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Art & finance: the rise of "art loans" for the well-heeled clients of private banks

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NEW YORK. Bloomberg recently reported that former hedge-fund manager Michael Steinhardt secured a "very cheap" loan from JPMorgan Chase Bank by pledging a number of the works in his fine art collection (estimated to be worth over $200 million) as collateral. While the use of art as collateral to obtain finance has been on the rise for some time now (Steinhardt joins the ranks of other managers

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