Infographic: NYCEDC Compares New York Real Estate And Art Sales

 

When it comes to art and residential real estate, it's not surprising that New York is home to many eye-popping sales in both markets. Though this chart from NYCEDC's February 2012 Economic Snapshot shows just how evenly those numbers match up side-by-side.

For instance, if you emptied your piggy bank last year and discovered that you had saved up around $40 million, you could have acquired Gustav Klimt's "Litzlberg am Attersee," which sold at Sotheby's for $40.44 million, or Andy Warhol's first self portrait, which went for $38.4 million at Christie's. If you were more in the mood for a new pad rather than a masterpiece, you could have set yourself up in the Harkness Mansion or 834 Fifth Avenue with a few mil to spare!

For a more a closer look at these findings, check out this NYCEDC's podcast featuring 3rd Ward writing teacher Grace Bello and Steven Giachetti of NYCEDC's Research and Analysis team. "If you look at it on a per square foot basis, obviously art is far more expensive than even the most prestigious apartments in New York City," Giaccetti says.

Here are a few other fascinating statistics from that snapshot:

• New York accounted for about one third of all global sales at Christie's and Sotheby's in 2011.

• NYC is also home to more than half of all art sales in the United States.

• Local auction houses Christie's, Sotheby's and Phillips De Pury racked up a whopping $1.1 billion in sales of contemporary and impressionist art in just two weeks last November.

-- John Ruscher

MIXED MEDIA OPPORTUNITY // NYCEDC Seeks Creative Proposals For Downtown Light Installation

A light installation under the Brooklyn Bridge in DUMBO - photo by Jules Antonio

Think you have an idea that could illuminate Lower Manhattan? The New York City Economic Development Corporation wants to hear it!

The organization, which promotes economic growth throughout the city, is calling for proposals "for the development and implementation of an innovative and engaging lighting and placemaking initiative aimed at increasing Lower Manhattan’s exposure, expanding its appeal in the evening hours, and spurring more diverse business activity by using the area's buildings and public spaces to create a strong neighborhood identifier visible to viewers from both near and far."

NYCEDC is looking for a proposal that embraces and enhances Lower Manhattan's identity as a vibrant, 24/7 community:

This project should occur on a regular basis (i.e., weekly, monthly) and be able to be implemented by the end of 2012, and ideally have a guaranteed life span of at least three years. The lighting project may include, and is not limited to, projection-mapping including 3D effects, interactive elements and opportunities for interaction, up/downlighting and pedestrian or kinetic motion-activated lighting.

The project is scheduled to kick off by the end of 2012 and will continue for at least three years. The selected team will receive up to $1 million from NYCEDC, along with other potential funding sources, to realize their proposal.

The deadline for submitting a proposal is February 13, 2012, and you can find out more information from the official press release as well as the project's procurement page.

-- John Ruscher