March 06, 2009


I found this artical interesting & thought I'd pass it along to you! ************************************************************************** As economy tanks, art works put up for collateral By ULA ILNYTZKY NEW YORK – Owners of expensive art are increasingly using their collections as collateral to obtain a much-needed cash infusion. Works by Pablo Picasso, Henri Matisse and Andy Warhol are among the pieces collectors have been leveraging in recent months. The Metropolitan Opera put up two Marc Chagall murals in its lobby as collateral. And renowned photographer Annie Liebovitz recently borrowed $15 million against her entire collection of images. Art brokers say people are doing it for a number of reasons. They include financial issues, raising money for businesses or buying more art.

No comments:

Post a Comment