Los Angeles real estate company The Agency is selling a home complete with artwork and furniture. The piece on display is called “The McCoys II” (2019) and is by artist Shaina McCoy.
The Agency | Nils Timm
When Paul Lester joined a luxury real estate firm in Los Angeles, he decided to organize a Beverly Hills property open house with a twist: He turned it into a virtual art opening, inviting both potential home buyers and people who might be interested in purchasing the artwork on display there.
The individual artworks sold, and the property fetched a premium: “I think the property sold for more than people expected because the whole property was considered luxury,” Lester told CNBC in a phone interview. The buyer also purchased some of the artworks on display.
That was over 10 years ago, and since then, Lester has made it his mission to display “significant” works by contemporary artists alongside designer furniture in the luxury properties he lists for sale, which are often available to buy.
A partner at real estate firm The Agency, Lester is currently selling several new luxury homes in Beverly Hills designed by architecture firm Olson Kundig, some of which come equipped with “complete” art collections.
Paul Lester, a partner at Los Angeles real estate firm The Agency, said his firm has made it a “mission” to put art in the properties it sells. Pictured here is the interior of a home that’s part of a collection known as The House at 8899 Beverly. The artwork is Lazarus’ “Rainbow Universe” (2015).
The Agency | Nils Timm
Known as “The House” at 8899 Beverly, prices start at $5 million. Lester said the art and furniture are available for purchase, and are not simply “staging” items brought in temporarily. The agency worked with consultancy Creative Arts Partners, and the home features work by a number of artists, including art educator Michelle Mary Lee and British sculptor and painter Irvine Pascal.
Homes known as “turnkey” properties that are ready to move into are becoming more popular with buyers. “Especially in new construction, people now want a package where everything just works,” Lester said. “They ask, ‘I want this room. I’ll bring my furniture. I’ll bring my art. I really love this style. Can you do that?’ And we can say, ‘Yes, you can,'” he said.
The trick when choosing artwork for such properties is to make sure it complements the property’s interior, says David Knowles, founder of art consultancy Artlier, which provides artwork for real estate projects in the UK, US and Middle East.
“When they’re selling a turnkey project, it’s hard to convey some kind of uniqueness or distinction because the artwork has to appeal to a broad audience,” Knowles told CNBC in a phone interview. “The artwork has to feel right there.”
To do this, Artelier commissions pieces relevant to the area the home is located in and has the artist create a piece that fits the dimensions of the space, which tends to work better than borrowing work from a gallery to temporarily hang in the home, Knowles says.
Art consultancy Artelier commissions pieces to fit the dimensions of walls and panels, as seen in the living areas of homes in London’s Eaton Place.
Fenton Whelan | Artelier
Lester’s team discusses whether artwork should match or contrast with the home’s design, choosing a colorful palette for a monochrome property or combining abstract pieces with portraits, Lester said. Sometimes artwork is commissioned by the property, but other times Lester will ask artists if they have work in a particular color.
Artelier has sourced artworks to hang on the walls of some of the world’s most prestigious addresses, including residences at One Hyde Park in London, The Dorchester’s One at Palm development in Dubai, and apartments within Eighty Seven Park, an oval-shaped building on Miami’s waterfront designed by Renzo Piano.
Knowles said London property developers are keen to appeal to overseas buyers looking for holiday homes in the city. The consultancy works for interior designers and property developers to source art for wealthy property buyers. “They know what they like and have good taste, or they have employees who have good taste,” Knowles said.
Artelier often acts as a bridge between “two different worlds” of groups: artists and developers and property buyers, Knowles said. He works with artists to help them understand that their work is considered luxury and that customers expect “something extraordinary.” At the same time, Artelier sometimes explains to clients that custom ceramic pieces are more likely to have imperfections, such as fingerprints.
Artelier has commissioned a collection of artworks for the public areas of One at Palm Jumeirah, the Dorchester Collection residential building in Dubai. The artworks on display are by textile artist Kristy Kun.
Two’s Studio | Artrie
For Lester, the artwork on display in the homes at 8899 Beverly creates new marketing opportunities. “We’re launching a campaign soon to spotlight artists, which I think will be very effective. It gives us another opportunity to tell the story of the home by also telling the story of the artwork,” he said.
The homes are relatively affordable compared to some of Lester’s other properties. “We have a few that are privately for sale right now. The homes might be worth $60 million or $70 million, but the art in them is probably worth $200 million,” he said. A buyer at that level might inquire if the seller would sell a piece of art or two, Lester said.
While estate agency Savills doesn’t often sell art as part of property transactions, Richard Gutteridge, co-head of prime central London properties at the firm, advises clients to leave artwork on the walls during viewings.
“This is an accessory that many people can relate to. At the top of the market, [that] “It’s all about the lifestyle,” Gutteridge said in a phone interview with CNBC. Gutteridge oversees sales in what he calls the “golden postcodes” of Belgravia, Chelsea, Knightsbridge and Mayfair. He said a home’s art collection can sometimes be worth as much as the property itself.
“that is [sales] The journey is very enjoyable [buyers] “Refocus the home… artwork often grabs people’s attention,” Mr Gutteridge said.
