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‘The right Art can easily add 3 – 4% to the value…’

‘The right Art can easily add 3-4% to the value…’

Here’s a really interesting article written by journalist Lisa Freedman…

Properties with art at their heart

Museum-quality art and sculpture are increasingly being integrated into the public and private spaces of luxury properties – adding not just cultural clout but three or four per cent to the value. Lisa Freedman reports…

The relationship between those who build today’s most luxurious homes and the art they fill them with is a happy one, but it is also increasingly seen as something of a necessity. “In America, it’s been a noticeable trend for the past 10 years,” says Giles Hannah, senior vice-president of Christie’s International Real Estate. “In the UK, the movement is more recent, but today the addition of the right art can easily add three or four per cent to the value.”

As with so many design initiatives, luxury hotels have paved the way, and one of the first developers to include museum-quality work in his personally owned public space was hotelier Steve Wynn. At the Bellagio hotel, the palatial five-star offering in Las Vegas he used to own, guests can enjoy the view not only of an ersatz Lake Como, but also of some very genuine Old Masters and impressionists. Leading hotel groups, such as The Ritz-Carlton and Four Seasons, have taken up his baton in their private residences in the Middle East and east Asia, installing modern Meisterwerke in place of the traditional insipid prints and pastoral photography.

One of the key factors driving this artistic revolution is the growing global enthusiasm for contemporary art, a market that has rapidly become the behemoth of the auction world. Last year, at Christie’s alone, the sale of postwar and contemporary art amounted to a total of £1.7bn. “Nowadays, those who buy the most expensive property will frequently also have incredible art collections,” says Hannah, “and including suitable art in a building reflects their interests.”

Today, of course, luxury developments are often designed by the world’s most celebrated architects, and cutting-edge contemporary space lends itself particularly well to artistic display, as Greenburger’s latest project, 50 West (properties from $1.83m to $18.63m) in Manhattan, demonstrates. “The lobby is like a gallery, with the work on display visible from inside and outside the building. It’s even become an ‘alternative’ arts venue, and what we show here is reviewed by the art press.”

Extremely interesting reading don’t you think? Remember the team at Luminaire Arts can take the strain and help add value to any development or project!!!