Dozens of artworks from the Dalloul Collection will be entering the market next month, in a sale that is set to become one of the decade’s most significant auctions of Arab art.
The Christie’s sale, titled Marhala – Highlights from the Dalloul Collection, will be held in its London headquarters on the evening of November 9. The auction is momentous not only because it marks the first time that pieces from the esteemed Dalloul Collection are coming under the hammer, but because of the high-profile artists represented in the sale.
The auction is listing 48 works, including pieces by Mahmoud Said, Mohamed Melehi, Etel Adnan, Samia Halaby, Dia Al Azzawi, Inji Efflatoun and Ibrahim El-Salahi.
“The collection we are selling is probably the strongest and most impressive coming to the market in a long, long time,” Ridha Moumni, deputy chairman of Middle East and North Africa at Christie’s, says. “Almost all the artists we have are superstars.”
“This is why the sale is absolutely spectacular,” he says. “The quality of the works we are presenting is very, very high. I don’t think there will be a comparable collection coming in a sale for a long time.”
The Dalloul Collection is regarded as one of the most significant assortments of modern and contemporary Arab art in the world, containing prized pieces from across the Middle East. The collection was started by married art collectors Ramzi Dalloul and Saeda El Husseini Dalloul. The couple began acquiring Arab art in the 1970s; the collection is now overseen by their son, Basel Dalloul, and his Beirut visual arts institution, the Ramzi and Saeda Dalloul Art Foundation (Daf).
“This is really unique,” Moumni says. “You don’t have a lot of families collecting Arab art for almost six decades.”
Dalloul and Moumni worked together to curate the selection for the Christie’s sale. Parting with pieces from his parents’ collection may have been an emotional process for Dalloul, but it comes as part of his mission to continue their legacy.
“My father was a visionary art collector, who continued to collect until his passing in 2021,” Dalloul says. “I continue his legacy of collecting and I am committed to supporting new and emerging talent across the region whilst bringing these masterpieces to the attention of a new generation of collectors around the world.”
“My late parents collected art and acquired modern and contemporary artworks from Christie’s over many years and I continue to do so,” he adds. “The sale of a small number of works has been in discussion with Ridha Moumni for some time.”
A highlight of the Marhala auction, and the lot with the highest estimate, is Said’s Fille a l’imprime (Girl in a printed dress). The oil painting dates back to 1938, during the height of the Egyptian artist’s output. The work is estimated between $455,000 and $715,000.
“It is an absolute stunner,” Moumni says. “You don’t usually get much Mahmoud Said, but when you do, it’s quite an impressive work.”
Two paintings by Marwan Kassab-Bachi, known simply as Marwan, are also featured. Kopf links gedreht (Head turned left) is emblematic of the swirling landscape-like portraits the late Syrian artist is known for. It is estimated between $23,400 and $32,500.
“We also have a Marwan from the marionette series,” Moumni says. “It is a very rare painting.” Marionette, painted in 2014, is estimated between $78,000 and $104,000.
Halaby is also represented in the sale through two works. Her Green and Earth, painted in 2014, features her kaleidoscopic, vibrant approach towards abstraction that has become idiosyncratic of her output. The work is estimated between $52,000 and $78,000. Return, on the other hand, is an example of her work from the late 1970s, when the artist was delving into methods of abstraction that gave the impression the landscapes depicted were illuminated from within. The work, produced in 1978, has an estimate between $91,000 and $130,000.
A mesmerising work by El-Salahi, meanwhile is estimated between $39,000 and $65,000. Created in 2001 with coloured ink on Bristol board, the work is an abstraction of a palm tree depicted with clean horizontal and vertical lines. An untitled vinyl work by Melehi is also a highlight and a rarity, given its incorporation of Arabic calligraphy. Produced in 1982, it features the Moroccan artist’s idiosyncratic tidal patterns and is estimated between $91,000 and $130,000.
Adnan’s Al-Tayyeb Salih, Daw al-Bayt, a piece typifying her coveted leporello book approach, is another of the selection’s prized pieces. A 26-page piece made in 2011 using watercolour and ink on Japanese paper, the work is estimated between $52,000 and $78,000.
