How Art is Re-defining Luxurious Spaces
INSIGHTS FROM OLYVIA KWOK
BY RUBY CLARKSON
Olyvia Kwok
Fine art is no longer just found in art galleries or within the homes of wealthy art collectors. Art is now more accessible than ever and many homeowners, commercial businesses, and interior designers use art to add a sense of style, elegance, and luxury to the interiors of their properties. With this in mind, here are the key ways that art is re-defining luxurious spaces.
DOMESTIC HOMES
According to Olyvia Kwok the art world is changing – Art is becoming financialized and owning a piece of art is now considered sophisticated. Many homeowners and interior designers use art to make their homes appear more cultured and luxurious, while some people simply use art to fill a white space. Art has now become a fundamental aspect of any stylish home decor. Kwok mentions how she once had a buyer who wanted a piece that was big, bright, and stood out. “He didn’t care about the meaning behind the art, he just wanted it to stand out in his home and be an attractive focal point”. Kwok adds – “People are getting more selective and more sophisticated, when (something) is adequate, it doesn’t attract people.
When things are super quality, I think people (are) happy to pay premium.”
OFFICES
Many commercial businesses now use art to decorate their offices and create a higher-end, luxurious style. Art can make a huge statement about the brand and credentials of a company, so businesses are increasingly investing in art pieces to showcase in their office buildings. Many businesses also include artwork from up-and-coming-artists as a way showing connection with the local community and demonstrating support for aspiring artists in the area. It is also worth noting that art is often used in businesses to effectively improve creativity, morale, and productivity in the workplace.
Henri Matisse. an untitled drawing of a lady.
Displayed at at the La Colombe d’Or Hotel, Saint-Paul de Vence.
HOTELS
Kwok comments that many luxury hotels are fast becoming fine art spaces and art is often being used in hotels as a way of redefining luxury. Many high-end, exclusive hotels feature world-class art pieces and stunning design features that help them stand out from the competition. She adds – “Instead of simply leaving walls blank with spaces for art works to be added later, forward-thinking hotels are incorporating art into the very fabric of the building with specially commissioned pieces integrated into the design of the building.”
You no longer have to go to an art gallery to see stunning world-class art. Many luxury hotels feature famous art pieces – you can find a Picasso in La Colombe d’Or in France, and a Warhol and Hirst in Gramercy Park Hotel in New York.
POSTERITY-THE HOLY PLACE, 2006, Butterflies and gloss household paint on canvas by Damien Hirst, displayed at the Gramercy Park Hotel.
TIPS FOR PURCHASING ART
Purchasing art can be an effective way to add a sense of style and luxury to a space and can also be a great investment opportunity. Many collectors have a passion for art and gain many years of enjoyment from the visual value of a piece, before cashing in on its financial value in a few years time. According to Kwok – “Art retains its value. Unlike other assets, such as stocks, the value will never drop to nothing. A Picasso could go today for £20 million or the same work could go tomorrow for £15 million, but it will always be a Picasso.” Here are some key things to consider when purchasing art:
PABLO PICASSO Buste de femme (Dora Maar), 1940 Oil on canvas, 29 1/8 x 23 5/8 in, 74 x 60 cm © 2019 Estate of Pablo Picasso/Artist Rights Society (ARS), New York Photo: Erich Koyama. Courtesy Gagosian
CHOOSE A PIECE YOU LOVE
It is extremely important that you choose an art piece that you will enjoy. You should also choose a piece that will blend with the current style of your interiors. Think about what you are hoping to achieve with a new art piece – do you want to create a sense of luxury, make your property appear more cultured, or create a stand out focal point? These will all affect what art piece you should purchase.
KNOW THE CURRENT TRENDS
Kwok advises visiting local art galleries and exhibitions, and speaking with people in the industry to find out about the current trends. This will also give you the opportunity to get valuable advice and improve your chances of making a profitable investment. Kwok explains – “Art can be like super-high-fashion trends. Prices can depend on trends and what is fashionable, that’s why it’s so important to stay in touch with the market and to keep a short-term focus.”
DO YOUR RESEARCH
You should be aware that pricing reflects more than just taste. It is vital to do research and know the true value of any piece you are interested in. While you should always choose art that you like, it is also important to pick a piece that you will be likely to get a decent return on in the future.
How Art is Re-defining Luxurious Spaces
INSIGHTS FROM OLYVIA KWOK
FINAL THOUGHT
Art is more accessible than ever and many homeowners and businesses are using art to improve the style of their properties and create a luxurious atmosphere. When purchasing art, it is important to know the market trends, buy pieces that will create the style you are hoping to achieve, and do your research to ensure that you are making a smart investment.
