FT: Wealthy form art syndicate to find bargains - Spear's Magazine

FT: Wealthy form art syndicate to find bargains

A group of wealthy investors is forming a syndicate to buy two corporate art collections, worth up to $65m (£43m).

A group of wealthy investors is forming a syndicate to buy two corporate art collections, worth up to $65m (£43m).

Led by Philip Hoffman, the chief executive of the Fine Art Fund Group, the investors are bidding for a collection at a Spanish bank, worth between $20m and $50m, and a manufacturer, estimated at $12m to $15m.

The collections, which include works by well-known artists, have come up for sale because the businesses are having problems with existing assets or have been taken over.

They are looking at their art collections as an asset from which they could easily raise finance.

However, they face the challenge of a falling art market, with auction prices dropping 30 per cent from their peak in October to the end of March, according to Art Market Research.

To read the full article, visit ft.com



 

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