- Deutsche Bank removed three abstract paintings by German artist Gerhard Richter from its New York office’s lobby, Bloomberg reports.
- The paintings are estimated to be worth between $12 million and $30 million. A bank spokesman declined to say whether the paintings were sold.
- The art’s removal follows a "radical transformation" announced by Deutsche to slash about 18,000 jobs and focus more on commercial and corporate clients.
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The works were acquired by the bank in the early 1980s and are valued between $12 million and $30 million, Bloomberg reported.
The German bank owns one of the largest corporate art collections, estimated to hold about 55,000 pieces. The collection helps the bank bond with its clients, DB’s global head of wealth management, Fabrizio Campelli, told Bloomberg.
"When you share passions, genuine passion with your clients, it can build a much more solid relationship," he said.
The change in lobby decor follows a shakeup for the bank’s operations. DB announced earlier in July it would cut about 18,000 jobs by 2022 and eliminate its trading unit in an effort to lower costs and pivot to serving primarily commercial and corporate clients.
The pieces were moved to make room for newer art, bank spokesman Klaus Winker told Bloomberg. He declined to say whether the paintings were sold and where they are currently located.
"We have a special program for the publicly accessible areas in our locations to show young and up-and-coming artists," he said.
Richter is known for his vibrant abstract paintings. Rock legend Eric Clapton sold a painting by the 87-year-old artist in 2012 for roughly £21.3 million — about $34 million at the time.
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