The rich are hocking their art collections for quick cash as recession looms

NY POST

The economy is looking a lot less like a Renaissance bacchanal and a lot more like Munch’s “The Scream.” It’s a landscape that is forcing the rich to tap into their masterpieces for quick cash. Just like taking out a mortgage on a house, the rich can borrow against blue-chip artists like Picasso, Dali, Pollock and Warhol — at lower interest rates than ever. A range of art experts and lenders now report a surge of art-borrowing activity as the coronavirus punishes the net worth of “collectors.”

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