FAQ

Santander Art and Culture Law Review

Wyniki wyszukiwania

wyszukiwarka prosta

szukaj np. “cognitive architectures” AND 1993-200 NOT Urban
wyszukiwanie zaawansowane
np. 1234-6789
np. 10.4467/16890027AP.16.022.6009
np. Uniwersytet Jagielloński

Art-Secured Lending: Obstacles and Proposed Solutions

Data publikacji: 12.2021

Santander Art and Culture Law Review, 2021, 2/2021 (7), s. 99 - 122

https://doi.org/10.4467/2450050XSNR.21.020.15265

Autorzy

Giuditta Giardini
Università Cattolica del Sacro Cuore
, Włochy
https://orcid.org/0000-0003-1686-6557 Orcid
Wszystkie publikacje autora →

Pobierz pełny tekst

Pobierz PDF PDF Pobierz PDF PDF
Drukuj drukuj Cytuj cytuj Udostępnij udostępnij __T_ARROW_DOWN

Tytuły

Art-Secured Lending: Obstacles and Proposed Solutions

Abstrakt

Taking up the appeal of lenders around the world, this article shows that there is an opportunity to internationally and uniformly regulate art-financing. The research contributes to the debate by presenting recent evolutions of the art-financing industry from both the financial and legal perspectives. The article provides an overview of the art-secured lending market, focusing firstly on financial issues that hinder the practice and the proposed solutions to them; and secondly on legal issues. Despite the financial difficulties faced by service providers, including determining the estimated return of a work of art after two years from the issuance of the loan, scholars and market players have successfully teamed up to solve some urgent financial issues. Departing from recent literature that analyses art-financing exclusively from a financial standpoint, this paper also considers art-financing from a legal perspective, presenting two case studies and two different legal systems. The jurisprudence of both U.S. and selected European courts on point is employed to highlight the advantages and drawbacks of art-secured lending. Finally, the article advocates the creation of an international register of collateralized art goods to encourage international secured transactions involving art works.

