Tag: art

• NFTs and real estate

  I have started using my NFT collection as a rotating face on my Apple Watch. The one you see below is a Cool Bean, but I have many others in the gallery. Lately, I have been gravitating towards NFTs on the Solana blockchain because of how fast and cheap it is to transact. Though I am still much longer with ETH.

  https://twitter.com/donnelly_b/status/1453406293256024074?s=20

  This is all pretty geeky stuff, but it reminded me just how early we are when it comes to web3. NFT art has exploded over the last year, but the broader ecosystem is still getting built out. We are all going to want mediums in which to display and experience this new form of art. And as soon as that happens, I suspect they won’t be thought of as “just JPEGs” anymore.

  (One of the nicest digital art displays that I have seen is the MONO X7. It’s currently available for pre-order but I haven’t yet pulled the trigger.)

  On a related note, I follow a human on Twitter who goes by 6529, because that is the Cryptopunk number that she/he owns. 6529 is incredibly bullish on crypto and NFTs, and tends to write long and insightful threads about it. One of the most recent ones is about real estate and I think that many of you will find it a worthwhile read.

  https://twitter.com/punk6529/status/1452797543478448129?s=20

  What I particularly like about it is that it reminds us that so much of what we consider to be normal and the status quo is actually just a construct that people before us created. Usually it’s not perfect and there are many inherent flaws, but it’s the best that could be done at the time. That or it just worked.

  And because it’s the way it’s been “always done”, it just recedes into the background and most of us don’t give it much thought. Of course, so much of entrepreneurship is about questioning the status quo and doing things differently. Why this way? Could it be better? And it’s precisely during these moments of change where lots of value is created.

  2021.10.27

• 🖼 Fondation Marguerite et Aimé Maeght

  

  Saint-Paul-de-Vence

  2021.09.20

• Experiential art center opens in Miami’s Allapattah neighborhood

  A new 50,000 square foot experiential art center (EAC to those in the know), called Superblue, has just opened up in Miami’s Allapattah neighborhood. It includes installations by Tokyo-based teamLab, Amsterdam’s DRIFT, James Turrell (amazing), as well as many others.

  This is noteworthy because experiential art is both fun (and Instagrammable) and because it is another example of the continuing rise of Allapattah. Art, design, and culture are usually pretty good for city building.

  At the same time, the New York Times raises an interesting question: “Is this a forward step in the march of modernism or a debasement of art into theme-park entertainment?” Arthur Lubow goes on to say:

  The popularity of this genre is driven by contradictory desires, as demonstrated memorably by the line of visitors in 2019 who waited up to six hours for a one-minute stay amid the twinkling lights in Yayoi Kusama’s infinity mirror room at the David Zwirner gallery in Chelsea. Malnourished by their phones and computer screens, people yearn for real-life visceral experiences. And yet they remain stuck in the gravitational pull of virtual reality: The experiences they seek are ones they can record on their phone cameras and post on social media.

  I get this logic.

  But my own view is that just because something has commercial appeal, it shouldn’t mean that the art is any less serious. And just because people want to photograph and share it, doesn’t necessarily mean that they aren’t appreciating it in the same way as someone just standing around and pondering it.

  Perhaps this is a good time to mention that Snap has also just announced the next version of its Spectacles. These ones come with the promise of augmented reality. What is real anymore?

  2021.05.21

• Ray: Architecturally-inspired homes at the intersection of art, culture, and community

  Back in 2008, Dasha Zhukova and Roman Abramovich hired starchitect Rem Koolhaas and founded a new contemporary art museum in Moscow called the Garage Museum. Supposedly this was the first philanthropic institution in Russia dedicated solely to contemporary art. (Here’s a short video in case you’re curious what it looks like.) After it opened, the founders apparently had a realization about the way people like to consume art. Yes, people like to look at art and ponder deep things. But it turns out that people also like just being around art and other art-like things. People started coming to the Garage Museum not only to view the various exhibitions, but also to just hang out.

