W
hen high-end real estate developers attend art world events like Miami's Art Week, they're not just networking with potential clients or trying to fit in with the elite. They're showcasing their passion for luxury and their ability to curate exceptional experiences. For Emily Santangelo, a fine art dealer and consultant who works with both individuals and developers, this intersection of art and real estate is more than just a trend – it's a way of life.

    Santangelo notes that many high-end buyers see art as an essential part of making their homes truly special. "I have private clients where the art within their home is worth 10 times the value of their property," she says. And these collectors are often real estate industry titans, with collections like the Macklowe and Soloviev collections being highly sought after.

    Developers who collect art are not just doing it for personal enjoyment – they're also using it to enhance their business. Santangelo recalls working with a developer in Boston who commissioned a giant wall of Slinkys by artist Tara Donovan for a life sciences project. The result was a unique and eye-catching installation that helped set the building apart.

    However, getting developers to agree on art budgets can be challenging. "Do we need to spend $100,000 on that wall?" they might ask. But over time, even skeptical developers have come to realize the value of investing in high-quality art. As Santangelo notes, "the better the quality, the faster the lease-up."

    Art has become a key differentiator for luxury developments, and those who can curate exceptional collections are at an advantage. Even HFZ Capital's failed attempt to create a permanent gallery at the XI showed the power of art in establishing a developer's reputation.

    Santangelo believes that anyone in the real estate industry can build up their knowledge base and become a savvy collector. Her advice is to start small, looking for timeless pieces rather than trendy ones. And if you're not sure what to buy, get a good broker – or better yet, learn to make your own informed decisions about art.