Many Banks Hoard Treasure Troves of Art

October 29th, 2009

The New York Times, 10/26/09

“Many of the world’s biggest banks—and biggest recipients of government bailouts—have some of the largest collections of art. Some of the works, including abstract pieces and old masters, are hanging in hallways or boardrooms. But much of it is packed away in storage. The art owned by financial institutions should get out more—at the least to give the taxpayers, who have been so generous with the financial sector, an aesthetic return. Deutsche Bank is believed to own the largest corporate collection in the world, with some 60,000 pieces of contemporary art. UBS owns 40,000 pieces, and JPMorgan Chase 30,000. Combined, that approaches the [New York] Museum of Modern Art’s trove. Banks have various explanations for their hoarding instincts: lots of walls to cover, clients to impress, corporate identities to build. Or perhaps just some past director was a devoted patron.”