Treasures of big business revealed in exhibition showcasing art collections of major firms

Treasures owned by big business across the world will go on show in London today to launch an exhibition that chronicles the “modern Medicis”.

Art consultants Peter Harris and Shirley Reiff Howarth have spent five years researching the best and most important works in corporate collections, and how they are used to inspire staff, polish a firm’s public image, and foster goodwill in the community.

They now feature in a new book, and some, including works by Picasso and Tracy Emin, have gone on show at the London headquarters of auctioneer Bonhams.

The most prestigious collections include masterpieces such as one of Vincent van Gogh’s Sunflowers series, owned by Sompo insurance in Japan.

Mr Harris said America, Germany, Japan and Spain were the biggest and most impressive corporate art collectors with the UK in the middle ranking.

But UK insurance company Hiscox had created collections forged with a “wonderful eye”, while law firm Simmons & Simmons was among those to have made clever early purchases of artists such as Emin and Damien Hirst. The Fleming collection, owned by The Fleming-Wyfold Art Foundation, has had a huge impact in promoting Scottish art, while law firm Clifford Chance and Canary Wharf are also represented in the £75 book.

Mr Harris said: “If they were all in one museum, it would be one of the finest in the world. But [the companies] don’t purchase art for investment. They have art for image.”

According to the book, the first corporate collection was formed in 1472 by Monte dei Paschi bank in Siena. It survives to this day. The Medici family of Renaissance Florence were also great art patrons.

The exhibition of nearly 50 works runs at Bonhams HQ in New Bond Street until January 24. The book is available at artworldeurope.org