Artist see what other people don't. That's art.
We've watched this trend in urban renewal. The area gets 'run down', becomes super cheap, and artists move in looking for 'cheap space with less rules, where they can be free to not conform'. Then the artist bring in more cool, hip creative people. The prices start to rise as the area becomes 'trendy'. The artists who made it cool, get priced out. Cycle repeats.
The artist seems to be punished for their success, or do they? If the artist is able to 'own a piece of the door' the appreciating market would reward them.
In 2008, we pioneered an idea to buy $500 homes in Detroit, and gift them to talented artists. We offered to provide materials and assistance to renovate the homes, and trade the deed for a few pieces of their works of art. On Craigslist we had several interested artists from Michigan and beyond, but never had an actual 'taker'. It seemed that trading a work of art for a home was a difficult trade, there was a skepticism of our intentions, were we sincere?
I'd like to try it again, and the next downturn will arrive with $500 homes again someday. Want to join us?
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