Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Does Greenwich, CT’s Real Estate Market Have Hints for the Art Market? The Top End Is Way Down—and Falling!

November 10, 2016 by Marion Maneker

conyers-farm-lakefront-estate-1This report on Greenwich, CT’s real estate market has some clues for those in the art market. In the first place, the US government has been investigating multi-million dollar homes bought using LLCs because 25% of those buyers had triggered SARs (Anti-Money Laundering speak for suspicious activity reports.) If that weren’t enough to put off foreign buyers, the question is whether Donald Trump’s policies will further constrain foreign buying.

Foreign buyers pay 56% more than domestic buyers. Further up the real estate food chain, there’s even more to worry about. Above $10m there is nearly 13 years supply; from $5-10m, there’s 4 year supply:

What we’re witnessing in Greenwich right now is a microcosm of what’s going on more broadly. In other words, luxury housing is equally challenged nationwide.

One of America’s Richest Towns Could Be In For a Housing Market Meltdown (Fortune)

More from Art Market Monitor

  • Indian Art Market Punishes FundsIndian Art Market Punishes Funds
  • Crypto-Collectibles Draw Skepticism from the Art WorldCrypto-Collectibles Draw Skepticism from the Art World
  • Five Galleries Account for 30% of Solo Museum Shows in US Over Last Five YearsFive Galleries Account for 30% of Solo Museum Shows in US Over Last Five Years
  • Lower-Priced Art Attracting InvestorsLower-Priced Art Attracting Investors
  • Felix Salmon Calls Out Amy CappellazzoFelix Salmon Calls Out Amy Cappellazzo
  • Sotheby's Paris Dec Arts = €4.75mSotheby's Paris Dec Arts = €4.75m

Filed Under: Economic Trends, General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...