Iconic Euro sculpture up for sale – because it’s too expensive to maintain

A frequently vandalised Euro sculpture in front of the former European Central Bank headquarters is set to be sold to the highest bidder because it costs too much to maintain.

The 14-metre statue was erected to celebrate the introduction of the euro in 2001 and has since become a symbol of Eurozone decision-making.

But when the ECB decided to move its headquarters to another location in Frankfurt, Germany, the central bank’s bosses opted not to take the 50-ton sculpture with them.

The artwork – a giant euro sign surrounded by 12 yellow stars, by German artist Ottmar Horl – has been maintained by the Frankfurt Culture Committee, a non-profit organisation, for the past 21 years. That currently costs the committee some €250,000 every year.

“At this very moment, the symbol is as well damaged and bedaubed,” a spokesman said.

Vandalism and lack of sponsorship spark sale

Manfred Pohl, who is in charge of the sculpture’s upkeep, blamed increasing vandalism over the past two years and a lack of corporate sponsorship for the committee’s decision to auction it off.

“We have contacted 110 banks over the past 12 months, and 90 didn’t even bother answering,” he said of his efforts to secure new funding to keep the artwork in Frankfurt.

Mr Pohl had previously rejected requests to move the sculpture to a “prominent location in Paris, among other places” to keep it in Frankfurt, which is sometimes described as “the city of the euro”.

He held talks with the ECB and the regional finance ministry, but they ultimately failed to muster enough funds to make his dream a reality.

Instead of relinquishing control of the sculpture, the committee paid for it to be overhauled in 2015 to cut its running costs and make it more environmentally friendly.

They managed to slash its annual maintenance bill by €12,000 by installing new LED lights to keep it illuminated at night.

The sculpture is set to go to auction in October, according to the Frankfurt Culture Committee. The spokesman for Mr Pohl said he had already received multiple offers, but could not elaborate on them before the sale.