It might be almost 250 years old, but the auction house Christie's is ringing in a new era with the release of an iPhone application aimed at bringing art sales into the digital age.
The newly launched program will allow iPhone and iPod Touch users to view lots on offer around the globe and follow real-time auctions right up until the hammer falls.
Users can even submit items for appraisal with the devices' camera - a feature that's probably more likely to see Christie's inundated with images of half-chewed Star Wars action figures than lost works by Monet.
The auction house even plans to add a live-bidding tool, which would allow users to take part in high-price auctions remotely, a service that's already offered through the Christie's Live website. Just make sure you don't have the application left on in your pocket when the bidding reaches six figures.
Once this happens, as well as being an invaluable tool for art collectors, the application will no doubt also become invaluable for people looking for a way to impress their flashiest and most cultured friends. We recommend pulling out your iPhone during a conversation and giving a huge dejected sigh. When asked the matter, say: "Oh, I've just been outbid on the Picasso."
The handy application will also allow users to e-mail pictures of interesting lots to friends (also good for showing off), find a local salesroom using Google Maps (useful in an emergency) and download wallpaper images (just in case you haven't shown off enough already).
Users can download the tool for free through the auction house's website, www.christies.com, its Facebook group or Twitter feed, and the iPhone App Store.
Anyone who downloads the program will be able to view virtual versions of Christie's catalogues, complete with high-quality images of the lots. In fact, the Apple device will even be able to zoom in on and rotate any object on offer, from some 450 auctions.
Christie's, founded in London in 1766, hopes the application will attract a new tech-savvy client base to its auctions, as the recession continues to dampen sales of art, antiques and memorabilia. Michael O'Neal, the director of digital media at Christie's, said he hopes the tool will help keep existing and potential buyers "in touch and informed". Christie's is the latest of many cultural institutions to embrace iPhone technology in recent months.
Last month, the UK's National Gallery launched the Love Art application, allowing users to view 250 of the gallery's paintings and listen to expert commentary on them. Also in June, the New York Philharmonic Orchestra launched an app that allows users to look up event information, book tickets and even listen to music. Others are clearly keen to get in on the act. On July 2, New York's Museum of Modern Art asked its Twitter followers: "What features would you like to see in an iPhone app for a specific museum?"
Applications can be created by anyone and are already being used for a range of purposes. iPhones can now help users manage their finances, create works of art and compose music.
There were an estimated 55,000 applications available via the App Store at the beginning of June. The total cost of downloading every app from the US iTunes store is now $144,326.06 (Dh530,038), according to the technology blog site Busted Loop, with the average paid-for application costing $3.34 (Dh12.3). Many are available for free, however, and more than a billion apps have been downloaded to date.
Computer games such as I Dig It and GloBall dominate the paid-for application chart on iTunes. The free chart includes a large number of applications with everyday uses, like a mirror function and a torch. Facebook's application is one of the most frequently downloaded free offerings.
In August 2008, an application called I Am Rich was on offer for $999.99 (Dh3,673). It performed no function other than displaying a glowing red gem on your iPhone screen. The application was removed from the App Store the day after its release, but not before six people had allegedly paid to download it. If you didn't manage to catch it in time, bidding for an old master on your iPhone might be a slightly more subtle way to make the same point.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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.”
RACECARD
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Pakistanis%20at%20the%20ILT20%20
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
