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For years, I have been observing the decisions made by clients in the premium and luxury property market. The process of choosing an exceptional house or flat has a great deal in common with buying a work of art.
I am not claiming that these are the same markets. Property meets needs relating to a place to live, security and the organisation of daily life. A work of art, on the other hand, has primarily artistic, emotional and cultural significance. However, the mechanisms influencing the decisions of affluent clients can be surprisingly similar.
In both cases, one is purchasing a unique asset — one that is difficult to compare directly, often unavailable on the open market, and which possesses both a financial and a personal dimension.
Price is important, but in this segment it is not the deciding factor
In the mass market, clients usually start by considering their budget, floor area and location. In the luxury segment, the conversation takes a different turn.
Of course, affluent clients understand the value of money and are able to assess the terms of a transaction with great precision. At the same time, they are not always looking for the lowest price. More often, they want to know whether a particular property is truly unique, whether it will be difficult to find a similar one, and whether its value is built on a solid foundation.
A seasoned art collector behaves in a similar way. They do not buy a painting simply because it consists of a certain amount of canvas and paint. They are interested in the artist, the period in which it was created, the work’s significance within the artist’s oeuvre, its quality, its history, and the place it might occupy in their collection.
In the luxury property market, too, the square metre is no longer a sufficient unit for describing value. Two flats in the same building may differ significantly in class. This is determined by the floor, natural light, the view, the proportions of the interior, the quality of the renovation, privacy, the building’s history and many other features that cannot be captured in a simple table.
The more unique the property being purchased, the less useful the average price alone becomes.
A wealthy client does not buy a category. They buy a specific property
One of the mistakes made when marketing premium property is the assumption that the client is simply looking for a ‘luxury flat’ or a ‘house in a prestigious location’.
In practice, clients are often looking for a very specific combination of features. For one person, prestige will be paramount; for another, complete privacy. Someone wants to live in the city centre but not hear the noise of the city. Another client needs a family home that will remain comfortable even after the children have moved out. Yet another expects architecture that they won’t have to explain to anyone.
A similar mechanism operates in the art world. A collector may be interested in a specific period, technique or group of artists, but the final decision concerns a single work. It is this work that must evoke emotion, complement the collection and meet quality criteria.
That is why premium customer service should not rely on presenting a large number of offers. Its essence lies in understanding which features are truly important to a particular individual, and then making a selection.
Luxury increasingly means not an excess of options, but the accuracy of choice.
Rarity has value only when combined with desire
In both areas, we often encounter the argument that something is unique because it is rare. Rarity alone, however, is not enough to create value.
A property may be one of a kind, but if its architecture, location or layout do not meet market needs, its uniqueness need not translate into client interest. Similarly, a work of art may be rare, yet it may not represent a highly regarded period in the artist’s career nor hold any particular collector’s value.
Rarity only acquires value when it is combined with quality and desirability.
This is particularly important when setting the asking price for a luxury property. Owners are naturally attached to their homes and recognise their uniqueness. The role of the adviser is not to dismiss this perspective, but to distinguish between personal value and the value that the market is prepared to recognise.
The provenance of a work of art is akin to the history of a property
In the art market, provenance is of particular importance: the history of a work’s origins, previous owners, exhibitions, publications and documents confirming its authenticity.
In the case of luxury property, the history of the site serves a similar function. The architect, the period of construction, previous occupants, the manner in which the renovation was carried out, the materials used, and the building’s place within the city’s architectural landscape can significantly influence how the property is perceived.
However, history is no substitute for quality. A renowned architect’s name will not remedy a poor layout, just as an interesting provenance will not transform a mediocre work into a masterpiece. It can, however, enhance the value of a property that already possesses significant merits.
Affluent clients increasingly want not only to view a property but also to understand it. They ask who designed it, why it was built in a particular way, how it was restored, and what sets it apart from other options.
It is therefore not enough simply to say that a property is prestigious. One must be able to demonstrate the source of that prestige.
The finest properties do not always reach the open market
Another similarity concerns access.
Valuable works of art often change hands through private sales. Information about a work’s availability reaches selected collectors before the opportunity to purchase it publicly arises.
Part of the luxury property market operates in the same way. Owners may not wish to publish photographs of their home, disclose the address or publicise their intention to sell. They expect confidentiality, that potential buyers are suitably qualified, and that discussions are conducted in a controlled manner.
A premium client does not always need the widest choice from public listings. They need access to the right property. An owner does not always need the widest reach. They need to reach a few suitable people.
This is precisely why, in the luxury market, relationships, the adviser’s reputation and access to an international network of contacts are so important. Value is not created by the sheer number of recipients, but by their quality and suitability.
Emotions do not preclude rationality
Affluent clients are often portrayed as people driven primarily by emotions and status. My experience reveals a far more complex picture.
A decision often begins with emotion, but is finalised following a very rational analysis. A client may feel within the first few minutes that they want to live in a particular house, and then spend many weeks checking the documents, the quality of the build, the potential for conversion and the validity of the price.
The same applies to buying art. A work may immediately strike a chord with a collector, but before the transaction takes place, its authenticity, provenance, condition and the relationship between the price and the artist’s standing and the quality of the specific work still need to be verified.
Emotion sparks interest. Knowledge and trust enable a decision to be made.
Therefore, a professional adviser should neither ignore the client’s emotions nor exploit them to exert pressure. They should help the client ascertain whether their first impression is borne out by the quality of the property and the security of the transaction.
The presentation should reveal value, not feign it
Art requires the right context: light, space, setting and narrative. A luxury property, too, should not be presented like a standard product from a catalogue.
Professional interior styling, photography, video and descriptions are not merely intended to make the property look more attractive. Their purpose is to showcase the proportions, materials, lighting, architecture and the ways in which the space can be used.
At the same time, presentation cannot replace quality. The best photo shoot will not transform an average property into an outstanding one, just as a spectacular exhibition will not turn a work lacking in artistic power into a significant piece of art.
In the luxury segment, clients are quick to spot exaggeration. Instead of a string of adjectives, they expect specifics: what exactly sets this property apart, and why might it be of significance to them?
Advisory services begin where the property catalogue ends
The art market teaches selection, patience and a long-term perspective. The luxury property market demands the same.
The role of the adviser is not to convince the client that every property presented is unique. It is to identify which one genuinely meets their needs, to highlight its strengths and weaknesses, and to be prepared to say that a particular transaction should not go ahead.
When it comes to high-value assets, trust is not built through aggressive sales tactics. It is built through the accuracy of recommendations, discretion and the sense that the person guiding the client understands both the market and their individual circumstances.
The most important question is not: ‘Is this a luxury property?’
Art and luxury property combine financial value with emotion, culture and the owner’s personal history. They can build prestige, but the most valuable of them do not require ostentation. Their quality is revealed in the details, consistency and authenticity.
That is why the most important question is not: ‘Is this property luxurious?’ It is better to ask:
Is it truly good? Is it hard to replace? Is its price justified? Does it suit the lifestyle, needs and wealth of a specific buyer?
In the premium and luxury market, it is not the person who views the most listings who wins. The best decision is made by the person who can recognise the right one.
Adrian Kołodziej
Founder & CEO, Vilea Property Boutique
