Luxury shopping areas of London are beating competitors in Europe when it comes to selling art and jewellery with new galleries popping up in the district.
The area covering Mayfair, Piccadilly and St James’s known as London Luxury Quarter is said to be benefitting from the 80% of tourism spend that goes on art and jewellery with five new galleries to launch on Cork Street and rents on Bond Street up 40% in the last 18 months.
Investment is being driven by the new Crossrail development which will increase footfall into the area, while leading galleries in New York are being lured over to open new ventures in the UK capital.
“The London Luxury Quarter is the most important market for jewellery and art in Europe. At Sotheby’s on Bond Street I joke that I worry about our carpet. Massive amounts of people come through during the big sales. The Sotheby’s café on Bond Street has queues and we’re not even in the restaurant business,” says Patti Wong, chairman of Sotheby’s Asia and international socialite.
Sotheby’s and other auction house Christie’s have both seen a rise in spend during recent years and continue to break records for jewellery and art sales.
For retailers, there is pressure to keep the most prime locations, hence the rise in rent to secure their current homes or a space with more presence.
“There’s always a trade-off between space and location. The rents here aren’t for the fainthearted, but even galleries who moved East for the space are moving back to the London Luxury Quarter, because ultimately, location wins every time,” said Andrew Renton, director of Marlborough Contemporary.
Bond Street Development Group’s managing director Beverley Aspinall added: “Our five year plan is robust and will ensure Bond Street is perceived unequivocally as the prime trading space for the world’s leading luxury brands.”
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