Deloitte Luxembourg Art & Finance Report 2011 – “Art Assure provide[s] secured lending and guarantees for works sold at auction to high net-worth art collectors, established gallery owners, auction houses, and other art world investors. The aim is to provide more financial flexibility for the art industry.
“Art lending makes it possible to redeploy their capital into other art acquisitions or investment opportunities. For galleries and dealers, art loans offer the financial flexibility to respond to opportunities when they arise.”
“The growth of the non-recourse lenders in the art finance market, such as … Art Assure suggests there is an increasing demand for using artworks as collateral for loans. With art prices having increased exponentially over the last 10 years, many art buyers and collectors experience a greater desire to unlock some of the value of the works on the wall without going for an outright sale. Most lending against art in the private banking sector is on a recourse basis, which means that the loans are secured against other assets of the borrower, not only the artwork or art collection itself.” Download report.
Dec 31st, 20110 comments
- The Economist: One World Trade Center | Art fit for a skyscraper
- Art Never Sleeps: Summus Magazine Interviews Asher Edelman
- Revolt Magazine Features Asher Edelman on Art and Economics
- Alberto Giacometti’s unique “Torse de femme” featured in MOSS, an auction of art and design
- MOSS: An auction of art and design at Phillips de Pury & Company features Frank Stella’s Brit (Q-6)