- Associated Press - Monday, July 4, 2016

BERLIN (AP) - The government of Germany’s most populous state is paying nearly 30 million euros ($33.4 million) to acquire art works and other treasures collected by a bank that fell victim to the financial crisis.

North Rhine-Westphalia’s government said Monday it is buying 297 items that include a Stradivarius violin and works by artists including Joseph Beuys and Gerhard Richter. It said that the aim is to ensure continued public access to the works.

The state is acquiring the art from Portigon AG, a legal successor to WestLB bank, which was broken up following the financial crisis. Portigon last year announced plans to sell the collection.

In 2014, a state-owned casino operator sold two Andy Warhol pieces that were once owned by WestLB at an auction, drawing criticism.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More

Click to Hide