Artworks go on sale as bank is wound down

The art collection of failed lender WestLB, including a piece by Morris Louis of the Washington Color School movement, is going on sale as the German state seeks to retrieve funds used in the bank’s rescue.

'We have to use all assets and the art is part of that wealth', Kai Wilhelm Franzmeyer, chief executive officer of the entity which is winding down WestLB, said in an interview on Deutschlandfunk radio Wednesday.

Bloomberg News reports Portigon, which emerged from WestLB’s collapse, has drafted a confidential list of 400 artworks for North Rhine-Westphalia’s parliament, the radio station reported, without citing anyone. 

To access the complete Bloomberg News article hit the link below:

WestLB Artworks Go on Sale as Failed German Bank Is Wound Down

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