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Full-Text Articles in Law
New Art For The People: Art Funds & Financial Technology, Brian L. Frye
New Art For The People: Art Funds & Financial Technology, Brian L. Frye
Law Faculty Scholarly Articles
Wealthy people have invested in art since time immemorial. But the modem art market emerged only in the late nineteenth century, as private wealth gradually spread to the bourgeoisie. As the art market grew and the most desirable artworks became extremely valuable, individuals and institutions began to form "art funds" to invest in this promising new asset class. In 1904, a group of Parisian art collectors formed La Peau d'Ours, the first private art investment club. Between 1974 and 1980, the British Rail Pension Fund invested £40 million in art. And in the 2000s, many private investment companies created …
The Art Of A Loan: “When The Loan Sharks Meet Damien Hirst’S ‘$12-Million Stuffed Shark’”, Valerie Medelyan
The Art Of A Loan: “When The Loan Sharks Meet Damien Hirst’S ‘$12-Million Stuffed Shark’”, Valerie Medelyan
Pace Law Review
Part I of this Article introduces the reader to the typical types of loans that banks make, includes an in-depth description of a secured loan, and finishes with a discussion of the due diligence requirements of banks. Part II identifies the unique complexities posed by art when it is used as collateral, comparing and contrasting the banks’ process when approving a loan secured by commonly-used assets versus a loan secured by art. Part III discusses the banks’ growing willingness to approve art-backed loans, and identifies the safeguards built into such deals. Part IV introduces the sub-prime lenders of the art …