Personal Fortune


Wynn’s personal fortune has fallen about 30 percent this year to an estimated $1.9 billion, according to the Bloomberg Billionaires Index. That largely reflects the plummeting value of his stake in Wynn Resorts, whose shares have lost more than half their value in 2015, ranking the casino company as the fourth-worst performer in the Standard & Poor’s 500 Index.

The collateral backing the loan could be valued at $200 million, said Beverly Schreiber Jacoby, who has done art appraisals for borrowers and lenders for 25 years and who reviewed the filing but hasn’t seen the works in person. Schreiber Jacoby in 2010 testified as an expert in a high- profile dispute between Christie’s and CNET Networks Inc. founder Halsey Minor concerning the value of a collection of Richard Prince paintings.

Wynn, through his spokesman, said the estimate was inaccurate but declined to provide a number.

Among the art listed is Jackson Pollock’s “Number 12,” which at its last public auction at Sotheby’s in May fetched $18 million. The list also includes a sculpture of a male head by Alberto Giacometti that sold for $50 million at Sotheby’s in 2013, and Andy Warhol’s “Double Elvis (Ferus Type)” that sold for $37 million in 2012.


‘Major Client’


Extremely low rates usually are reserved for clients already doing a lot of business with the bank or as an inducement for them to sign up for more services, said Andrew Rose, a principal at Art Finance Partners, a boutique art financing firm in New York. Typical rates for art loans run as high as 5 percent, he said.

“It’s the same as if you are a major client of Citigroup or Chase, and they give you a great deal on a mortgage,” Rose said.

Officials for JPMorgan and Citigroup declined to comment.

“Art lending fills an important need for some of our art owner clients, and therefore, our portfolio has grown,” said Julia Ehrenfeld, a spokeswoman for Bank of America, which provides wealth management services through its U.S. Trust private bank. “Our rates are competitive in the market and take into account the entire client relationship.”