Thursday, April 02, 2009

UBS Shuts Down Art Advisory Business

The AP reports that UBS has "closed its 'art banking' department, which helps rich clients buy and build collections. The department was created in 1998 and provided customers with research on prices and artists, and consulted them on estimates, transport, storage, restoration and inheritance of art works."

Felix Salmon says the announcement "is pretty shocking — but also a little heartening, to those of us who love art for its intrinsic rather than its monetary value." The Art Market Monitor has some thoughts in response.