Founders’ Letter: Athena and Art Finance
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Mission: 04.06.15: Four years ago we launched YieldStreet to fix a broken investment industry and distribute investment products unavailable to most.
04.06.19: Four years later, we march forward on that mission with the acquisition of Athena Art Finance Corp. that will provide our community access to yet another asset class. We will always have an investor-first approach.
- Rationale: Athena is a recognizable and trusted brand in a large addressable and underpenetrated Art Finance market, which is why The Carlyle Group was one of its founding investors. Athena’s strict underwriting and data-driven approach, which includes over 800,000 art sales, will provide our community of investors access to an attractive risk-adjusted investment product.
Please note, we finance borrowers using their art as collateral for a loan, we do not invest in art pieces for appreciation. If a borrower defaults we would have the option to sell the art to recover our principal. The art is from well-established artists, like Andy Warhol and Pablo Picasso, who have a liquid sales market.
- Team: We are excited to welcome Cynthia Sachs and her team to the YieldStreet family. Cynthia is 20-year Wall Street veteran—with experience at Morgan Stanley, Bloomberg, Natixis, and Bank of America—and will be a strong addition to the YieldStreet management team.
- Strategy: When we develop new opportunities for investors, we partner with what we believe to be the best-in-class in the industry. When we launched Marine Finance, we were grateful to collaborate with George Cambanis; the former CEO of Deloitte Greece. George is a recognized and respected leader in the shipping and marine industry, and has helped develop an asset class that over half of our community has participated in. Through his leadership we have established an office in Athens, Greece, the worldwide hub for the industry. We will continue to explore mergers and acquisitions in originations as well as technology solutions.
Published:
04/16/2019
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