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April 15, 2013 /PRNewswire/ -- BBVA Compass today announced a new partnership with Christie's that combines the bank's financial capabilities with the auction house's expertise in collectible assets — and will bring rarely seen pieces of art to the bank's clients in a series of exclusive events.
"We're a bank that appreciates the importance of art, indeed the value of art, and many of our clients do as well," said
Manolo Sanchez, BBVA Compass president and CEO. "This new relationship is our way of bringing Christie's expertise to them in a useful and sophisticated way."
To kick off the partnership, BBVA Compass and Christie's will co-host a private event in
Dallas this evening that will feature paintings by
Berthe Morisot and remarks by Pissarro expert Dr.
Richard Brettell. Until now, the works have been held in private collections. They'll be up for auction in May and could again disappear from public view.
The relationship between Christie's and BBVA Compass, a subsidiary of
Spain-based BBVA Group, draws synergies from the similar hallmarks of each: international reach and client service. For its part, BBVA has a strong presence from
"This new relationship brings together two organizations with a global presence and exceptional client service," said
Stephen Lash, chairman emeritus of Christie's. "While our initial work together will begin in the U.S., there is clearly an opportunity to work together in
Latin America and beyond."
The partnership will be especially useful to the bank's clients who need financial advice on managing "treasure assets," such as fine art, antiques, wine, classic cars and jewelry. A recent report by Deloitte found that wealthy individuals hold an average of 9.6 percent of their total net worth in such assets, which require precise documentation for insurance purposes and estate planning.