Deutsche Bank has announced plans to sell around 200 works from its art holdings in attempts to revitalise its collection with works by “up-and-coming artistic talents”.
Commencing on October 22 2020 in Paris, the pieces will be auctioned through Christie’s in London and Paris and Ketterer Kunst in Munich across the next three years.
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Only objects outside of the core collection are to be sold. This includes paintings, sculptures, drawings, and prints from the early classical modernist period of the 20th century.
Paintings and sculptures from the post-war modernist period from 1945 to the 1970s will also be on sale in Munich on December 11 and 12, 2020.
Total sales are expected to reach the “low double-digit million range”.
Certain pieces have been made available to museums as long-term loans, such as the Städel Museum in Frankfurt.
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By GlobalDataDeutsche Bank’s art collection, which encompasses more than 55,000 works in total, will be reappearing as more international and younger than ever before.
Friedhelm Hütte, head of the art activities of the Art, Culture & Sports department said: “This is linked to our continued commitment to artists and galleries, which is particularly important at the moment. All in all, we want to focus our programme even more strongly and visibly on contemporary art.”
The banks involvement in art plays a crucial role in its Art, Culture & Sports division. According to the bank, “art spawns new ideas for shaping our future. It questions, inspires people, opens up new perspectives.”
An essential element of their involvement in art is the Artist of the Year programme, which is also connected with acquisitions, as well as exhibitions of works from the Deutsche Bank Collection.
The collection’s online platform states: “With its art programme Deutsche Bank is making a sustainable contribution to the development of society.”
The banks decision to use auction proceeds to purchase more contemporary works is likely to be warmly received by the sector which has suffered intensely due to global lockdown restrictions.
A report by UBS and Art Basel in September revealed that art gallery sales fell by 36% in the first 6 months of 2020. According to the report, the pandemic had led to the closure of physical spaces and almost all art fairs and events, which have “become pivotal for making sales in recent years”.
