Real Estate and Art; A match made in Heaven
Miami combines real estate grandeur and high art redefining posh living.
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Miami is known for its white sand covered beaches that is often hotspots for photo, film and TV shoots. It attracts thousands of beach lovers all over the world and is notorious for scantily clad ladies. Off shore, Ocean drive boosts historic and colourful art deco buildings converted into stylish hotels. Along the sidewalk are lavish restaurants, trendy café and buzzing hip clubs that make up Miami’s nightlife. Behind Ocean drive are chic boutiques and minimalist art-galleries. It is a real estate heaven. It’s not surprising many Hollywood Celebrities made this sprawling beach an affluent and sought after residential area. Miami is considered one of the world’s most expensive and classy commercial and residential estates.
Art has always been associated with the rich and wealthy who can afford to buy these lucrative investments. Market for Art recently bloated to an all-time high record. A 1969 triptych, "Three Studies of Lucian Freud" by Francis Bacon, was sold for whooping $142.4 million. Prior to that, the record was $119.9 million for a pastel version of Munch's "The Scream." The cataclysm of art prices has been caused by the economy’s downfall and globalization of the market. The Postwar and Contemporary Art sales now rival the historically dominant Impressionism and Modern categories. Much more on the younger generation of artists who are selling their work of art in bigger scale.
“Art has become a luxury good, coveted by the surging crowd of new wealth in search of an identity for itself,” reported by New York Times.
What do you get if you combine High Art and Miami elite address? An exceptional myriad of high stake investment only the wealthiest can afford. This is the exact goal of most real estate developer in Miami.
Take for example, Jeff Koons who sold his “balloon dog” sculpture for $58.4 million last year. Two of his artworks are now being exhibited and part of Oceana Bal Harbour luxury high-rise selling points.
A Philippe Starck duck sculpture adorns real estate buyers of Paraiso Bay and SLS Brickell including a colourful animal skin wall rug by Agustina Woodgate, an Argentine-born artist.
British photographer Terry O’Neill fill the sales office for The Bond on Brickell with its Nine iconic, life-size photographs of celebrities.
Huge public art installations slated to grace Codina Partners’ new multi-use development for the city’s first high-rise condos.
These paintings, sculptures and installations are becoming the focal points of recent real estate developments. Developers are creating liveable art galleries to sell high-end spaces or luxurious rentals to wealthy clients.
Merging of art and real estate is greatly defining Florida’s charm to international buyers impelled by artsy, contemporary edifices encouraging huge investments on US luxurious addresses.
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Rental and Realty provides luxury apartments for short term rentals, vacation rentals, and corporate and executive housing in Miami’s affluent addresses.
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