Financing solutions for the global art market

Flexible credit solutions to unlock liquidity from fine art collections. You value your art collection, so do we.

Financing solutions for the global art market

Flexible credit solutions to unlock liquidity from fine art collections. You value your art collection, so do we.

The Athena approach

Founded in 2015 by The Carlyle Group, Athena Art Finance is an institutional, specialty lender dedicated to making loans secured by blue-chip fine art. In 2019, Athena was acquired by Yieldstreet.

Providing financial flexibility

Athena is able to satisfy a wide variety of financial needs. We create bespoke loan structures to meet our clients’ financial objectives and goals.

Athena solves various needs for capital

Individuals and Businesses

Bridge to sale, art acquisitions or other investment opportunities

Trusts and estates

Liquidity to support trust beneficiary needs or to meet estate related obligations

Foundations and Institutions

Support operations and expand grant-making capabilities

Galleries

Working capital, capital expenditures and general liquidity needs

Museums

Support operations and art acquisitions

Program Highlights and Financial Terms

Collateral Eligibility
Works by artists with a proven track record at auction. Collecting categories include Post War and Contemporary, Impressionist and Modern and Old Master Paintings and Drawings; additional categories are reviewed on case-by-case basis.
Loan Value
Our loan sizes vary, but generally begin at USD $2 million, although smaller commitments may be considered. We lend up to a 50% LTV based on a third-party independent appraisal on a marketable cash value basis.
Interest Rates
We offer competitive interest rates. The rate depends on the quality and diversity of the collection, its location and specific loan structure. Our rates generally range from mid-to-high single digits.
Maturity
Loan terms are typically 1 – 3 years.
Global and Off-Shore Capability
Athena originates loans to borrowers in the U.S., Canada, the UK, Switzerland, Singapore, and HK. We also have expertise lending into off-shore locations such as the British Virgin Islands, Jersey and Guernsey.
Loan Structures
We offer a variety of loan structures and flexible terms tailored to meet client needs. Loan origination fees generally range from 1%- 2%.

Program Highlights and Financial Terms

Collateral Eligibility

Works by artists with a proven track record at auction. Collecting categories include Post War and Contemporary, Impressionist and Modern and Old Master Paintings and Drawings; additional categories are reviewed on case-by-case basis.

Loan Value

Our loan sizes vary, but generally begin at USD $2 million, although smaller commitments may be considered. We lend up to a 50% LTV based on a third-party independent appraisal on a marketable cash value basis.

Interest Rates

We offer competitive interest rates. The rate depends on the quality and diversity of the collection, its location and specific loan structure. Our rates generally range from mid-to-high single digits.

Maturity

Loan terms are typically 1 – 3 years.

Global and Off-Shore Capability

Athena originates loans to borrowers in the U.S., Canada, the UK, Switzerland, Singapore, and HK. We also have expertise lending into off-shore locations such as the British Virgin Islands, Jersey and Guernsey.

Loan Structures

We offer a variety of loan structures and flexible terms tailored to meet client needs. Loan origination fees generally range from 1%- 2%.

The Athena process

Athena’s In-House Experts Ensure Seamless Service, Absolute Discretion and Optimal Loan Terms

Our underwriting process begins with a discreet and confidential discussion to gather general information about the art collection and the client. In general, the process can be broken down into four simple steps:

Step I

Preliminary Confidential Discussions

Step II

Indicative Term Sheet and Engagement Letter

Step III

Formal Due Diligence

Step IV

Loan Documentation, Closing and Funding

To begin, we gather high resolution images and a description of the proposed artwork. Once we establish that the artworks meets our collateral eligibility criteria, we create a customized term sheet to meet your needs. Once agreed, an engagement letter is signed and we begin our formal due diligence and loan documentation processes.

Well catalogued collections allow us to complete the loan underwriting process in three to six weeks, although this can vary depending on the number of pieces in the collection, their location and complexity of the loan structure.

If you believe an art loan is an interesting financial solution for you or your client, we can make a quick assessment based on the following information:

  • High resolution images of each artwork
  • General description, including artist, title, date of creation, medium, dimensions
  • Location of the collection
  • Provenance and exhibition history

To begin the art loan process:

  • Contact us to discuss your financing needs and artworks to be offered as collateral
  • Athena will evaluate the artworks and their collateral eligibility
  • Athena will then structure a loan to meet your needs
  • Once agreed, Athena will start the loan underwriting process to fund as quickly
    as possible

Getting started

If you believe an art loan is an interesting financial solution for you or your client, we can make a quick assessment based on the following information:

  • High resolution images of each artwork
  • General description, including artist, title, date of creation, medium, dimensions
  • Location of the collection
  • Provenance and exhibition history

Next steps

To begin the art loan process:

  • Contact us to discuss your financing needs and artworks to be offered as collateral
  • Athena will evaluate the artworks and their collateral eligibility
  • Athena will then structure a loan to meet your needs
  • Once agreed, Athena will start the loan underwriting process to fund as quickly
    as possible

 

We are available anytime to discuss your liquidity needs, and look forward to working with you.

