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How Art Can Impact Your Financial Life
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Please see important information at the end of the video.
Art Services is a group at Bank of America that works closely with art collectors and museums and arts and cultural institutions to help guide them through the financial aspects of art collecting.
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Drew Watson
Head of Art Services
Bank of America Private Bank
Historically, collectors have not really thought about art in the context of their financial lives. It's something that, first and foremost, that they do because they love the art and love the process of building a collection.
But at the same time, what may surprise a lot of collectors is that art is perhaps among one of their most important assets that they own.
Art lending is a way that we work with collectors to put a line of credit in place against their existing art collection.
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Leverage your art collection through art lending
That allows them to keep the art on the wall and enjoy it for all the reasons they started collecting in the first place, while at the same time unlocking opportunity. Whether that is to buy more art or to fund a special project or, as part of a broader wealth-building strategy.
Typically, collectors buy more often than they sell art. That is the very nature of collecting.
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Consignment Services
However, sometimes collectors decide to sell art for a variety of reasons, whether it's a single work, a group of works, or an entire estate. When that time comes, we are here to serve as our clients’ single dedicated point of contact, and simplify the entire process of selling at auction from start to finish.
Museums and arts and cultural institutions have financial needs just like anyone else. What really sets us apart in this space is, not only all of the financial services that we provide,
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Philanthropic solutions for collectors and art institutions
but also that we come to the table with a full understanding of the arts ecosystem, both from an institutional perspective and also a board perspective, which is really key in this space.
At Bank of America, we are really passionate about arts and culture. It's key to our value system, and this is a value that we share with our clients, whether they are collectors, families, or arts institutions. We are here every step of the way to help you navigate the opportunities and challenges of today's art world.
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Disclosure:
Recorded on August 18, 2022.
Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.
Credit facilities are provided by Bank of America, N.A., Member FDIC, its subsidiaries or other bank subsidiaries of Bank of America Corporation (BofA Corp.), each an Equal Opportunity Lender. All loans and collateral are subject to credit approval and may require the filing of financing statements or other lien notices in public records. Asset-based financing involves special risks and is not for everyone. When considering an asset-based loan, consideration should be given to individual requirements, asset portfolio composition and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon. A complete description of the loan terms will be found in the individual credit facility documentation and agreements. Clients should consult with their own independent tax and legal advisors.
Nonfinancial assets, such as closely held businesses, real estate, fine art, oil, gas and mineral properties, and timber, farm and ranch land, are complex in nature and involve risks including total loss of value. Special risk considerations include natural events (for example, earthquakes or fires), complex tax considerations and lack of liquidity. Nonfinancial assets are not in the best interest of all investors. Always consult with your independent attorney, tax advisor, investment manager and insurance agent for final recommendations and before changing or implementing any financial, tax or estate planning strategy.
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