The Intersection of Fine Art and Luxury Real Estate

Luxury Real Estate

Curated flat at The Park Crescent, London.

Real estate and art have been linked for some time, but recently the two have been linked in new ways. Real estate agencies are now beginning to partner with art galleries to include fine art in the staging process. There are a few reasons why this is beneficial to both. The art adds a certain atmosphere to the home, and creating this atmosphere is essential in the successful sale of a property. In luxury real estate, the buyers are familiar with highly priced items – like the fine art on display. This element of wealth is something that people recognize, and helps to create an appealing space. The art pieces on display are not just for the benefit of the real estate agency, but also for the gallery. The works are on sale, and allows galleries to connect with clients with means. Even if the work does not sell during the showing, many galleries attest that they gain clients from this practice.

The works are carefully chosen in collaboration with art galleries and interior designers, who choose pieces that work within the space, and also have some sort of narrative that will be attractive to buyers. The curation is key, and cannot be too obvious. The precise and smart placement of art around the properties makes buyers spend more time looking – a benefit to the realtors.

In London earlier this year, the House of the Nobelman joined forces with Amazon Property at The Park Crescent. The ‘exhibition’ of sorts was set to overlap with the Frieze London art show in Regents Park. In the 6 flats for sale, Post-War and Contemporary artists were on display including Alexander Calder, Joan Miró, Marc Chagall, Salvador Dali, Andy Warhol, Damien Hirst, Victor Vasarely and more. Though it was curated by The House of Nobleman, other galleries and private collections contributed works.

Luxury Real Estate

Mock-up of commissioned Anish Kapoor sculpture in TriBeCa.

This, however, is not the only meeting between fine art and real estate. Many cities like New York and Miami are booming with luxury developments. One way to increase interest in the properties and to stand out from the many other developments in progress is specially commissioned art by some of the biggest names in the business. Thierry Dreyfus, a light artist, was hired for a permanent 40-story LED installation in Manhattan. In other instances, it is sculpture, like the Anish Kapoor sculpture commissioned for the new Herzog & de Meuron development in TriBeCa. Other pieces by established artists like Jeff Koons sit in apartment lobby. The relationship between high priced real estate and fine art is clear; the buyers of one tend to be buyers of the other.

References

Battaglia, Andy. ‘Warhols and Other Fine Art Has Emerging Role in Luxury Real Estate,’ Mansion Global. Published October 26th, 2016. Accessed October 27, 2016. http://www.mansionglobal.com/articles/43825-warhols-and-other-fine-art-has-emerging-role-in-luxury-real-estate

Chen, Cathaleen. ‘LA stagers are using fine art from galleries for luxury listings,’ The Real Deal. Published April 25th, 2016. Accessed October 27, 2016. http://therealdeal.com/la/2016/04/25/la-stagers-are-using-fine-art-from-galleries-for-luxury-listings/

Kennedy, Randy. ‘Real Estate for the 1 Percent, With Art for the Masses,’ The New York Times. Published July 7th, 2016. Accessed October 27, 2016. http://www.nytimes.com/2016/07/08/arts/design/real-estate-for-the-1-percent-with-art-for-the-masses.html?_r=0

Purcell, Victoria. ‘New Luxury Development Showcases Art Collection for Frieze Week,’ The Resident. Published October 3rd, 2016. Accessed October 27, 2016. http://www.theresident.co.uk/homes-interiors/park-crescent-house-nobleman-launch-frieze-week-art-exhibition/

Satow, Julie. ‘Using Artists to Sell Condos in Miami and New York,’ The New York Times. Published June 13th, 2014. Accessed October 27, 2016. http://www.nytimes.com/2014/06/15/realestate/using-artists-to-sell-condos-in-miami-and-new-york.html

Images courtesy of The New York Times.

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