From the New York site: Developers have long been using art to draw the wealthy to their latest luxury building — particularly in South Florida, where competition is fierce for multi-million dollar condos. Now, 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 in New York, 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 in New York.
Still, Santangelo estimated that the typical art budget for a New York developer is just $250,000 for a whole building. [NYDN] – Christopher Cameron