Whether there is leveraged capital in the painting and calligraphy industry actually influences the development of the market is not a question needing too much debate. Whether it is the friends around the author or the great-leap-forward development of the whole art market in the past 10 years, it can provide a positive answer to this question. The active participation of financial institutions in some developed provinces, including Shandong, is a direct proof of the close interaction between art and finance. Therefore, what needs to be discussed at present is how high the leverage ratio is. Whether for the stock industry, the real estate industry, or any other industry driven by investment, high leverage is the main reason for the rapid development of the corresponding product market scale in these industries. When the Shanghai Index rose sharply from 2100 points when the bull market started last year to 5178 points, and then quickly returned to 3373 points from 5178 points, when house prices in some areas soared several times in a few years, and when the art market developed rapidly from tens of billions of dollars to hundreds of billions of dollars, high leverage can always directly arouse the most sensitive nerves of the industry, which is also the cause. The main pain point of these market shocks. High leverage is not only a contributor to the rapid expansion of the turnover index, but also the main culprit of the sharp shrinkage of the market volume. In fact, the investment attributes of painting and calligraphy are quite different from those of other investment products such as stocks and real estate. Although such works of art have the advantages of low risk and high return, the corresponding shortcomings are also very obvious: long investment cycle, high threshold and difficult to cash in. It is for this reason that when the stock market, real estate and art market experience the same market fluctuations - directly speaking, a sharp correction, no one questioned the role of the stock market and real estate in the rapid acquisition and large return on investment, but a large number of collectors are asking whether leverage is appropriate for calligraphy and painting investment. To answer this question, we must first review which financial platforms are the main sources of leveraged capital in the painting and calligraphy industry. According to the author's observation for many years, the financing of calligraphy and painting investors is nothing more than through the following platforms: first, formal financial platforms such as banks, and second, non-governmental platforms. The financing obtained through the formal financial platform can be divided into the following forms: first, the funds obtained through personal credit loans; second, the loans obtained by mortgage of assets or assets rights held by individuals, which meet the requirements of financial institutions; and third, the loans obtained by mortgage of calligraphy and painting works of art. Among the above financing forms, the loan risk obtained through private platform and mortgage of painting and calligraphy works of art is the highest. Private platforms include pawnbrokers, underground banks and private usurious loans. The interest rate of funds borrowed by these methods is often several times higher than the interest required to borrow from formal banks. The precondition for using such funds is only those profitable industries that can quickly recover funds. For artworks, their investment cycle is usually three to five years, long for eight to ten years, and because of the inconvenience of liquidation channels, investors often sell through the way of substantial discounts with the actual market, so it is very unwise to invest in artworks by borrowing money at high interest rates. As for the loan of painting and calligraphy art as collateral to the bank, there are two main ways that the author knows at present. One is the innovative method of Weifang Bank, which requires the loan applicant to conclude the purchase contract of painting and calligraphy subject matter with the third party first. It is stipulated that when the applicant can not afford the loan, the third party must unconditionally recover the painting and calligraphy art at the agreed price. Goods and all bank loans will be repaid by the exchange. On this basis, the applicant can apply for a loan from the bank with the subject matter as collateral. Another is the practice of three-family joint insurance proposed by some other local banks in Qingzhou, that is, three investors with certain repayment ability must guarantee each other before the bank is willing to grant loans to one of the co-insurers. Once the co-insurer is unable to repay the loan, the other two co-insurers must assume unconditional repayment responsibility. In fact, both of them are problematic. The second method is currently criticized the most. The main problem is: when three co-insurers lose the ability to repay at the same time or run at the same time, who will repay the loan? The reality of the past two years has proved that this situation is entirely possible. The first way is very difficult if there are no problems. Its premise must be that, as collateral for painting and calligraphy, the price can only rise in the future and not fall. Facts have proved that no such works have ever appeared in front-line famous families. Especially in the early days of the market speculation to the sky-high price of the first-line masterpieces, the price market in recent years because of the overall market callback and dramatically shrink. The extreme phenomenon is that some famous writers'works have fallen from 3.4 million yuan per square foot two or three years ago to less than 100,000 yuan per square foot at present. In this market trend, unless the third-party guarantor who initially concluded the guarantee contract itself has a large amount of money and does not operate works of art, otherwise, if its own artistic assets also shrink dramatically, how can it be able to buy back those works of art according to the price stipulated in the contract? Therefore, art mortgages, whether for applicants, banks and third-party guarantors, have a higher risk. When the market is not good, the fund issuing agencies can also finance stocks.