ABN Amro sells its art for €1
Friday 21 December 2007
ABN Amro sold its important art collection for a symbolic €1 to the ABN Amro Art Collection Foundation, just prior to the bank being taken over, the Telegraaf reports on Friday.
The Foundation is chaired by Rijkman Groenink, former CEO of the Dutch bank.
The ABN Amro collection, built up over 25 years and valued at ‘tens of millions of euros’ includes work by local artists such as Marlene Dumas as well as the likes of Warhol and Judd.
Sources inside Fortis, which is taking over ABN Amro’s Dutch activities, told the paper an investigation had begun into the deal.
‘This is the biggest art theft of the century,’ one ABN Amro insider told the paper. ‘This art was bought along with the company and with shareholders’ cash.’