The Museum of Innocence, named after the Orhan Pamuk novel. The museum contains cultural artefacts from the time period in which the novel is set. Bulent Kilic / AFP
The Museum of Innocence, named after the Orhan Pamuk novel. The museum contains cultural artefacts from the time period in which the novel is set. Bulent Kilic / AFP

Burgeoning art scene in Istanbul despite little state funding



"For me," wrote Orhan Pamuk of his beloved Istanbul, "it has always been a city of ruins and of end-of-empire melancholy."

But huzun, the Arabic-derived Turkish word used by the Nobel-prizewinning novelist to describe that sense of spiritual loss and longing, could be the key to the city's rebirth.

Istanbul's contemporary art scene is enjoying a moment, thanks to a rash of art fairs, dozens of exhibition spaces funded by the corporate sector and private investors and newfound recognition for Turkish artists overseas.

Yet while its reputation is being built on the fresh perspectives of its artists, poised at the crossroads of East and West, it is Istanbul's legacy as the stronghold of one of the world's greatest historical superpowers which is set to buoy the art market.

Since the Ottoman Empire first tumbled into ruin in the 19th century, and with it crumbled its stature as an international seat of art and culture, Turkish artists have looked to the West with students dispatched to Europe to learn their trade.

When they returned at the outbreak of the First World War and became known as the 1914 generation, teaching at the country's first fine arts academy, their westernisation was implicit in the landscapes, still life paintings and nudes they introduced to the art scene; some even became known as the Turkish Impressionists.

Now a century on, the city is setting its sights firmly on the East with plans to stage All Arts, its first fair dedicated to contemporary Islamic art.

"We will make Istanbul the place for Islamic art," says professor Hasan Bulent Kahraman, the fair's general coordinator and vice rector of Kadir Has University.

"Turkey is the most eastern country in the West and the most western country in the East. As the crossroads, it should be a hub for traditional Islamic art.

"The Middle East is becoming the new centre for Islamic art but, for hundreds of years, Istanbul has been one of the most important centres. We are going to have this role carved out for the city once again."

With Qatar and Abu Dhabi purchasing modern Islamic art for their forthcoming museums, from 19th century tiles to calligraphy and jewellery, it should come as little surprise that Turkey, with its centuries-old heritage and legacy of fine arts, is keen for a slice of the action.

What does startle is that the announcement of a fair contrived to capture some of that trade comes at Contemporary Istanbul, a thoroughly modern affair which its own organisers admit is poles apart in ethos and outlook from the more traditional event they are planning in April.

"The two are completely different," says Kahraman, who coordinates both. "It is unlikely the clients investing in contemporary art will also be investing in traditional."

Yet if the crowds at Contemporary Istanbul are anything to go by - over four days in November, 68,000 people traipse through the doors of Istanbul Convention and Exhibition Centre and buy two-thirds of the works on display in 102 galleries - the city is enjoying something of a renaissance as an art hub.

There is little state funding for museums or galleries. Instead, Istanbul's elite and wealthy have been investing heavily in art institutes and exhibition spaces.

And of those, there are plenty: thanks to a booming economy based on agriculture, textiles and the motor industry, the city boasted 28 billionaires in 2010 according to Forbes magazine, ranking fourth in the world behind New York, Moscow and London.

That fortune has fuelled Salt, a $30 million (Dh110.2m) contemporary art space funded by Garanti Bank and luxuriating over five floors in the magnificent former headquarters of the Ottoman Bank, with a twin centre in nearby Beyoglu, once a decrepit, rundown district with ruinous townhouses and now full of chi-chi boutique hotels, patisseries and art spaces such as Galerist.

It has also established an impressive collection of Ottoman paintings at the family mansion of the late Sakip Sabanci, opened a decade ago as a museum to the public, while the Eczacibasi pharmaceuticals family funded the Istanbul Modern museum flanking the Bosphorus in 2004 and magnate Omer Koc, one of Turkey's most established collectors, opened his gallery Arter two years ago. There are now more than 200 privately sponsored initiatives in the city and the number is growing.

Akbank, one of the key sponsors of Contemporary Istanbul, has, like many Turkish banks, been ploughing money into cultural institutions while setting up initiatives for new collectors to buy art in instalments and on credit. Ali Gureli, director of the fair, estimates there are 1,000 collectors at the event, many of them local.

If the government has been loath to dip its hands into its pockets to fuel this burgeoning love of contemporary Turkish art, it seems to suit the corporations and organisers, who argue interference from those in power would be a malign influence on the artwork.

"Governments should only be involved in getting rid of barriers like high tax on artwork," insists Gureli.

"The management of these museums should be private in my opinion. It is not the government's business. When they get involved, lots of political influences appear, which does not work.

"In Abu Dhabi and Qatar, the governments are filling a gap because there are not any corporate institutes so there is a need for them. Here, it should be objective and private."

But there are those who fear a lack of public institutions is creating a "monopoly of sales-orientated dealers".

Necmi Sonmez, a Dusseldorf-based curator writing in the Art Newspaper, says: "The gallery owners and dealers are also operating as curator, editor and advisor. The collectors are dealing and opening their own galleries to promote their favourite artists."

Yet Turkish artists are making an impact internationally, suggesting any distortion in the local market could be limited.

At the Confessions of Dangerous Minds exhibition of contemporary Turkish art shown in the Saatchi Gallery, London, in April last year, half the works had sold before the doors opened.

A year earlier, a photo-realist painting by Turkish artist Taner Ceylan fetched three times the estimate at a Sotheby's London auction of Turkish modern art, which raised £2.4m (Dh14.3m) in total.

Nevertheless, if the world is once more taking note of Turkish artists, it seems they themselves are unsure of what they represent.

