At the beginning of coronavirus lockdown, Bloomberg and other outlets ran articles on an uptick in business in the art finance sector. The major auctions are set to happen in the forthcoming weeks, and they will act as the first major benchmark for the market since the coronavirus crises began. But the growth of art finance is a sign that business is still going strong.
During the coronavirus crisis, rather than sell their art in an uncertain market, many collectors are turning to art for liquidity, using it as collateral for a loan. Barbara Chu has been a partner at Emigrant Bank Fine Art Finance for 25 years, serving as an advisor to major private and public investors and developing new lending categories. “We’re very busy providing solutions,” Chu said.