Art Basel sponsor UBS to close art division

By Mark Westall • 2 April 2009
Share —

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.

Author

Mark Westall

Mark Westall is the Founder and Editor of FAD magazine -

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

Bridget Finn appointed director of Art Basel Miami Beach.

We are thrilled with Bridget’s appointment and could not have found a better fit to lead our Miami Beach fair. […]

5 Fairs to see during Art Basel Week 2023

FAD has chosen 5 Fairs to see during Art Basel Week 2023. They include 3 art fairs, a book fair and a design fair. From 19 exhibitors to 284 there’s a fair to suit everyone we suggest you do the lot one each day then circle back for the weekend. – have FUN