The following article sheds hope for emerging artists looking for ways in which to earn an income from their art on loan so they can spend more time working in their studios and less as servers in restaurants, guards in museums and gallery assistants!!! While there are substantial benefits for the renter, the financial benefit for the artist is equally compelling which is why I have signed with Art Rent and Lease and have urged other artists to submit work. Art Rent and Lease is a new corporate art rental firm and the brainchild of president, Lisa Powell who is working not only in the New York area but nationally.
Art brightens leasing picture
Building owners use original works as tools to draw tenants, get higher rents
by Catherine Curan
When equity office Properties Trust closed on its purchase of 717 Fifth Ave. in 2004, it faced the daunting task of finding tenants for roughly 35% of the 425,000- square-foot boutique Plaza district tower. Director of Leasing Robert Fink and Vice President Michael Berman realized that to attract high-end financial institutions, the building needed to jazz up the blank-looking 66-foot-long corridor in the lobby. "It appeared empty, and begging for art," says Mr. Fink. Both men believed a few photographs just wouldn't do. The space needed a significant piece of art, rounding out the high-class amenities tenants would expect. So an original $40,000 mixed-media piece was commissioned for the space. "It adds to the cachet of a
EXTRA TOUCH PAYS OFF
For 717 Fifth Ave., Equity Office Properties Trust wanted abstract contemporary art, since the glass tower was built in the late 1950s for Corning Glass Co. Several designs created on a computer, and then Equity officials approved a final design. Equity Office's Robert Fink says they were seeking something that would complement both the architecture and an etching in gold leaf by influential 20th century artist Josef Albers. The piece, two panels that were installed last month, cost just $40,000. Equity Office was able to save money because of the collaborative nature of the work, which is not signed by a single artist. Mr. Berman says the extra touch helped Equity lease the entire property to its target tenants at rents in the mid-$80s to $90 per square foot--prices at the top of the market.