Detail from Roy Lichtenstein's <i>Self-Portrait</i>, oil and magna on canvas - one of the star attractions to appear on view at the two-day exhibition.
Detail from Roy Lichtenstein's <i>Self-Portrait</i>, oil and magna on canvas - one of the star attractions to appear on view at the two-day exhibition.

Christie's to launch Middle East season with exhibition



ABU DHABI and DUBAI // Revered London auction house Christie's is to launch its Middle East season with an unprecedented international exhibition to include sale highlights. The event, taking place at Abu Dhabi's Emirates Palace on Oct 26 and 27, will be followed by a sale series at the Jumeirah Emirates Towers Hotel in Dubai on Oct 29 and 30. A total of 75 works will go on display, including star attractions from the forthcoming New York auctions of Impressionist and Modern art, and the Post-war and Contemporary collections, most notably Andy Warhol's Statue of Liberty, Roy Lichtenstein's Self-Portrait, and Ozu (in 2 parts) by Gerhard Richter. Though Richter's work, spanning five decades, can be viewed in several parts - paintings, overpainted photographs, drawings, graphic editions, the Atlas collection - it also avoids over-classification; one of the principal reasons for the artist's reputation as an originator and innovator amid the, sometimes, staid contemporary applications of craft-based media such as oils and watercolours. Richter's practice is, in fact, confoundingly diverse. And much of contemporary painting - Damien Hirst's spot paintings, Isa Genzken's Haare Wachsen Wie Sie Wollen (Hair Grows the Way It Wants) project, among others - is noticeably taken from Richter.

Ozu (in 2 parts) is a stunning representation of Richter's mid-1980s abstractions, finished at a time when his painted work was just coming into vogue. It sold at the New York Sotheby's in Nov 1997 for $387,500 (Dh1.42m) - and is expected draw an even higher final bid at the upcoming Christie's sale. Richter, however, seems resigned to the increased prices now commanded by his art and that of his contemporaries: "Maybe it was always like this, so crazy, almost criminal." The corresponding series of sales in May this year, for example, fetched more than $750 million (Dh2.7bn), and sold works by Claude Monet, Pablo Picasso and Lucian Freud, among others. Further highlights of this show include major pieces from the two-day Dubai auction, encompassing contemporary Asian art, Orientalist paintings and a significant selection of jewels and watches from forthcoming auctions in London, Paris, Geneva, New York and Hong Kong. The exhibition will be complemented by 25 works of art on loan from Middle Eastern private collections. "It will give collectors a unique opportunity to view some of the greatest works of art being sold by Christie's International in our leading salesrooms around the globe," said Jussi Pylkkänen, the president of Christie's Europe and Middle East, at the event's launch. The sale series at the Emirates Towers, Dubai, divided into two auctions - Jewels and Watches, and International Modern and Contemporary Art - will include Happy, the iconic light installation by the British duo Tim Noble and Sue Webster, alongside what is being billed as the strongest selection of 1960s Saqqa-khaneh works to have appeared at auction, headlined by the Iranian artist Faramarz Pilaram's Untitled, 1962. Together with Charles Hossein Zenderoudi and Parviz Tanavoli, Pilaram worked at the forefront of the Saqqa-khaneh school, founded around the legendary Atelier Kaboud in Tehran, Iran. The movement fused Iranian folk art with the country's rich literary tradition, deconstructing each element far beyond its original context. Saqqa-khaneh, in the original meaning of the term, are votive structures for public use, found in old districts of towns in Iran, consisting of a small shelf holding a water tank, copper bowl and other such related items. The principal function of saqqa-khaneh is to offer cold water to passers-by. They also fulfill a spiritual need, as a sort of sanctum freed from daily distractions. Thus, Pilaram's neo-traditionalist paintings of the early 1960s incorporated twin traditions of Iranian religious and folk iconography. As with Zenderoudi, by the late 1960s his focus shifted and his mature works were chiefly concerned with the Farsi letterform. Untitled, 1962, one of a number of paintings within the same series, is an oil work on canvas; ochres, oranges and earth tones applied with wide, heavy brushstrokes, swirling in rival directions, crafting a tableau account, to my eye, of a red sandstorm at dusk. Overlaid is a grimy gold calligraphy pattern, seemingly emanating from one point at the bottom right corner of the piece, radiating into multiplex visual moment centre-frame. A kind of molded poetry. This Christie's season is to be held in association with the Tourism Development and Investment Company (TDIC), and will be sponsored by the worldwide financial services group, Credit Suisse.
afeshareki@thenational.ae

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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