Cristian Contini, who opened Contini Art UK in 2014, believes having a Mayfair address is vital. His family has six galleries in Italy and chose New Bond Street to mark its international expansion.
Contini says: “It made sense for us to be surrounded by the auction houses and designer label stores where our clients would also be visiting.”
He adds that his clients are often wealthy Arabs, Russians and Americans “who would not dream of travelling anywhere outside Mayfair”. Dr Diego Giolitti, sales manager at the gallery, adds: “Some of our other customers are hedge fund managers and FTSE 100 bosses. If they are spending more than £1 million on a painting or sculpture they want to do it in luxury and near to their offices.”
The company is hoping an exhibition next month of works by Albanian-born contemporary artist Helidon Xhixha — whose elegant sculptures will set you back up to £130,000 — will appeal to wealthy collectors.
The location is also convenient for many international collectors, according to David Rosen, senior partner at property agent Pilcher Hershman which has helped galleries such as Marian Goodman — who has exhibited works by British artist Steve McQueen — to open in London.
Rosen comments: “Extreme wealth oscillates around certain parts of Mayfair, such as between staying at a luxury suite at Claridge’s, visiting the Sotheby’s Auction House, dining at the Connaught and picking up Prada goods in Bond Street. Collectors want convenience and an elite service which they think can be found in Mayfair.”
"If a client is spending more than £1 million on a painting or sculpture they want to do it in luxury."
<p> Dr Diego Giolitti, Contini Art UK</p>
LAPADA, the Association of Art and Antique Dealers, also points out that Mayfair is home to its annual LAPADA Art & Antiques Fair in Berkeley Square where a lot of local galleries can find new customers. Its attendance topped 22,000 in 2015.
So are the area’s rocketing rents — some are up 30% in just 18 months, according to Levy Real Estate — really forcing out the old guard?
Zakaim explains: “I believe this year will be much more challenging. Major collectors are being spooked by the volatility of the stock market and plummeting oil prices are affecting some of our Asian and Russian clients. They are undoubtedly feeling the pinch.”
He thinks there may be an argument to pay considerably less rent and be slightly hidden away on the upper floors of an elegant building in Mayfair, rather than the glitz of the ground-floor shopfront.
“I believe the quality of our art would be enough to attract the correct clientele regardless of our street presence,” he adds.
10 exhibitions not to miss in 2016
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However, for many of the super-rich, the short-term gyrations of the financial market do not make much of a dent to their spending power.
Property sources forecast another five international galleries could be eyeing a move to Mayfair by 2017, hailing from New York, Paris and Milan.
Any fears that the global economy could drastically reduce demand for art in the capital should be eradicated.
Christie’s takes heart as post-war auction brings in £72 million
It might have been a volatile time for stock markets last week, but there were no sign of jitters at Christie’s if last week’s post-war and contemporary art auction is anything to go by.
Sales totted up to more than £72 million.
Sold: Peter Doig’s “The Architect’s Home in the Ravine” (Picture: Christie's)
Christie's
In a tense night of bidding, £58 million of works were sold to collectors — Peter Doig’s “The Architect’s Home in the Ravine” fetched £11.3 million alone.
With 42 registered bidders from four continents for the evening event, Christie’s Edmond Francey said the results “offer real assurance to the art market”.
