RBS Considers Selling Art Collection

by Deidre Woollard (RSS feed)
Dec 22nd 2009 at 7:02PM

More and more art collections held by financial institutions seems to be making their way to market. Once an art collection held by a business was considered an investment and a sign of status. Lately it's looking more and more like a liability. The Royal Bank of Scotland is reportedly looking at selling parts of its £10m to £15m art collection when the art market improves. The move is part of an overall trend in having state-owned banks get rid of anything not essential to doing business.

The collection of the bank, which is majority owned by the UK Government, includes pieces from artists LS Lowry, Anne Redpath, Jack Vettriano, Patrick Caulfield and Peter Howson. The bank inherited many of the pieces through a merger with NatWest in 2000. The bank is planning to loan out some of the pieces to public galleries next year including The National Galleries of Scotland and The National Gallery, The art is currently mostly displayed on office walls but with around 400 of its existing 2,250 banking and insurance branches in England and Wales closing there will be a lot less wall space available.

A spokeswoman for the bank as quoted in the Wall Street Journal said that the bank will not sell pieces that are of historical importance or that national galleries might wish to exhibit. Other pieces however may be up for sale if it is deemed that the market is strong enough and a good price could be realized.

Tags: art, art collection, ArtCollection, rbs, royal bank of scotland, RoyalBankOfScotland