Berenberg cancels art fund, moves art advisory in-house
Helge Achenbach and Dr Stefan Horsthemke are leaving Berenberg Art Advice as Berenberg moves art advisory back into the bank. It has also cancelled its planned art fund.
“The significance of art as an asset category will continue to increase. We wish to create a high quality advisory and service offer also on an international scale which is closely linked with our other services”, says Andreas Brodtmann, managing partner at Berenberg.
Achenbach and Horsthemke formed Berenberg Art Advice with the bank in 2011.
The fund was to be run as joint venture with The Fine Art Fund. Berenberg Art Fund hoped to raise Eu50 million ($69 million) which would allow it to buy about 200 art works. It planned to invest 65% (up to a maximum in of 75%) in old masters, impressionists, classic modern artists, expressionists and post war artists. The rest would be invested in works by artists that they felt were about to breakthrough internationally.
Berenberg Art Fund aimed to return 7%-9% per year, although this would only be realised once the assets were sold. The minimum investment was Eu100,000 and it had a seven year term.