Art-Secured Lending: Behind the World’s Most Beautiful Paintings Lies a Borrowing Binge（节选）

艺术品抵押贷款：世界上最美妙的画作背后，是一场借贷狂欢（节选）

　　“We can lend millions of dollars in three or four weeks,” says Cynthia Sachs, chief investment officer at Athena. But boutiques’ greater speed and flexibility come at a price: interest rates that outstrip those at private banks by several percentage points. That may hobble their growth. Rachel Pownall, a professor of art finance at Maastricht University, thinks the market for specialist lenders may be limited, since most art by famous names belongs to super-rich clients of private banks. Among dealers and gallerists, only the smaller ones have to turn to boutique lenders.

　　The best prospect for growth in the sector may be Europe. None of the continent’s banks has an art-lending programme on the scale of those in America, where 90% of art-secured lending takes place. Art financiers such as the Fine Art Group in London and WestendArtBank in Berlin have moved in. Lenders say inquiries from wealthy clients about leveraging their art collection are rising. Though Europeans are in general reluctant to borrow against their possessions, those who buy art for reasons beyond the aesthetic may prove willing to make an exception.

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