Speaker(s): Drew Watson
Art Finance and Philanthropy
We often think about the commercial art market, arts non-profits, and wealth management as three distinct worlds.
In recent years, there has been a philosophical shift among art collectors. Where art was once seen simply as a valuable commodity to be bought and sold, increasingly collectors are view their art collections as a way to create impact. This shift is being driven by a number of macro-trends, including the increasing professionalization of the art world and the growing importance of art finance. As a result, collectors are using their art strategically to support a variety of causes and institutions.
One example of this trend is the growing popularity of philanthropic art funds. These funds allow donors to pool their resources in order to support specific causes or institutions. In many cases, the art in these funds is used as collateral to secure loans that can then be used to finance projects or operations. This type of strategic giving is becoming increasingly popular as it allows collectors to leverage their art in order to maximize its impact.
As art continues to play an increasingly important role in the global economy, it is likely that we will see even more art collectors using their art to create impact. This shift represents a fundamental change in the way that art is valued and used, and it promises to have a profound impact on the arts landscape in the years to come.
Drew Watson Shares His Expertise
In reality, art collectors are all players in a highly-interconnected arts ecosystem, which is personified in the new generation of more commercially-minded and impact-driven art collectors. Drew Watson, the Head of Art Services at Bank of America, will explain a philosophical shift in the new generation of art collectors; macro-trends shaping arts institutional landscape; and how collectors are using their art strategically to create impact.
This session took place live during the Symposium at Art New York.
Drew Watson is Vice President, Art Services Specialist at U.S. Trust, Bank of America
Private Wealth Management. Based in New York City, Drew has over 10 years of experience in the art market, private wealth management, and arts nonprofit management. Drew leads business development and operations for U.S. Trust® Art Services, where he works with a team of specialists to offer art...