Need Cash? Pawn a Picasso

摘要

Being part of the l Percent just took on new meaning for casino billionaire Steve Wynn. That's about the interest rate he's paying to borrow money using his extensive art collection as collateral. The casino mogul, a well-known collector, pledged 59 works as security for a loan from Bank of America, one of several steps he recently took to raise cash, according to interviews and regulatory filings. Wynn says the arrangements permit him to borrow at less than l percent. "This is a great time to be poised with ample cash," he wrote in an e-mail sent through his spokesman. He joins Steven Cohen, J. Tomilson Hill, and Michael Steinhardt among the wealthy collectors who've taken bank loans against their art holdings, according to regulatory filings.