Financial institutions have emerged as some of the biggest supporters of art in Asia, as banks adopt a kind of cultural asset management.
Art can be a store of value and its low correlation with the performance of stocks and bonds offers diversification benefits, but banks focus on using it to project their values and give something back to society.
It also helps them to connect with wealthy clients. Ultra high-net-worth investors in Asia ex-Japan held an estimated US$605bn in art and collectibles in 2024, with this forecast to rise to US$820bn in 2030, according to the Deloitte Art & Finance report 2025.
“Art and collectibles have become a critical component of global wealth, both as a store of value and as an expression of cultural capital,” the report said.
As part of its global sponsorship of the arts, UBS, as founding and lead partner for Singapore’s ART SG from January 23 to 25, presented Indonesian artist Melati Suryodarmo’s three-hour performance of “I Love You”, alongside a selection of multimedia works by 13 international artists from its own collection.
The UBS art collection consists of 40,000 works in various mediums including paintings, sculptures, photographs, videos, and installations. It established an Asia Pacific office in 2016.
“Our holdings by artists from Asia keep growing,” said Elaine Choi, UBS art collection manager for Asia Pacific, who is based in Hong Kong.
Another big collector is Deutsche Bank, which has an art collection comprising 50,000 pieces, with a focus on works on paper and photography by international contemporary artists. It is displayed in the bank’s offices around the world, totalling nearly 500 locations in 40 countries.
“The Singapore collection comprises around 300 works on paper and photography, and we look forward to unveiling new works when the office renovation is complete next year,” said Britta Faerber, global head of art and culture at Deutsche Bank.
In Asia, United Overseas Bank has more than 2,800 artworks in its collection, which are displayed in its head office in Singapore, bank branches, corporate offices, and its art galleries in China and Malaysia.
“UOB’s commitment to visual art is guided by a deep appreciation for South-East Asian creativity and cultural heritage,” said Xu Weilun, assistant vice-president, group corporate social responsibility, at UOB. “We are proud to support artists across Asia, with a particular focus on championing South-East Asian art.”
UBS’s mission is to collect artworks created by living artists, with a focus on contemporary art from the 1960s onwards, particularly within the regions where it conducts business.
“While personal taste plays a role, we always consider the relevance of an artist’s work to the existing pieces in the collection,” said Choi. “We undertake extensive research, regularly speak with gallerists and artists, and attend art fairs. Our aim is to acquire art that will endure and remain relevant for years to come.”
Deutsche defined its collection mandate more than 45 years ago, focusing on works on paper and photography by international contemporary artists that reflect today’s world and make people think about the future.
“This whole realm of ideas, we bring into the office world to inspire our colleagues and open new perspectives for them,” said Faerber. “By acquiring works by young artists, we of course support the arts scene and the society we are part of.”
These art collections can also be a way to connect with bank clients. Around 25% of wealthy investors consider themselves art collectors, according to the Deloitte report.
“Through tours of the collection in our headquarters, we can build deeper relationships with clients and prospects by sharing our passion for art, which is an emotional asset that connects people,” said Choi. “The firm also actively enables clients and audiences to participate in international conversations about art and the global art market through its partnership with major art fairs in various regions, as well as through other art sponsorship activities.”
All three banks have annual awards for artists or artworks and may acquire work under these programmes too. In 2025, Deutsche named Singapore’s Charmaine Poh its artist of the year, an award that recognises rising international contemporary artists.
On display
Collection managers have to strike a balance between preserving the works and making them accessible.
“We display artworks in offices around the world and publicly at the UBS Art Gallery at our New York headquarters at 1285 Avenue of the Americas,” said UBS’s Choi. “Although these are not climate-controlled, like museum spaces, we always follow best practices to keep the works in optimal condition. For example, we avoid placing works on paper in well-lit locations, frame delicate works, and place stanchions in front of vulnerable artworks.”
Deutsche’s Faerber said her team are always involved in project development of new buildings to consider how artworks in offices can be protected.
“Light is the biggest topic and we advise on this,” she said. “All works are framed, which helps.
“We also ensure conservators look at a certain selection of sensitive works on a regular basis and prepare condition reports.”
The unusual nature of the job means the work is varied.
“A typical day for me involves liaising with artists and galleries, as well as working with colleagues across UBS to realise various activation projects within UBS spaces,” said Choi. “I also collaborate with art professionals to coordinate the display and care of artworks in our APAC offices. Additionally, I spend time researching artists – both emerging and established – in the region, writing proposals for potential new acquisitions, and planning educational events for our staff and clients.”
Deutsche’s Faerber said her days are diverse. “You can find me presenting to senior management on our art programmes, reviewing art content on our channels, and meeting my curatorial team who run our collection.” She is also involved in the bank’s global partnership with Frieze, a contemporary art platform, where it works with artists on exhibition concepts for Deutsche Bank’s lounges at Frieze art fairs.
On a typical day, UOB’s Xu might be expecting a return of artworks from various locations or be working on new art programmes.
“I might also be meeting colleagues to discuss refreshing branch artwork displays or meeting external stakeholders to work on exhibitions in Singapore and overseas,” he said. “I regularly reflect on how well visitors engage with our artworks by observing the time they spend on each showcase. I also evaluate whether our exhibitions communicate their intended narrative and experiences effectively.
“Together, these elements form an important part of how I measure whether I am doing my job well.”
