Bankers’ Art Troves

“Many of the world’s biggest banks — and biggest recipients of government bailouts — have some of the largest collections of art. Some of the works, including abstract pieces and old masters, are hanging in hallways or boardrooms. But much of it is packed away in storage. The art owned by financial institutions should get out more — at the least to give the taxpayers, who have been so generous with the financial sector, an aesthetic return,” writes The New York Times. “If banks were temples of culture rather than lucre, the collections would be easy to justify. As a financial asset, however, much of the art is of dubious value. Some 400 works owned by Lehman Brothers, including ones by Roy Lichtenstein, are expected to fetch only about $1 million at a coming auction. And it’s hard to believe Andy Warhol or Damien Hirst ever helped get an initial public offering off the ground.”