NEW YORK—Former auction house executives Michael Plummer and Jeff Rabin have announced the launch of a new art finance company, Artvest Partners LLC. The company, which will be based in New York, will provide art-investment services and financing for collectors, dealers and financial intermediaries. Despite a period of retrenchment among private banks, auction houses and other lenders in the current economy, Artvest has “multiple lending sources,” according to a statement from the company.
The statement says that Artvest will also provide advice on “special-purpose investment partnerships, purchase and sale transactions, wealth transfer and preservation planning and restructuring art businesses and collections.” Rabin said that over the past five years “even the most passionate collectors have come to view their art as a significant financial asset; an asset for which they have a responsibility to heirs and beneficiaries to manage appropriately.”
“While the market correction has resulted in the exodus of the speculative collector,” Plummer said, “there remain savvy investor collectors who seek longer term gains by buying the best of the best during downturns in the art market cycle.”
Plummer is a former chief operating officer of Christie’s Financial Services. Prior to that he spent 15 years at Sotheby’s, during which he served as marketing division head for the Americas and Asia.
Rabin is a former vice president of Christie’s financial services unit who has spent most of his career in the investment-management business, including heading global trading for Barclays Global Investors.