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Business

PDIC sets auction of paintings, artworks from closed banks

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) has partnered with Leon Gallery Fine Arts & Antiques to auction paintings by notable artists such as Manuel Baldemor, Fernando Zobel, Arturo Luz and other art collections owned by banks ordered closed by the central bank.

The deposit insurer is set to hold a virtual public auction on Dec. 11 of the paintings and art collections that can be viewed at Warehouse 14, La Fuerza Plaza, 2441 Don Chino Roxas Avenue in Makati City.

“The public auction is part of a pioneering initiative to accelerate the disposal for closed bank assets,” PDIC said in a statement.

Aside from the paintings, included in the auction are artwork collections consisting of wooden furniture, religious sculptures, ceramic works, carvings, tapestry and other artworks.

“Most of the artworks up for auction are paintings on various subjects such as still-life objects, picturesque landscapes, Philippine countryside sceneries, architectural pieces, and even abstract works,” PDIC added.

PDIC said interested buyers may now register and bid through the website of Leon Gallery at https://leonexchange.com/en/categories/main/philippine-depositinsurance-corporation-auction/172.

As statutory liquidator of closed banks, PDIC manages the assets of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

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