Bank of America Puts Paintings on the Block

Generally, we hear about banking behemoths sponsoring art fairs or underwriting museum exhibitions. But this month Bank of America, which provided financial support for the J.M.W Turner survey currently on view at the National Gallery of Art in Washington, D.C., is taking on another role — that of consignor.

The bank is putting four paintings from its corporate collection on the block at Sotheby's on November 28th, with all of the money raised going to the New York Police Athletic League, the New York Restoration Project, and the New York Public Library. N.C. Wyeth's Port Clyde, Maine is expected to fetch $400,000 - $600,000; Andrew Wyeth's The New Table, $250,000 - $350,000; Oscar Berninghaus' Opening the West (Stagecoach Through the Missouri Hills), $150,000 - $250,000; and William Trost Richards' Newport Beach, $150,000 - $250,000.

"We view our art collection as an asset to be shared with our customers and the communities we serve," said Rena DeSisto, head of arts and culture at Bank of America. "Depending on how the auction goes and how much money we raise, we may be able to spread the proceeds further."

What does Bank of America get out of the deal? Not cash but currency with a public that will see it as an act of generosity.