On 6 March 2023, the WiB Economic group had an inspiring and exciting evening at the Palais Populaire, the former residence of the Prussian princesses which is now the location of Deutsche Bank's art events. Friedhelm Hütte, the former Global of Art of Deutsche Bank was the host and speaker of the event. Taking over a new position as Senior Art Advisor of Deutsche Bank, he is responsible for providing advice to the bank's board of directors on which art objects to buy and when, and who the “up-and-coming” talented artists of the future might be. As an example, he mentioned the works of Neo Rauch which were inexpensive in the 1970s but are prohibitively expensive today. The art collection of the bank is one of the most important one in Germany with about 55,000 objects that extends worldwide from German Expressionism to Fauvism, ZERO (an artists group founded in the 1950s), photographs and much more. Of course, Hütte's expertise also includes identifying valuable art in various locations around the world and negotiating with auction houses, private collectors, museums, galleries and the artists themselves.

We learned about the importance of auction houses and the activities of major galleries such as Gagosian and Zwirner. Berlin is the city with the highest gallery density in Germany. ART COLOGNE was established in 1967 and the first art fair in the world, followed by Art Basel/Miami, TEFAF, Arco in Madrid, Frieze etc. Among the largest private art collections are those of François Pinault and Bernard Arnault in Paris. The value chain of the art market generates an incredible number of jobs such as local craftsmen, logisticians, insurance agents etc. However, the art market is also an ideal place for money laundering. Prices are the result of supply and demand. A gallery owner would buy an object of "his" artists at an auction rather than leave it unsold.

The lecture was followed by a further, lively discussion with many questions and the evening was rounded off in the nice restaurant downstairs, where the WiB members then had the opportunity for a pleasant exchange.