Luxury
The Gray Market: Why Sotheby’s $700m art-backed debt security is an acid test for the trade’s intentions
Despite the growing ranks of buzzy painters taking their work beyond figuration, no artist is doing as much to push art into an unprecedented realm of abstraction as art-finance companies. The process began when high- and ultra-high-net-worth individuals started taking out loans collateralised by works of art decades ago, and…
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