Luxury Home Sales Falling, Pattern Brands Continues Acquisition Spree & More

The art world is always on the lookout for the next young talent – ​​although that search has now reached a new low (literally) as a painting by a 10-year-old is bringing six figures to market. Learn about our weekly roundup of headlines, launches, events, recommended readings and more.

business News
Following the pandemic-induced bull run in the luxury housing market, activity in the sector has cooled amid rising interest rates and fears of an imminent recession, wall street journal Report. According to real estate brokerage Redfin, the sale of luxury property has been the biggest drop since the firm’s record start in 2012, down 28.1 percent in the three months ended August 31 compared to the same period last year. High-end markets have been hit hardest in California, with home sales down nearly 64 percent in Oakland, while San Jose and San Diego saw declines of more than 55 percent. Meanwhile, sales of non-luxury homes also fell by 19.5 per cent during the same period.

Meanwhile, the demand for land has never been higher, wall street journal The report, especially in cities such as Austin, Phoenix and Tampa, Florida, where the influx of new residents since the pandemic has led to a lack of space. Across the Sunbelt, the average price of vacant property per acre has more than doubled in the past two years, according to land-listing website Land, owned by real estate firm Costar Group. This trend extends across the US—for homeowners, this means land now accounts for 47 percent of home values, up from 38 percent in 2012.

Pattern Brands, the New York-based holding company for digital-first home and design brands, announced the acquisition of soft goods brand Onsen. established by Shane Monson And Conor MacArthur In 2017, Onsen is best known for its cotton towel products, which are based on fast-drying waffle weave towels from Japan. For patterns, buy marks the seventh position of the group, which includes Open Space, Equal Parts, GIR, Letterfolk, Poketo, and Yield. The acquisition adds to a busy 12 months for the company, following a $25 million Series B funding round in the summer and now four acquisitions (including Onsen) in the past year alone.

Earlier this month, employees of Bernheimer Architecture, a New York-based firm that specializes in affordable housing and residential projects, claimed to be the nation’s first consortium in the field of private-sector architecture, new York Times Report. The members of the 22-person company will join the International Association of Machinists and Aerospace Workers after the firm voluntarily recognizes the union. The move follows last year’s ultimately unsuccessful unionization campaign at SHoP Architects, where employees scrambled their paperwork to hold elections, citing a “powerful anti-union campaign” within the firm. Despite the losses, the SHoP campaign reportedly fueled union interest in Bernheimer, where the newly unionized team hopes their effort will inspire wider industry conversations about pay and working conditions.

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Corsicana Mattress was acquired by private equity firm Blue Torch Capital, furniture today The report, via a court-monitored auction, took place after the mattress company filed for Chapter 11 bankruptcy on June 25. Back in June, when Corsicana initially filed for bankruptcy, the company had $151 million in assets and $260 million in liabilities, and $145 million in unfunded creditors as well as $145 million in funded debt. was due. The recent deal has allowed Blue Torch to acquire Corsicana in exchange for $125 million in debt forgiveness and $200,000 in cash for the company’s assets.

Last week a fire broke out at the North Carolina headquarters of family-owned and operated furnishings company Morgan Chair, designer today Report. A supplier to residential and commercial designers and homeowners, the company was working through the process of filling an 800-order backlog when a fire overwhelmed the structure from an undisclosed source. No one got injured. While the company’s building, materials and machinery were destroyed, a community crowdsourcing effort has allowed the Morgan Chair’s team to resume operations this week as local residents built a workspace as well as cut excess fabric. Equipment and supplies donated.

Launch and collaboration
artist Shantel Martin Brooklyn-based furniture brand Hoeck lent his signature black-and-white line drawings to a new collection created in partnership. The product line includes coasters, coffee tables and wall art in Martin’s playful style.

designer Ken Fulco Collaborated with 1stDibs for a curated storefront. The selection includes a variety of pieces previously only for sale through Fulk’s San Francisco boutique Peep Show, including items collected at flea markets and auctions. Standouts include an antler chandelier commissioned from the artist Alexandra RandallOne aldo tura cocktail table and a leather wrap Jacques Adnet bed.

