Art space is the new luxury real estate

Interior design is changing. It is evolving to a new level each day. The tastes change, the preferences change, and new trends arise. A new trend says that people are inclining towards art, and hence, demand for dedicated art space. The artwork on walls has become an important element, and a lot of time and money is being invested. The fad has specifically picked up and has become essential in new luxury developments to engineer them expressly as art-friendly spaces. More walls and fewer windows seem to be the new rule.

A new trend says that people are inclining towards art, and hence, demand for dedicated art space

Walls become crucial to honor art space

“These are walls large enough and with high ceilings that can accommodate the large paintings of modern art, as well as art from other periods. It also allows for a visually prominent display with appropriate lighting,” said Ian Schrager while explaining blueprints for the latest projects. Another developer, Joe McMillan, feels the same. “Every grand room now needs, at least, one art wall,” says McMillan. He further added, “We spaced the windows, which are nine feet by nine feet, far apart enough from each other so you have large expanses of the white wall between them, discrete spaces to hang your art. There’s a window acting as a picture frame on the city, a large expansive white space where you can hang some art, and then another window.”

In fact, in order to ease up the transportation of bulky, huge artwork, the buildings are incorporating enlarged service elevators. The creative director of Douglas Elliman, Roy Kim, describes how Rafal Viñoly engineered the super skyscraper 432 Park Avenue. “It was designed, very intentionally, with an oversize elevator at its core expressly for the move-ins of large items of art,” said Roy over a teleconference conversation from his Manhattan office.

High prices artistically justified as it drives luxury

The idea is to create a brand around the building that justifies it as art friendly. There are countless methods for the same, and that includes adding more walls and expanding the elevator. The aim is to establish a solid relationship between art collecting and real estate and make it grow ahead. Artwork also enhances the value of the property. They will also help in solidifying the skyrocketing prices in New York. Elliman’s Kim says, “The entry point for luxury in 2006 was $1,200 per sq. ft. and has now jumped to $3,000.”

The change was also been fueled because a number of major developers remain powerful art collectors themselves. Amongst the famous names, Aby Rosen, Steve Witkoff, Edward Minskoff, and Ian Schrager remain the prominent art aficionados.

Wendy Maitland’s buyer, who was an Oscar-winning director, chose the downtown space after his art consultant pointed out the larger freight elevator and museum-like ceiling heights there. The apartment also had reinforced floors. The director focused on the space for art more than she looked out for the neighborhood. “The neighborhood was less essential than the wall space for art, and the ability to exhibit his art collection. That’s a big statement,” says Wendy. It seems art is not only the new rich but also the essential interior.

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