The banknote, which will enter circulation in the next three to five years, currently features the economist Adam Smith.
The Bank is asking the public for suggestions of artists ranging from painters to furniture makers.
But the Bank will want to avoid a repeat of previous equality complaints.
It
faced criticism after the planned replacement of campaigner Elizabeth
Fry on the £5 note with Winston Churchill, which left it facing the
prospect of no women being used on banknote images.
This was solved when author Jane Austen was announced as the image on the next £10 note.
The Bank of England has come under pressure to represent more women
on its banknotes - but the visual arts are not notorious for gender
equality.
Georgia O'Keeffe was the only female artist in the top 50 auction sales, ranked by price, last year.
Even
when the field is opened up to include fashion designers, architects,
ceramicists and designers, the prospects do not improve drastically.
Barbara
Hepworth is one obvious candidate but the likelihood is that a male
artist will take the spot. William Hogarth, JMW Turner and Isambard
Kingdom Brunel are all in contention. The public has two months to sway
the vote.
Who to pick?
The public will be asked to nominate an artist to be considered for the banknote before 19 July.
They
can include artists, sculptors, printmakers, designers, craftspeople,
ceramicists, architects, fashion designers, photographers and
filmmakers.
Speaking at the Victoria and Albert Museum in London,
the governor of the Bank, Mark Carney, said people should consider
artists "beyond the most obvious and most famous" but they must also be
"beyond the grave".
"There are a wealth of individuals within the
field of visual arts whose work shaped British thought, innovation,
leadership, values and society and who continue to inspire people
today," he said.
This will then be considered by a committee
which, taking into account worthiness, equality and diversity, will
whittle down the list to between three and five.
The Committee is
chaired by the Bank's deputy governor Ben Broadbent, and includes chief
cashier Victoria Cleland and independent experts Sir David Cannadine,
Baroness Lola Young of Hornsey and Sandy Nairne. Three visual arts
experts will also join for the £20 note decision - John Akomfrah, Alice
Rawsthorn, and Andrew Graham-Dixon.
The final decision will then be made by Mr Carney, with an announcement in the Spring of 2016.
List of Bank of England notes up-till date
Famous Briton | Lived | Field | Note | Note from |
Isaac Newton | 1643-1727 | Scientist | £1 | 1978-1988 |
Duke of Wellington | 1769-1852 | Soldier and statesman | £5 | 1971-1991 |
George Stephenson | 1781-1848 | Engineer | £5 | 1990-2003 |
Elizabeth Fry | 1780-1845 | Campaigner | £5 | 2002-present |
Florence Nightingale | 1820-1910 | Nurse & campaigner | £10 | 1975-1994 |
Charles Dickens | 1812-1870 | Writer | £10 | 1992-2003 |
Charles Darwin | 1809-1882 | Scientist | £10 | 2000-present |
William Shakespeare | 1564-1616 | Writer | £20 | 1970-1993 |
Michael Faraday | 1791-1867 | Scientist | £20 | 1991-2001 |
Sir Edward Elgar | 1857-1934 | Composer | £20 | 1999-2010 |
Adam Smith | 1723-1790 | Economist | £20 | 2007-present |
Sir Christopher Wren | 1632-1723 | Architect | £50 | 1981-1996 |
Sir John Houblon | 1632-1712 | Banker | £50 | 1994-present |
Matthew Boulton and James Watt | 1728-1809, 1736-1819 | Entrepreneur and inventor | £50 | 2011-present |
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