With the fine art market no longer just a rarified niche area, but one that is attracting increasing interest and activity, the bank is stepping up its advisory service for the area.

Bank of America has launched an art consulting service for private bank and Merrill clients, highlighting how the fine art market remains an important business area for HNW and ultra-HNW clients.

The offering will be led by art services specialists Dana Prussian Haney for the private bank clients and Caroline Orr for Merrill clients. It complements Bank of America’s suite of art services, which includes art lending, consignment, estate planning, philanthropy, and access to exclusive art world events, BoA said in a statement this week. 

“Art collection sits at a unique intersection. It’s a profound means of self-expression while also holding significant financial value,” Drew Watson, head of art services at Bank of America, said. “Our goal is to bring clarity to the marketplace and help clients make informed decisions, whether they’re acquiring their first piece or refining a multigenerational collection.”

(Family Wealth Report recently interviewed Watson about the bank’s approach to art advisory.)

Bank of America cited the New York Fall Auction season, which saw $2.2 billion worth of art sold, demonstrating art’s role as a cultural and financial asset.

Art Consulting offers a tailored experience for clients at every stage of their collecting journey. The program involves consultation, strategy guidance, execution support, and long-term advice.

The service also “opens discreet access to the broader art world, helping clients engage with art fairs, galleries, auctions, and private dealers.”

The team also delivers market updates, research, and other resources that provide the client with information to help them make decisions.

BoA, which reported financial results a few days ago, says it accounts for about a third of the world’s art lending market (using works of art as collateral for credit). The Deloitte Art & Finance Report estimated that the size of the global art lending market was between $33.9 and $40 billion in 2025 – which means that BoA has more than $10 billion of this amount.