Sotheby’s Dubai has opened its exhibit of Sandro Botticelli’s The Man of Sorrows, a rare example of the artist’s later work. The painting is expected to sell at an estimated excess of $40 million at Sotheby’s Old Masters sale in New York in January, and it's on view in Dubai until Tuesday.
The brooding portrait of the resurrected Christ was executed in the late 15th or early 16th centuries – the last decade of the artist’s life. For Christopher Apostle, head of Old Master Paintings at Sotheby’s New York, the work presents an unusual moment in the artist’s oeuvre.
“Botticelli becomes quite a different painter: more introspective, mystical and metaphysical,” he tells The National after the painting’s unveiling at DIFC on Sunday. “It’s a shift from the polished world of the Primavera or The Birth of Venus, to this much more ponderous look at humanity.”
Some of that has to do with the artist’s ageing. “He started looking at his own mortality. There’s a fragile tone in this picture,” Apostle says. He may have also been reacting to the competition that emerged from younger artists such as Leonardo da Vinci and Michelangelo. “He was feeling competitive, but also reacting while being inspired."
The painting’s mystical quality is also connected to the major changes underpinning Florence at the time of its execution. By 1494, the Medici family had been expelled and the city was invaded by foreign armies. The charismatic Dominican friar Girolamo Savonarola – a known influence on Botticelli’s later work – fuelled fears of an apocalypse, demanding that citizens purge themselves of sin. “Florentine art was revolutionised culturally and socially,” says Apostle.
Works by Botticelli remain exceedingly rare at auction. The Man of Sorrows has been owned by the same family since 1963, where it remained practically unseen. It was included in a monographic exhibition at the Stadel Museum in Frankfurt in 2009-2010.
Yet, this is the second major Botticelli to come up at auction within a year. In January this year, Sotheby’s sold Botticelli’s Portrait of a Young Man holding a Roundel at the record-breaking price of $92.2 million.
“It’s the bizarre part of working at an auction house,” says Apostle, who joined Sotheby’s in 1988. “I would have never expected to have two Botticellis in a row. He’s a pretty rare artist, with a few major works only coming up once every 10 years.”
But unlike The Man of Sorrows, those that do make it to the auction houses, Apostle says, are from earlier periods of the artist’s life. “They have always been more or less his classic period, his golden age."
Few Botticelli paintings remain in private hands. “We think that less than five could come on to the market,” says Apostle. Of these, three works are from the last two decades of the artist’s life, according to the auction house. “But you never know. In my years at Sotheby’s, things have come to the market that I never thought would."
As for the timing of the sale – so close to the earlier landmark sale – Apostle puts this down to coincidence. “This is the joy of working at an auction house,” he says, also noting that discussions about the sale of the work had begun before the pandemic.
Apostle believes the work could appeal beyond the traditional audience for Old Master paintings. “So much rests on the impact and presence of a work of art. When I first saw the painting, it immediately occurred to me that this was a crossover picture.
“It has a power and an 'in your face quality' which I could see hanging next to a great contemporary work of art.”
The appetite for Old Master paintings in the Middle East region, he says, is growing. “We’ve seen a 40 per cent increase in engagement with Old Masters in the region in the last few years. We do see a lot of young collectors. A lot of Old Masters are at a price point where the quality that you’re buying is so high, and relatively inexpensive compared to other categories.”
Yet the estimate in excess of $40m for this painting far outweighs the prices in a typical Old Masters sale. The Sotheby’s December sale in London fetched £18.9m ($25m).
The Man of Sorrows has been exhibited in Hong Kong, London, Los Angeles and now Dubai, before returning to New York in time for the sale.
In Dubai, the work was unveiled by Sheikh Zayed bin Sultan bin Khalifa Al Nahyan and Zaki Nusseibeh, cultural adviser to the president. “Once again, the event reflects the unique position of the United Arab Emirates as a global platform for the fine arts in its 50th anniversary year,” said Nusseibeh, at the unveiling.
“With the presence of its grand museums, its vibrant art scene, its focus as a collector's venue, and this year's Expo 2020 Dubai with its 194 national pavilions, Sotheby's makes the right choice in unveiling to the world its very best in art history in the UAE."
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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The specs
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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.”
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Points Classification after Stage 1
1. Geraint Thomas (Britain / Team Sky) 20
2. Stefan Kueng (Switzerland / BMC Racing) 17
3. Vasil Kiryienka (Belarus / Team Sky) 15
4. Tony Martin (Germany / Katusha) 13
5. Matteo Trentin (Italy / Quick-Step) 11
6. Chris Froome (Britain / Team Sky) 10
7. Jos van Emden (Netherlands / LottoNL) 9
8. Michal Kwiatkowski (Poland / Team Sky) 8
9. Marcel Kittel (Germany / Quick-Step) 7
10. Edvald Boasson Hagen (Norway / Dimension Data) 6
Specs%20
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Ferrari 12Cilindri specs
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Ronaldo's record at Man Utd
Seasons 2003/04 - 2008/09
Appearances 230
Goals 115
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
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