Revolving Credit Facility Secured by Fine Art
Tannenbaum Helpern's client, a noted collector of contemporary artwork, desired to enhance his liquidity through an $18 million revolving credit facility from a major national bank. The security consisted of several dozen valuable works of fine art located in the client's various homes and in several fine art storage facilities in multiple jurisdictions. Tannenbaum Helpern's corporate attorneys negotiated the transaction, which involved complex corporate, art and financing components. Critical issues involved bailement agreements with art storage facilities, issues related to the movement and showing of artworks in museums and galleries and security release mechanisms. Since the closing of the transaction, Tannenbaum Helpern's corporate attorneys have continued to assist its client with ongoing matters related to his collection.