Spotted gazing at the Manhattan skyline in the 1980s, Harry Helmsley was asked what he was doing. His reply: “Just taking inventory.” A generation later, skyscrapers remain the ultimate trophies for New York’s real estate elite, but one asset class now comes a close second: art.
Some of the city’s biggest developers are avid art collectors, putting the same dedication into acquiring a Rothko or a Koons that they would into buying a Park Avenue tower. This month, The Real Deal took a close look at some of the industry moguls with notable art collections, in the cover story for our August issue, now available online. [more]