  This insight is now being used to inform a new real estate development company, also by Dasha, called Ray. The mission of the company is to create “architecturally-inspired homes at the intersection of art, culture, and community.” Their first two projects are in Harlem and Fishtown, Philadelphia, but apparently they have something cooking in Miami as well. What Ray hopes to do is integrate art and culture in a more meaningful way through cultural programming, exhibitions in their buildings, artist studio spaces, and other creative ideas.

  There’s also an affordable housing angle. According to the WSJ, Ray’s Harlem project is a joint venture with L+M Development Partners. I don’t know any of the specifics of this deal, but I know L+M, because one of their founding partners, Ron Moelis, was a professor of mine in graduate school. L+M is focused on affordable and mixed-income housing and uses tools like the Low-Income Housing Tax Credit (LIHTC) to make these sorts of projects financially feasible. They aren’t, otherwise. I learned all about them in school and I always found it to be a great way to get the private sector building affordable housing.

  “Art and culture, community, and accessible pricing.”

  2021.05.17

• NFTs, luxury brands, and reclaiming ownership

  Here is an interesting interview discussion about NFTs (non-fungible tokens) and the world of luxury brands. It’s a conversation between Benoit Pagotto, cofounder of the NFT brand RTFKT Studios, and Ian Rogers, who is Chief Experience Officer at the blockchain startup Ledger (he was previously the Chief Digital Officer at LVMH). Below is an excerpt that stood out to me. It starts to speak to the potential of NFTs for fashion/luxury brands. Rogers also makes an interesting comparison to the music industry in that things are playing out very differently today compared to what happened back in the late 90s.

  Benoit is proving that he can basically sell a $4,900 digital good alongside a $100 physical good. Now imagine when the lightbulb goes off in Adidas’s head, that the item on adidas.com comes with a digital collectible and the item at “retailer dot com” does not. It fits with their focus way more than the internet did. The internet didn’t fit in any incumbent’s focus. It was the opposite. It was like, “Oh my God, this threatens our monopoly in some way,” right? For the music business, it was, “Wait a minute, we want to sell a $17 compact disc, not a $1 digital file.” They got dragged into that world. 

  On a related note, it was recently announced that model Emily Ratajkowski has made an NFT containing a photograph of herself standing in front of a Richard Prince print that had previously appropriated one of her photos. (Richard Prince’s artwork is known for appropriation.) So this is an exceptionally neat idea. Here she is using an NFT to try and take back some control. Basically: You took my photo and then profited from it. So now I’m going to stand in front of that image, take a new photo, and then reclaim some ownership using the blockchain. Is this the future?

  2021.04.27

• Scarcity and stories

  Scarcity. FOMO. Scott Galloway is right. In this recent post, he talks about why humans are programmed to chase scarcity and why blockchains (specifically NFTs) could represent something incredibly meaningful for not just the art world but for many other asset classes. Here’s an excerpt from the post:

  People like scarcity — a lot. Owning something scarce makes one feel unique, and signals success and worthiness as a potential mate. Scarcity is also an instinctual trigger for obsession — when we sense a scarcity of something, be it food or a mate, we are programmed to become obsessed with finding it. Art auctions, the (pre-pandemic) lines outside Supreme, and the margins on a Panerai Tourbillon prove this point.

  A Van Gogh and a Rothko are both unique, and therefore scarce, because they are made of atoms, and it is impossible to arrange a second set of atoms in an identical configuration. Print artists, whose lithographs are made to be reproduced without alteration, use a small “17/100” written in the corner, to distinguish each print and bestow scarcity upon it.

  To hold value, scarcity must be credible. The dirty (not-so) secret of the art world is that art buyers, and even professional art appraisers, struggle to discern originals from forgeries. A well-made forgery provides the same practical value as an original — you can hang it on your wall and bask in its profundity. Yet the art world invests millions of dollars in identifying the “real” version of valuable works; once unmasked, forgeries are nearly worthless.

  I have always found this fascinating about art (but really, it applies to most other things). Is the price you pay so that you can “bask in its profundity” or because the object in question signifies something — it tells a story? In addition to scarcity, we also obsess over stories. They help create meaning for us.

