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Generative AI Is Changing the Game for Business. Here's How.
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Unsold Picasso can still be exchanged for liquidity. Enter the art loan market that is booming on Wall Street.
A wealthy customer of Bank of America brought forward their art collection as collateral to borrow enough money to buy a sports team. Another customer used their collection of 19th century American landscape paintings to fund the renovation of their estate. This is the flourishing world of art loans - where collections are pledged as collateral so that wealthy collectors don't have to give up their valuable treasures in order to cash them in. The slow-down in art sales has forced many to reconsider their options. In May, the most important auction season in New York saw transaction amounts fall by about 23% YoY, with the world's richest buyers watching from the sidelines. Deloitte's global art and finance coordination team
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