Developers have long used art to draw the wealthy to their latest luxury building. But increasingly, gallery operators and art curators are lending their trained eyes to high-end real estate projects.
“This goes way beyond decorative,” Emily Santangelo, an art consultant who curated the art for a new hybrid condo and rental tower by Christian de Portzamparc at 28th Street and Park Avenue South, told the New York Daily News. “Developers are realizing that fine art is the hallmark of luxury and they’re willing to pay for it.”
Santangelo added that developers used to wait until a project was wrapping up before even thinking about art. “Now, they retain me as soon as a project gets the green light,” she said.
And its not just condo projects that are getting the fine art treatment. Pricey rental buildings are commissioning big name artists, such as Terence Main at Abington House.
Still, Santangelo estimated that the typical art budget for a New York developer is just $250,000 for a whole building. [NYDN] – Christopher Cameron