Professional Design of a Corporate Art Collection Strategy for Nigerian Banks and Financial Institutions

Corporate art collecting represents a significant but underdeveloped dimension of Nigeria's commercial art market, and professionally designed collection strategies for Nigerian banks and financial institutions would simultaneously strengthen institutional brand identity and stimulate the commercial art market. This study developed a corporate art collection strategy framework for Nigerian commercial banks, with reference to the art collection practices of Guaranty Trust Holding Company, Access Bank, and Zenith Bank as existing practice benchmarks. A professional strategy design methodology was employed, drawing on site assessments of existing art collections at five Nigerian bank headquarters in Lagos, structured interviews with 10 corporate communication and CSR managers, and consultations with 8 art market specialists, curators, and legal professionals specialising in art acquisition and intellectual property. The assessment revealed that most existing bank collections are decorative rather than strategically curated, with minimal documentation, no acquisition policy framework, and absent conservation management. Only two assessed institutions had a dedicated curatorial function. The strategy framework developed encompasses acquisition policy design, collection thematic identity development, artist selection criteria, IP and documentation management, conservation protocols, public programming integration, and collection valuation and insurance frameworks. Legal considerations specific to Nigerian art acquisition including VAT, customs, and indigenous art restrictions are addressed. Expert review by seven art market and corporate affairs specialists confirmed the framework's professional adequacy. Recommendations include GTCo and Access Bank as initial pilot adoption candidates.

Keywords: corporate art collection, Nigerian banks, art market, collection strategy, institutional art