Bank Of America Smiles As Fine Art Auction Sales Gain

Tom Burroughes

27 January 2026

With data suggesting that high net worth investors put more of their money into art last year – perhaps a sign of rising confidence in the asset class – a firm that’s bound to be happy at this trend is Bank of America.

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

According to the Art Basel and UBS Survey of Global Collecting 2025, HNW individuals increased their share of wealth allocated to art in 2025: HNW collectors allocated an average of 20 per cent of their wealth to art in 2025, up from 15 per cent in 2024.

Advising clients about collecting, selling and transferring art is a niche area, but a significant one for certain banks that see this as a way to build loyalty, attract new business and differentiate. Several banks, such as UBS, Citigroup and Deutsche Bank offer access to art advice and, in some cases, solutions for art-based lending, as part of their offerings.

Auctions last fall in New York City haven’t completely restored high optimism, but the shift in mood is palpable for Drew Watson, head of art services for BoA. He spoke recently to FWR about the state of the market and what this US bank does for clients.

“Sentiment is really improving after declines of the last three years,” he said. At the November 2025 auctions in New York, there were $2.2 billion of sales among houses such as Sotheby’s, Christie’s and Phillips. “We saw a return to single-owner, major collections,” he said. That $2.2 billion figure was a 71 per cent jump from the previous year.

Notably, out of the total figure, single-owner sales totaled $961.9 million, surging 131 per cent. Watson said that outstanding examples included the collection of Robert F and Patricia G Ross Weis that achieved $218 million at Christie’s, including a $62 million Rothko painting. Other highlights were the Leonard A Lauder Collection achieving $531 million at Sotheby’s, including Gustave Klimt’s masterpiece Bildnis Elisabeth Lederer , which sold for $236.4 million. It set records as the most valuable work by Klimt ever sold at auction, the most valuable work of art ever sold by Sotheby’s, and the second most valuable work of art ever sold at auction.

And there’s more, Watson said: The Cindy and Jay Pritzker Collection achieved $109.5 million at Sotheby’s. Exquisite Corpus, a collection of Surrealist art, achieved $103 million in New York at Sotheby’s, including Frida Kahlo’s El sueño , which sold for $54.7 million. It broke the previous auction record for Kahlo's work and set records for the most expensive artwork by a woman ever auctioned.

Navigating all this requires experience, Watson said. But while it might be a niche for Bank of America, this is not just a nice-to-have offering.

“On the whole it is a revenue generator and it is driven by our lending business,” he said. An important aspect of this side of the business is the scale that BoA can bring to the area, achieving the kind of pricing and liquidity that clients are looking for, he said.

Part of the bank's offering goes under the term “consignment services.” FWR asked Watson to elaborate.

“We help clients navigate the complex process of selling art and collectibles at auction. We provide clients with education on the market and coordinate on their behalf as they make key decisions that shape sale outcomes, including shaping the sale strategy, deal structuring, and sale management,” he said. This service offering carries a fee.

A consignment service case study
Watson gave the case of a $60 million Impressionist, Modern and 20th century design consignment from an estate of a major collector in Houston.

Three brothers inherited a legacy family collection of art and design following their mother’s passing. The collection included Impressionist and Modern paintings by artists including Claude Monet and Raoul Dufy, Francois-Xavier and Claude Lalanne furniture and decorative objects, and fine jewelry.

The family had been acquiring paintings and decorative objects directly from the artists in many cases, throughout several generations, and were now looking to donate and sell a portion of their inheritance.

At this point, Bank of America’s art services team was engaged by the Merrill financial advisor for a consultation with the family to run a competitive process with three auction partners. After hearing the auction houses pitches and weighing additional due diligence by art services, the family chose Sotheby’s to sell their family’s collection in the November 2025 auctions in New York.

“Performance at auction was strong,” Watson said. “One particular standout was François-Xavier Lalanne’s Hippopotamus Bar, which sold for $31.4 million at Sotheby’s, smashing its $7 to $10 million estimate and setting a record as the most expensive design work ever sold at auction. Rarity, condition, and provenance from Houston collector’s estate drove the result. The family plans to keep the auction sale proceeds as assets under management at the bank,” he concluded.