National Bank of Hungary purchases art “on a historic scale”

The National Bank of Hungary (NBH) has spent 8.7 billion forints (approx. $31 million) on art over the last year and a half.

This figure was reported by deputy governor of the bank, Ferenc Gerhardt, during a press conference at the National Gallery. He noted that the bank had made art purchases “on a historic scale” in recent months.

The recent purchases form part of NBH’s 100 million euro programme to buy Hungarian art currently under foreign ownership, which it launched in January 2014. The programme will run until the end of 2018.

Mr Gerhardt noted that NBH had already acquired works by Mihály Munkácsy and Lajos Gulácsy. Other items bought include a collection of weapons and another of silver coins.

The public will soon be able to view the paintings at the Hungarian National Gallery in Budapest.