“Why do banks buy so much art? To earn prestige apparently. Yet that prestige may come at a cost as banks do not want to be seen spending extravagantly in the wake of the mortgage crisis and bailouts.
Few banks collect art to make money. A liquidation auction of art from collapsed investment bank Lehman Brothers in London on Sept. 29, for example, raised $2.6 million. Not bad, but it won’t make a dent in the $613 billion in liabilities the bank had run up when it folded.”
Disclaimer: This article is for educational purposes only and is not meant to provide legal advice. Readers should not construe or rely on any comment or statement in this article as legal advice. For legal advice, readers should seek a consultation with an attorney.
