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Christie's: The Art of Lending
內容大綱
This case study focuses on the emergence of art finance, a way to provide liquidity to art collectors by structuring loans using works of art as collateral. Sayuri Ganepola, global managing director of Art Finance at Christie's, provides a view of art lending from Christie's perspective and describes Christie's competitive advantages in this new line of business. Ganepola has to decide whether to lend against a portfolio of art and what risks such a loan could entail, given her overall portfolio of art loans. Students receive information on the collateral and are asked to provide recommendations. The field-based case provides background on the history of Christie's, its businesses, and its art lending operations. The case also discusses the art market and its historical returns on investment. Students have the opportunity to consider art as collateral for a loan and to discuss the challenges of risk management in art lending. At the Darden School of Business, this case is taught in "Financial Institutions and Markets," a second-year MBA elective. It is ideally suited for a course on financial institutions, money and banking, and risk management.