Deutsche Bank, which holds around 55,000 artworks—one of the world's largest corporate art collections—will sell around 200 modern works to fund new art acquisitions, says Friedhelm Hütte, head of Arts Deutsche Bank.
"The number of branches is becoming less and less," Hütte says. "That has had an impact on the collection. The idea of our collection has always been art at the workplace."
The German bank has closed over 500 branches and is in the process of cutting 18,000 jobs, reports Reuters.
Deutsche Bank will enhance "the contemporary quality" of its collection after hopefully raising 10 million euros ($11.8 million) from the sale of works by artists including Paul Klee, Max Beckmann, and Hans Hartung.
Wassily Kandinsky, László Moholy-Nagy and Egon Schiele works are on offer October 22 at Christie’s in Paris. Christie's in London and Paris and Ketterer Kunst of Munich will host sales with some 200 works over the next three years.
The bank previously sold Gerhard Richter's Faust painting from 1981 that hung in its former Wall Street lobby. Works by Erich Heckel, Max Pechstein, Emil Nolde and Ernst Wilhelm Nay have also been sold.