In January of this year the German state-owned bank Portigon AG of North Rhine-Westphalia, the rebranded successor of the WestLB which folded in 2012 during the financial crisis, decided to deaccession its entire art collection. The bank holds approximately 400-pieces of art, which includes works by Pablo Picasso, August Macke, Joseph Beuys, and Günther Uecker. Now preliminary measures to save the art collection of the state-owned bank, have been introduced by officials in the German state, "Monopol" reports.
The officials have presented a three-step plan devised to save the collection of Portigon, the bank considered selling its museum-quality art collection to pay back an EU bailout loan.
