Wealthy individuals turn to art loans as collateral for cash, with outstanding loans predicted to reach $36bn by 2024.
The art lending market is booming as wealthy individuals turn to art loans to secure cash against their valuable collections. As art sales slow and traditional investment options lose appeal, outstanding loans against art are predicted to surpass $36bn by 2024. Major banks, including Bank of America, JPMorgan Chase, and Citigroup, are expanding their art lending services to cater to the affluent, offering lines of credit with high-value collections as collateral. Art loans remain attractive due to the stability of the asset class compared to other investments, despite higher interest rates.
August 16, 2024
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