Wealth Bulletinreports that UBS is closing its New York-based art gallery, which is located in the lobby of its 1285 Avenue of the Americas location.
The UBS art gallery, located in the lobby of its building at 1285 Avenue of the Americas, New York City, will close after the current exhibition, "Jack Tworkov: Against Extremes – Five Decades of Painting," finishes at the end of October.
This decision follows recently announced cost-cutting measures, including headcount reductions, organisational realignments, savings initiatives and change programs.
"A large part of The UBS Art Gallery’s success is due to its director, Colin Thomson, who I'd like to thank for his curatorial expertise, dedication, and initiative," said Mark Arena, managing director and head of corporate communications, Americas.
The article says that UBS will retain its UBS Art Collection, which consists of over 45,000 works of art valued at over $150 million. It will also continue to sponsor the Art Basel Fair in Switzerland.
Wealth Bulletin 
