As economy tanks, art works put up for collateral

Sent from Express News
NEW YORK - With stock portfolios plummeting and the economy tanking, owners of expensive art are increasingly using their collections as collateral to obtain a much-needed infusion of cash.

Works by Pablo Picasso, Henri Matisse, Willem de Kooning, Andy Warhol are among the pieces collectors have leveraged in recent months. The Metropolitan Opera put up two famed Marc Chagall murals in its lobby as collateral, and renowned photographer Annie Leibovitz recently borrowed $15 million against her entire collection of images.

By ULA ILNYTZKY Associated Press Writer