Karel Appel Michael Raedecker Diego Rivera Latin American Sales Show Robust Results The Second Sex (at Auction, Anyway) U.S. Prosecutors in Mexico Probe Possible Kahlo Fakes Jerry Saltz Takes Glenn Beck to Task Market File: Rufino Tamayo

Send a letter to the Editor

Save to Del.icio.us Digg this

The firm, which got a €10 billion ($14 billion) bailout from the Dutch government in October, boasts a collection of about 25,000 artworks, including pieces by Karel Appel, Michael Raedecker, and Diego Rivera, on display in 1,300 locations. It will sell about a tenth of the works, valued at an average of €200.

ING posted a loss of €478 million for the quarter that ended September 30, 2008, its first in 18 years.

The company will sell 50 artworks every week on eBay through the Netherlands Institute for Cultural Heritage. A portion of the proceeds will go to ING Chances for Children, a social-development program founded with the help of Unicef.

Annabelle Birnie, head of the collection, says that ING will continue to buy works for the collection but will “of course, take into account ING’s current financial situation” and spend “modestly.”