In the recent years we’ve seen an increase in hotels buying artwork to make their spaces more unique and memorable to their clientele. Rather than purchasing ‘mass produced’ art from manufacturing companies, hotels has now started taking bigger risks in developing their art collections. Hotel owner and investor Petter Stordalen has invested 400.000.000 NOK in his collection, some displayed at the luxury hotel The Thief.
Stordalen himself has admitted to not being an expert on the field and has hired swedish Sune Nordgren to consult when purchasing artwork. This is a growing trend amongst businesses and home owners, hiring interior designers to decorate homes and offices. Even though interior designers and art advisors only make up 7% of the market share of sales, they tend to invest in more expensive artwork from the avant-garde and commercial markets.
Petter Stordalen is a man that isn’t afraid of risks and sets big goals for himself and his businesses. He fulfils all the requirements for being an art investor; there’s only one problem. He knows nothing about art (his words, not mine). Stordalen showed no interest in art until he became very rich. What kind of buyer does that make him?
Trophy hunters are motivated by the purchase it self. How they bought the artwork and the price. The trophy hunters seek increased social status from buying an important artwork and showing off their money. The art tends to come from well-recognized artists, often bought from auction houses. Stordalen falls into this category of buyers. Buying art from recognized artists doesn’t require very much knowledge about art and the market because the value is already determined. Factors that determine value is the artist’s exhibition- and sales history (if on the secondary market).The artwork is also more likely to resell at the same, or higher price point.
The Thief, owned by Stordalen, has become a space for fine art. With its own exhibitions on the 3rd floor, the hotel offers a unique experience to the guests. Art is also used as decoration around the different parts of the hotel, finding new ways to present the work outside a traditional gallery or museum. This is also a great way to reflect the culture in the city the hotel is located in.
This new trend in a innovative way of exploring art and could inspire the everyday man to invest in unique art for his own home. It is less sterile than the average gallery and the artwork blends in, becoming a decorative piece of the interior.
Making sense of art and design industries 