Fine Art Fund Chief Executive Officer Philip Hoffman is leading an investor group seeking to raise $100 million to buy art collections over the next year.

“We’ve earmarked $50 million from some people and we have interest from people for another $50 million,” Hoffman said in a phone interview from London today. “We have looked at institutional and private collections in Spain and deals are coming to us in London.”

His investor group is seeking to buy two art collections worth up to $65 million and owned by a Spanish bank and a manufacturer, the Financial Times reported today. Hoffman declined to identify the owners. “It’s a buyer’s market in some areas,” Hoffman said. “In Old Masters, it’s not.”