DALLAS, TX — Heritage Auction Galleries has announced that it recently secured a new $35 million line of credit from Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A., to be used in support of its auction and sales operations. This comes as the holder of Heritage’s previous line of credit, Sovereign Precious Metals LLC, a subsidiary of Sovereign Bank, disbanded in the wake of new ownership.

"We believe this new relationship with Wells Fargo speaks to the financial stability of Heritage’s business operations – a stability that goes back to our inception more than 35 years ago," said Steve Ivy, Co-Chairman of Heritage. "This new line of credit further strengthens Heritage’s already very strong balance sheet."

Ivy further pointed out how crucial financial dependability is when potential clients weigh the various auction options before them. Read the rest of this entry »

Dallas-based coin, collectible and fine art auctioneer addresses the safety of its business, of the collectibles market and the fluctuations of a wild economy

DALLAS, TEXAS: In a letter sent via email to clients on Friday, Oct. 10, Heritage Auction Galleries reassured its consignors and buyers about the safety of the company’s business, the liquidity of its assets and the steady hand of its forward-thinking model.

As the world markets have reeled, the principals of the company have been contacted by members of the press, the public and clients alike for a statement on how the financial sector problems are affecting the collectibles market. The full text of the letter follows:

We’ve been fielding a high volume of calls lately from potential consignors and buyers wondering how a tumultuous world economy is affecting the auction business in general, our business in particular, and their investments specifically. So we felt it appropriate to take a few moments to explain to you, our valued clients, exactly how we at Heritage are experiencing the current economic climate.

People are panicked in many corners — and rightly so — but not here at Heritage. We have weathered economic upheavals before, and for years we have planned for days like these. We’re now diversified across 26 categories. We’ve learned to see that uncertain economic times mean increased auction activity across the broad spectrum of our collectibles divisions by both buyers and sellers.

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