The marketeers are always alert to the main chance. Always.
From Financial News London, February 23:
The US bank launched an art consulting practice for its private banking clients on 18 February
The world’s rich are looking to pass down their art collections. For private bankers, that could be a big opportunity.
Bank of America is looking to capitalise on a strong upturn in the art market, driven by a massive intergenerational wealth transfer and growing interest in art from younger buyers.
With Deloitte estimating that $992bn in art and collectibles are expected to transfer over the next decade, the US bank launched an art consulting practice for its private banking clients on 18 February.
“We’re going to see a lot of art changing hands,” Bank of America’s head of art services Drew Watson told Financial News. “Some of that art is going to be inherited; some collections will be repositioned, with works being sold and other works being bought.”
The launch of the new wealth service comes amid rising enthusiasm for art among younger generations. Bank of America’s 2024 private bank study of wealthy Americans found that while 40% of the wealthy own or are interested in art, that figure rises to 83% for millennials and Generation Z.
A shift to a buyers’ market after some four years of constricted supply is fuelling optimism, too. Bank of America’s research suggests 80% of collectors plan to purchase a valuable work this year, while only about a third plan to sell.
Rate cuts in the second half of 2025 have also spurred an art market growth cycle. Improved collector sentiment and high-quality supply from single-owner collections led to “outperformance” at high-profile New York art auctions in November 2025, Watson said....
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