DALLAS and NEW YORK, 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 Claude Monet, Camille Pissarro, 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 Mexico to Argentina.
"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 Mexico, 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.
"This new partnership will enable our organization to more broadly serve our clients by directly leveraging Christie's subject matter experts," said Bill Helms, head of Wealth Management at BBVA Compass, referring to Christie's experts in more than 40 categories of collectible assets. "It's our responsibility to provide clients with the best advice possible and that's a solemn trust our Wealth Managers have dedicated their careers to providing."
As part of its commitment to supporting the arts, BBVA Compass recently provided funding for the "Chagall: Beyond Color" exhibition at the Dallas Museum of Art. The bank has also sponsored other high-profile exhibitions, including one at the Museum of Fine Arts, Houston that featured the largest collection of art ever to leave Spain's Prado museum.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico, and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. BBVA ranks among the leading eurozone banks in terms of return on equity and efficiency. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies best practices. More information about the BBVA Group can be found at www.bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 708 branches, including 367 in Texas, 93 in Alabama, 79 in Arizona, 65 in California, 45 in Florida, 38 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 20 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the leading Small Business Administration lenders and ranked third in American Banker's 2012 reputation study of the leading 30 banks in the U.S. Additional information about BBVA Compass can be found at www.bbvacompass.com.
Christie's, the world's leading art business, had global auction and private sales in 2011 that totaled £3.6 billion/$5.7 billion. Christie's is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. Founded in 1766 by James Christie, Christie's has since conducted the greatest and most celebrated auctions through the centuries providing a popular showcase for the unique and the beautiful. Christie's offers over 450 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War and Contemporary, Impressionist and Modern, Old Masters and Jewellery. Private sales totaled £502 million / $808.6m in 2011, an increase of 44% on the previous year.
Christie's has a global presence with 53 offices in 32 countries and 10 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zurich, and Hong Kong. More recently, Christie's has led the market with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass