Hedge Fund Woes May Slash Art Prices

Aug 17 2007 | 12:43pm ET

The subprime mortgage market collapse is poised to sink a very different kind of market: the art market.

Los Angeles billionaire Eli Broad knows both markets well. He’s one of the top ten art collectors in the world, according to ARTnews, and he was also part of a group of investors pouring $1 billion into a troubled Goldman Sachs hedge fund. And he says losses in the latter industry are going to have a big effect on the former.

“Many of the buyers of contemporary are have been hedge-fund managers and other investors who obviously are having a difficult time and have lost lots of money,” he said in an e-mail statement.


In Depth

Q&A: Tsai Capital Founder Sees Long-Term Opportunities In Emerging Markets

Apr 10 2014 | 9:48am ET

Christopher Tsai, whose $28 million long/short hedge fund is up 29% since inception...

Lifestyle

Hedge Fund Manager's 'Iceberg Home' Melts

Mar 28 2014 | 4:58am ET

Bregal Capital founder Edmund Lazarus was set to get what many other London hedge...

Guest Contributor

AIFMD: Time To Back Up On Reverse Solicitation

Apr 8 2014 | 6:18am ET

U.S. fund managers are finding roadblocks to marketing in the European Economic...

 

Sponsored Content

Service Providers


Publisher's Note

    Hedge Funds Care Gala Raises $2 Million For Charity

    Mar 10 2014 | 11:33am ET

    A huge thank you to all of the people who helped make last Thursday’s HFC NY Open Your Heart to the Children Benefit such a success. The charity gala raised nearly $2 million to prevent and treat child abuse in New York, New Jersey and Connecticut. Read more…