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The Belgian collector chose to borrow against artworks, valued at up to $5m, that were in storage between exhibitions.

Tim Hunter, vice president of Falcon Fine Art, said: “Collectors who don’t want to sell in an uncertain market, don’t have to. That does not, however, mean that they cannot tap into the monetary value of their collections.”

Falcon Fine Art, which launched in 2014, said the deal demonstrates the “rise of art financing across Europe”. It has lent to collectors and dealers in the UK and Ireland and this is its first in mainland Europe.

The firm hopes to complete its first deal in Switzerland and in the Far East in the near future.

Falcon Fine Art is part of Falcon Group which has lent in excess of $10bn to clients in the past five years across Middle East, Asia, North America, Latin America and Europe.