Art Hedge Fund, in Christies fraud scandal, struggles to stay afloat
Friday, May 2nd, 2008Image via The Business of Art
The art dealing hedge fund SageCrest II is forced to bail itself out with a $650 million loan from Fortress Investment Group. This recent development only adds to the controversy surrounding the seven year-old private investment firm which has been accused of fraudulent auctions and has suffered severely low returns on investments.
“The Murky World of Art Finance” via Financial Times
“Art and the Deal” via The New York Post
Fortress Investment Group
SageCrest II
Berry-Hill Galleries