“Buy Matisse’s former home for NOK 860 million less than his most expensive work”

Costs NOK 860 million less than the artist’s most expensive work.

In the middle of the French city of Nice is an apartment complex from the late 19th century, built to meet the growing demand for luxury housing from foreign holidaymakers.

The building was christened The Excelsior Régina Palace as a tribute to British Queen Victoria, who at the time was not satisfied with the standard of hotels in the city. Here she was promised superior service.

In 1918, the French artist Henri Matisse bought an apartment on the third floor. Now it is out for sale. The asking price is 2.48 million euros, or approximately NOK 29.4 million.

In comparison, an auction record was set for Matisse in 2018, then the painting “Odalisque reclining with magnolias” from 1923 went under the hammer for 80.8 million dollars at auction house Christies, according to Artnews.com.

At today’s exchange rate, this corresponds to just under NOK 900 million.

The NOK 860 million cheaper apartment has been on the market for less than a week, but viewings have already been planned, says broker Emilie Piacentino at Côte d’Azur Sotheby’s International Realty, who is handling the sale.

See more photos of the home here:

Historic surroundings

In its time, the apartment served as both Matisse’s home and studio. It was here that Matisse, who is a central figure in modernist art, invented his cut-and-paste pictures (cutting).

It can offer views of the Mediterranean, classic details and stately surroundings. The 165 square meter apartment faces south, and consists of 5 rooms, 2 of which are listed as bedrooms in the ad.

The building has access to a shaded outdoor area, swimming pool and tennis court. In addition, there is a large cellar and a double garage.

Housing crisis

House prices in France weakened in 2022, according to the French statistics agency Insee. At the end of last year, the price of apartments and houses was back at the 2020 level. However, in the Provence region, where Nice is located, price increases have been higher than average.

Like Norway, the start of new homes in France has fallen. Among the reasons are increased material prices and new environmental regulations which, among other things, must limit new homes’ energy use. At the same time, buyers must be able to service an increasingly higher housing interest rate, and it has become more difficult to get a loan.

The situation is referred to as a housing crisis. Last autumn was “The National Council for Renewal” sat down to look at, among other things, the housing issue. They were actually supposed to present their work on 9 May, but the deadline was postponed indefinitely.