydonhill shares a similar outlook as we look to innovate whilst remembering the good old things that still matter. Excellent customer service and innovation in both product and technology are the key to our future just as creativeness and inventiveness are still so important in art.
It has been a pleasure and personally an enriching experience to have been involved with artists and their representatives over the last few years.
Q. If you could own any piece of art, what would that be?
I visited a Salvador Dali exhibition a few years back and was staggered by the breadth and scope of his work. His painting “Swans Reflecting Elephants” was very clever and I always wondered whether he always saw something different in a reflection other than the object being reflected.
Q. Why do you think people are investing in art?
For many people who appreciate and invest in art, they have the opportunity to own and admire a piece of work that can very often be displayed in their homes thus enhancing their lifestyle whilst enjoying capital appreciation at the same time. There has been a trend over recent years for people to invest in a wider portfolio of assets which aren’t just related to traditional investments such as equities, bonds, property and commodities but also art, classic cars and antiquities where provenance is key but trends can change rapidly.
Q. Art is a growing global market. What services can Baydonhill offer the artworld?
Being one of the UK’s leading providers of foreign exchange and international payments, Baydonhill can help artists, agents, dealers, buyers and sellers achieve better rates of exchange than the high street banks and an industry leading online service ensuring that every cross border transaction is simple, fast and cost effective without the need to visit the bank. Baydonhill also offers a free of charge, dedicated, personalised dealing service for those that require help in placing their transactions or understanding the dynamics of the currency market. Our aim is to make everything as simple, fast and smooth as possible with the aim of saving those who purchase or sell art money whilst offering a unique personalised service.