George Michael is set to pay £1 million for a 24-carat gold and diamond-encrusted statue of his head, created by Laban Roomes, after seeing Roomes' sculptures on the British TV show 'The Dragons' Stories.'
This egocentric art acquisition will probably be displayed alongside the £50 million Damien Hirst diamond-studded skull which George Michael and his partner Kenny Goss already own.
Apparently the pair have been collecting art for more than a decade, and they plan on opening a bigger gallery to house their growing collection, as MSN reports.
What's Driving This Trend
- Egocentric Art Collecting
- Opportunity for artists to create extravagant and personalized artwork for high-end collectors who seek to showcase their larger than life style and personalities.
- Custom Sculpture Creation
- Innovative sculpture artists will find a new market in creating custom portraits, busts, and other personalized statues for those who can afford to pay high prices for unique artwork.
- Luxury Art Display
- There is a demand for luxury art display solutions as high-end art collectors require larger galleries or display spaces to showcase their acquired pieces.
Who This Affects Most
- Art and Sculpture
- Artists and art establishments can capitalize on the trend of personalized and extravagant art, creating unique sculptures with precious metals or stones for wealthy art collectors.
- Luxury Home Design
- The demand for luxury art display creates an opportunity for luxury home designers and architects who can create custom-designed spaces to home or showcase luxury art collections.
- Wealth Management
- High-end wealth management industries can offer art collection management solutions as luxury art collecting gains popularity among the ultra-rich, helping clients to curate and manage acquired art pieces.
