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smart luxury | private museums & the sharing of art & knowledge

“We wish to share and interact with more people and encourage our friends to share their collections too. Only thus we can grow and learn from each other.”

Wanwan Lei and Li Han of Beijing share their motivation for opening their collection to the public through the establishment of a private art museum.

Larry’s List predicts that private museums,  70% of which have been founded since the year 2000 and whose resources and funding do not rely on public support, will increasingly cooperate with each other in the future.

Networks have been founded to increase partnerships between private museums in support of the loaning of works of art, the presentation of traveling exhibitions, and the sharing of knowledge.

See:

“Private Art Museum Report” | Larry’s List, December 2015

“Larry’s List is launching the Private Art Pass 2017 – The Ultimate Privilege Card for the Art World” | Larry’s List

#art #collections #collectors #privatemuseums #realestate #resilience #finance #smartluxury #luxury #urbanluxury

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art & architecture | Selldorf Architects designs new premises for Berlin’s Esther Schipper

New York’s Selldorf Architects is designing the new gallery in Berlin’s Potsdamer Strasse gallery district for Esther Schipper.

The new Esther Schipper gallery address is:

Esther Schipper
Potsdamer Strasse 81
10785 Berlin

The gallery will be newly situated in a former printing and warehouse facility. The premises offer a 5,800-square-foot exhibition space split into a large primary room and a smaller, 1,500-square-foot space.

See:

“New Project: Esther Schipper gallery in Potsdamer Strasse” | Selldorf Architects, 1 March 2017

“We are moving!” | Esther Schipper

#art #artcollections #luxury #urbanluxury #architecture #realestate #Berlin

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smart art | collections storage

The American Alliance of Museums will meet on Sunday, May 7 to discuss “sustainable collections storage, strategies for our future.”

Facing increased energy costs, changing standards, and issues brought about by climate change, institutions are reevaluating their facilities, collections storage, and operations.

The May 7 discussion will include a review of building site and architecture, environmental control systems, lighting, and waste.

Speakers will explore practical, pressing, and efficient measures to reduce carbon footprints while maintaining the paramount goal of preserving collections.

See: “Sustainable Collections Storage: Strategies for our Future” | American Alliance of Museums, 2017 Annual Meeting & MuseumExpo

#art #artcollections #collections #collectionsmanagement #artstorage #collectionsstorage #smartart #luxury #smartluxury #urbanluxury #resilience #realestate #museums

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smart art | preventive conservation in China

Based on a nationwide investigation of the current state of preservation of museum objects in China, around 51% of the 35 million museum objects show different degrees of deterioration.

In China’s present situation, preventing damage to museum objects is much more cost-effective than allowing damage to happen and then treating it.

By 2013, the number of museums in China had increased to 3354 from 3055 in 2012, among which the number of private museum is 811. The number of museum visitors annually is 600 million.

Based on China’s national long-term outline plan for museum development (2011‒2020), we expect that by 2020 there will be one museum for every 250 000 people, compared to one per 400 000 in 2014, and that 20% of museums will be privately funded.

Owing to the impressive number of museums opened in the twentieth century, a large number of objects has been accumulated and has often been left in unsuitable environments, resulting in irreversible damage. Treatment of individual objects cannot meet the ever-increasing demand.

Rather than treatment after they show signs of degradation, looking for preventive conservation solutions becomes the most important museum function.

See:

“Overview of preventive conservation and the museum environment in China” | Nan Feng, Research Center for Chinese Frontier Archaeology, Jilin University, Changchun, China, published online on 12 August 2016

#art #artcollections #smartart #smartluxury #urbanluxury #collectionsmanagement #China #museums #preventiveconservation #realestate #airpollution #climatechange #risk #riskmanagment

 

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art & smart engineering | protecting art from natural disasters

Architect Renzo Piano’s new Whitney Museum of American Art opened on May 1, 2015. Construction on the new museum building, located at the intersection of Gansevoort and Washington Streets in Manhattan’s West Village and Meatpacking District, began in 2010 on a previously city-owned site. The museum site marks the southern entrance to the High Line.

Reviews of the Whitney’s new design have been wonderful. One design feature, extraordinarily important yet perhaps most often not noticed, is the custom flood-mitigation system.

The flood-mitigation system was designed after Hurricane Sandy brought a 13-foot storm surge to the shores of Manhattan in October of 2012, flooding the museum’s construction site with more than five million gallons of water. The system includes a perfectly balanced,  15,500-pound, 14-feet-tall by 27-feet-wide door designed by Walz & Krenzer engineers who build water-tight latches for the U.S. Navy’s Destroyers.

The Whitney’s system, with its technical sophistication and aesthetic sleekness, is proving to be a model for other U.S. art museums asking the same questions.

While the country has been stuck in a surreal debate over the reality of climate change, disaster-preparedness has become a matter of pressing concern, and institutions in vulnerable areas are having to respond in real time.

The museum’s actions—turning to specialists in naval engineering, for example—augur an era of improvised ingenuity, of localized efforts to address a problem in dire need of a global solution.

