January 08, 2010
Commerzbank restructures Dresdner Bank art collection
● 100 modern and contemporary works to go to museums on permanent loan
● Alberto Giacometti’s sculpture ‘L’homme qui marche I’ to be sold
● Proceeds to go to Commerzbank foundations as well as museums
Commerzbank is to restructure the art collection of the former Dresdner bank as part of the ongoing integration process. Around 100 outstanding modern and contemporary works will be made available to museums in Frankfurt, Dresden and Berlin on a permanent loan basis. "We want as many people as possible to be able to see the works in the art collection of the former Dresdner Bank, and are keen to support the museums in expanding the focus of their collections," said Martin Blessing, CEO of Commerzbank.
In Frankfurt items such as the work "Untitled (for Hans Coper, master potter)" by Dan Flavin will be accorded to the Museum fuer Moderne Kunst and Andy Warhols "Johann Wolfgang von Goethe" to the Staedel Museum. In Dresden, the city where Dresdner Bank was founded, the Staatliche Kunstsammlungen Dresden will benefit amongst others with Per Kirkeby's "Tor I" and the Staedtische Galerie with Franz Ackermann's "Ohne Titel (Evasion IV)". Discussions are still under way with various institutions in Berlin. Also, the further selection of works will follow in the next weeks.
In addition, Commerzbank intends to auction Alberto Giacometti's sculpture 'L'homme qui marche I'. The work will be offered for sale at the auction house Sotheby's in London on February 3, 2010. "Promoting cultural education is one of the key aims of the Commerzbank foundations. We intend to use the sale proceeds to strengthen the resources of our new Foundation Centre, and also to provide funds to the museums for restoration work and educational programmes," said Klaus-Peter Mueller, Chairman of the Supervisory Board of Commerzbank and Chairman of the Board of Trustees of the Commerzbank Foundation.
The new Commerzbank Foundation Centre brings together the charitable foundations of Commerzbank and the former Dresdner Bank. It includes the Commerzbank Foundation (with an endowment of EUR 53 million), the Juergen Ponto Foundation for the Promotion of Young Artists (EUR 6.4 million), the Dresden Cultural Foundation of Dresdner Bank (EUR 7.2 million) and the Dresdner Bank Foundation Fund (EUR 10 million) as well as five charitable foundations endowed with a total of around EUR 20 million that provide financial support for Commerzbank employees and pensioners who find themselves in need.