Słowa kluczowe

Bibliografia

Pobierz bibliografię
Art-backed Financing Grows in Sophistication, 5 March 2018, https://www.privateartin­vestor.com/art-finance/art-backed-financing-grows-in-sophistication/ [accessed: 25.10.2021].
Ashenfelter O., Graddy K., Auctions and the Price of Art, “Journal of Economic Literature” 2003, Vol. 41(3).
Bingqian L., Monte Carlo Simulations and Option Pricing, Undergraduate Mathematics De­partment, Pennsylvania State University, 2011, http://www.personal.psu.edu/alm24/students/bingqianMonteCarlo.pdf [accessed: 10.01.2022].
Blackman A., Art Plays a Growing Role as Collateral, “The Wall Street Journal”, 15 June 2015.
Brodie N., Archaeological Looting and Economic Justice, in: P.M. Messenger, G.S. Smith (eds.), Cultural Heritage Management: A Global Perspective, University Press of Florida, Gaines­ville 2010.
Brodie S.D., The Risk Calculus of Art Loans: Lending Against Value in an Extraordinary Market, http://www.elementsinplay.com/wp-content/uploads/2013/02/Art-Avocacy-Spring­Summer-2012.pdf [accessed: 25.10.2021].
Burgerlijk Wetboek [Civil Code], NLD-1992-L-91671.
Campbell R., Art as a Financial Investment, “The Journal of Alternative Investments” 2008, Vol. 10(4), https://doi.org/10.3905/jai.2008.705533 [accessed: 11.12.2021].
Campbell R.A.J., Art as Collateral: Credit Default Swap Derivatives in Banking, draft paper, Debt, Money and Finance in Integrated Global Markets, XIV International Tor Vergata Conference on Banking and Finance, December 2005.
Cape Town Convention on International Interests in Mobile Equipment, adopted on 16 No­vember 2001, entered into force on 1 March 2006, https://www.unidroit.org/instru­ments/security-interests/cape-town-convention/ [accessed: 11.12.2021].
Chan A.K.H., Art as Collateral: Seeking Returns from Lending vs. Owning, MA thesis, Sotheby’s Institute of Art, 2014.
Charlin V., Cifuentes A., An Investor-Oriented Metric for the Art Market, “The Journal of Alter­native Investments” 2014, Vol. 17(1).
Charlin V., Cifuentes A., A Risk-Assessment Framework for Art-Secured Lending, working paper, February 2019.
Charlin V., Cifuentes A., The Art Market: What Do We Know About Returns?, 2015, https://ssrn.com/abstract_id=2636269 [accessed: 25.10.2021].
Charlin V., Cifuentes A., The Price of Color in Mark Rothko’s Paintings, 16 January 2020, https://ssrn.com/abstract=3262314 [accessed: 20.12.2021].
Darvill T., Value Systems in Archaeology, in: M.A. Cooper et al. (eds.), Managing Archaeology, Routledge, London 1995.
Decreto Legislativo 22 gennaio 2004, n. 42: Codice dei beni culturali e del paesaggio [Legislative Decree No. 42 of 22 January 2004: Code of Cultural Heritage and Landscape], Gazzet­ta Ufficiale No. 45.
Deloitte, ArtTactic, Art & Finance Report 2017, https://www2.deloitte.com/content/dam/Deloitte/at/Documents/finance/art-and-finance-report-2017.pdf [accessed: 11.12.2021].
Deloitte, ArtTactic, Art & Finance Report 2019, https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financial-services/artandfinance/lu-art-and-finance-re­port-2019.pdf [accessed: 11.12.2021].
Famularo S., Ripa P., Quanto la notifica penalizza il mercato dell’arte italiano?, “Il Giornale delle Fondazioni”, 27 July 2012.
Findlay M., The Value of Art: Money, Power, Beauty, rev. ebook ed., Prestel, Munich 2014.
Frank R., The Wealthy Are Borrowing Against Their Art Collections and Lenders Are Reselling the Debt, CNBC, 25 February 2021, https://www.cnbc.com/2021/02/25/the-wealthy-are-borrowing-billions-against-their-art-collections-html [accessed: 25.10.2021].
Guyer C.S., Creative Collateral, “The RMA Journal” 2006, Vol. 88(10).
In Matter of Haley Steele, No. 051617BLS (Mass. Cmmw. Nov. 14, 2005).
In re Moransen, 302 B.R. 784 (E.D.N.Y. 2003), aff’d in part, remanded in part, 2005 WL 2370856 (E.D.N.Y. 2005).
International Society of Appraisers, Core Course Manual (2018-2019 ed.).
Klamer A. (ed.), The Value of Culture: On the Relationship between Economics and Arts, Amster­dam University Press, Amsterdam 1996.
MacDonald-Korth D., Lehdonvirta V., Meyer E.T., The Art Market 2.0: Blockchain and Finan­cialisation in Visual Arts, May 2018, https://www.dacs.org.uk/DACSO/media/DACS­Docs/Press%20releases/The-Art-Market-2-0-Blockchain-and-Financialisation-in- Visual-Arts-2018.pdf [accessed: 25.10.2021].
Mason R., Assessing Values in Conservation Planning: Methodological Issues and Choices, in: M. de la Torre (ed.), Assessing the Values of Cultural Heritage, Getty Conservation In­stitute, Los Angeles 2002.
McAndrew C., The Art Market 2021. An Art Basel & UBS Report, March 2021, https://www.ubs.com/global/en/our-firm/art/collecting/art-market-survey.html [accessed: 25.10.2021].
McAndrew C., Thompson R., The Collateral Value of Fine Art, “Journal of Banking & Finance” 2007, Vol. 31(3).
Mei J., Moses M., Art as an Investment and the Underperformance of Masterpieces, “American Economic Review” 2002, Vol. 92(5).
New York Consolidated Laws, Arts and Cultural Affairs Law – ACA § 12.01. Artist-art mer­chant relationships, https://codes.findlaw.com/ny/arts-and-cultural-affairs-law/aca-sect-12-01.html [accessed: 25.10.2021].
Overton v. Art Finance Partners LLC, 166 F. Supp. 3d 388 (S.D.N.Y. 2016).
Pollmann L., Art: A Purely Emotional Asset? Diversification Potential of Art in an Equity Setting, MA thesis, Luiss Guidocarli, Department of Economics and Finance, 2019, https://tesi.luiss.it/25092/ [accessed: 11.12.2021].
Regio Decreto 16 marzo 1942, n. 262: Codice Civile [Royal Decree No. 262 of 16 March 1942: Civil Code], Gazzetta Ufficiale No. 79.
TEFAF, Art Dealer Finance 2018, https://2018.amr.tefaf.com/ [accessed: 20.12.2021].
Thompson D., $12 Million Dollar Stuffed Shark: The Curious Economics of Contemporary Art and Auction Houses, Kindle ed., Aurum Press, London 2010.
Thornton S., Seven Days in the Art World, Kindle ed., Granta Publications, London 2012.
Titus Livius, The History of Rome, transl. by D. Spillan, Henry G. Bohn, London 1853, http://www.gutenberg.org/files/19725/19725-h/19725-h.htm [accessed: 25.10.2021].
White J.J., Summers R.S., Uniform Commercial Code, 5th ed., West Publ., St. Paul 2002.
White J.J., Summers R.S., Uniform Commercial Code, 6th ed., Hornbook Series, Kindle ed., West Academic, St. Paul 2010.
Wilke W., Kunstvoll Investieren, Dresdner Bank, Frankfurt am Main 1999.
Worthington A.C., Higgs H., Art as an Investment: Risk, Return and Portfolio Diversification in Major Painting Markets, “Accounting and Finance” 2004, Vol. 44(2), pp. 257-272, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.532.3589&rep=rep1&­type=pdf [accessed: 25.10.2021].

Informacje

Informacje: Santander Art and Culture Law Review, 2021, 2/2021 (7), s. 99 - 122

Typ artykułu: Oryginalny artykuł naukowy

Tytuły:

Polski:

Art-Secured Lending: Obstacles and Proposed Solutions

Angielski:

Art-Secured Lending: Obstacles and Proposed Solutions

Autorzy

https://orcid.org/0000-0003-1686-6557

Giuditta Giardini
Università Cattolica del Sacro Cuore
, Włochy
https://orcid.org/0000-0003-1686-6557 Orcid
Wszystkie publikacje autora →

Università Cattolica del Sacro Cuore
Włochy

Publikacja: 12.2021

Status artykułu: Otwarte __T_UNLOCK

Licencja: CC BY-NC-ND ikona licencji

Udział procentowy autorów:

Giuditta Giardini (Autor) - 100%

Korekty artykułu:

-

Języki publikacji:

Angielski

Liczba wyświetleń: 1027

Liczba pobrań: 3030

<p> Art-Secured Lending: Obstacles and Proposed Solutions</p>
Pobierz PDF Pobierz xml