Deutsche Bank Restructures Art Services

The Art Newspaper has an article on Deutsche Bank, the large German bank restructuring its art services departments. According to the article art consultancy will contract, while increasing art lending. I would think they both go hand in hand, and that with more consultancy there comes more lending.  It appears the plan is to promote more art lending through private wealth advisers instead of through art experts.

The art consultancy department will be reduced from 3 people to 1, while art financing will grow internationally through existing lending divisions and private wealth account specialists. 

The Art Newspaper reports

Deutsche Bank has re-examined its business in the light of the economic downturn, concluding that private wealth management does not deliver the returns it should, resulting in the recent restructuring. While the bank does not officially give a precise sum of money needed to become a private wealth management customer, the threshold is believed to be €5m.

Art consultancy from Deutsche Bank is usually offered as an additional service at no extra charge for very wealthy customers; lending against works is expected to accrue greater returns. “We are in no way cutting down our art advisory [facility] within…private wealth management, but adjusting the services offered,” said Winker, adding: “Those who still want to ask us for advice will be taken care of by our art consultant, Christina Schroeter-Herrel.”

To read the full Art Newspaper article, click HERE.