Tuesday, November 29, 2011

Art museum goes underground to take on bank loans

Frankfurt's Staedel Museum is expanding underground to double its storage space and create room for bank loans. Deutsche Bank AG (DBK) and DZ Bank agreed in 2008 to hand over more than 8oo works to the Staedel, including works by Joseph Beuys, Georg Baselitz, Anselm Kiefer, Sigmar Polke, Gerhard Richter, Cindy Sherman and Andy Warhol. The loan includes an option to buy the art at 25% of its value, without interest over 25 years.
Image: Deutsche Bank headquarters in Frankfurt