Julius Baer Is a Conservative Swiss Money Manager . . .
Guess How It Approaches the Art Market?
Bloomberg has a nice profile of Raymond Baer and his firm’s art program. They buy contemporary Swiss Art for small prices–under $10,000–and refuse to treat art as an asset class for their clients:
For Baer, the bank’s art collection is a “passion,” not an investment, and he wants to keep it that way. Unlike its competitors Deutsche Bank AG and UBS AG, Julius Baer has no art- investing department in its wealth-management division.
“We have a business decision not to be art advisers and we also don’t lend money against art,” Baer says. “Art is art, and the art of money management is something else.”