More than Profit: Art, Wealth and the Next Generation with Drew Watson (Bank of America)
“Clients are still collecting art, because it is a passion, right? They love it. It's for all the reasons that everyone has always collected. But there have been increasing expectations around the financial performance of art and understanding of it as an asset class.”
In this month’s episode of The Bigger Picture, we’re joined by Drew Watson, Managing Director, Head of Art Services at Bank of America, who explains the latest mood in art investment, generational shifts and the overriding importance of a passion for the work.
From understanding the impact of macroeconomic factors on market trends, to exploring the growing prioritisation of emotional motivations in collectors and regulatory pressures mounting on the trade, this interview offers a comprehensive overview to anyone keen to better understand current market forces and careers within it.
Drew Watson is a Managing Director and Head of Art Services with Bank of America in New York. With more than 20 years-experience in art and finance industries, he leads and his team of specialists through the collecting lifecycle, delivering a comprehensive suite of art finance and advisory services. Their expertise focuses on art lending, art advisory, wealth planning, non-profit services and art market trends and insights. Drew helps clients generate liquidity from their collections through art lending as part of their art collection strategy, for collectors, heirs or institutions wishing to sell their art and collectibles, the team can help optimise the overall process. His group also helps clients plan for the disposition of their collections and carry out their philanthropic objectives, including donations to museums and other strategic gifts.
Prior to joining Bank of America, Drew was an executive at Christie’s in New York, where he oversaw strategy, P&L, deal structuring, and teams responsible for planning and executing over $100m in auction and private sales annually. Previously, he was a private wealth management associate and started his career as a manager and consultant for nonprofit arts organisations. Drew holds a BA in French and Art History from Columbia University. He also holds an MBA from INSEAD Business school and earned a certificate in Art Market Economics from Christie’s Education.
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