Euro 280 million, the total value of Deutsche Bank reduced their art collection in the Quench 4000 works

The financial institution to the süddeutsche Zeitung (Friday edition) acknowledged for the first time. The global inventory have reduced over the last ten years

Euro 280 million, the total value of Deutsche Bank reduced their art collection in the Quench 4000 works

The financial institution to the süddeutsche Zeitung (Friday edition) acknowledged for the first time. The global inventory have reduced over the last ten years, what was due to the reclassification of works of art, and especially by sale of duplicates when printing graphics, a spokesman said. Moreover, the credit institution is split, but also Hidden many important works.

Deutsche Bank wanted to avoid the wrong impression.

Friedhelm Hütte, head of the art collection, confirmed the sale of the triptych "Faust" by Gerhard Richter, which still hung to the summer in the Lobby of the New York Headquarters of the Bank. The Bank is moving soon, you have no suitable place for this monumental work, he said. The plant, which went to an unknown buyer, is likely to have contributed up to $ 20 million. In addition, Deutsche Bank sold three paintings by Erich Heckel, Emil Nolde and Max Pechstein.

According to SZ information from Bank circles, there was last on the Board even from time to time Considerations, to separate himself from the even bigger Parts of the art collection – the additional revenue due to. I have Heard that the Bank was concerned, at the same time, however, that a sale of a mass of art in a short period of time could have the impression that you had to make "their last assets" to the money.

One of the largest corporate collections in the world

A spokesman said the German Bank will hold on to their art collection, and promotes and collects also in the future, contemporary art, albeit to a lesser extent than in the past. "It is a living, breathing collection," said hut. The number of purchases was, however, "decreased considerably". The 40-year-old collection has long been considered one of the largest corporate collections in the world. Your insurance value is according to the POI information around 280 million euros.

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Updated Date: 28 December 2019, 01:01

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