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Good evening,

It’s been a rotten year for Art Money, the art financier backed by auction house giant Christie’s.

After running out of capital, hit by a downturn in the global art market and rising interest rates compressing margins, founder Paul Becker paused operations and pressed play on a $US5 million emergency funding round to get the start-up back on its feet.

Now, Street Talk can reveal family offices in Australia and the United States and its industry partners have rallied around Art Money’s raise. The list includes Christie’s via its corporate VC arm Christie’s Ventures, which is hoping to build on the New York pilot launched in April that allows collectors to bid at auction and pay in instalments.

Sources said Art Money’s founders were hoping to close off the round by the end of August.

Becker put out the call in June, posting a blog early that month calling for $7.7 million ($US5 million) in additional equity to take Art Money to profitability by the end of 2025.

Recapitalisation documents seen by Street Talk show the company is seeking a $US10 million pre-money valuation – a 50 per cent reduction from its $US20 million valuation when it raised $US2 million from investors including Christie’s in 2023. It also opened a $US50 million debt book opportunity alongside the equity round and told backers it would be open to a sale or join venture discussions.

Read the full story tomorrow and more on the Street Talk page.

Traders abandoned bets of a rebound in retailers on Friday, dragging the ASX’s consumer discretionary sector to its worst day in more than 18 months.

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