Vladislav Doronin is the founder of OKO Group, a property development and asset management company that has developed numerous landmark buildings across Miami and other American cities. This article will look at the development of high-end properties and how art, such as paintings and sculptures, can be used to make properties more appealing.
Cheryl Eisen is the founder of Interior Marketing Group, an organisation that works on many luxury and celebrity homes. Speaking in an interview with Forbes, she explains that one of the first things she does when seeing a client’s space is to photoshop ideas of art that would look good and highlight the home’s features, for example, its tall windows or double-height ceilings. Art Loft, her in-house art team, is then commissioned to create unique pieces to fit into these spaces and offset these special features.
The staging trend has evolved from merely hanging pictures on walls or placing freestanding sculptures in rooms, with developers increasingly coming to recognise precisely how powerful impact art can be in terms of persuading a potential purchaser to close the sale. Savvy developers are integrating art into tiny spaces that are often overlooked to add interest and appeal to the buyer’s emotions.
Maria Morris, a partner at the global property agency Knight Frank, explains that buyers of super-prime property have travelled the world and place importance on ‘individuality.’ As with other types of luxury purchases, this breed of buyer expects something new and exclusive from the real estate they invest in, something that no one else has. As a result, developers of super-prime real estate are constantly pushing themselves to create properties that stand out from the rest of the market.
In terms of displaying one-of-a-kind objects d’art, no part of a building is off limits. Take, for instance, the Madison Square Portfolio, which commissioned several pieces of custom graffiti art from Skott Marsi for its elevators. In spite of residents spending precious little time in these spaces, the developers still deemed it worthwhile to take advantage of the blank space.
Art sets the tone of a building, creating spaces that appeal to buyers. In the luxury real estate market, particularly in places like Miami, New York, and London, developers are operating with an increased emphasis on integrating art into real estate. One example is the House of Nobleman, which recently joined forces with Amazon Property at The Park Crescent. Meanwhile, in Manhattan, artist Theirry Dreyfus was hired to work on a 40-storey-tall LED installation.
Whether bought by the purchaser because it appealed to them personally or because they specifically bought the piece to make their property more saleable, art adds elemental value. Today, buyers are increasingly looking for an aesthetic background to please the eye and satisfy the mind. In such instances, art serves as the missing piece of the puzzle, culminating in beautiful interiors where the piece of art is the right fit.
Art adds an extra dimension to the look and feel of a property, as well as encapsulating the kind of lifestyle the buyer could look forward to living in their new home. A great selection of artwork helps real estate agents elevate properties to the luxury real estate level, helping properties to stand out from the crowd.
In the city of Miami, real estate agents and developers alike are catering to buyers with a penchant for art. From contemporary 3D art to classic paintings, art plays with human psychology, radiating an aura or creating an atmosphere that gives a room a sense of place.
The super-luxury segment of the real estate market typically has a lot of interest and a long waiting list of potential tenants. To investors in this arena, the quality of the development is paramount. Targeted to the wealthiest 1% of the population, these types of properties are pitched to discerning buyers, who arrive for the viewing with certain expectations.
From the moment they step through the front door, the prospective buyer should feel like they are stepping over the threshold into a new world, hopefully one that reflects the value of the property, alluding to a lifestyle to which they aspire.
The special arrangement of interior design, plants, and simple furniture can all be used to enliven spaces, giving them a luxurious feel. Using paintings, sculptures, and other works of art can significantly affect the buyer’s perception, showing them that the property is an exclusive, sophisticated place and appealing to them on an emotional level.