In 2018, a groundbreaking report from The Alan Turing Institute detailed how using blockchain would fundamentally improve the authentication and value of fine artworks. The report, The Art Market 2.0: Blockchain and Financialisation in Visual Arts, introduced the benefits of bringing digital ledger technologies to the UK art market, with the proposed potential for a soaring increase in art market liquidity and value. Since then, the use of blockchain to prove the provenance of artworks and enhance their worth has grown worldwide. It has also made acquiring fine art for buildings even more attractive for owners and developers looking to add this rarefied amenity to their properties.
As the New York City experiential website 6sqft noted, luxury apartment developers such as Aby Rosen, traditional brokerages like Douglas Elliman and more tech-forward ones like Compass see the value of art in attracting and selling to tenants. As architect Morris Adjimi says in the 6sqft story: “Art is more stimulating to me than the latest trends in architecture. Art is visceral and topical, it is much more immediate and it allows you to get into the zeitgeist of the time. In art, we see what is happening now, in architecture it takes a few years to show up.”
The 6sgft story further asserts that: More and more architects, developers, designers, and brokers believe in the powerful relationship between art and real estate. So much so, it is now understood that art sells real estate and real estate sells art.
In fact, discerning real estate developers and owners are becoming increasingly aware that adding fine artworks to their property can be a major differentiator and value-add in attracting tenants. The commercial real estate world is also part of the trend. It’s virtually impossible to walk into the lobby of any modern urban office building without seeing a painting, mural or sculpture adorning the lobby. The centrality of art to office buildings goes back at least to the early…