Deutsche Bank restructures its art services
The German bank's art consultancy service will contract, while art financing is to expand
By Clemens Bomsdorf. Market, Issue 216, September 2010
Published online: 08 September 2010
COPENHAGEN. Deutsche Bank, Germany’s biggest bank, is restructuring its services for art collectors. Its art consultancy service will contract, while art financing is to expand. Only one person—rather than the current three—will be available for consultation with private wealth customers about their art collections. Other staff will now deal with art financing—loans with art as collateral. The plan is to expand this service across the company, including in countries other than Germany. “We are working on an expansion, but it is too early to disclose details,” bank spokesman Klaus Winker confirmed.
Deutsche Bank has re-examined its business in the light of the economic downturn, concluding that private wealth management does not deliver the returns it should, resulting in the recent restructuring. While the bank does not officially give a precise sum of money needed to become a private wealth management customer, the threshold is believed to be €5m.
Art consultancy from Deutsche Bank is usually offered as an additional service at no extra charge for very wealthy customers; lending against works is expected to accrue greater returns. “We are in no way cutting down our art advisory [facility] within…private wealth management, but adjusting the services offered,” said Winker, adding: “Those who still want to ask us for advice will be taken care of by our art consultant, Christina Schroeter-Herrel.”
The bank’s collection is not affected by the restructuring: activity in the collection is increasing, according to Winker. The aim is to make the collection more open to the public. Acquisitions will focus more on younger, non-European artists.
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