Know about market updates

Art and real estate converge as Art Basel kicks off

Art and real estate converge as Art Basel kicks off
Barry Sterlicht, David Edelstein and David Martin also among arts patrons
December 02, 2015 06:15PMBy Ina Cordle

Amid the launch of Art Basel Miami Beach on Wednesday, Related Group’s Jorge Perez had already scooped up a painting and photography collage for his collection. Dacra’s Craig Robins also made purchases, while Douglas Elliman’s Howard Lorber was strolling through the show, scoping out artwork to potentially buy.
Starwood Capital’s Barry Sternlicht, TriStar Capital’s David Edelstein and Terra Group’s David Martin were also sauntering through the fair.
Art and real estate are converging on Miami Beach this week, leading to colorful outcomes.
Design Miami and Art Miami opened to throngs of visitors Tuesday night; Art Basel Miami Beach opened its doors on Wednesday to hordes of art aficionados. The world’s largest contemporary art show, now in its 14th year, is bringing together 267 galleries from 32 countries this year. That’s 29 more than last year, said Noah Horowitz, Art Basel Director-Americas.
At Art Basel Miami Beach, Perez, chairman and CEO of Related Group, his wife Darlene Perez and Tobias Ostrander, the chief curator at Perez Art Museum Miami, were checking out exhibits.
Perez and his wife told The Real Deal that they had already bought an abstract painting by Boaz and a photography collage by Rosana Schoijet, both artists from Argentina. The works will be part of their massive art collection, which spills over from their home to Related’s art-filled Miami headquarters, to the company’s condominium projects, to PAMM, Perez said.
Lorber, whose firm is a sponsor of the Collectors’ Lounge, told TRD that he was looking at art and open to buying something.
Other real estate bigwigs, including Sternlicht, founder, chairman and CEO of Starwood Capital Group; real estate investor Edelstein, principal of TriStar Capital; and developer Martin, president and founder of Terra Group, were also there, on the hunt.
Robins, an avid art collector, president and CEO of Dacra and the founder of Design Miami, told TRD that he had already bought artwork, but declined to offer specifics. He was happily coming off the opening of Design Miami on Tuesday evening.
There, displays ranged from a demountable military shelter to bright, whimsical furniture and an eye-catching Swarovski crystal globe.
“Design Miami has the best show we’ve ever had,” Robins said. “The material, the quality — the show looks better.”

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *