About Banks & Insurance Companies Art Collections

Banks and insurance companies are among a large group of businesses around the world that endeavor to collect art. Being so far removed from the financial sector, people often wonder why banks and insurance companies would commit to the art sector as part of their business activity. Finance and art don’t generally fall within the same category, but seeing banks and insurance companies collect art- contemporary in particular- is becoming a lot more common in today’s society. 

Here are some reasons why:

1. Decoration

This is perhaps the most obvious. Decorating offices with well-chosen artworks has many benefits from a staff and a client point of view. From a human resources perspective, art throughout the office can add to a pleasant and relaxing ambience at work, having a positive effect on the moods and motivation of employees. Nobody can deny that their surroundings in work can make a huge difference.

From a client point of view, stepping into an office for the first time to see artworks hanging on the walls gives a client a sense of confidence in the business. Artworks can boost the reputation and credibility of a company subconsciously for the client, enabling the company to establish a relationship of trust in a diverse way. As well as this, it contributes to the relaxed atmosphere in the building making the client feel more at ease- especially if the client is there to insure art of their own.

2. Corporate Social Responsibility

As a large company, you are expected to give something back to the community in which you reside. There are many ways in which companies can do this, for example donating money to local charities, setting up graduate programs for the local university’s graduates, or sponsoring a local sports club. However companies can also dedicate to CSR through art. Companies can choose to invest in local artists, helping them to grow their revenues, their visibility, and their reputation. There is a growing trend in corporate collections to purchase contemporary art, and so it makes all the more sense for large companies to invest in local artists. It’s all about that idea of supporting local business, as well as self-benefiting from an
attractive art collection. 

3. Corporate Image

As aforementioned, to boast artworks throughout your offices can establish an authoritative and reputable environment. A lot of the time, corporations will choose artworks that link directly to the corporate image they wish to portray; their values and missions. In this way, a corporate art collection can act as a reflection of the company itself, demonstrating what the company stands for. In the surrounding business environment, a company that has a well-known art collection is a company that is generally big, international, successful, and committed to corporate social responsibility. Such is the reputation companies maintain when they own an art collection, which is obviously hugely beneficial to credibility and corporate image altogether.

So although many think that banks and insurance companies are all about the bottom line, they also partake in art endeavors that surround and compliment their main business activity. Explore this category and discover some of the banks and insurance companies globally showcasing fabulous art collections.

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