What High-End Art Collectors Look for in a Home
July 6, 2018When you’re ready to sell a luxury home, it’s important to understand that potential buyers may be just as discerning as you are when it comes to understanding the market trends and considering high-end homes for purchase. Creating a home environment that appeals to the buyers you are targeting is one of the ways that you can increase the value of your home, as well as move it quickly off the market and into the hands of someone who will appreciate it.
In 2017, the Knight-Frank Luxury Investment Index ranked art as the top-performing asset in luxury real estate, outperforming previous winners such as wine and classic cars. This means that art walls are not just eye-catching, but are an essential asset of luxury home style and décor. More art collectors are looking for homes that can house their expansive collections of collectible artwork, which means that luxury homeowners should consider how to make their home art collector-ready.
Home Reflects Passion
When someone invests in a luxury home, he or she is investing in something that reflects his or her passion. The choice of location and style of the home are aspects of a property that indicate who the homeowner is as a person. When serious art collectors are looking for their next home investment, they will need a space that can house pieces of artwork that reflect who they are.
Typically, this means they need spaces within the home that have at least 10-foot ceilings with the ideal height being closer to 12-15 feet high. Wide wall space is also a necessary component of a luxury home art gallery. Some prospective buyers will look for studio space on the property outside of the home, such as a pool house or cottage on the property that could act as a gallery in itself. Landscaping is also important, especially in South Florida. Many serious art collectors will want to showcase art such as sculptures around the property and not just use the space inside. Therefore, it’s essential that homeowners begin to think about how they want to present their home as an ideal spot for art collectors.
Overlap Between Luxury Home Buyers and Art Collectors
Luxury homebuyers and serious art collectors often overlap, especially because many collections and even some single pieces of artwork can out value a home itself. Place and space add to the experience of purchasing a luxury home with art in mind. Strategically placed art can be the finishing touch that prompts a buyer to choose your property, especially if that buyer sees the value in having his own collection in that space. Some buyers may find your home art galleries so enticing that they may offer to purchase the artwork with the home, which can significantly increase the value of the property depending on the quality of the art piece.
Miami is a Hotspot for Collectors
Miami is a popular international destination for art collectors. Many of these high-end buyers are looking for homes that can hold collections even before those collections exist. When they come to Miami for significant art events such as Art Basel, they are also looking for a luxury home where they can showcase the unique pieces they acquire from prestigious artists visiting Miami. These buyers are looking specifically for South Florida luxury homes designed with art in mind.
For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.
References:
Bessone, L. (n.d.). The Art of the Collection: In-Home Art Curating. Retrieved from https://luxurydefined.christiesrealestate.com/blog/market-insights/the-art-of-the-collection-in-home-art-curating
The long-established links between property and art. (n.d.). Retrieved from http://www.knightfrank.com/wealthreport/2018/luxury-spending/home-is-where-the-art-is