Meet the team

We are available anytime to discuss your liquidity needs, and look forward to working with you.

Rebecca Fine leads Yieldstreet’s Art Platform as the Managing Director of Athena Art Finance. Rebecca Fine is a founding member of Athena and has more than 25 years of experience in the art market and art finance. Prior to joining Athena, Rebecca practiced as an art lawyer, advising world-renowned art galleries, dealers, private collectors, museums and artists. Until August 2015, Rebecca was a partner at Schindler Cohen & Hochman LLP, an art law and litigation boutique. Prior to that, Rebecca practiced as a commercial litigator and trial lawyer at the law firms of Simpson Thacher & Bartlett and Wilmer Hale. Rebecca has served on the New York City Bar Association’s Art Law Committee, as chair of the subcommittee on Art Finance, Funds and Fiduciaries and as a Board Member of Creative Art Works, a youth arts development non-profit. Fluent in French and Italian, Rebecca earned her B.A. in Art History from Columbia University and her J.D. from Columbia Law School.

Laura originally joined Athena in 2015 and has more than 10 years of experience in artwork research and valuation. Laura oversees the underwriting of both the art lending and art equity businesses, including art valuation, research and logistics. In 2021, Laura worked for one of the most important and well-respected private art collectors in the world. Prior to joining Athena, Laura worked as an appraisal and advisory associate manager at Winston Art Group. She holds a Masters in Art Business from Sotheby’s Institute of Art in New York, an M.B.A. from Berkeley College and an undergraduate degree from HEC Montreal.

Susan rejoined Yieldstreet in 2022, bringing decades of experience in the world’s preeminent cultural institutions such as the Metropolitan Museum of Art and the American Museum of Natural History. Susan has a strategic focus on project management to ensure operational execution and maximal efficiency of the Art businesses, including museum lending programs for the artworks in the Art Equity Funds. She holds a BA in Art History from Emory University and a Masters in Arts Administration from Columbia University.

Jeremy has over a decade of experience in the art investment and finance industries. Jeremy previously served as Director of Art Finance and Portfolio Manager at Christie’s and was COO and Director of Investments for an art technology and investment firm. Earlier in his career, Jeremy spent 3 years at an investment advisory firm. Jeremy holds an M.B.A. from Columbia Business School with a concentration in Finance, and a B.A. in Art History from Colgate University. He also received a Certification in Fine Art Appraisal from NYU and has been an active appraiser of Contemporary art since 2011.

Maureen joined Athena Art Finance as a Senior Investment Associate in 2021, where she oversees financial structuring and financial due diligence for both the art lending and art equity businesses. Prior to joining Athena, Maureen was an Associate at Jefferies Credit Partners, a private credit alternatives group within Jefferies, focusing specifically on the Direct Lending strategy. While at JCP, Maureen took an active role in the underwriting and portfolio management processes for private equity-backed transactions across all sectors. Maureen graduated from the University of Notre Dame with a B.B.A. in Finance and a second major in Anthropology.

Giovanna Quattrone joined Athena in 2017 and has more than eight years of experience in artwork research and valuation. Giovanna plays a key role on the art collateral side of the business, with her primarily responsibilities focused on art valuation, research and logistics. She holds a Masters in Art Business from Sotheby’s Institute of Art in New York and earned degrees in Art History and Arts Management from the College of Charleston.

Ivor is the General Counsel at Yieldstreet, leading a team of transaction lawyers, and responsible for internal compliance and regulatory matters. Ivor brings to Yieldstreet over 30 years of experience ranging from large investment banks, a broker-dealer, major international law firms to boutique law firms. He practised law at Davis Polk & Wardwell and Cadwalader before holding senior investment banking legal roles at WestLB, Barclays Capital and Dresdner Kleinwort where he focused on capital markets transactions, asset securitization and derivatives. Ivor also served as General Counsel at NewOak Capital, a broker-dealer and capital markets advisory firm. Prior to joining Yieldstreet, Ivor was a partner at Pastore & Dailey and Cohen Tauber, where he focused his practice on corporate and securities law. Ivor holds a Bachelor of Commerce degree and law degree from the University of the Witwatersrand, South Africa, and a Master of Laws degree from the University of Cambridge, England.

Contact us

Jeremy Rhodes

Director of Originations
jrhodes@athena-art.com

Rebecca Fine

Managing Director, Art Finance rfine@athena-art.com