Billionaire Collector Steve Cohen Backs Loan With His Art

artnet news | Eileen Kinsella:

Hedge fund manager Steve Cohen has used artworks from his $1 billion collection to back a personal loan from Morgan Stanley’s Private Bank. Such loans are not unusual for wealthy buyers who seek to capitalize on the increased value of their artworks amid the global boom, without having to part with it. In such transactions, the borrower often even gets to keep the art on their wall. Banks typically lend about half of a work’s appraised value… Read more 

Image: Steven Cohen.  Photo: patrickmcmullan.com