Reported about 2 months ago
As the art market slows down, affluent individuals are using their art collections as collateral for loans instead of selling pieces at a loss. Firms like Bank of America and JPMorgan are expanding art lending services, which could see outstanding loans reach over $36 billion in 2024. High net worth clients leverage their valuable art for liquidity, capitalizing on the stability of art as an asset compared to more volatile markets.
Source: YAHOO