November 14, 2013
Christie's International Real Estate is furthering its official luxury real estate sponsorship of Art Miami International Contemporary and Modern Art Fair Dec. 3-8 to capitalize on the natural confluence of real estate and fine art markets.
The real estate firm will host an interactive booth at the entrance of the fair to showcase more than 14,000 global properties. Since fine art collecting and elite real estate hunting go hand-in-hand, Christie's will likely reach hordes of prospective clients.
"Unequivocally, people who purchase high-end art also purchase high-end real estate," said Lucia Gonzales, account executive at Kreps DeMaria, Miami.
"They are apt to be more private, not wanting to reveal who they are, but it is clear that in many instances, there is great crossover," she said.
Kreps DeMaria handles public relations for Art Miami.
Walls for art
In addition to Art Miami, Christie's also secured an official sponsorship of Context, a fair that features emerging artists. The two fairs are connected to each other by a courtyard and are located within midtown Miami's Wynwood Arts District.
One hundred and ninety galleries from 22 countries will be on display between the two fairs.
Christie's International Real Estate's exhibition promises to include hands-on capabilities as guests pore over the vast range of global properties throughout the week. Twelve of the brand's international brokers will be present to provide expert information.
Christie's Hale Ali'i property in Hawaii
The exhibition's privileged position ensures that it will receive heavy traffic. Top clientele of the brand will be invited to a VIP Champagne reception.
Christie's Punta Minitas 34 in the Dominican Republic
In 2012, Art Miami attracted more than 60,000 collectors, museum professionals, art luminaries and enthusiasts, according to Christie's.
Art Miami is part of a broader collective of art fairs called Art Week in South Florida.
Stability
The accumulated actions of other real estate brands and auction houses evinces a stable global market for both categories.
For instance, Sotheby’s International Realty Affiliates is strengthening its foothold in the Middle East with a new office in Saudi Arabia and imminent offices opening in Kuwait and Bahrain.
The First Regents Sotheby’s International Realty firm in Riyadh, Saudi Arabia, will work with regional project developers and survey international markets to facilitate the requests of local consumers. Increasing globalization of the real estate market means that the new offices will not become silos, but will shuffle into the brand’s larger deck of firms to cater to global consumers (see story).
Also, Christie’s New York brought the rare Francis Bacon triptych “Three Studies of Lucian Freud” to auction Nov. 12, where it fetched $142.5 million, which far surpasses the artist’s previous auction record of $86 million in 2008.
Bacon’s Three Studies of Lucian Freud had never been on the auction market before and the three panels have spent much of their existence divided from one another. The piece first went on display at Christie’s King Street location during Frieze Art Work Oct. 13-18 and at Christie’s New York Nov. 1-12 (see story).
The gathering of so many international art collectors almost mandates a strong real-estate presence.
"These 12 brokers from all over the world come to Miami not only to sell property here, but to sell to their clients who are visiting Miami," Ms. Gonzales said.
"They own properties all over the world and Miami is another ever-growing destination," she said.
Final take
Joe McCarthy, editorial assistant on Luxury Daily, New York
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