Wealthy individuals are increasingly using their art collections as collateral for loans. This trend has been driven by a slowdown in art sales, prompting many to leverage their valuable pieces for liquidity instead of selling them at potentially lower prices.
Bank of America has seen a 14% increase in new credit lines backed by art compared to last year, reaching a record high in its art loan book. Similarly, JPMorgan’s art lending has grown by 1%.
Sources:
finance.yahoo.com/news/rich-t-sell-art-borrowing-110000408.html
www.thewealthadvisor.com/article/rich-cant-sell-their-art-so-theyre-borrowing-against-it
www.cnbc.com/2021/02/25/the-wealthy-are-borrowing-billions-against-their-art-collections-.html
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