Bell was awarded the Avery Fisher Prize on April 10, 2007, at Lincoln Center in New York City. The prize is given once every few years to classical instrumentalists for outstanding achievement. On May 3, 2007, the Indiana University Jacobs School of Music announced that Bell had joined the faculty as a senior lecturer.
In an experiment initiated by The Washington Post columnist Gene Weingarten, Bell donned a baseball cap and played as an incognito busker at the Metro subway station L'Enfant Plaza in Washington, D.C. on January 12, 2007. The experiment was videotaped on hidden camera; of the 1,097 people who passed by, seven stopped to listen to him, and one recognized him. For his nearly 45-minute performance, Bell collected $32.17 from 27 passersby (excluding $20 from the one who recognized him). Three days before, he earned considerably more playing the same repertoire at a concert. Weingarten won the 2008 Pulitzer Prize for Feature Writing for his article on the experiment. The Washington Post posted the video on YouTube and a feature-length documentary, Find Your Way: A Busker's Documentary, chronicled Bell's experience.
Bell has three sisters. He and former girlfriend Lisa Matricardi have three sons: Josef, born in 2007, and twins born in 2010. On October 5, 2019, Bell married opera singer Larisa Martinez at their home in Mount Kisco, New York. They also live in the Gramercy Park neighborhood of Manhattan.