Criticism of Bank Austria

Uproar over Vienna Art Forum closure: “This is unfair!”

The Viennese art scene is shocked because UniCredit Bank Austria is reorganizing its cultural sponsorship against the backdrop of the Signa insolvency. The Kunstforum is no longer involved.

(Bild: APA)

Following the closure of the Kunstforum, as reported by the "Krone" newspaper, the local art and culture scene is up in arms. The director Brugger fires sharply against the UCBA CEO Ivan Vlaho - who would save money on art with an annual result of 2.7 billion euros.

Shock in the cultural landscape, following the "Krone" report that the Italian UniCredit, parent company of the domestic Bank Austria, is closing the renowned art forum on Vienna's Freyung.

"Disaster for all art lovers"
On Monday, its director Ingried Brugger appeared before the press visibly drawn: "This is a catastrophe for all those interested in art and for Vienna and Austria as a cultural location". It is a house "that brings great results" and has "given the sponsor a lot of value in return".

"The bank has paid rent in an amount that does not correspond to the usual market price and this surplus has flowed back to the sponsorship," says Brugger, who emphasizes that she does not know the contracts. The savings argument is ridiculous; Vlaho would rather see a different kind of art, away from the elites.

Brugger shoots sharply against UCBA
According to Brugger, it is wrong to blame the insolvent Signa, owner of the property, for everything: "It wasn't Signa that didn't sign the contract, but the bank that delayed it until the last minute. It's always incredibly easy to hang another one on someone who rightly has such a horrible public image. But that's unfair in this case!"

You can't close a business, even a small factory, from one month to the next, that would cause us unbelievable problems, we have lead times of two to three years for our exhibitions!

Kunstforum-Direktorin Ingried Brugger

Bild: Tischler Andreas

The building is about to be sold. Ultimately, the future of the Kunstforum also depends on a new owner. Brugger now wants to do everything she can to facilitate a "soft landing": "You can't close a business, no matter how small, from one month to the next, that would cause us unbelievable problems, we have lead times for our exhibitions of two to three years!"

She now expects liabilities of five to six million euros - including expected penalties for the exhibitions planned for 2025 by star photographer Anton Corbijn and performance artist Marina Abramović. Brugger: "They will rightly sue!" Around 50 people at the location itself are affected by the closure, as well as a group of art mediators.

Exhibition operations are to continue until the summer break in 2025 if possible.

(Bild: Wikipedia/Gryffindor (CC BY 2.5))

Investment costs not comprehensible as a reason
In addition to the loss of Signa sponsorship, Bank Austria has also cited high investment costs as a reason for pulling out, which Brugger cannot understand. Although fire protection investments are required, these would be in the region of 200,000 to 300,000 euros. Apart from the rent, the Kunstforum requires around 4.5 million euros for its annual operation, whereby the director referred to a self-recovery rate of around 60 percent.

Bank Austria said: "In future, we no longer see our role as a direct museum operator, but will focus on financial support for cultural and social initiatives!"