Bank of America Private Bank announced the launch of Art Consulting, a new service designed to help Private Bank and Merrill clients navigate the complex and often opaque art market. The initiative seeks to offer independent and specialized guidance for the building and strategic management of collections.
The launch comes at a time when art is consolidating its role as a cultural and financial asset. The latest fall auction season in New York reached $2.2 billion in sales, reflecting growing investor interest in integrating art into their estate planning.
“Art collections stand at a unique crossroads. They are a profound means of personal expression and, at the same time, hold significant financial value,” said Drew Watson, Head of Art Services at Bank of America. “Our goal is to bring clarity to the market and help clients make informed decisions, whether they are acquiring their first piece or refining a multigenerational collection,” he added.
A structured approach for collectors
The new service offers comprehensive guidance tailored to each stage of the collecting process. It includes advice on art history, market dynamics, and emerging trends, and is structured through a multi-stage process covering initial consultation, strategy definition, execution support, and long-term advisory.
In addition, Art Consulting will provide discreet access to fairs, galleries, auctions, and private dealers, along with market updates and analytical resources that enable clients to make informed decisions.
The service will be led by Dana Prussian Haney for Private Bank clients and Caroline Orr for Merrill clients. This new offering complements the institution’s existing Art Services platform, which includes art-backed lending, consignments, estate planning, philanthropy, and access to exclusive art world events.
The initiative reinforces Bank of America’s positioning within the global cultural ecosystem, supported by its longstanding partnerships with museums and artistic institutions. In an environment where high-net-worth clients seek diversification, alternative assets, and multigenerational planning, art is consolidating its role as a tool that combines financial value, family legacy, and personal expression.
