Art13 will feature galleries from 30 countries around the world, presenting work from the Americas, Europe, Asia and Africa. It was created by the team behind ART HK and its motto is “A global art fair for a global city”.

“With offices around the world, Citi Private Bank shares Art13 London’s international perspective,” said Jane Fraser, chief executive of the private bank.

What’s more, with an increasing focus on works from growth markets, the “art market mirrors economic growth trends around the world,” said Luigi Pigorini, Europe, Middle East and Africa CEO of Citi Private Bank.

“London is the global centre of both finance and contemporary art, and we look forward to sponsoring such a groundbreaking event that will offer unique insights and value to our clients,” he added.

The deal also provides more exposure for the bank among the sophisticated players in the global art market, mirroring lucrative sponsorship agreements in the sports world, where exclusive events such as polo and Formula One racing are often sponsored by private banks and related firms.

Citi has been involved in the art market for over three decades, launching an art advisory service in 1979.

The inaugural Art13 London fair will take place at Olympia Grand Hall, London, from 1-3 March 2013, with a VIP preview event on 28 February.