In New York, the commonly accepted wisdom is that art galleries tend to gravitate to gritty up-and-coming areas thick with bohemians, artists and hipster hangers-on. But a new study released by the University of Southern California’s Lusk Center for Real Estate claims just the opposite: Galleries open in high-end Manhattan neighborhoods that house the kind of wealthy consumers likely to buy art, not the people making it.
“These findings counter the common and somewhat romantic perception that galleries locate in gritty artist communities,” assistant professor Jenny Schuetz, who co-authored the study with Lusk Director Richard Green, wrote. “Similar to jewelry, furniture and antique districts, most galleries cluster near affluent potential art buyers, rather than the artists themselves.”
The neighborhood profile that attracts art galleries, the study asserts, “is consistent with luxury retail.” Read More