Moumni emphasises that many of the lots presented are masterpieces in themselves, and would be considered individual highlights in other auctions. “We have an amazing painting by Dia Al Azzawi, Summeria Face, which was in the exhibition Beirut in the Golden 60s that recently closed,” Moumni says. “We have exceptional pictures of Ahmed Mater from the series Human Highway. We have an amazing, large-scale Untitled painting by Ayman Baalbaki from 2009 that is also one of the highlights of the sale.”
The artworks that will be auctioned at Christie’s are a small fraction of the Dalloul Collection, which contains more than 3,000 pieces. The decision to sell the selected artworks, Dalloul says, comes with the intent to further diversify the collection. Dalloul’s parents were known to accrue numerous modern works from individual artists. By selling some of them, the collection is aiming to bring in more contemporary names.
“I have decided to sell a select number of works from the Dalloul Collection at Christie’s in order to refine the collection whilst simultaneously continuing to grow it by identifying and collecting new talent, and emerging Arab art,” Dalloul says.
A selection of the Marhala artworks were displayed at Frieze London, which concluded on Sunday. A selection of pieces will be displayed at the Dubai branch of Christie's from October 23 to 26, before a London viewing from November 1 to 8.
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Full list of Emmy 2020 nominations
LEAD ACTOR IN A COMEDY SERIES
Anthony Anderson, Black-ish
Don Cheadle, Black Monday
Ted Danson, The Good Place
Michael Douglas, The Kominsky Method
Eugene Levy, Schitt’s Creek
Ramy Youssef, Ramy
LEAD ACTRESS IN A COMEDY SERIES
Christina Applegate, Dead to Me
Rachel Brosnahan, The Marvelous Mrs. Maisel
Linda Cardellini, Dead to Me
Catherine O’Hara, Schitt’s Creek
Issa Rae, Insecure
Tracee Ellis Ross, Black-ish
OUTSTANDING VARIETY/TALK SERIES
The Daily Show with Trevor Noah
Full Frontal with Samantha Bee
Jimmy Kimmel Live
Last Week Tonight with John Oliver
The Late Show with Stephen Colbert
LEAD ACTOR IN A DRAMA SERIES
Jason Bateman, Ozark
Sterling K. Brown, This Is Us
Steve Carell, The Morning Show
Brian Cox, Succession
Billy Porter, Pose
Jeremy Strong, Succession
LEAD ACTRESS IN A DRAMA SERIES
Jennifer Aniston, The Morning Show
Olivia Colman, The Crown
Jodie Comer, Killing Eve
Laura Linney, Ozark
Sandra Oh, Killing Eve
Zendaya, Euphoria
OUTSTANDING REALITY/COMPETITION PROGRAM
The Masked Singer
Nailed It!
RuPaul’s Drag Race
Top Chef
The Voice
LEAD ACTOR IN A LIMITED SERIES/TV MOVIE
Jeremy Irons, Watchmen
Hugh Jackman, Bad Education
Paul Mescal, Normal People
Jeremy Pope, Hollywood
Mark Ruffalo, I Know This Much Is True
LEAD ACTRESS IN A LIMITED SERIES/TV MOVIE
Cate Blanchett, Mrs. America
Shira Haas, Unorthodox
Regina King, Watchmen
Octavia Spencer, Self Made
Kerry Washington, Little Fires Everywhere
OUTSTANDING LIMITED SERIES
Little Fires Everywhere
Mrs. America
Unbelievable
Unorthodox
Watchmen
OUTSTANDING COMEDY SERIES
Curb Your Enthusiasm
Dead to Me
The Good Place
Insecure
The Kominsky Method
The Marvelous Mrs. Maisel
Schitt’s Creek
What We Do In The Shadows
OUTSTANDING DRAMA SERIES
Better Call Saul
The Crown
The Handmaid’s Tale
Killing Eve
The Mandalorian
Ozark
Stranger Things
Succession
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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.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million