  The interesting thing about all of this is that it’s really just a question of perception. When a work of art is discovered to be a fake that is, indeed, detrimental to value. But what changed? The art itself hasn’t changed. We just no longer enjoy it and derive as much value from it because the story is not what we thought it was.

  2021.04.09

• We are hiring for the Development team

  Slate Asset Management is hiring.

  We are looking to hire an Associate or Director to join the Development team here in our Toronto office. The full set of responsibilities can be found over here on LinkedIn, but at a high level, we are looking for someone who wants to join an entrepreneurial team and lead — fairly independently — a portfolio of urban infill projects.

  Our approach to development really stems from the broader Slate platform. We are bold and thematic investors who work to create long-term value for our investors and partners. From a development perspective, that translates into an unwavering commitment to design & culture, innovation, and disciplined project execution.

  We pride ourselves on working alongside the world’s best architects and designers, and uncovering opportunities that others may be overlooking. We are proactive and hands-on in everything that we do. We also feel an inherent sense of responsibility for the buildings that we create and we want the work that we do to help improve our cities. We stand behind our product.

  If this sounds like a mission that you can get behind, then I would encourage you to learn more about us at slateam.com and submit an application via LinkedIn. Please note that we are also asking candidates to introduce themselves through a short video.

  2021.01.19

• Sleeping well at night

  

  I get that real estate developers don’t always have the best of reputations. We build buildings that cast shadows. We invest in (or gentrify) neighborhoods. And yes, like every other for-profit business, the goal is to make a bit of money along the way.

  But believe it or not, there are developers out there who care deeply about the work that they do. They care about their craft. And they want to do the right thing.

  Perhaps the best way for me to start to explain what I’m getting at here is to quote the late Steve Jobs. An obsessive perfectionist, Jobs was known for focusing on every little detail in the projects that he worked on. Here’s an excerpt from an interview he did for Playboy back in 1985:

  “We just wanted to build the best thing we could build. When you’re a carpenter making a beautiful chest of drawers, you’re not going to use a piece of plywood on the back, even though it faces the wall and nobody will ever see it. You’ll know it’s there, so you’re going to use a beautiful piece of wood on the back. For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.“

  As a developer and a fake architect, this paragraph really resonates with me. But here’s the thing. One of the differences between making a beautiful chest of drawers (or a computer) and making a beautiful building, is that buildings have an inordinate amount of rules that tell you what you can build where and then how you need to build.

  Some of these rules, of course, make a lot of sense. Life safety is no joke. But some of these rules also make no sense. And sometimes these rules — that don’t make sense — prevent you from putting what I would metaphorically consider to be that beautiful piece of wood on the back.

  The beautiful piece of wood isn’t about money. In fact, it’s going to cost you more compared to just using a piece of plywood. It’s about giving a shit and caring about your craft, even if nobody else does. It’s so you can sleep well at night.

  Photo by Michał Kubalczyk on Unsplash

  2020.12.02

• birdO, StreetARToronto, and Slate unveil new 10-storey mural at Yonge and St. Clair

  This blog has been a little too serious as of late. So here’s something fun. Last week, Toronto street artist birdO, StreetARToronto, and Slate Asset Management unveiled the new 10-storey mural that I wrote about last month. The large-format art piece is part of the City of Toronto’s StreetARToronto Monumental Program and our (Slate’s) ongoing effort to do things that are great and remarkable at Yonge and St. Clair. Below are some photos of the mural by Riley Snelling. I love how these turned out (birdO in his bird mask, of course, helps make them).

  For the full press release, click here.

  

  

  

  

  

  Photos: Riley Snelling

  2019.11.18

• New mural coming to Yonge + St. Clair

  A new mural is underway at Yonge + St. Clair by the Toronto-based street artist birdO (aka Jerry Rugg). He started over the weekend and should be finished by next week, depending on the weather. Here is what it looks like so far:

  

  If you’d like to take a look in person, head on over to 1 St. Clair Avenue East. It’s the building at the southeast corner of the intersection. And if you’d like to learn more about birdO, here’s a short film about some of his work in Detroit. It’s really well done.

  If you can’t see the video above, click here.

  2019.10.15