Deutsche Bank Shifts Focus To Emerging Artists
Deutsche Bank has just announced intentions to sell off around 200 artworks to shift the focus of its corporate collection to contemporary and emerging artists.
The Deutsche Bank collection first began to pivot to contemporary art back in 1997, but this more significant sell-off echoes a more general trend in the art world towards contemporary art. Pieces to be sold include sculptures and paintings created between 1945 and the 1970s as well as a series of drawings and prints dating back from the early years of the 20th century.
The 200 modern works of art will be offered at auction over the next three years at Ketterer Kunst in Munich and Christie’s in London and in Paris. Deutsche Bank estimates that profits will be in the “low double-digit million range”, with the first auction set to take place at Christie’s Paris on the 22nd of October.
The owner of Ketterer Kunst, Robert Ketterer, welcomed the bank’s decision, describing the sale as “good news for a hungry art market.” Ketterer Kunst auction house has reported 5% growth so far this year and netted $29.5 million at four auctions held in-person over the summer.
The proceeds of the sale will go to purchase contemporary artworks; according to Friedhelm Hütte who heads up the bank’s art and culture department, Deutsche Bank intends to prioritise “up-and-coming artistic talents”.
Deutsche Bank’s decision reflects wider demand for contemporary art, a market that has made huge gains in recent years primarily driven by the USA as well as a strong Asian appetite for emerging artists. Over the past decade total auction turnover by volume has doubled for contemporary art, making it a key category for investors and collectors looking to identify the emerging market trends.
The move is being billed as altruistic as well as a shrewd investment move, with the bank keen to support emerging talent and galleries, something that Hütte acknowledges is “particularly important at the moment.”
Here at Red Eight Gallery supporting emerging artists is something we are passionate about. By identifying top up-and-coming talent we help our clients discover pieces which they love and which offer a solid investment opportunity. This approach also allows us to work closely alongside our artists as they grow and develop in their careers.