Wednesday, March 25, 2020

"Freezing Credit Markets Force Rich People To Finance Against Fine Art"

It's always nice to have assets.
From ZeroHedge:
With global equities and commodities crashing, the ultra-wealthy are increasingly requesting financing against fine art as a way to build liquidity.
Bloomberg notes that a New York client of Fine Art Group requested financing against a $10 million painting by Jean-Michel Basquiat as the stock market crashed in recent weeks. Simultaneously, a top London gallery was called by a collector who wanted to sell his art collection for quick cash. Then a Swiss client asked for financing against $30 million worth of diamonds.

Freya Stewart, the head of art-financing division at Fine Art Group, said as the stock market plunged in the last month, the number of requests for loans against art has increased "two-fold."