LA brokers say luxury art and luxury houses sell one another
April 25, 2016 12:00PM
Who needs art museums when you can just go to an open house?
Luxury real estate agencies are now coordinating with art galleries to display and sell original pieces during home showings. For the agencies and the galleries involved, it’s a double-win setup that augments the appeal of crème de la crème houses and gives buyable art monied exposure.
The developers of a renovated property in Pacific Palisades staged the residence to feature Picasso sketches, Ethan Murrow drawings and works by David Hockney and Donald Sultan.
The artwork, which referenced some element of Western imagery, played to the appeal of buyers attached to the brand of California, Jaman Properties principal Janus Cercone told the L.A. Times.
The added pizzazz isn’t without a cost. While borrowing the artwork is typically free, Cercone added that she must pay for insurance, logistics and security — which often amounts to tens of thousands of dollars.
But even if the house doesn’t sell, sometimes there is a happy ending for the featured artwork.
“I’ve seen the art sell to the person buying the house, and also to the person selling,” Paul Lester, a partner at the Agency, told the Times. “And I’ve had the experience where a potential buyer isn’t right for the house, but they come back for the art.” — Cathaleen Chen