As the markets for works of art, collections care, and engineered resilience in the built environment (private collections, museums – public and private, galleries, fairs, corporate and university collections, etc.) converge, renewable energy will be a factor.
“Underlying property increases in value by virtue of the fact that positive externalities associated with the performance of the resilience investments represents a superior outcome to the status quo – even when netted out by any costs.” (Keenan et.al.)
Companies have signed long-term contracts to purchase solar and wind energy in 28 markets.
Cost declines and efficiency improvements are making renewables cost-competitive with wholesale power prices of more traditional sources of electricity.
While larger corporations are entering into corporate power purchase agreements (PPA),
smaller companies are increasingly pooling electricity demand together to access economies of scale achieved through solar and wind projects.
This is called “aggregation.”
“Aggregation” might be a workable model for entities in the art market concerned about the long-term resilience of structures and care and value of works and collections.
See: 1) Jesse M. Keenan, Thomas Hill, Anurag Gumber, “Climate Gentrification: From Theory to Empiricism in Miami-Dade County,” IOPScience, 23 April 2018; 2) “Corporations Already Purchased Record Clean Energy Volumes in 2018, and It’s Not an Anomaly,” Bloomberg New Energy Finance, 9 August 2018
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