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       2020考研英语阅读水平想要提升较快，并不容易!需要2020考研者每天有良好的英语阅读习惯，久而久之慢慢进步!接下来，北京文都考研网为助力学子们备考英语阅读，特意整理了考研英语阅读双语经济学人:拿上你的毕加索去套现吧!供考生参考。

2020考研英语经济学人:拿上你的毕加索去套现吧!

Borrowing against art is growing at a stunning rate

艺术品抵押贷款正在以惊人的速度发展

Behind the world’s most beautiful paintings lies a borrowing binge

世界上最美画作的背后是一场借贷狂欢

Few art collectors are as liquid as Patrick Drahi, a French telecoms magnate, who purchased Sotheby’s, an auction house, for $3.7bn in cash last month. Selling art can take months, even years. The only way to unlock its value quickly is to borrow against it.

很少有艺术品收藏家能像法国电信巨头帕特里克·德拉希那样让藏品富有流动性，他上个月以37亿美元现金收购了苏富比拍卖行。出售艺术品的周期长达数月甚至数年。快速套现的唯一办法就是拿艺术品去抵押贷款。

And indeed the number of owners doing so is rising. Deloitte, an accounting firm, estimates that the outstanding value of loans against art in America reached $17bn-20bn in 2017, up 13% from the previous year. Industry insiders say such lending has continued to grow at double-digit rates since then.

事实上，越来越多的收藏家正在这么做。德勤会计师事务所估计，2017年美国尚未偿还的艺术品贷款额达170亿至200亿美元，比上年增长了13%。业内人士称，在那之后，艺术品贷款额仍以每年超过10%的速度在增长。

“Ten or 20 years ago it never crossed your mind to leverage your art collection. But the word is out now,” says Evan Beard of Bank of America Private Bank, the institution with the highest outstanding value of art-secured loans. As interest rates have fallen, borrowing has become more attractive.

美国银行旗下私人银行(尚未偿还的艺术品贷款额最高的银行之一)的埃文·比尔德说：“十几二十年前，你可能想不到拿你的藏品去套现。但现在大家都会这么做了。” 利率正在下降，人们更愿意贷款了。

Open public registers make it easy to check if art is encumbered. Price estimates and auction results available online since the early 2000s have made underwriting easier. In America collectors can even keep encumbered art on their wall.

公开记录使得人们能够轻易地查询到一件艺术品是否被拿去抵押贷款了。自本世纪初以来，由于估价和拍卖结果都可以在网上查到，因此贷款的审查也更加容易了。在美国，用以抵押贷款的收藏品甚至可以继续被收藏家挂在墙上。

Large banks’ private-banking arms have been lending against art since the 1970s. Now the strong market is attracting specialist lenders. For a private bank, though a loan may be secured against a piece of art, it will almost always be backed in the last resort by a client’s entire balance-sheet. Boutique lenders, by contrast, will accept a piece of art as sole collateral.

自上世纪70年代以来，大型银行的私人银行部门就已经开始提供艺术品抵押贷款业务了。如今，这个强劲的市场正吸引着专业贷款机构的加入。对于一家私人银行来说，尽管一件艺术品就能用来抵押贷款，但最终基本上都会以客户的资产负债表作为担保。相比之下，在专业贷款机构那里，只需以艺术品本身作为担保即可。

Athena, America’s largest boutique lender, requires art worth about $2m to secure its minimum loan of $1m. At Bank of America and other private banks, the minimum loan is closer to $5m.

美国最大的专业贷款机构雅典娜要求，100万的贷款需要以价值200万的艺术品作为抵押。美国银行和其他私人银行要求的最低贷款额约为500万美元。

Both accept only works by well-known artists as collateral, since they are the only ones with reliable longevity. Thus art-secured loans are less risky than many believe, says Arturo Cifuentes of Columbia Business School.

相当于这些银行都只接受知名艺术家的作品作为抵押，因为这些作品的价值相对稳定。哥伦比亚商学院的阿图罗·西富恩特斯说道，因此艺术品抵押贷款的风险远比人们想象的要低。

“We can lend millions of dollars in three or four weeks,” says Cynthia Sachs, chief investment officer at Athena. But boutiques’ greater speed and flexibility come at a price: interest rates that outstrip those at private banks by several percentage points. That may hobble their growth.

雅典娜首席投资官辛西娅·萨克斯说:“我们可以在三、四周的时间内借出数百万美元。” 虽然专业贷款机构有更快的借贷速度和更大的灵活性，但人们也是要付出代价的：利率比私人银行要高出几个百分点。这一点可能会对专业贷款机构的发展造成阻碍。

Rachel Pownall, a professor of art finance at Maastricht University, thinks the market for specialist lenders may be limited, since most art by famous names belongs to super-rich clients of private banks. Among dealers and gallerists, only the smaller ones have to turn to boutique lenders.

马斯特里赫特大学艺术金融学教授雷切尔·波纳尔认为，专业贷款机构的市场可能是有限的，因为大多数知名艺术品都是被私人银行的超级富豪客户所收藏的。只有那些不够富有的艺术品商人和画廊家才不得不找专业贷款机构抵押贷款。

The best prospect for growth in the sector may be Europe. None of the continent’s banks has an art-lending programme on the scale of those in America, where 90% of art-secured lending takes place. Art financiers such as the Fine Art Group in London and WestendArtBank in Berlin have moved in.

欧洲可能是艺术品抵押贷款行业前景最好的地方。欧洲没有一家银行的艺术品抵押贷款业务的规模有美国的银行那么大，90%的艺术品抵押贷款都是在美国进行的。伦敦的美术集团和柏林的西区艺术银行等艺术品融资机构也开始步入艺术品抵押贷款的行业了。

Lenders say inquiries from wealthy clients about leveraging their art collection are rising. Though Europeans are in general reluctant to borrow against their possessions, those who buy art for reasons beyond the aesthetic may prove willing to make an exception.

贷款机构表示，越来越多富有的客户向他们咨询有关艺术品抵押贷款的问题了。尽管欧洲人通常不愿意以私人财产作为抵押去借钱，但那些出于审美需求之外的原因购买艺术品的人可能会破例了。

 

【重难点词汇】

binge [bɪndʒ] n. 狂欢，狂闹;放纵 vt. 放纵 vi. 狂饮作乐;大吃大喝

magnate ['mæɡnet] n. 巨头;大资本家;要人;富豪;……大王

encumber [ɪn'kʌmbɚ] vt. 阻塞;妨害;拖累

collateral [kə'lætərəl] n. 抵押品，担保品;旁系亲属 adj. 附属的;旁系的;并行的

hobble ['hɑbl] vi. 蹒跚;跛行 vt. 使跛行 n. 跛行步态

aesthetic [esˈθetɪk] adj. 美的;美学的;审美的，具有审美趣味的

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