Why Bank of America is jumping into the rarefied world of art consulting
Bank of America is getting into the business of art consulting for wealthy clients to support collectors, offering guidance on buying and selling as part of the bank’s overall wealth strategy offerings.
The service expands on Bank of America’s Private Bank arts services, which includes securing loans with art as collateral, assistance with selling art, estate planning and charitable giving, the bank said Thursday.
“By offering this art consulting service within the context of the bank, we have structured the program in such a way that it is really education and guidance based,” Drew Watson, head of art services at Bank of America, told The Charlotte Observer on Thursday. “It is not about trying to maximize transaction value or volume.”
The Charlotte-based bank does not receive finders fees or introductory commission from any of the auction houses or galleries. Plus, it’s delivered in the context of clients’ overall banking relationship. This approach differs from what other banks and independent art advisors would offer, Watson said.
“We’re offering this service as a value-add for existing clients to really provide unbiased guidance to navigate the market in an efficient way,” he said.
Why Bank of America launched an art consultancy service
The new art consultancy service fills a gap in the firm’s services by adding people who are starting to collect art, Watson said.
“Until now, we’ve really been focused on helping clients borrow against their collection, sell works of art from their collection or estate, or planning around their art collection from an estate planning perspective,” Watson said.
The art advisory service is relevant to not only what’s top of mind with Bank of America’s Private Bank clients, but also to the current art market, which has been widely regarded as more of a buyer’s market over the past three years, Watson said.
He said that according to a Bank of America’s Private Bank study of wealthy Americans, about 80% of people surveyed said they would be interested in buying a work of art within the next calendar year, while 20% said they planned to sell.
Who is the art consultancy service client?
Within Bank of America are wealth strategists who help clients with estate and wealth planning through its Private Bank and Merrill, the bank’s wealth management and investment division, with $25 million in assets with the firm and overall net worth of $50 million.
“It’s a way to drive deep engagement with existing clients and expand our relationships with them,” Watson said.
“We are working with clients who understand what their collecting vision is, help them structure a strategy, and guide them,” Watson said. “But when it comes to actually engaging in transactions, we would provide introductions to third parties like auction houses, galleries, dealers.”
Bank of America’s personalized art consulting approach
The art consulting service includes a background on art history, market trends and emerging collecting trends. The program offers guidance on strategy, support for buying and selling art, and long-term advice.
Clients will also receive private access to the wider art community, with connections in art fairs, galleries, auctions, and private dealers, according to Bank of America. The service will be managed by two New York-based specialists: Dana Prussian Haney for Private Bank clients and Caroline Orr for Merrill clients.
The announcement comes three months after New York’s art market saw a resurgence with $2.2 billion in sales across major auction houses.
This highlights art’s growing importance as both a cultural and financial asset, Bank of America said.
“Art collecting is a unique pursuit. It’s a powerful way to express yourself, and it also holds significant financial value,” Watson said. “Our aim is to bring clarity to the market and help our clients make well-informed decisions, whether they are buying their first piece or managing a family collection passed down through generations.”
This story was originally published February 19, 2026 at 5:22 AM with the headline "Why Bank of America is jumping into the rarefied world of art consulting."
