Invest in urban works of art?
The question that is imposed is whether it is safe and profitable to invest in works of urban art. In the opinion of António Prates, gallery owner for over 30 years, this is a good time to bet onurban art. "I have acquired and continue to acquire some [works], because it is a very strong movement and I believe in him as one of those who are historically preponderant."
The newspaper of news asked theVhils Is it worth investing in urban art? The Portuguese artist said: “In principle, any investment in art, despite being underestimated, has a giant return, not only in the sustainability of the artistic world, but of long -term return in terms of communication in the country, municipalities, or Who wants to draw attention to something. These are things that endure in space and create emotional links with people, bringing a much higher return to any other investment in magazine advertising, the internet or what it is. Then, on the private side of art purchase, many of these artists started selling very cheap works and nowadays their activity is going well, not only in Portugal but outside. They have collectors who buy them parts and their own auctions show the value they have. Therefore, whether in this movement or in art in general, any investment is always something that has a return. I have always been concerned with collecting, exchanging, helping artists at more complicated heights. I've always done that. For me, it is emotionally important. I don't see myself as an investor. I see myself supporting artists and being able to gather a estate of this movement, because there are not many people to do that. ”
Currently the works ofVhils, Bordalo II or Add Fuel They are part of the 'Portuguese signature' of urban art around the world. In recent years, there has been a growing increase in support for this movement, which is a great advantage for investors. Do not forget that a well -valued work is not just the one that returns the investment in the future but also fills the buyer's eyes when he sees her. One has to think about the balance of personal taste and return on investment in the acquisition of a work of art.
Urban Art and the Real Estate Field
THEurban art It has gain supporters across the country and many cities make room for this style of expression. In the real estate field, the appreciation of buildings, apartments, commercial establishments and, above all, urban areas for the intervention of international artists is increasingly concrete. The Expresso newspaper recalls what happened to the Shoreditch neighborhood in London, populated by works by Borondo, Banksy or the PortugueseAdd Fuel orVhils. Shoreditch is today one of the most desired areas to live in London, especially by the young layers. Although prices seem to have stabilized between 2013 and 2014, increases between 25 and 30%were recorded. “In 2014, whatever we put in the market sold, regardless of the price,” recalls Martin Phillips, director of the Shoreditch Agency at Fyfe McDity. The same attraction effect is replicated all over the world, from Montreal-where the walls have been much empty and much cheaper housing; Wynwood in Miami, an old warehouse zone that has become a fashion destination through the Goldman family operation; Or, leaving the western world, to the island of Djerba, Tunisia, a village in which the incomes more than they doubled after an urban art festival that joined 150 artists, including four Portuguese.
"Today, artists receive requests to paint murals because the owners think this will attract new rich tenants and remove the graffiti who normally discourage them," Elena Martinique wrote at Widewalls, a magazine specializing in urban culture. Often, architects already include in their projects space for interventionsurban art. Martinique indicates the case of a building in Chelsea, New York, which supports two paintings of Brazilian Eduardo Kobra. Since 2012, “the market value has risen from $ 880,000 to $ 2,075,000, and real estate agent Michael Rosser states that the murals contributed by 15% to this growth. Banksy pieces were known to double the value of properties overnight, ”he says. Most of the time, projects are presented as urban rehabilitation actions with social motivations and supported by municipalities and real estate mediation companies, such as Kaufman & Broad (partner of Streetart13 initiative, which renewed the image of the 13th arrondissement in Paris) or The Ratkovich Company (in Los Angeles, which paid Wrdsmth to paint eight murals in the city's downtown). About this phenomenon Pedro Soares Neves, a researcher at the Faculty of Fine Arts of Lisbon, believes that he is neither an artist nor an isolated building who can mark the phenomenon of real estate appreciation for urban art. There is a whole environment that combines.