Sotheby’s Pitches First of Its Kind Offer Secured by Art Collections of the Wealthy
- Product to be backed by personal loans to wealthy individuals
- Asset-backed bond issuance remains 10% lower year-over-year
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Sotheby’s, the auction house owned by French telecom billionaire Patrick Drahi, is pitching investors a first of its kind: a securitization of personal loans to the wealthy secured on their art collections.
Discussions about the offering remain at the early stages but Sotheby’s expects to bring the asset-backed security to the market later in the year, according to people with knowledge of the matter.