Have you ever been moved by a work of public art? A statue? A 50ft sculpture? A painting?
When we human beings are touched, we move. And no, we don’t mean physically move. We mean that our brains are transported to a completely new world. You probably could also look at it as a physical movement, after all, the experience is physical in our bodies.
Eye-catching public art can be seen absolutely everywhere nowadays, from parks to town centers, from tourist hotspots to highways – but it can also be an incredible investment, especially for real estate owners.
In this article, we’re going to discuss exactly what public art is, and why it’s so important for real estate owners to invest in it.
What Is Public Art?
Public art can be defined as a reflection of how regular people see the world. It’s an artist’s response to the planet we live on, combined with a sense of our values and culture.
This type of art often is not seen in the regular art ‘’form’’ one is used to. In fact, the size can vary from a huge tower standing high in the sky to something you may not notice beneath your feet on the pavement. There are various realistic or abstract shapes, and it may even be carved, built, assembled, or painted.
Public art is distinguished by the unique association of how it’s made, where it’s placed, and the meaning behind it. It can be something beautiful that expresses community values, enhances a certain kind of environment, transforms a total landscape, or something that heightens the awareness of certain issues and questions all assumptions.
Regularly placed throughout public sites, public art can be something for anyone, and for real estate owners, it can produce huge returns on investments.
Real Estate Owner Investment In Public Art
Public artists and investors have benefited from many successful partnerships. Since public art can enhance the culture and attractiveness of a certain place, it also has the power to bring commercial prosperity. This can be through an influx of new business, or even a boost in local property values. Public art can be a golden factor when it comes to establishing a unique and culturally active place that is attractive to both residents and businesses.
When real estate owners invest in public art, the entire collaboration holds real promise. Public art investments are able to act as a catalyst for community regeneration, and can provide real estate owners with huge returns on their investments. Public art investments are growing increasingly important to property developers due to the fact that they’re a vital ingredient when it comes to making a development interesting. In addition to this, they also have the capabilities to increase value immensely.
A work of art that adds to the emotional uniqueness of a development is sure to be a key differentiator, especially if it’s done by a big-name artist. Take Bansky for example, he turned a £300,000 house in Bristol into a whopping £5 million home by just creating his ‘Aachoo!’ mural on its side – You can read more about this here. Whilst this is not always necessary or even desirable, it’s just one of many examples out there that show the true power of public art.
Often, public art investments are carried out by local people. They are who understand the context and the environment in which the art is going to work well. In most cases, it’s a fantastic way to connect the local community with a brand-new development.
Don’t Hesitate On Your Public Art Investment
Public art thrives best when real estate owners factor it in from the very beginning. This way, it becomes integral to the development itself, rather than something that was added in later on. Canary Wharf is a great example of a place that embedded public art into its initial design from the get-go.
Art in the middle of a hostile environment doesn’t necessarily change that environment. However, if it’s created in a way that is sympathetic with the community as a whole, then real estate owners have a pretty good chance of reaping high rewards.