Posted on October 31, 2011 by Daniel Schnapp

$40 Million Art Loan Made to Hedge Fund Manager

According to this article, former hedge-find manager, Michael Steinhardt, is pledging 20 paintings and drawings from his $200 million art collection as collateral for a loan estimated at $40-50 million from JPMorgan related to an investment in the former Stock Exchange building. 

The group of 20 paintings and drawings includes five by Pablo Picasso and one Jackson Pollock. 

Art-based loans to hedge fund managers are becoming increasingly common – for example, hedge-fund managers Steven A. Cohen and Nelson Peltz have recently taken out art-based loans as well.

[Nicole Dornbusch assisted in drafting this entry].

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