Art For the Rich — Only

GOOD news! Queens has gotten an enormous art space in Long Island City. Says the New York Times

The modern-looking facility, built from the ground up at a cost of $70 million, is set to span 280,000 square feet when an adjacent building opens this spring. The complex will be packed with thousands of works of art, from old masters to contemporary rising stars. But unlike at a museum, few will ever see the works that live inside it.

It’s the largest structure for the art-storage company Uovo, and it can only be visited by very wealthy collectors. William Alden’s article goes on:

The wealthiest Americans have grown wealthier since the Great Recession, and many are investing their wealth in art. Especially with bonds and other assets offering rock-bottom yields, the art market — where reports of record-high sales now emerge regularly — has an obvious appeal. According to a survey last year by Deloitte and ArtTactic, an art-research firm, 76 percent of art buyers viewed their acquisitions as investments, compared with 53 percent in 2012. And with more collectors viewing art as a financial investment, storage can become an artwork’s permanent fate.

Reader of this blog will probably not be surprised to hear that the arrangement is great for the investors, but not so satisfying for the artists. Whole story here.