Your art collection is a considerable financial asset that can lend flexibility to your overall wealth management strategy. Borrowing against the value of your art collection may help you access liquidity, raise capital, or reallocate and diversify your portfolio.
Bank of America credit specialists work with major auction houses and independent appraisers to provide an objective appraisal. You select the art used as collateral, while keeping your collection on display. You can leverage your art to:
- Finance business goals
- Acquire additional artwork
- Use liquidity to take advantage of other financial opportunities
- Raise funds for donating and gifting
Art can create estate planning and legacy opportunities—as well as challenges. We help you think of your collection as part of your legacy and help you carefully balance considerations around taxes, wealth transfer and philanthropic goals as you consider the disposition plan for your collection.
We can help with:
- Determining sales strategies to minimize and defer taxes
- Gifting to family members
- Donating to a charitable institution
- Creating a private museum
- The sale of art or collectibles through Consignment Services
Each of these options has complex implications, which we can help you evaluate well in advance of making decisions.
Whether a collector, heir, or institution, you can work with our Consignment Services to manage the sale of individual pieces or an entire collection, arranging consignment agreements with auction houses, making our pre-negotiated terms available to you and bringing transparency and streamlining the whole process helping you save time and money.
We can consign fine art, including paintings, works on paper, photographs and sculpture, and collectibles, including classic cars, watches, jewelry, fine wine, handbags, and furniture.
We can help you:
- Plan for a thoughtful and competitive sales strategy
- Negotiate Seller’s Agreement and financial terms
- Reduce/eliminate seller’s commission and fees
- Secure robust marketing and PR package
Arts organizations and private and artist-endowed foundations are often challenged with managing many aspects of their businesses, from investing philanthropic capital, to determining effective grantmaking strategies and other governance best practices. We offer a full suite of art services for museums, foundations and institutions, ranging from investment management and lending to comprehensive consultative services to support arts institutions in carrying out their missions.
- Endowment management services and complete outsourced investment function capabilities
- Consulting on governance, development strategies, and board relationships
- Lending solutions working with Bank of America credit specialists
- Consignment Services to help with deaccessioning