This week, Deutsche Bank, the former museum partner with the Guggenheim, has announced plans for Berlin’s former Guggenheim building: they’ve turned the former museum into another museum, the Deutsche Bank KunstHalle.
The Deutsche Bank KunstHalle opens today with a show of work by Pakistani-born painter Imran Qureshi, winner of the financier’s annual “Artist of the Year” award. Upcoming exhibitions will include works from Deutsche Bank’s corporate collection—their art holdings include over 55,000 works of contemporary art—and from area institutions like the KW Institute for Contemporary Art and Berlin’s Nationalgalerie.
This local turn makes a lot of financial sense, given that so many of the exhibitions will include works already owned by Deutsche Bank. Helsinki’s City Council, when offering reasons for saying “No” to building a Guggenheim last year, specifically pointed out the financial pitfalls—specifically, paying the Guggenheim 2 million Euro a year, just for the use of their name. We predict Deutsche Bank will do just fine without the Guggenheim.