How Art and Real Estate Are Coming Together

The art scene in Miami continues to grow at an extraordinary pace, so much so that for many residents living in some of the most high-end buildings in the world, a trip to the museum isn’t always necessary for a daily dose of creativity. Developers are engaging major artists in large-scale collaborations, raising the aesthetic bar at their latest projects and putting installations and one-of-a-kind pieces on display for inhabitants to enjoy.

In these new condo towers, art is a fundamental aspect of the entire project, and not just a colorful wall-hanging picked up at moment’s notice because it matched the drapes; these are big new vertical Xanadus dripping in art. Everyone is trying to outdo one another—Faena House, developed by Alan Faena, will house the Faena Bazaar and an artist-in-residence center by Rem Koolhaas and OMA, while Oceana Bal Harbour will feature two larger-than-life works by Jeff Koons—Pluto and Proserpina and Ballerina, purchased in 2013 for $14 million—both of which will be shared and owned by building tenants.

via How Art and Real Estate Are Coming Together.