Frida Kahlo's self-portrait 'Diego y yo' is predicted to sell for more than $30 million when it goes under the hammer in November. AFP
Frida Kahlo's self-portrait 'Diego y yo' is predicted to sell for more than $30 million when it goes under the hammer in November. AFP
Frida Kahlo's self-portrait 'Diego y yo' is predicted to sell for more than $30 million when it goes under the hammer in November. AFP
Frida Kahlo's self-portrait 'Diego y yo' is predicted to sell for more than $30 million when it goes under the hammer in November. AFP

Frida Kahlo self-portrait expected to smash records at auction with $30 million sale


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A Frida Kahlo self-portrait featuring her husband, artist Diego Rivera, is tipped to sell for more than $30 million at auction in New York, said Sotheby's.

Diego y yo (Diego and I), painted in 1949, "is poised to shatter" Kahlo's current auction record of $8m set in 2016, the auction house said on Wednesday.

The artwork, which will be the star lot of the November sale at Sotheby's, is also expected to smash the record for a painting by a Latin-American artist.

Los Rivales, a 1932 work by Rivera, is currently the most valuable – Christie's sold it for $9.8m in May 2018.

The artwork features the image of Frida Kahlo's husband, Diego Rivera, on her forehead. AP
The artwork features the image of Frida Kahlo's husband, Diego Rivera, on her forehead. AP

"Frida Kahlo's emotionally bare and complex portrait Diego y yo is a defining work," said Brooke Lampley, Sotheby's chairman and worldwide head of sales for global fine art.

"To offer this portrait in our Modern Evening Sale in November heralds the recent expansion of the Modern category to include greater representation of underrepresented artists, notably women artists, and rethink how they have historically been valued at auction."

Diego y yo is emblematic of Kahlo's self-portraits, known for their intense and enigmatic gaze that made the Mexican painter famous around the world.

In the painting, Rivera's face appears on Kahlo's forehead, above her distinctive eyebrows and dark eyes, from which a few teardrops fall.

The depiction of Rivera, who at the time was close to Mexican actress Maria Felix, as a third eye symbolises the extent to which he tormented her thoughts, art experts say.

Anna di Stasi, Sotheby’s director of Latin-American art, said the work epitomised “the painstakingly detailed rendering, complex iconography and deeply personal narratives that are hallmarks of her mature painting".

Kahlo, who died aged 47 in 1954, and Rivera married each other twice.

Diego y yo was last sold at Sotheby's for $1.4m in 1990. The portrait will be on display in Hong Kong from Thursday October 7 to Monday, October to 11, and in London from Friday October 22 to Monday October to 25, before being taken to New York for sale.

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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.”

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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Fight card

1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)

2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)

3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)

4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)

5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)

6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)

7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)

9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)

10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)

11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)

12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)

Updated: September 23, 2021, 6:37 AM