The proud city of Krefeld, located in the heartland of German manufacturing, lost its last publicly traded company on March 16, 2009 when the locally headquartered industrial conglomerate Jagenberg AG decided to go private. Had the citizens of Krefeld been asked what industry would return them to the global map of listed companies, common answers would likely have focused on new technologies, high precision manufacturing, top quality steel, chemicals, new materials and other areas for which North Rhine-Westphalia is famous. Such suggestions would have been wrong, however, as the Krefeld based company that went public today is an art dealer.
Although unexpected for Krefeld, North Rhine-Westphalia is not necessarily a strange place to host a successful art dealer. “The old money” German land is rivaled only by Bavaria in terms of wealth concentration and significant art collections. Krefeld is a short 20-minute drive from Düsseldorf, a vibrant global city of culture. The area is certainly a fertile ground for building an art business, and Weng Fine Art AG has clearly seized a major opportunity.
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