More Banks Use Art to Entice Patrons

Gana Art Gallery opened its art gallery in Pyeongchang-dong, Jongno-gu, Seoul in 1998.

Pyeongchang-dong is a traditional posh village with high academic levels and home to many artists, and that is why the art gallery was opened there.

However, fewer-than-expected people turned up to observe artworks in the gallery. Rather, more people showed up in the restaurant and cafeteria than the art gallery itself.

“What was the problem?” director of Gana Art Gallery Kim Mi-ra thought. It was then when there was the gallery’s encounter with a bank.

“Art Gallery Meets a Bank”–

Pyeongchang-dong branch manager, Lee In-sun of Korea Exchange Bank (KEB) had a “mini art gallery” established in 80 pyeong (594 square meters) out of the total area of 180 pyeong (264 square meters). And then Lee went to Gana Art Gallery.

“I will lend the exhibition space for free and connect you with prospective painting buyers. In return, Gana Art Gallery could pick out good pictures and display them.”

So this is how the “joint journey” of the bank and the art gallery started

That was because they firmly believed that they could fill up the gaps by helping each other.

A bank branch has its competitiveness depended on how many VIPs they have acquired. However it was not easy for the Pyeongchang-dong branch to attract those with large assets. They were even tired of the branch’s expensive interior decoration changes.

Branch manager Lee mulled over this issue for a while and came up with the idea of having an art gallery, even thinking of opening an exhibition in the bank branch. Meanwhile at that time the art gallery was finding it more and more difficult to attract “rich customers” who could easily afford paintings.

Director of Gana Art Gallery, Kim confessed, “I had this feeling that if I explain little bit about at works to residents in Pyeongchang-dong, they would immediately fall in love with them. But I just didn’t know how to ‘kick this off’” It was then when the bank’s gesture turned out to be a great help.

Art Approaching Customers -

It was Kookmin Bank that first tried to make the bank meet an art gallery. From May last year, paintings and sculptures started to be on display in 16 Private Banking (PB) Centers nationwide.

Professional curators of art galleries selected appropriate artworks to be on display in the banks and rotated them every month or two. That is, some space for display as good as a permanent display center has been available for the bank branch.

Kookmin Bank even opened an artworks investment course for customers. Its intention is even to sell the displayed works as one of its strategies of asset management for customers.

It is Pyo Gallery that operated Kookmin Bank’s display and courses. The gallery sold 20 artworks via the bank up to August this year. Only 35 pieces were allowed to be on display on its display floor, but a total of about 250 pieces were up for display as the display space of 16 Kookmin Bank branches were used.

Recently even Shinhan Bank opened “gallery banks” along with three art galleries in nine of its PB Centers in the metropolitan area. Displayed and sold are the works of Korea’s prestigious and master artists, and 10 percent of the sales earnings are said to be contributed to international aid agencies including UNICEF.

Even Artists Have Changed -

Such new display spaces encouraged artists to actively participate in these efforts.

Pyo Gallery holds “Talks with Artists” in a non-regular basis in PB Centers in Kookmin Bank amid heated participation of artists. That is because PB customers of the bank own financial assets worth at least hundreds of millions of won. They are the “potential customers” the art market targets.

Pyo Gallery’s owner, Pyo Mi-sun said, “PB Centers serve as a premium social club where artists meet customers that are usually hard to contact.”

KEB’s Pyeongchang-dong branch receives endless inquiry calls on young artists’ private exhibitions. Director Kim hinted, “Young professional artists are more active in making their artistic world known to new customers.”

sanhkim@donga.com