Deutsche Bank Takes Down The Iconic Artworks From Its New York City Lobby – Market News Updates
Market News Updates

Deutsche Bank Takes Down The Iconic Artworks From Its New York City Lobby

Deutsche Bank’s downfall has by far been one of the biggest the world has ever witnessed, and arguably one of the biggest the world would ever see. Continuing with the downfall, the bank will now be taking down three massive abstract paintings which glorified its lobby walls on Wall Street. The trio of artwork by Gerhard Richter, which were one of the most priceless masterpieces of company’s vast collection of artworks, will now be unavailable for public view.

The three paintings together known as the “AbstraktesBild (Faust)” took their spot in the lobby back in the early 1980s and have never been even appeared at any auction in this broad 4-decade period. The trio is valued at somewhere between USD 12 million to USD 30 million by top art dealers and auction experts. The absence of the paintings, that used yellow, red, and green in the boldest possible manner, is just one of the many changes that have come up after the Deutsche Bank undertook a major overhaul. A bank spokesperson discarded the possibilities of an auction and stated that they were moved to let new artworks take up the space. The spokesperson however denied to disclose any details of what is to happen of the popular artwork trio. Deutsche Bank has spent four decades in creating the biggest corporate art collection, that boasts of about 55,000 artworks overall. Deutsche Bank has continued to be a lead sponsor of Frieze, one of the most popular international art fairs, since 2004. Art, as the company believes, helps strengthen the bank’s ties with its customers.

Talking of the job cuts, the company assured that the fixed-pay employees will keep their jobs despite the company’s plan to ramp down 18,000 jobs. Deutsche Bank’s fixed-income head Ram Nayak reportedly arranged a conference call on Monday to assure the employees.

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