The phrase "gateway between East and West" is often used of this city straddling Europe and Asia. Yet at Contemporary Istanbul, few of the 45 local galleries seem keen to explore that conflict.

Instead, much of the art is introspective and self-regarding, personal rather than profound.

It is down to some of the international galleries to bring bolder works questioning identity and cultural clash, such as London's Le Violon Bleu, which brings a series of works from Iraqi-Palestinian Sama Alshaibi featuring faceless women in abayas in claustrophobic white rooms, and the Tehran-based Mohsen Gallery with Samira Eskandarfar'sstriking Mickey Mask series.

What is clear is a palpable sense of vibrancy, fervour and enthusiasm spilling onto the streets as Art Istanbul, a week of talks and openings running alongside Contemporary Istanbul, gives the burgeoning scene a chance to find its voice.

Regis Krampf closed his New York gallery and relocated to Istanbul two months ago, keen to ride the coat-tails of a new movement.

"It is such an exciting, young and enthusiastic audience," he says. "The level of confidence is amazing.

"Some of the best collectors are based here and they are really quite daring and ready to take risks.

"I want to take part in a cultural exchange. This is where everything is happening. It is not at the stage it should be but with lots of collectors and a growing economy, it will get there."

Among the bigger names are the Marlborough Gallery, Haunch of Venison, Galerie Michael Schultz and the Opera Gallery, with works from the likes of Picasso, Fernando Botero and Roy Lichtenstein- although most are warned to leave their expensive works at home so as not to discourage new collectors.

"There is an enthusiasm I did not really expect," says Michael Gitlitz, the director of the Marlborough in New York.

"Most people have a concept of Istanbul's culture as being about ancient places and minarets but there is a strong contemporary energy and I am surprised by how eager young collectors are to be part of the scene."

Many of them will be invited to Dubai in March, where a version of Contemporary Istanbul's Encounters exhibition will be staged alongside Art Dubai. A total of 50 collectors from Turkey and 120 from the Middle East will be invited to preview the works.

Meanwhile talks are underway with the Qatar Foundation and Qatar Museums Authority (QMA) as preparation for All Arts kicks off, eased no doubt by the role of Emin Balcioglu, the former director of Contemporary Istanbul and now project director for Qatar Museums Authority's new Orientalist Museum, set to open next year.

"Art," says Kahraman, "is now being used as a tool of investment. We don't have the classics of western art in Turkey. We don't have the Picassos or the masters - but our artists are gaining more importance in the international arena."

It seems Istanbul's riches can be plundered once more for artistic inspiration, as Pamuk showed with his Museum of Innocence, a monument to huzun with its embodiment of the infatuation he describes in his book by the same name.

And as he writes, unlike Conrad, Nabokov or Naipaul, who had to migrate to feed their imaginations, he found everything he needed to inspire him on his own doorstep: "Mine … requires that I stay in the same city, on the same street, in the same house, gazing at the same view … I am attached to this city because it had made me who I am."

Tahira Yaqoob is a former senior features writer for the National.

WHAT MACRO FACTORS ARE IMPACTING META TECH MARKETS?

• Looming global slowdown and recession in key economies

• Russia-Ukraine war

• Interest rate hikes and the rising cost of debt servicing

• Oil price volatility

• Persisting inflationary pressures

• Exchange rate fluctuations

• Shortage of labour/skills

• A resurgence of Covid?

What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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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.”

Rocketman

Director: Dexter Fletcher

Starring: Taron Egerton, Richard Madden, Jamie Bell

Rating: 3 out of 5 stars 

The Super Mario Bros Movie

Directors: Aaron Horvath and Michael Jelenic
Stars: Chris Pratt, Anya Taylor-Joy, Charlie Day, Jack Black, Seth Rogen and Keegan-Michael Key
Rating: 1/5

UAE Premiership

Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Fixture
Friday, March 29, Abu Dhabi Harlequins v Jebel Ali Dragons, The Sevens, Dubai

The biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

'Ashkal'

Director: Youssef Chebbi

Stars: Fatma Oussaifi and Mohamed Houcine Grayaa

Rating: 4/5

Signs of heat stroke
  • The loss of sodium chloride in our sweat can lead to confusion and an altered mental status and slurred speech
  • Body temperature above 39°C
  • Hot, dry and red or damp skin can indicate heatstroke
  • A faster pulse than usual
  • Dizziness, nausea and headaches are also signs of overheating
  • In extreme cases, victims can lose consciousness and require immediate medical attention
How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

LIVERPOOL TOP SCORERS

(Premier League only)
Mohamed Salah 129
Robbie Fowler 128
Steven Gerrard 120
Michael Owen 118
Sadio Mane 90

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

'Midnights'

Artist: Taylor Swift

Label: Republic Records

Rating: 4/5

PRESIDENTS CUP

Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:

02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland

Stats at a glance:

Cost: 1.05 billion pounds (Dh 4.8 billion)

Number in service: 6

Complement 191 (space for up to 285)

Top speed: over 32 knots

Range: Over 7,000 nautical miles

Length 152.4 m

Displacement: 8,700 tonnes

Beam:   21.2 m

Draught: 7.4 m

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

SPEC SHEET: SAMSUNG GALAXY Z FOLD5

Main display: 7.6" QXGA+ Dynamic Amoled 2X, Infinity Flex, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz

Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB (online exclusive)

Platform: Android 13, One UI 5.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@60fps, full-HD@60/240fps, HD@960fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless

Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; dual nano-SIMs + eSIM

Colours: Cream, icy blue, phantom black; online exclusives – blue, grey

In the box: Fold5, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

'Fantastic Beasts: The Secrets of Dumbledore'

Rating: 3/5

Directed by: David Yates

Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law