Artsy: Anna Louie Sussman
Art lending is big business. Deloitte put the industry at an estimated $17 to $20 billion in 2017 in the U.S. alone, a 13.3 percent rise from the prior year.
As the art market continues to expand in value and in geographic scope, the amount of money borrowed against art is poised to grow as well. But rich people have always collected art. Why are they so keen to borrow money against it now?
Industry leaders cited several factors driving the growth in lending, such as the changing demographics of the U.S. and global collector base, the high values of private art collections as works have become more expensive, and a historically low-interest rate environment that makes it attractive to borrow in order to pursue other business opportunities. …Read More
Photo by Jimi Filipovski.