Under Mexico’s cultural property laws, the works of many of the greatest artists of the 1800s and 1900s are considered historical or artistic monuments. Once a work of art has this designation, it cannot be removed from the country without prior approval from the Mexican Government and, despite having approval, it can only leave temporarily.
This is the fifth time that Banamex has changed owners in its 138-year history.
Teams of art historians were tasked with cataloging and preparing the pieces for their new owners. Citigroup declined to comment on the value of the artworks.
“We are talking about buildings, about art collections from the best painting artists in Mexico, also in the world,” said the president of Mexico, Andrés Manuel López Obrador, in a conference at the beginning of 2022, emphasizing that it is about cultural heritage and must stay in the country.
Banks around the world have long maintained huge art collections. During the pandemic, while many museums faced budget cuts and were forced to reduce programming amid health restrictions, banks and other large corporations continued collecting, lending and exhibiting art.
Citigroup was no exception. Currently, the bank set up an exhibition to commemorate 200 years of Mexican independence inside the Palace of Culture, an 18th-century building in the historic center of Mexico City. The structure itself is part of the bank’s art collection. Some 120 of the best pieces from the Citibanamex collection are on display.
