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Wealthy Use Art Collections As Way To A Better Loan
Originally published on Wed October 3, 2012 6:40 pm
All loans require collateral. If you don't pay your mortgage, the bank takes your house. If you don't keep up your car payments, there goes your car. Now some wealthy individuals are increasingly taking out loans from auction houses, like Sotheby's. If they default — there goes their art collection. Audie Cornish talks with Marion Maneker, publisher of Art Market Monitor, about the practice.