The Idea
In 1892, Gustav Adolph Hagemann came up with an idea: a painting of the most powerful Danish business figures of the day. The painter would be Peder Severin Krøyer, one of the most highly acclaimed portrait painters at that time. The painting would be a decorative addition to Børsen, the Copenhagen Stock Exchange – the centre of Danish trade since the 1620s. Hagemann was no stranger to the world of business: he was chief technical manager of De Danske Sukkerfabrikker (Danish Sugar Factories). So, like any other rational businessman, he had prepared a funding plan. A contribution of DKK 500 from each of 40 participants would raise sufficient funds to commission Krøyer to paint this huge picture. However, discovering that support for his project was lukewarm, Hagemann introduced an alternative, graduated price structure: DKK 500 for a place in the foreground; DKK 300 for a place in the middle ground; and DKK 100 for a place in the background. Back then, this was a lot of money. Once 50 leading business figures had pledged a contribution, Krøyer accepted the commission and embarked on what would turn out to be an extremely complex painting and an artistic tour de force.
The Working Process
Krøyer started his research in 1892. The setup for the painting was decided upon: 50 subjects would be positioned hierarchically in the trading hall of Børsen. It was up to Krøyer, though, to group them and come up with the narrative for the painting. Krøyer gained knowledge of the relationships between the various parties by observing them at work in Børsen, and by obtaining confidential, personal information about them – in other words good, old-fashioned gossip about alliances, cartels and personal conflicts. In 1893, Krøyer started painting, using both sketches and photographs of the Børsen’s central trading hall to achieve accuracy. He painted the portraits in his studio; each of the many prominent business figures took his turn to model. He declared the work complete in 1895.
The Composition
The painting is divided into two equal parts, divided by the line formed by the gentlemen’s top hats. In other words, Krøyer attached equal importance to the gentlemen and the hall. Krøyer positioned the 35 individuals with the clearest portraits in dynamic, varied groups: some are talking, some are engaged in discussions, others are taking notes. The trading hall of Børsen forms the setting for the characters who, despite the scale of the work, are positioned closely together in the low-ceilinged side aisle. This enabled Krøyer to capture the natural light from the opposite side of the hall and to leave the grandiose electric chandeliers turned off: as a plein air painter, he was a master and lover of natural light. The painting features a diagonal composition. This allowed Krøyer to depict the high-ceilinged trading hall of Børsen in all its impressive glory, highlighting both the glittering space and the glowing faces of the dark-clad businessmen.
From Børsen to Skagen
This huge painting graced a wall of Børsen from 1895. Calm and inviolable, it hung safe and sound amidst the bustle of Børsen – until early in the morning of 16 April 2024, when the building caught fire. The building contained a huge number of artefacts, which, in the course of that morning, were rescued from the burning building by firefighters, ambulance workers, The Royal Life Guards and ordinary civilians. One of these artworks was From Copenhagen Stock Exchange. It was rescued without suffering any damage and you can experience the artwork at Skagens Museum until Pentecost 2025.
A piece of history
From Copenhagen Stock Exchange is a piece of Danish history. It has witnessed the evolution of the Danish business world – from the time when titles such as ‘merchant’, ‘councillor of state’ and ‘stockbroker’ were used, when leading business figures were involved in sugar factories, textile production, banks and shipping companies, and when businessmen wore black top hats – to today. Who would appear in such a painting today? Who would be able to finance it? Who would paint it? What would people look like? What do you see when you look at the painting?
