Billionaires Use $300 Million From Art Stash to Fund Lifestyle

Bloomberg | Gaspard Sebag:

The Wildenstein family of art dealers sold more than 600 pieces since the turn of the century, generating around $300 million in cash to fund their lifestyle, and has works worth nearly three times that much in storage, according to a banker who has intricate financial knowledge of the clan’s dealings.

Daniel Wildenstein created an offshore trust in the Bahamas in 1998 to lodge 2,500 works from the art dealer’s collection. A Royal Bank of Canada unit managed it, and a representative told a Paris court this week that its sole purpose was to provide funds for the family… Read more

Image: Daniel Wildenstein, left, and son, Alec. Source: AP Photo