RBS Considers Selling Art Collection
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.