The bank — whose collection is 60,000 pieces strong according to Art Market Monitor — will be saying goodbye to 312 artworks, amongst them works by Gerhard Richter, Yves Klein, Ernst Wilhelm Nay, Enrico Castellani, Sam Francis, Andreas Gursky and Nam June Paik.
Gerhard Richter (b. 1932), Abstraktes Bild, painted in 1984. Oil on canvas. 78¾ x 118⅛ in (200 x 300.4 cm). Offered in the Post-War and Contemporary Evening Auction on 4 October at Christie’s in London
"Social Impact Banking is part of UniCredit’s commitment to building a fairer and more inclusive society. It aims to identify, finance and promote people and companies that can have a positive social impact. As well as continuing to provide credit to projects and organisations not usually served by the traditional banking sector, UniCredit employees educate micro-entrepreneurs, social enterprises and vulnerable or disadvantaged groups, building valuable networks within our communities. SIB also focuses on monitoring and measuring outcomes, essential for sustainable growth. It is currently being rolled out in 10 additional UniCredit markets, including: Germany, Austria, Serbia, Croatia, Hungary, Bulgaria, Romania, Turkey, the Czech Republic and Slovakia, and Bosnia and Herzegovina," the bank explained in a statement.
UniCredit further specified that a percentage of the funds would go towards supporting young artists, but it remains to be seen exactly how much this sum will be.
