The Paris Credit Municipal was set up in 1777 to offer the poor an alternative to high interest rates.

A pastel by Renoir was auctioned for 190,000 euros on Thursday at an auction of hundreds of artworks and Art Deco objects owned by the pawnshop.

Run on a not-for-profit basis in partnership with the city, it accepts everything from artwork to jewels or wine as collateral for short-term loans, for as little as 30 euros.

Thursday’s art auction is to be followed by a sale Friday of dozens of Art Nouveau vases designed by Emile Galle, as well as porcelaine and silverware.

Posted: 06|27|08 at 9:01 am. Filed under: Auction News.