An article in the January 29, 2010 edition of the Wall Street Journal details the exploits in the art world of Asher Edelman, the financier who helped inspire Micheal Douglas’ character in Wall Street.
The article, which is an excellent read, can be found here
:online.wsj.com/article/SB10001424052748704094304575029583894223908.html
One of the interesting aspects of the article is the following protion, which helps show that the art finance business continues to flourish, even in troubled economic times:
“Mr. Edelman is now joining a rare segment of the art industry—art financing—that hasn’t slowed down in the recession. Art Capital Group expects to dole out as much as $300 million worth of new art-backed loans this year, up from $120 million last year and $60 million five years ago. Citi Private Bank said its top clients also increased their borrowing against their collections to as much as $100 million last year, up from a typical maximum loan of $20 million a decade earlier. “