Danish artist Jens Haaning. Photo: D+t Project gallery
Danish artist Jens Haaning. Photo: D+t Project gallery
Danish artist Jens Haaning. Photo: D+t Project gallery
Danish artist Jens Haaning. Photo: D+t Project gallery

Danish artist takes $84,000 from a museum and calls it conceptual art


Alexandra Chaves
  • English
  • Arabic

The name of the artwork says it all: Take the Money and Run.

Danish artist Jens Haaning was lent 534,000 Danish krone ($84,000) by the Kunsten Museum of Modern Art in Aalborg, Denmark to replicate two of his older works – framed banknotes that represented the annual incomes of an Austrian and a Dane. However, instead of making the artworks, the artist shipped two empty frames to the museum. The cash was nowhere to be found.

“The work is that I have taken their money,” the artist told the Danish radio programme P1 Morgen last week. “It’s not theft. It is a breach of contract, and breach of contract is part of the work.”

Haaning also renamed the artwork, transforming the act into a statement about artistic compensation.

The artist, who lives and works in Copenhagen, was initially invited to produce a piece for the museum’s exhibition Work It Out, which looks at the role of people in the labour market and the future of working life. The group show, which opened last Friday, features the works of 22 artists.

As part of an agreement with the museum, the artist was meant to recreate his mixed media artworks An Average Austrian Year Income from 2007 and An Average Danish Annual Income from 2010.

According to ArtNet, Haaning came up with Take the Money and Run as a way to highlight the meagre payment that the museum offered for his participation in the exhibition. He would have to pay $3,900 to reproduce his previous works, he said.

In addition, the museum’s idea of replicating the works seemed out of date and misunderstands the intention of the original pieces, he said. “Why should we show a work that is about Denmark … 11 years ago, or one that is about Austria’s relationship with a bank 14 years ago?”

Haaning’s previous works have tackled the issues of power and communication. He has investigated the concept of value within economic systems and has also delved into the conditions of migrant workers in Europe.

Take the Money and Run remains part of the Work It Out exhibition, which runs until January. The museum has stated that it expects Haaning to fulfill the terms of the contract and return the money when the show is over. At the moment, the artist has no intention to comply.

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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Updated: September 30, 2021, 9:10 AM