Swiss bank UBS AG, a sponsor of the Art Basel fair and the world’s biggest wealth manager, is to close a division that advises Swiss clients on investing in art, reports Bloomberg. The news agancy reports that UBS posted a 20.9 billion-Swiss franc ($18.3 billion) loss for 2008, the biggest in Switzerland’s history, and on March 11 said it had an ‘extremely cautious’ outlook for this year, before quoting a bank spokesperson as saying “art banking does not belong to our core activities, so we will discontinue the operation”. Clients interested in art investments will in future be told to consult external advisers. UBS’s sponsorship of Art Basel remains unaffected and is due to continue until 2011.
Art Basel sponsor UBS to close art division
Related Posts
Art Basel Hong Kong 2025: 242 world-class galleries from 42 countries.
Art Basel has announced the exhibitors and first highlights for its 2025 show in Hong Kong, offering an invigorating program […]
Art Basel Miami Beach 2024 first details.
Art Basel has revealed the participating exhibitors and first details of its 2024 edition in Miami Beach
Paris+ ne plus pas
Paris+ par Art Basel has become Art Basel Paris and first details have been revealed. Taking place from October 18th-20th, […]
Art Basel and Parley for the Oceans launch partnership at Art Basel Miami Beach 2023
Art Basel and Parley for the Oceans have announced a partnership and launch ‘Art for the Oceans’, a global fundraising initiative to protect Oceans, Climate and Life against plastic pollution, climate change and biodiversity loss
Trending Articles
Top 5 Painting Exhibitions to see in London this Autumn Fire, figures, East London, Abstract Expressionism and hundreds of artworks. 
Grayson Perry: Delusions of Grandeur to open at the Wallace Collection The largest contemporary exhibition ever held at the museum, Grayson Perry: Delusions of Grandeur will include ceramics, tapestries, furniture and…
Steph Wilson wins the Taylor Wessing Photo Portrait Prize 2024 for Sonam. Steph Wilson’s prize-winning portrait challenges conventional notions of motherhood as part of her ongoing series Ideal Mother.
Tracey Emin leads local residents in protest against destruction of Margate landmark. Dame Tracey Emin, hundreds of local residents & the 20th Century Society protest against plans to replace the original windows…