Photography-Backed Lending from TPCAF

  • March 28, 2022
378 512 TPCAF

© Man Ray Trust ARS-ADAGP, courtesy of Christie’s

TPCAF is continually diversifying its collateral criteria to include new artists and media that we will lend against. 

For collectors and galleries considering art financing from TPCAF, photography can be collateralized in the same fashion as other art works we consider for our art-backed loans. Photography, both vintage and contemporary, has become increasingly sought after by collectors. TPCAF has historically underwritten loans for photographs and other multiples, and continues to expand its services in these mediums in step with market demand. 

Notably, in May, Christie’s will auction what is forecasted to be the sale of the most expensive photograph in the world – Man Ray’s iconic original photograph of Le Violon d’Ingres, 1924 – with a record breaking presale auction estimate of $5,000,000-7,000,000. If sold in this range, Man Ray’s photograph will surpass his previous record from 2016, Noir et Blanche, 1926 which realized $3,132,281, with buyer’s premium. The sale would also surpass Andreas Gursky’s Rhein II, 1999, which sold for $4,338,500, with premium – currently, the highest price paid for a photograph in the world.

If you are considering bidding on Le Violon d’Ingres, 1924, TPCAF Headline terms are:

  • Loan Term: 12-36 months 
  • Loan to Value: Up to 50% of Appraised Fair Market Value
  • Estimated closing time: 2-4 weeks
  • As part of a collateral group of at least 2 works

To discuss loan terms available for you or your clients’ collections, or acquisition financing opportunities for the upcoming sales, please call us or email 

As always, we welcome any inquiries you may have on art-backed financing opportunities with us. 


 Naomi & Joe

Other Historic Photography Sales (Source: LiveArt)

Rhein II (1999)
Photographer: Andreas Gursky
Price: $4,338,500, with premium,
Date: November 2011, Christie’s New York

Untitled #96 (1981)
Photographer: Cindy Sherman
Price: $3,890,500, with premium
Date: May 2011, Christie’s New York

Dead Troops Talk (1992)
Photographer: Jeff Wall
Price: $3,666,500, with premium
Date: May 2012, Christie’s New York

99 Cent II Diptychon (2001)
Photographer: Andreas Gursk
Price: $3,346,456, with premium
Date: February 2007, Sotheby’s London

Noire et Blanche (1926)
Photographer: Man Ray
Price: $3,132,281, with premium
Date: November 9, 2017, Christie’s Paris