> they can't write loans against it You can apply leverage to almost any business model. E.g. seems to be some overlap with the pawn broker lending business h

> they can't write loans against it You can apply leverage to almost any business model. E.g. seems to be some overlap with the pawn broker lending business here in my view. Here in the UK lots of moderately wealthy but illiquid individuals keep their illiquid collectables (art, wine, cars, jewelry) with upmarket pawn brokers, who store their stuff securely and provide them with a healthy loan to value. Most of them pay the loans back, and many of them do this continuously. Otherwise I agree on the labour intensive, hard cost part.