Here at Maddox Gallery, we firmly believe that the right contemporary art investment can bring style, colour and character, enhance ambience and spark conversation to any home. In the same light, art can present a new property as a carefully finished project, and add value in the eyes of prospective homebuyers.
Real estate can be a competitive market, and industry players must go above and beyond to stand out from the crowd. One popular way of achieving this, according to a recent article by Architectural Digest, is through art investment.
“Art is one of the significant elements that people connect with,” explains David Martin, president of the Terra Group.
Firstly, many homebuyers are in search of a holistic living experience, and are more likely to invest in homes that are tastefully decorated and curated. Attention to artistic style is a crucial element of this, especially in the high end real estate market where buyers may already identify themselves as art collectors and be seen as people of taste.
As a result of this trend, some property developers are commissioning artists to produce works for particular projects, or hiring specialists to curate their collections. Contemporary art investment is becoming less of a novelty and more of a given when it comes to luxury real estate.
Secondly, with public interest in street art, installations and other creative features at an all-time high, it makes sense that developers turn to art investment projects to generate interest, attract footfall and promote developments as a new ‘landmark’ within busy cities.
And third, as well as drawing in prospective buyers directly, art can encourage passers-by to endorse the property, whether by word of mouth or social media. Street art in particular has started to move from alleyways and abandoned buildings to bistros, bars and boutiques.
To give just one example, RETNA is one of the most sought-after contemporary names when it comes to transforming real estate.
The talented artist has adorned luxury retail stores from Louis Vuitton to Restoration Hardware. In January 2018, the La Peer Hotel in West Hollywood’s Design District was launched with a courtyard installation by RETNA in collaboration with artist Guerin Swing.
RETNA was also recently mentioned in the Robb Report, a luxury lifestyle magazine synonymous with the latest art and wealth management trends. The Stanley House, valued at at $38 million, is perched above the Sunset Strip in Los Angeles. The interior design team was led by none other than Lenny Kravitz, and the property includes many luxurious touches, including custom art installations by RETNA.
Having such a huge celebrity name championing an artist’s work is significant – particularly when they also work in interior design for luxury properties!
“For me, art to a room is like punctuation to a sentence,” renowned interior designer Tara Bernerd recently told Architectural Digest. “it is that all-important ingredient, and without it a space lacks the layers and attitude that a significant piece can bring.”
Just as interior design, furnishings and architecture all contribute to a property’s value, art can also play a huge part in creating a destination. Every property can be transformed with the right artwork.
Some companies commission world-renowned artists to produce work that acts both as a promotional tool and as a status symbol. However, art investment can be found for almost every budget. For instance, work by talented emerging artists can be incredibly affordable, and may attract more and more attention as their star continues to rise.
Maddox Gallery has expert Sotheby’s-trained art consultants on hand to ensure that visitors are always able to ask questions and discuss their favourite works. If you wish to transform a property with the right contemporary art investment, please do pay us a visit.
Written by James Nicholls, Chairman, Maddox Gallery.