Over the past five years, as auction sales faltered and interest rates climbed, collectors became reluctant to sell prized works into an uncertain market. The result? Loans secured by art became one of the fastest-growing corners of the art market. Banks have expanded their offerings, auction houses have grown their lending divisions, and a wave of independent firms has entered the market, all betting that collectors these days see their collections not just as cultural assets but as financial ones.
ARTnews has chronicled that accelerating transformation over the past two years: Last fall, major lenders reported that business was booming despite a sluggish art market, arguing that collectors preferred borrowing against valuable works rather than selling into weaker conditions. More recently, former Sotheby’s executive Adam Chinn launched International Art Finance with backing from the Nahmad family, underscoring how competitive the sector has become.
Now another prominent executive is making her own bet on the industry’s future.
On Tuesday, Rebecca Fine, who helped found Athena Art Finance in 2015, along with her AAF colleague Giovanna Quattrone, launched Metis Fine Art Finance, an independent lender backed by Winston Artory Group. The firm combines Fine’s experience in art-secured lending with Winston Artory’s valuation and market data, including the database that underpins the annual UBS and Art Basel Art Market Report. Unlike auction-house lenders, Metis says it has no interest in eventually selling the works against which it lends. Metis is betting that independence is a defining advantage.
For Fine, however, the bigger story is that art finance has evolved beyond an emergency source of liquidity into an increasingly common wealth management tool, one used for everything from estate planning and trust administration to funding new acquisitions without forcing collectors to part with treasured works.
ARTnews spoke with Fine about why collectors are borrowing against their art, how data is reshaping underwriting, and why she believes financing will become a routine part of managing major collections.
ARTnews: You’ve spent nearly a decade building Athena. What made this the right moment to launch Metis?
Rebecca Fine: The parent company of Athena made a strategic decision to move away from scaling its asset-management businesses, including art lending. That created an opportunity for our team to take everything we learned over the last decade and build something even better.
We wanted to continue doing what we loved most, which is working directly with collectors. At Metis we’re able to combine our experience with Winston Artory’s market intelligence and anonymized proprietary data, which lets us underwrite loans more efficiently while remaining completely independent.
Many readers probably assume art-backed loans are simply for collectors who need cash quickly. Who is actually borrowing today?
There are as many reasons to borrow as there are borrowers.
One example is trusts. A family may have spent decades building an important collection, but the next generation doesn’t always share the same priorities. Some beneficiaries want to preserve the collection, while others would rather receive distributions. Financing allows trustees to create liquidity without immediately selling the art.
The same is true for estate planning or tax obligations. Sometimes clients simply need time. If you’re forced to sell quickly, you’re rarely able to optimize the outcome. A loan creates breathing room so collectors can make thoughtful decisions instead of selling under pressure.
Many of our clients also borrow so they can continue collecting. They use the value already locked up in their collections to pursue new opportunities.
What’s the biggest misconception collectors have about borrowing against art?
That it’s only for people in financial distress. Most collectors don’t actually want to sell their art. They want options. Art finance provides liquidity without pressure. It allows them to preserve ownership while solving whatever financial objective they’re trying to accomplish.
You’ve mentioned independence several times. Why should collectors care whether their lender is affiliated with an auction house, dealer, or investment fund?
I’ve spent several decades in art finance, and I keep coming back to one principle: a lender shouldn’t have an interest in the sale of the artwork. We’re not an auction house. We’re not a dealer. We’re not a gallery. Our interest is in our clients’ continued ownership and enjoyment of their collections.
Every business model has its own orientation. Auction houses ultimately make money selling art. We don’t advise clients whether to buy or sell. We structure loans around their long-term objectives.
Art lending has become much more data-driven over the past decade. How has that changed the business?
Meaningfully. The better the data set, the more efficient the process becomes. Our underwriting relies on a disciplined, evidence-based view of what the market actually supports, grounded in real transaction history and demonstrated demand rather than optimism about future values.
Ultimately we’re lending against future saleability. The more accurately you understand the market, the more quickly you can make decisions. Clients appreciate getting a clear answer instead of being strung along.
What separates a sophisticated borrower from someone who probably shouldn’t be taking out an art-backed loan?
For sophisticated clients, this is often an arbitrage decision. They’re comparing the cost of borrowing with the returns they believe they can generate elsewhere, whether that’s private equity, their own business, or another investment.
Many of our clients own significant illiquid assets. Art is one of them. Financing simply gives them another tool for managing those assets. We always encourage clients to work with lawyers, accountants, and advisers because every situation is different.
Do you think art-backed lending will become a standard part of wealth management over the next decade?
Absolutely. It’s much more common today than it was even ten years ago. It’s rare to meet a serious collector who doesn’t at least think about the financeability of a collection.
Art is inherently illiquid. As significant collections are transferred from one generation to the next, financing is going to become an increasingly important part of managing those assets.
What does the growth of art lending tell you about the state of today’s art market?
Recent auction results have certainly restored confidence. But people need liquidity regardless of where the market is. When values aren’t as strong, financing becomes an attractive alternative to selling. Even if someone eventually intends to sell, borrowing allows them to do so on their own timetable rather than because circumstances forced their hand.
