Deutsche Bank removes a trio of massive and expensive paintings from its Wall Street lobby

markets.businessinsider.com | 7/15/2019 | Staff
j.moomin (Posted by) Level 3
Deutsche Bank removed three abstract paintings by German artist Gerhard Richter from its New York office's lobby, Bloomberg reports.

The paintings are estimated to be worth between $12 million and $30 million. A bank spokesman declined to say whether the paintings were sold.

Art - Removal - Transformation - Deutsche - Jobs

The art's removal follows a "radical transformation" announced by Deutsche to slash about 18,000 jobs and focus more on commercial and corporate clients.

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Paintings - Artist - Gerhard - Richter - Deutsche

Three large abstract paintings by German artist Gerhard Richter were removed from Deutsche Bank's Wall Street lobby, according to a Bloomberg report.

The works were acquired by the bank in the early 1980s and are valued between $12 million and $30 million, Bloomberg reported.

Bank - Art - Collections - Pieces - Collection

The German bank owns one of the largest corporate art collections, estimated to hold about 55,000 pieces. The collection helps the bank bond with its clients, DB's global head of wealth management, Fabrizio Campelli, told Bloomberg.

"When you share passions, genuine passion with your clients, it can build a much more solid relationship," he said.

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