Bank Art

Jeffrey Goldfarb and Laure Silva Lughlin in the NY Times write about the vast collections of art held by many banks throughout the world. Some of which have been bailed out by governments including the US Government and taxpayer. Some of the bank art collection sizes are staggering, the article states that Deutsche Bank has a collection of nearly 60,000 items, UBS close to 40,000 and Chase about 30,000. Some banks are allowing more public exhibitions and sharing, but it appears rather small in comparison to the size of the collections.

At least some banks take care of their treasures. JPMorgan, whose collection was started a half-century ago by David Rockefeller at Chase Manhattan, has a well-regarded curator. But many banks don’t even know what’s boxed up in the basement, having inherited artwork in takeovers.

Some do make an effort to share their artistic wealth. Monte dei Paschi di Siena of Italy invites the public to see some of its impressive collection, which stretches back to the Renaissance. The Swiss bank UBS lets the Tate Museum of Britain select from its collection. But these efforts don’t often come to much. The Tate currently has only three of UBS’s pieces on display.

As a result of the financial crisis, the attitude may be changing. Royal Bank of Scotland has begun plans to show its vast and long-cloistered stash of art, including works by L. S. Lowry and David Hockney, to the public.

Royal Bank of Scotland has actually shown shrewder discretion in art than banking. In the largely disastrous acquisition of ABN Amro, R.B.S. allowed the Dutch bank to pass its 16,000-piece collection to a foundation while retaining access to it.

To read the full NY Times article, click HERE.