This week in design, a bar in Oslo, Norway, features a cocktail menu in which the drinks inspired new Scandinavian-style furniture and decor pieces that are on display—and up for auction—at a local gallery. Stay in the know with our weekly roundup of headlines, launches, events, recommended reading and more.
Business News
Mortgage rates have dropped to a 10-month low, The Wall Street Journal reports, down to 6.56 percent for a 30-year fixed-rate loan. Borrowing costs have been steadily declining for the last 12 weeks based on expectations that the Federal Reserve will cut the key interest rate in September. More than 2 million homeowners could save money by refinancing, an increase from the 1.7 million estimated at the end of July, according to ICE Mortgage Technology. The 30-year mortgage rate reached its peak in the fall of 2023 at 8 percent compared to the sub–3 percent rates at the height of the pandemic.
President Donald Trump signed an executive order last week mandating classical architecture as the preferred style for federal buildings, Bloomberg reports. The “Making Federal Architecture Beautiful Again” order dictates that when launching a design competition, the U.S. General Services Administration must favor architects and firms specializing in classical and traditional architecture and ensure that “multiple designs in such modes are advanced to the final evaluation round.” Notably, the memo also changes the “Guiding Principles for Federal Architecture,” written by Daniel Patrick Moynihan in 1962—including a reversal of the original clause that stated, “Design must flow from the architectural profession to the Government, and not vice versa,” which now says: “Design must flow from the needs of the Government and the aspirations and preferences of the American people to the architectural profession, and not vice versa.” Moving forward, the official style for new civic buildings in Washington, D.C., will be neoclassical, and traditional designs will be encouraged for federal buildings across the country.
Basic.Space—an online marketplace for collectible design and fashion—has acquired e-commerce art destination Platform. The terms of the deal were not disclosed. Established in 2021 by art market veterans Bettina Huang, Lucas Zwirner and Marlene Zwirner, Platform was designed to provide buyers with access to an array of artwork and collaborations for sale. Through the acquisition, it will be integrated directly into Basic.Space, bolstering the latter’s offerings in the art market. The three founders will stay on as advisors. The purchase marks Basic.Space’s latest step toward expansion, building off its 2023 acquisition of Design Miami.
According to a study by the Milan-based economic research institute CSIL, cities like Dubai, Mumbai, Shanghai and Singapore are growing in prominence in the high-end furniture and design industry due to rising wealth and luxury real estate development, according to WWD. The report, titled “The World High-End Design Furniture Market: Distribution Strategies and Potential Cities,” says: “Their younger, design-curious populations further enhance long-term potential. Flagship store presence in these markets is expanding, but companies also rely heavily on local partners, joint ventures and project-based channels, especially for contract business.” The institute surveyed 45 international brands (including Poliform, Minotti and B&B Italia) and 190 flagship stores across the globe, and also found that New York, London, Paris, Milan and Tokyo remain cornerstone markets for high-end furniture and design.
Launches and Collaborations
Lone Fox—the design-centric social media brand led by Drew Michael Scott—and Joon Loloi have reunited for the debut of 16 new designs, along with the reissue of two fan favorites from their initial collaboration. The new introduction includes an array of rugs and decorative pillows, drawing upon Scott’s love of antiques, midcentury modern styles and brutalist touches with details like nautical motifs, curvy edges and geometric patterns.
Towel brand Weezie has expanded into the tabletop category with the debut of its High Hosting collection. The idea for the new assortment originated in co-founder and creative director Liz Eichholz’s search for the right card-table cover. Ultimately, she tapped the Weezie team to design one—a process that resulted in two patterned tablecloths (one available in artist Lulie Wallace’s Beth print) and an assortment of cocktail and dinner napkins with playful icons depicting olives, dice and mah-jongg tiles.
Showhouses
The Kips Bay Decorator Show House Dallas has revealed the 25-person roster of architects and designers set to reimagine this year’s location—an iconic residence on Turtle Creek Boulevard. The cohort includes Paloma Contreras, Avery Cox, and Mark and Mikal Eckstrom, among others. The space will open its doors to the public on November 7, with proceeds to benefit the Kips Bay Boys & Girls Club, as well as local nonprofits Dwell with Dignity and The Crystal Charity Ball.
Recommended Reading
Elizabeth Austin describes her new sectional (which she has dubbed “the big girl”) as an affront to “every design principle I once held sacred”—and yet, even amid items like a tasteful woven area rug and a carved mango wood coffee table, it’s the most important piece in her home. For The New York Times, the writer pens a guest essay, arguing that “happiness is a big, ugly sofa.”
An executive shake-up can put a company on the fast track to instability, which is why Ikea is taking a different approach to succession planning. For Fortune’s CEO Daily newsletter, Peter Vanham speaks to departing Ikea chief executive Jesper Brodin and his successor, current deputy CEO Juvencio Maeztu, about their plan for a carefully orchestrated leadership transition—a model that’s becoming more popular in the world of C-suites.
After years of minimalist stemware and tumblers, more eccentric glassware is on the rise. For The New York Times, Alexa Brazilian dives into the conversation-starting vessels by speaking to consumers and the designers behind some of these out-there pieces.
