A group of wealthy investors is forming a syndicate to buy two corporate art collections, worth up to $65m (£43m).
A group of wealthy investors is forming a syndicate to buy two corporate art collections, worth up to $65m (£43m).
Led by Philip Hoffman, the chief executive of the Fine Art Fund Group, the investors are bidding for a collection at a Spanish bank, worth between $20m and $50m, and a manufacturer, estimated at $12m to $15m.
The collections, which include works by well-known artists, have come up for sale because the businesses are having problems with existing assets or have been taken over.
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They are looking at their art collections as an asset from which they could easily raise finance.
However, they face the challenge of a falling art market, with auction prices dropping 30 per cent from their peak in October to the end of March, according to Art Market Research.
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