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Deutsche Bank reduces collection of contemporary art
ARTinvestment.RU   06 февраля 2020

Under "reduction" came a triptych by Gerhard Richter, works by Emil Nolde, max Pehshteyna, etc.

According to information, The Art Newspaper, the largest corporate collection in Germany, the Deutsche Bank collection, declined in 2019, up from 59 per thousand to 54 thousand items. The Bank is now experiencing not the best times, was put up for sale (and according to representatives of Bank, successfully sold) the best things in his collection — scale triptych of the brush one of the most expensive living artists Gerhard Richter, the classics of German expressionism of Ernst Wilhelm Nye, Emil Nolde, and others.

the Sale of Richter's work was accompanied by clear explanation: after moving the main office to the new building it was no place for the triptych, which previously adorned the office wall to wall-стрит. The sale of Bank other activities the Assembly can be explained only by economic considerations.

Deutsche Bank, not fully recovered from the 2008 crisis, in 2019 announced a reduction of almost 20 % of their working capacity, and the closure of many non-core programs.

However, despite the economic turbulence experienced by the Bank, the head of the global [email protected] Bank ndashпрограммы Friedhelm of Hutte separately said that the Bank continues to buy work and support of contemporary artists: "the Bank is tied to its collection of art and will continue to promote and collect contemporary art, albeit on a smaller scale than before."

it Should be noted that more than 90 % of the works in the collection Deutshce Bank, until recently, was the graphics and illustration. Therefore, getting rid of the most expensive paintings, the Bank simultaneously does two things: it aligns private economic situation and reinforces the curatorial integrity, and with it the remainder of the meeting.

the representative of the Bank, confirmed that Deutsche Bank will remain sponsor of the Frieze fair, and will also continue to work on organization and holding of the exhibition Christo and Jeanne-Клод, which will be held in Berlin in March 2020 and will coincide with the 25-летию shares Kristo in the wrapping of the Reichstag.

Source: theartnewspaper.com

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