A mid-century modernist house in the desert of southern California, outside Palm Springs, will go on auction next spring as part of an art auction through Christieâs on postwar and contemporary art. It has a listing estimate of $15 to $25 million.
As prices in the art market have surged over the last few years, the idea that classic architecture (in this case, a design by Richard Neutra) is a form of high art is creating new opportunities in the luxury art market.
The home was bought about 15 years ago and had been advertised as a tear-down, according to a recent article in the New York Times. After an exhaustive restoration, the home now has been restored to its original condition.
The huge range in the pre-sale estimate indicates that certain buyers might be willing to pay much more for a home with such a pedigree and shows the way that luxury retailing is making its way through every sector of the economy. It also indicates that the preservation of classic architecture might be served well not only by public interest bodies but by private enthusiasts with the money to spend.
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