View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
May 18, 2009

FT: Wealthy form art syndicate to find bargains

By Spear's

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.

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.

To read the full article, visit

Content from our partners
How Flygreen is ascending into the future of private aviation
Stoneweg, Icona, and CBH Strengthen Partnership with Cromwell Acquisition, Adding €4 Billion AUM to Stoneweg
Why investors should consider investing in nature

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network