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A new collaboration between Mattel and Joybird celebrates the 60th anniversary of the Barbie Dreamhouse with an interior design-inspired collection of toys. The limited-edition furniture collection includes a bed, dresser, dining chairs, and a selection of fabrics in bright shades of the trademark Barbie Pink. The partnership marks the latest in building on the growing “Barbicore” momentum of fashion and home brands, from the paint and wallcovering brand Backdrop recently launched, featuring three new colors—pink, purple and blue. Featuring – made in association with the toy brand. And inspired by the iconic Dreamhouse.

Legacy paint brand Dun-Edwards announced the launch of Dura, a national direct-to-consumer paint brand. The new brand features a curated 210-color palette selected from Dunn-Edwards’ own collection of more than 2,000 colors, and offers online tools and support from a team of interior designers to help with color selection.

West Elm and Finnish design house Marimekko teamed up for a holiday-inspired product collection. Collaborations include stockings, jewellery, tree toppers and skirts printed with a curated selection of archival Marimeko prints, including maza gourdKusikosa and Velamo design from 2012 and 2009, respectively.

Luxury Home Sales Falling, Pattern Brands Continues Acquisition Spree & More

Artist Shantel Martin collaborates with Hoek on a line of furniture, wall art and coastersCourtesy of Hokey

Recommended Reading
Today, about 8 percent of new single-family homes in the U.S. are 1,400 square feet or less in the 1400s, however, homes of that size account for about 70 percent of the housing market. It’s a change that marks the disappearance of the “starter home,” an affordable property purchase that once offered first-time home buyers an opportunity to build equity. as emily badger writes for new York TimesThe lack of such homes is a major factor in the American housing crisis, largely due to rising land costs and increasingly restrictive community design requirements.

While Compass has long drawn anger (and legal controversy) for hunting agents with exorbitant incentives from other brokerages, the tide is turning in recent months as the firm has faced financial challenges. as Kim Welsey writes for preventMany former top Compass brokers left the company, many of whom went exclusively to Douglas Elliman or returned to the firms they had previously worked for. Former agents have also highlighted the worsening perks Compass employees once enjoyed, pointing to ongoing layoffs, recent loss of equity or cash incentives and a support staff pulled too thin.

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Instagram account @JerryGogosian—one of the most popular art world meme-makers online—is stepping out of its satirical social media arena into one of the industry’s most established arenas with the launch of a new partnership with Sotheby’s. as dorian batyka writes for artnetaccount owner, Hilde Lynn Halpenstein, has arranged for the sale of the work of 20 artists to the auction house. For its primary platform, Halpenstein uses Instagram’s algorithms to drive a large portion of the actual period for upcoming sales.

call for entries
The James Marston Fitch Charitable Foundation is now accepting applications for the 2023 Fitch Fellowship. Applicants can apply for funding through one of the program’s three available grants, including the Fitch Mid-Career Fellowship, the Robert Silman Award, and the Samuel H. Kress Mid-Career Fellowship. For more information or to apply before the October 27, 2022 deadline, click here.

The American Society of Interior Designers named it the honorees of its annual Outcome of Design Awards, which highlight professionals and projects who have excelled in innovative design that benefits “people, space, and the planet.” The top result of the design went to the Little Charlotte office, designed by Little Diversified Architectural Consulting, while additional honors went to the HDR-designed Sheltering Arms Institute and the HKS-designed UC San Diego North Torrey Pines Living and Learning Neighborhood . ,

The Southeast Chapter of the Institute of Classical Architecture and the Arts announced the winners of its 16th annual Schutz Prize, which honors excellence in residential and institutional architecture, interior design, landscape architecture, restoration and workmanship. Top prizes awarded to the designer, for the Interior Design category Caroline Guidierre As well as the designer for a Georgian residence in Birmingham, Alabama Tammy Conor For estates in Atlanta and Kiawah Island, South Carolina. For the full list of winners, click here.

Homepage Image: Joybird is bringing the Barbie Dreamhouse to life in a new collaboration with Mattel. Courtesy of Joybird