Epstein files highlight how the wealthy borrow against art collections [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
FILE: Leon Black, chairman and chief executive officer of Apollo Global Management LLC, at the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, May 1, 2018. Patrick T. Fallon | Bloomberg | Getty Images A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A $484 million art loan secured by billionaire Leon Black and disclosed in the latest Epstein files highlights one of the fastest-growing and most lucrative corners of the art world. According to a March 2015 document released as part of the Epstein files, Black secured the loan from Bank of America backed by works of art. While not unusual for top private banking clients, the loan made headlines for its size and the exotic collateral, which included blue-chip works by Picasso, Giacometti, Titian, Matisse and others. Art lending, h
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