According to Giles Hannah of Christies International Real Estate, yes, it can by as much as 3% or 4%.
Developers are recognising that the addition of works of art can transform a rather mundane development into a dynamic environment where people want to visit and live. It is now often a condition of planning, especially in London, to include art works. Most of these pieces are modern art, the demand for which has seen an explosion in recent years. It is not only top end establishments like The Beaumont Hotel which has installed Antony Gormley´s steel man, or the incredible water sculpture by Japanese artist Tadao Ando in front of The Connaught, but the developers of the Greenwich Peninsular have opened a gallery and artist studio and a permanent piece by artist Conrad Shawcross has been installed.
Likewise, at St Georges Dock close to Wapping, an art and text trail is being put in place on the site to create an ambience where people can feel they are a part of the city.
So, it is no surprise that developers, looking to maximise profits, are now realising that putting art into property is an easy and cost-effective way to achieve this.
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