Contemporary art provides an inspiration for bankers

Investment banks traditionally kept their art collections behind closed doors, adorning the boardrooms and executive suites.

The new egalitarian approach has spread art throughout the building, from the conference room to the staff canteen and the photocopier room.

Staff are also becoming more involved in the art selection process in the form of art committees. Some banks have even appointed art curators.

Others have internal arts clubs and run 'picture of the month' themes where they rotate prominently displayed works.

Rory Macloud, head of fixed income at Baring Asset Management and a member of its art committee, says: 'We demand a lot from our employees. But having art around allows a moment of contemplation and a chance to forget the stressful working environment.'

Andrew Silewicz, at Victoria Miro gallery, says: 'A corporate art collection can be for decoration on the wall. But if it's done well, it can show a business to be entrepreneurial and innovative.'

The type of art on display can say a lot about a bank's image many have several collections to represent their persona, and they also fund art fairs and exhibitions.

UBS Warburg is the official sponsor of Art 32 Basel, an international art fair in Switzerland, that is seen as one of the most significant for modern and contemporary art.

Amanda Basker, marketing manager of International Arts Consultants, says: 'Banks often commission art from an HR or PR budget rather than as an investment purchase.

'They are becoming increasingly aware of the benefits that an active art collection can bring to staff, shareholders and visitors to the building, to clients and also the local community.'

Several City of London institutions are regarded as having good collections, among them ABN Amro, Baring Asset Management, JP Morgan, Cazenove and Deutsche Bank.

Achilles Macris, general manager at Dresdner Kleinwort Wasserstein, has some of his personal art collection adorning the bank's walls. He says: 'The idea is to be part of an organisation that is forward looking, intellectually curious and keen to reflect passion for new ideas and creativity. We want the work environment to reflect who we are.'

Deutsche Bank has more than 50,000 paintings worldwide, including 3,000 in London, and encourages staff to take part in the collection process. Its collection at its offices in Winchester House, titled Art at Work, includes pieces by British, German and American artists such as James Rosenquist, Ben Nicholson, Francis Bacon, Graham Sutherland, Lucian Freud and Victor Pasmore.

It also boasts more contemporary artists and sculptors such as Anish Kapoor, Damien Hirst, Günther Förg and Rachel Whiteread.

John Short, a managing director, global corporate finance at Deutsche Bank and on the art committee, says: 'It is good for staff and client morale. One feels more upbeat when there are interesting and bright things on the wall.'

Some employees, he says, have even asked if they could take the picture by their desk away with them when they retired.

Simmons & Simmons, the law firm, has chosen an adventurous, contemporary art collection. Pieces displayed throughout the building include Damien Hirst's Last Supper in the staff restaurant and Tracey Emin's Trust Me pink neon artwork in a corridor.

On show nearby is a portrait series by Gary Hume, together with a set of hospital doors painted directly on a wall.

Stuart Evans, head of corporate finance at Simmons and Simmons and one of the jurors for this year's Turner prize, has an average annual budget of 25,000 (€40,750) to buy art for his firm. He has increased the value of the collection 10-fold in five years by buying from artists when they were relatively unknown.

He seems to have adopted the Versace principle of 'get them while they're young', having bought work from Michael Landy, Chris Offili, Peter Doig and Michael Craig-Martin, as well as Hirst and Emin.

Evans says: 'We are trying to associate ourselves with dynamism and creativity, a profile we are happy to have, because the best law looks at problems creatively and sees solutions not previously seen.'

Bankers and their bonus packets have always been associated with purchasing art.

But all the exposure at work seems to be encouraging even more City employees to start individual collections.

Christies, the auctioneer, says investment bankers are showing an increasing interest in its large contemporary art collection.

However, Gerard Goodrow, contemporary art director at the firm, has his own theory about why some bankers - as well as other people - are buying more.

Purchases by clients in Europe have increased significantly and he attributes this partly to money laundering activities ahead of the full arrival of the euro. 'Art can be a good way to launder money,' he says.

He also argues that art is always worth having for its own sake. 'Even if the stock market crashes, you have something of personal value on your wall.'

Some bankers become so interested in art that they take it up as a living. Several well-known and fashionable art galleries, such as Victoria Miro and White Cub€2 in Hoxton, London, have investment bankers on their payrolls.

Olivier Camu, director of Impressionist, modern and post-war art at Christies, used to do mergers and acquisitions at Morgan Stanley. He joined the auctioneer after taking a nine-month sabbatical to complete their modern arts studies course.

Andrew Silewicz left Barings to pursue a career at the Victoria Miro gallery after studying post-war contemporary art at Sotheby's.

He agrees that the level of interest shown by bankers in art has grown enormously in recent years. He says: 'Very few used to buy contemporary art. When they got their bonus, they tended to go out and buy a Porsche or golf club membership.'

One organisation where many meet is the Mint Club, set up by a group of bankers, headhunters and artists.

Members are invited to a range of art exhibitions and events and get the chance to meet artists in person, says Ben Hanly, one of the founders.

Johannes Hainlein, director at Options Group, a London-based executive search firm and co-founder of the Mint Club, says: 'Today, we have overcome the age of the politically correct colour scheme in an office-block. Art is a liberation to inspire and challenge each employee individually to accelerate and to be creative.'