This module will examine the function of art and other cultural objects as financial assets. This involves seeing historic and artistic chattels from the point of view of wealth management (via investment, capital appreciation and leasing potential) and as collateral for transactions that are otherwise unrelated (art pledges, mortgages and charges). Since the investment in and taking of security over such assets necessarily involves questions of title, title warranties and title retention terms will also be examined.
The module will also consider the treatment of art and cultural property in times of financial turmoil and insolvency. The main question here will be whether such cultural objects can be protected during corporate restructuring or insolvency, or indeed governmental/state financial difficulties. The module will end by considering the new area of art financing and alternative funding models for the acquisition of art.
3,000-4,000 word essay