PDIC continues auctioning of paintings and works of art from closed banks

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Lawrence Agcaoili – The Filipino Star

November 26, 2021 | 12:00 noon

MANILA, Philippines – The state-owned Philippine Deposit Insurance Corp. (PDIC) has teamed up 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 the central bank.

The deposit insurer will hold a virtual public auction of the paintings and art collections on December 11th at Warehouse 14, La Fuerza Plaza, 2441 Don Chino Roxas Avenue, Makati City.

“The public auction is part of a groundbreaking initiative to accelerate the disposition of closed-end bank assets,” PDIC said in a statement.

In addition to the paintings, the auction also includes art collections consisting of wooden furniture, religious sculptures, ceramics, carvings, tapestries and other works of art.

“Most of the artworks up for auction are paintings on a variety of subjects such as still lifes, picturesque landscapes, Filipino landscapes, pieces of architecture and even abstract works,” added PDIC.

According to PDIC, interested buyers can now register and bid via the Leon Gallery website at https://leonexchange.com/en/categories/main/philippine-depositinsurance-corporation-auction/172.

As the legal liquidator of closed banks, the PDIC manages the assets of banks that have been ordered to close by the Monetary Board of Bangko Sentral ng Pilipinas (BSP).


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