BBVA Compass announced a new partnership with Christie's that combines the bank's financial capabilities with the auction house's expertise in collectible assets — and will bring rarely seen pieces of art to the bank's clients in a series of exclusive events.
"We're a bank that appreciates the importance of art, indeed the value of art, and many of our clients do as well," said Manolo Sanchez , BBVA Compass president and CEO. "This new relationship is our way of bringing Christie's expertise to them in a useful and sophisticated way."
To kick off the partnership, BBVA Compass and Christie's will co-host a private event in Dallas this evening that will feature paintings by Claude Monet , Camille Pissarro , Berthe Morisot and remarks by Pissarro expert Dr. Richard Brettell . Until now, the works have been held in private collections. They'll be up for auction in May and could again disappear from public view.
The relationship between Christie's and BBVA Compass, a subsidiary of Spain-based BBVA Group, draws synergies from the similar hallmarks of each: international reach and client service. For its part, BBVA has a strong presence from Mexico to Argentina.
"This new relationship brings together two organizations with a global presence and exceptional client service," said Stephen Lash , chairman emeritus of Christie's. "While our initial work together will begin in the U.S., there is clearly an opportunity to work together in Mexico, Latin America and beyond."
The partnership will be especially useful to the bank's clients who need financial advice on managing "treasure assets," such as fine art, antiques, wine, classic cars and jewelry. A recent report by Deloitte found that wealthy individuals hold an average of 9.6 percent of their total net worth in such assets, which require precise documentation for insurance purposes and estate planning.
"This new partnership will enable our organization to more broadly serve our clients by directly leveraging Christie's subject matter experts," said Bill Helms , head of Wealth Management at BBVA Compass, referring to Christie's experts in more than 40 categories of collectible assets. "It's our responsibility to provide clients with the best advice possible and that's a solemn trust our Wealth Managers have dedicated their careers to providing."
As part of its commitment to supporting the arts, BBVA Compass recently provided funding for the "Chagall: Beyond Color" exhibition at the Dallas Museum of Art. The bank has also sponsored other high-profile exhibitions, including one at the Museum of Fine Arts, Houston that featured the largest collection of art ever to leave Spain's Prado museum.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 708 branches, including 367 in Texas, 93 in Alabama, 79 in Arizona, 65 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 20 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders and ranked third in American Banker's 2012 reputation study of the leading 30 banks in the U.S.