News | December 30, 2009

Royal Bank of Scotland Plans to Sell Artwork

News | December 30, 2009

By Jillian Lobato

The Royal Bank of Scotland is contemplating on whether or not to selling parts of its estimated GBP15 million art collection when the art market improves, as pressure continues to climb on state-owned banks to get rid of non-core assets.

The collection of the bank, which is majority-owned bank by the U.K. government, consists of works by artists LS Lowry, Anne Redpath, Jack Vettriano, Patrick Caulfield and Peter Howson. The bank is planning to loan some of these works to public galleries next year. Much of this art was inherited through the Royal Bank’s merger with NatWest in the year 2000. The collection has been valued at between GBP10 million (about $16 million) and GBP15 million (close to $24 million).

Pictured above: A Market Place, Berwick upon Tweed by LS Lowry

Via: WSJ