See:

Whitney Museum of American Art

The High Line

Walz & Krenzer

“Protecting Priceless Art From Natural Disasters” | How Renzo Piano’s New Whitney Museum Protects Its Art From Climate Change, John Whitaker, The Atlantic, 27 May 2015

“Whitney Museum of American Art” | Wikipedia

#smartart #art #smartluxury #luxury #urbanluxury #artcollections #collectionsmanagement #museums #climatechange #risk #riskmitigation #realestate #resilience #theWhitney

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urban & street art | challenging paradigms

Christian Utz is co-founder of 52Masterworks, a crowd investment art collection platform that serves art collectors and investors.

In 2016, Mr. Utz opened the Museum of Urban and Contemporary Art (MUCA) In Munich.

Speaking with Larry’s List, Christian Utz describes urban and street art, their challenge to paradigms of high and low art, the limited access to (supply of) this form of art, and how urban and street art are largely neglected by current art discourse.

Urban Art reaches beyond any niches. Urban artists often use harsh imagery associated with neglected topics. But, whilst the message is provoking, it is equally approachable and sometimes even compassionate. In the world of urban art, everyone is welcomed to join the artistic conversation – that makes this art form so special.

Street Art challenges the paradigms between high and low art. The consequences of the institutionalization of this art form are the limitation of access to artworks, and especially, the volatility of market prices. I guess it has become much harder for new starters to collect than ten years ago.

Street art as an art form of the 21st century is rightly considered as a globally celebrated phenomenon. Nevertheless, street and urban art is barely part of the present art discourse.

See:

The Collector Who Founded Germany’s First Urban Art Museum | Larry’s List, 22 March 2017

52Masterworks

Larry’s List

Museum of Urban and Contemporary Art (MUCA)

#art #artcollections #streetart #urbanart #collectingart #collectionsmanagement #smartart #urbanluxury #smartluxury #resilience #investing #finance #tech

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smart art | purchase channels, concentrations, information asymmetries

By analyzing the performance of early-20th-century British economist John Maynard Keynes’ art collection, and comparing the collection with the simulated performance of thousands of hypothetical art portfolios, economists David Chambers, Elroy Dimson, and Christophe Spaenjers have found that the art market is structured much like a lottery.

Relatively few winners (artists and their collectors) reap enormous gains; the majority of artists are marginal to the overall value of the market.

The Keynes collection was studied as “one of only two complete, or near-complete, financial records of an art collection from initial purchase to final valuation.”

The analysis and comparison with hypothetical portfolios reveals several features of the Keynes collection with implications for the broader market:

  • Purchase channel. Paintings and drawings by Degas, Cezanne, Picasso, and Braque—were largely purchased at auction, where Keynes may have spotted bargains. The works he acquired through other channels, through dealers and on the primary market, underperformed relative to his auction purchases.
  • Concentration. 80% of Keynes total spending on art went to just 10 works

“Changes in the total value of the Keynes collection are largely driven by changes in the market value of a few artists, such as Braque, Cezanne, Matisse, Picasso and Seurat. Conversely, what happens to all the lesser-known artists…is not an important driver of returns.”

The fact that much of the value of the Keynes portfolio lies in a small number of key works, and buying them required significant upfront investment, suggests that successful arts investment appears to be a pastime for the already well-capitalized.

Well-positioned and deeply informed insiders may, however, take advantage of the information asymmetries of the opaque art market, such as knowing when a work might become available or where a willing buyer lies, to effect savvy purchases and “buy low.”

See: “Keynes’s Art Collection Shows Why Art Investing Is Like the Lottery” | by Anna Louie Sussman, Artsy, 5 April 2017

#art #artcollections #luxury #smartluxury #urbanluxury #finance #resilience

 

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smart luxury | the art market is “ready for an upgrade”

Scheduled to open in Manhattan in July of this year, Arcis Fine Art + Collection Arcis will be a 110,000 sq. ft, purpose-built art storage facility within a federally designated Foreign Trade Zone (FTZ) that is insured to hold up to $3 billion in art.

“The foundation of Arcis is providing real, museum-level sustainable storage to the private sector” to serve the needs of international collectors in Manhattan.

A key factor in obtaining authorizations for the FTZ was a proprietary business model. The West 146th Street site, in contrast to locations in Chelsea, was seen as presenting no “accumulation risk. ” Hence insurance broker Willis Towers Watson allowed the highest possible insurance rating.

Executive director Tom Sapienza and the director of operations, Kevin Lay, partnered with the Van Gogh Museum in Amsterdam and Vidaris, the firm that advised the Whitney Museum regarding the envelope of its new building, to create a sustainable microclimate system. The system filters the air three to six times per hour. LEED and BREEAM environmental assessment certifications are in the works.

See:

“Collectors reserve space as New York’s first art freeport prepares for summer launch” | Sarah P. Hanson, The Art Newspaper, 5 April 2017.

“Protecting Priceless Art from Natural Disasters” | How Renzo Piano’s New Whitney Museum Protects Its Art from Climate Change, John Whitaker, The Atlantic, 27 May 2015

#art #collecting #collections #collectionsmanagement #luxury #urbanluxury #smartluxury #realestate #resilience #Manhattan #FTZ #climatechange