Pricey Artwork Still Adorns Real Estate Projects Despite Recession

Despite the recession, including major sculptures and artwork in high-end New York City real estate projects has succeeded. “Sculpture can add a human element. Often in New York, buildings are overscale; sculpture can bring the scale down,” said Joel Straus, a corporate art consultant in Chicago.

The Rockefellers started the trend of using expensive sculptures and artwork to adorn properties in the 20th century, and luckily the trend has continued to follow suit despite the economy’s downfall. In October, Cohen Brothers Realty installed a $3,300 dollar, 5,000-pound sculpture on the ceiling in the atrium of 805 Third Ave. Silverstein Properties also included a Tom Otterness-designed playground sculpture in a new park near to two of its apartment developments on West 42nd Street, which costed around seven-figures.

Via: The Real Deal