Art is not a trend. Art it here to stay! Art is is becoming even more popular with buyers when seeking out commercial, residential and hotel buildings. “Developers are trying something special because they have to get creative in order to attract new customers,” said Angel Law, head of residential investment at DTZ Cushman & Wakefield in Hong Kong. This includes using new color schemes, layouts and furnishings that are “different from the square boxes that used to sell,” she said to the WSJ. Property prices have doubled since 2003, according to UBS.
Real estate developers in Hong Kong are looking to art and design for competitive alternatives to stand out in the market. Architects in the city say that developers used to ask them to maximize floor area, but now request more flair in design and furnishings. In New York city, specially curated art is one of the hottest sellers on the market today with real estate. Gotham Magazine online recently interviewed three movers and shakers to learn more on how art relates:
Michael Namer: We’re basically a downtown company, and we wanted to make sure people moving there understood the importance of art in those neighborhoods. We found this Holy Grail of artists like Futura 2000 and Euro and Fab Freddy who are so iconic, and they were spraying our walls. All of a sudden I was in the middle of the art world and we opened Gallery 151, where we would show exhibits alongside our own projects. It worked, because we got a lot of publicity, but we’ve also helped many up-and-coming artists.
Emily Santangelo: I’m doing projects with Toll Brothers City Living, which finds fantastic properties to develop. They’ve recognized that art is very powerful, and they believe that their public and amenities spaces should match the level of quality and luxury found in private residences.
Alexander DiPersia: I just did a project for Related Real Estate at Hudson Yards, where we placed a massive Michel François bronze piece at the front. It’s their most expensive building in Hudson Yards, so we went with a recognizable, gilded, luxurious piece. We’re using art to create an emotional experience.
These real estate experts also see art as the “number-one status symbol” in the world. This is often considered as more valuable than real estate because it resonates with buyers. Some of the popular artists that were noted in the story were Emilio Perez, Ann Agee, John Clement, Oscar Dotter, Danny Fox, and Henry Taylor.