Art Basel Attendees Seeking More Than Just Exhibits, Luxury Real Estate in High Demand

From by Kavita Daswani
Art Basel Attendees Seeking More Than Just Exhibits, Luxury Real Estate in High Demand

The wealthy throngs of visitors arriving in Miami this weekend for Art Basel, one of the world's premier art events, are not just scouting modern paintings and avant-garde installations. A burgeoning new trend being seen at the four-day, art-and-culture fest is attendees being pitched high-end properties as well.

"Real estate is a tertiary benefit," said Heinrich von Hanau, developer of Palazzo Del Sol, a residential development on the ultra-exclusive Fisher Island where a $26 million penthouse is up for grabs. "Prospective buyers coming from the most faraway locations like Beijing, Dubai and Punta del Este are the ones who make dedicated plans outside of the art fairs to see real estate with serious intentions to purchase." Indeed, said von Hanau, about half a dozen pre-qualified prospective buyers have already toured Palazzo Del Sol earlier this week, before the official kick-off of Art Basel.

Fasano Hotel + ResidencesPhoto Credit: Fasano Hotel + Residences

From a pure marketing perspective, the growing alliance between the worlds of art collecting and luxury real estate makes sense. The very affluent are in town to acquire new pieces for their collections, and are open to spending a little time looking at second, third or even fourth homes in which to house their new acquisitions. As a result, developers are luring potential buyers to their properties with invitation-only, art-related events.

"Art Basel attracts the world's elite, and we find they are not just looking for art when they come here, but the best of culture, design and commodities, their next property included," said Jorge Sanchez, director of sales for Fasano Hotel & Residences at Shore Club, which is hosting a couple of high-end events to bring in the big spenders.

one oceanPhoto Credit: One Ocean

"...(this) is a prime time to reach the design-savvy, wealthy, international crowd that craves the high-design real estate on the market," agreed Louis Birdman, developer of One Thousand Museum by award-winning architect Zaha Hadid. Birdman said that people asking to tour properties are in town for the art, and he's specifically targeting them by having a sales team throw brunches and cocktail parties inside the fair. His goal is to let guests know about the residences at 1000 Museum, where the penthouse is priced at $49 million. Some of the properties hosting events are not even completed yet, but their developers believe this is a prime opportunity to get their targeted HNW clients in the same room at the same time. Here are a handful of events happening around Miami during Art Basel focused on selling real estate to art enthusiasts:

The penthouse at the Fasano Hotel & Residences at Shore Club hosted an invite-only cocktail party on December 2, ostensibly to showcase the works of Jacaranda, a Brazilian artist collective which curated an installation for the event. Guests, however, were also able to check out the panoramic views from the rooftop and get a feel for the project, which offers luxury units from $2 million. The developers behind the iconic building are not shy about pushing their ware, other social events designed to bring people into the property include a retrospective of celebrity photographer Pamela Hanson.

mareaPhoto Credit: Marea

At Park Grove condo development, Russell Simmons is teamed up with developers David Martin and Jorge Perez to host an invite-only charity auction on December 3. Wealthy philanthropists had the opportunity to check out the luxurious sea-facing homes, which have access to a 28-seat private seating room and on-site spa. Perez is hosting a brunch and art walk that will allow guests a sneak preview of the under-construction residences at the chic Marea development. At Marea Miami Beach, commissioned artwork by Riccardo De Marchi and Markus Linnenbrink will dominate the lobby and common areas today. Avant-garde installations by Pablo Siquier and Michele Oka Doner at ONE Ocean in Miami Beach will also showcase the terrazzo floor with inlaid bronze accents in the development's plush lobby today as well (invite-only). 

But the events are not all about Champagne and caviar. Marketing teams at Hyde Midtown Suites & Residences are bringing American artist Spencer Finch's solar-powered ice cream truck on site, which incorporates the colors of a Miami sunset into soft serve confections. Running until December 5, prospective buyers can enjoy their sweet treats while learning all about the lobby piano bar at the under-construction development, as well as the heated lap pool and VIP access to lounges at the nearby SLS Hotel, all thrown in with ownership.