The Art & Finance 2016 Report, published by Deloitte Luxembourg with ArtTactic, says US art lending has grown annually by 15-20% over the last five years.
Art-secured lending in the US is supported by an attractive legal environment provided by the Uniform Commercial Code.
“The latter essentially allows the art collector to keep possession of the artworks while the loan is still outstanding,” says Adriano Picinati di Torcello, art and finance practice director at Deloitte Luxembourg.
“This is quite different to Europe, where banks and specialist lenders often have no choice but to take possession of the collateral in order to perfect their security interest.”
The report was recently presented at the 9th Art & Finance Conference in Amsterdam.
This week’s ATG print publication includes a feature on Art Finance.