Behind the curtains in the Collector’s Lounge at Art Basel Miami Beach, a theater-sized screen reveals a sparkling ocean and palm trees swaying in the breeze. A. Bradley Nelson, chief marketing officer of Sotheby’s International Realty, stood in front of a serene landscape. “I feel like I’m standing on my terrace right now looking out over the pool to the ocean,” he says. “We just wanted to give people the same experience.”
That particular view was taken from a four-bedroom condo on Collins Avenue that Sotheby’s is currently selling for $13 million. Every few minutes, a new view appears on the screen. For example, views from a $49 million duplex penthouse in Manhattan or a $26 million waterfront home in Palm Beach will be shown as part of a “curated” hour-long property show. “It’s a great design for an art collection,” says Nelson.
Sotheby’s, which is sponsoring the fair for the second year in a row, is holding a reception and cocktail hour in the viewing room and handing out VIP fair passes to top clients who may be interested in art. “Reaching wealthy people is very difficult, but Art Basel Miami Beach attracts them,” Nelson says. “People who want to own trophy real estate usually have an interest in the art world.”
The synergy between art collecting and real estate is nothing new, especially in Miami, where the biggest art collectors like Jorge Perez and Craig Robbins are also the biggest real estate developers. But as brokers, including the Sotheby’s franchise in Miami, begin to provide in-house art advice and developers increasingly take art into account when planning new construction, the crossover is more pronounced than ever. It has become.
In November, The Agency, a luxury real estate company run by Mauricio Umansky of Real Housewives of Beverly Hills fame, opened The Agency Art House, which offers art collecting advice to clients.
“There’s been a high barrier to entry for fine art. Most people in the real estate industry don’t understand how the art world works,” says the Los Angeles-based art advisor and agency director. says Arshi Kapoor, co-founder of Art House. Kapoor and her colleagues were in Miami to tour Art Basel with a client who recently purchased a property from The Agency. “There are very high-end collectors who have bought $30 million, $40 million, $50 million homes, but they’re paying huge sums of $10 million, $20 million, $30 million to create art in their homes. I have a budget.”
Collectors primarily focus on investment-grade art, Kapur added. “Ninety percent of the artwork you see around the world is aesthetic, very beautiful, but it’s not an asset.”
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Agency Art House can manage certifications, insurance, installation, and other art-related concerns for our clients. “As soon as[customers]buy a home, we provide them with all the resources to purchase art,” says Kapur. However, one of the company’s main objectives is education. She and Umansky, along with New York art world broker Jonathan Travis, appeared yesterday at an untitled art fair on a panel titled “Art and Real Estate: Where Creativity and Value Meet,” where they said, We talked about how it currently plays an important role in the real world. – Real estate development – increases real estate value and shapes the identity of the entire community. ”
Meanwhile, Florida luxury real estate firm One Sotheby’s International Realty plans to open an in-house art advisory office in the first quarter of 2025. “They’ve always used art in their marketing,” said Sarah Jane Bruce, who leads the advisory. Now running the operation in collaboration with business partner Flavia Masset, “If a client needs advisory services, we can recommend someone from our brand.” (Sotheby’s Saturdays at 1 p.m.) As part of the Art Basel Conversations program, we will be hosting a conversation with Bruce entitled “Building Resilient Art Collections in an Uncertain Market.”
Mai de la Vega, founder and chief executive officer of One Sotheby’s, said she had wanted to incorporate art advisory into the business for years. “It’s fun. It’s always been the best time to do it, but now I’m able to focus on that.” Having an advisor on staff gives clients “a lot of consistency and commitment.” will be able to provide it.
Mr. de la Vega, himself a collector, said his advisers would encourage clients to buy from Sotheby’s auction house as well as galleries. She also hopes to focus on showcasing the work of emerging and mid-career artists in the company’s offices in the future. This week, she partnered with Miami’s Bonnier Gallery to present an exhibition of work by leading artists including Andy Warhol, John Baldessari, Wifredo Lamb and Barbara Kruger at One Sotheby’s offices in Miami Beach.
One Sotheby’s International Realty hosted an exhibition at its Miami Beach office in collaboration with Bonnier Gallery during Miami Art Week. Featuring works by leading artists such as Andy Warhol, Wifredo Lamb, John Baldessari, and Barbara Kruger.
Liliana Mora
building for art
Art is becoming an increasingly important consideration for real estate professionals, even before a property is sold or built.
Developers can now tailor properties to the specific needs of collectors. “Climate control and lighting are the most important elements” for an art-friendly property, says Nelson. Next comes dehumidification, UV protection for windows, hurricane protection (Florida), and freight elevator dimensions. Then there’s the wall. The walls need to be load-bearing, but they can’t be all glass.
Some even make art a feature of the property itself. In 2016, Bruce and Massetto purchased millions of dollars worth of artwork by artists including Taryn Simon and Callum Innes for the lobby of developer Eduardo Costantini’s Oceana Bal Harbor condominiums. Two Jeff Koons outdoor sculptures are installed there. “The gorgeous art collection played a huge role in marketing to our customers,” Bruce says.
One of the homes on display at Art Basel Miami Beach’s Sotheby’s Lounge is a $40 million home in Sea Island, Georgia, once owned by the late architect John Portman, with a His unique sculptural installations remain. “This house was a source of interest,” Nelson says.
Meanwhile, Ms. Kapur said she visited a client’s home in Indian Creek earlier this week and saw an outdoor sculpture on the property. Art “gave me even more reason to buy a home,” she says.
“Many agents and developers are starting to understand that art is an asset just like real estate,” she says.
