According to the American newspaper The New York Sun, specialists of the banks and auction houses say that the current economic situation, when the stock market is very unstable, and the volume of housing construction has declined, many art collectors want to take credit for deposit of works from their collections. «Now a work of art - it is the assets that are traded - said Caroline Sayán (Caroline Sayan), commercial director of Christie's International. - People watch their investment portfolios and think of what you can derive maximum benefit».

A number of banks and auction houses Christie's and Sotheby's had some time to their clients on mortgage lending of works of art, and these services are becoming increasingly popular among collectors, as well as representatives from galleries, funds and museums. Banks issue loans primarily secured by works of art, not intended for sale. The customer can borrow on the security of a work or a work group in an amount equal to 50 percent of the market price of these products.

Sotheby's offers a long-term and medium-term loans and revolving credits for products not intended for sale, but usually at auction houses providing loans to enter into a contract, where the pledge to sell the work at auction. Auction business - seasonal, the most important auctions are held in autumn and spring, so many of those who provide works of art, want to get an advance. According to Caroline Sayán, Christie's are generally issued to borrowers advance from 30 to 50 per cent lower limit estimeyta work to be put up for auction. Jan Prazens (Jan Prasens), executive director of the department of financial services to Sotheby's, said that his auction house gives borrowers 50 to 60 per cent of the amount corresponding to the lower border of estimeyta, depending on risk. If not sold at auction, and the borrower can not repay the debt, the auction house, along with developing a strategy for resale on a private basis or on any future auctions. According to Jan Prazensa, in such cases, the borrower may also provide the auction house of any other work that may be sold at auction or given to the deposit of collateral.

In order to protect the interests of banks and auction houses in the transaction shall be the borrower's insurance certificate. If the artwork is damaged or stolen, they will be able to obtain insurance payments. Transactions are made in accordance with all rules of the Uniform Commercial Code, United States, that the borrower not be tempted to sell itself or get another loan, leaving her on bail. Sometimes auction houses and banks to take temporary possession of art, in particular when they are out of the borrower or the United States. But, despite all precautions, lenders can remain «to the nose», as was the case with the art dealer Michael Cohen (Michel Cohen), who left the U.S. in 2001 with ten millions of dollars of unpaid debt auction house Sotheby's. Auction house could partially fill their losses through the rehabilitation of assets and insurance. Cohen was arrested in Brazil, but escaped from custody, without waiting for extradition.

In recent years, the volume of loans granted on security of works of art, greatly increased. In late 2007, the total amount of loans issued by Sotheby's, amounted to 176 380 000 dollars, while three years earlier, the duty of the auction house was 92 291 000 dollars. More people are taking urgent loans, preferring to deposit works of art, not intended for sale - is due to the fact that the value of the market has increased greatly and continues to grow. Christie's, as a private company, does not disclose its financial data, but also intends to introduce the practice of such loans (now the auction house takes a pledge of just works which is committed to sell at the auction). According to Caroline Sayán, this will provide new opportunities for growth.

Sources: www.artinfo.com , www.nysun.com