The more years of experience we get, the more we see the unique link between luxury real estate and fine arts. Of course, it is complicated to really trace a line between these two markets since a property can easily be an architectural masterpiece, an artistic display of craftsmanship one can literally inhabit.
Beyond the comparison object-to-object, interior designers and home staging specialists are getting in tune with the trend and use fine arts to improve home decors. They now give more importance to the fact that a well-displayed art piece suggests a lifestyle and adds to the warmth of a residence. That is why home decor professionals are more inclined to invest in art which, in turn, stimulates the market and synchronizes it with real estate.
It is also well known that individuals who benefit from a revenue that allows them a luxury real estate property are interested in others types of potential financial investment, and art is one of the firsts that comes to mind. The correlation is undeniable: if luxury real estate market is healthy, the art market will follow. A study has previously shown this relation with actual numbers by stating that, between 2011 and 2013, both the high-end real estate market and the fine art market have grown by 24% and 22% respectively. Meanwhile, the general real estate market grew by only 6%.
Even if the economic aspect of the question is the main interest here, we should also consider the fact that art has many positive effects on the soul of the ones who are exposed to it. Therefore, it makes any property warmer and enhances its inhabited feel when embellished with the great masters’ work.
Obviously, this extraordinary relation has something to do with the success of the Sotheby’s brand, both in their real estate branch, Sotheby’s International Realty, and in their primary vocation : fine art auctions.
This explains why Genest & Marinacci, Real Estate Brokers recent affiliation with Sotheby’s International Realty Quebec makes us even more skilled than ever to offer services to the aesthetics lovers.
Sources: Mansion Global, World Property Journal
Photo: Sotheby’s International Realty New York official Facebook page