Preserving Wealth: Fine Art & Real Estate at Work

Positioning during a Pandemic:

While there are many aspects of contending with the global pandemic, positioning your assets is essential.   COVID has refocused our attention on living in homes worth our time.  Our families have to be comfortable in each given space.  This is especially true now that working from home is the new office for many.   Repairs and improvements, once on hold, are now greenlit and being completed.   For those comfortable with their profession, building and growing a meaningful fine art and real estate portfolio is in order.  Creating a space that inspires and renews should take precedent.

Exclusive Real Estate and significant Fine Art:

The Exterior of Ginny Williams Denver Home

The former residence of Denverite Ginny Williams. Courtesy of MASONmodern and KENTWOOD REAL ESTATE DTC, LLC

As indicated in a February 2016 INC Magazine opinion piece, the contributor felt the “Wealthy” understood that certain assets must be used to preserve one’s wealth.   Number one and two on the list: Exclusive real estate and fine art.   To emphasize the integral relationship between the two asset classes, the recent passing of Denverite Ginny Williams (Sept 2019) uncovers answers for those bold enough to enhance their lifestyle today.

A little about Ginny Williams:

A beneficiary of the cable television industry, Williams funneled her efforts into first selling and ultimately collecting fine art.  Her focus on owning significant buildings in Colorado and New Mexico provided a place for her passion to be expressed.  (Note: Her paths crossed with my own as our buildings backed up to one another in Cherry Creek North in addition to our involvement with her photography collection).

Today, the focus on exclusive works and properties has a realized dollar value.   On June 29th 2020, the first auction from a series dedicated to her collection grossed $65.5 million.   One work, Lee Krasner’s “RE – ECHO,” had an estimate of $4 to $6 million.  In Denver, Williams’ distinct Hilltop contemporary and modernist home hit the market at $4.5 MillionThe Krasner sold for $9,034,300.   Not all real estate or fine art is created equal.  However, with an educated eye and a distinct style, a property and its contents can take on significant meaning for the present and future owners.

Resources for success:

Ensure that you have a firm understanding of each asset class.  In Colorado, turn to the specialists like those at MASONmodern and GALLERY M.  Whether collecting significant works or building an architecturally significant home, working with experienced advisors in both real estate and the fine arts is essential.  Should your interest be in refining your collection, including that of Ginny Williams, reach a specialist today at MASONmodern and GALLERY M.

 

 

 

Author: Mason Hayutin

Founder, Editor and contributing writer, Mr. Mason Hayutin is recognized for his depth of experience and knowledge in technology, energy economics, real estate and the arts (fine and visual). Having worked with recognized world-class artists and their estates since 1997, Mason brings a wealth of practical experiences from installations, marketing, and private sales. An active business advocate, he successfully released the fine art documentary film LUBIE LOVE in 2009 ahead of the global auto crisis - in addition to maintaining his tenure at GALLERY M INC. Hayutin holds a degree in Economics from Washington University in St. Louis. You can read his insight here at The Art Quarterly as well as in regional and national publications.

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