UBS to Close Art Division

The large Swiss bank UBS will close it's art division which provided financing and advise to clients building art collections. There are 11 people within the UBS Art division and the bank will attempt to find other jobs for them. UBS, one of the worlds largest private wealth manager created the art division in 1998 as part of its wealth management division.

UBS is also the sponsor of Art Basel and has recently come under scruttiny by the US Government and the IRS in tax evasion cases. Many American clients were recruited at Art Basel Miami art fair who would then deposit with UBS and have the funds managmendt the the wealth mangament division.

Forbes reports The department was created in 1998 and provided customers with research on prices and artists, and consulted them on estimates, transport, storage, restoration and inheritance of art works.