Tracey Emin says that the UK government hosting parties during lockdown is shameful. Getty Images
Tracey Emin says that the UK government hosting parties during lockdown is shameful. Getty Images
Tracey Emin says that the UK government hosting parties during lockdown is shameful. Getty Images
Tracey Emin says that the UK government hosting parties during lockdown is shameful. Getty Images

Tracey Emin demands her art be removed from 10 Downing Street


Razmig Bedirian
  • English
  • Arabic

Tracey Emin has called for an artwork she had gifted to the UK government to be removed from 10 Downing Street, protesting the current “shameful” situation.

The British artist had donated More Passion in 2011, when David Cameron was prime minister. The neon artwork was hung outside the Terracotta Room, which derives its name from the colour in which it is painted and serves as a reception room.

More Passion's place made it visible to many of 10 Downing Street’s visitors.

“This is my neon that hangs at 10 Downing Street. It was a gift from myself to the government art collection,” Emin said in an Instagram post on Wednesday. “I am now in the process of requesting that my artwork be removed from 10 Downing Street. I feel More Passion is the last thing this present government needs. This current situation is shameful.”

The UK government has recently come under scrutiny for the staff parties it held during lockdown. The artist later told The Guardian that Boris Johnson’s behaviour over the “partygate” scandal was “bizarre”.

“I gave [the artwork] as a gift, I’m not asking for it back,” she said. “The artwork belongs to the government, not whoever’s in power right now. It could hang in the British embassy in Cairo, or go back into storage. There are many places it could go, but just right at the moment I don’t think it’s a very good idea if it’s at 10 Downing Street.”

The fact the government was hosting parties while people were “holding funerals through their telephones” is shameful and “people were really hurt by this”, Emin told the UK publication. “Everybody throughout society has suffered through Covid. I just find the [prime minister’s] behaviour and lack of contrition bizarre."

Tracey Emin poses with her conceptual artwork 'My Bed' at Christie’s auction house in London in June 2014. Reuters
Tracey Emin poses with her conceptual artwork 'My Bed' at Christie’s auction house in London in June 2014. Reuters

Emin has created work using a range of media, from drawing, painting and sculpture to neon text, film and sewn needlework.

In 1999, she was nominated for the coveted Turner Prize for her installation My Bed. The work comprised an unmade bed in which she spent several weeks while in a severe state of emotional flux.

Emin was appointed professor of drawing at the Royal Academy of Arts in 2011, becoming one of the first two female professors, along with Fiona Rae, since the institution was founded in 1768.

More Passion is one of 14,000 artworks in the government art collection. Most of the works are exhibited in buildings in the UK and embassies the world over. The works are primarily by British artists and date back to the 16th century.

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: January 20, 2022, 8:18 AM