Swiss Bank Drops Art Banking Services
Swiss bank UBS has announced that it is closing its "art banking" department. The department provided wealthy clients with research on prices and artists as well as advice on the practical concerns of a collection such as transport, storage and restoration. The department was created in 1998 and thrived as the art market expanded. UBS has lost billions linked to bad debt and the Swiss government has provided the bank with a huge bailout. UBS will still offer gold and coin services as part of their business and the company will continue its sponsorship of the Art Basel contemporary-art fair which they are contracted to do through 2011.
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