Christie's Middle East is hosting its annual Middle Eastern Modern and Contemporary art auction online this year, with Farhad Moshiri's Once Upon a Time leading the sale.
The work by the Iranian artist was last shown in public at the Andy Warhol Museum in Pittsburgh in 2018 and is expected to sell for $285,000 to $360,000.
Produced in 2011, it features intricate beadwork inspired by images from used postcards distributed during festive seasons. In creating Once Upon a Time, Moshiri used an old frosting set to apply the paint, as seen in its decorative frosted borders.
The work is part of a series commissioned by Louis Vuitton, which made the artist one of the first in the region to create work for the luxury brand. Employing the help of Iranian women artisans to execute the beadwork, Moshiri weaves traditional Eastern practices into Western consumer culture.
The auction, the bidding for which will take place online from Wednesday, November 11, to Tuesday, November 24, is among four that Christie's will present in the autumn season. A total of 50 works will be included in the sale, including pieces by Samia Halaby, Mohamed Melehi and Hayv Kahraman.
An untitled work by Melehi, estimated between $70,000 to $94,000, features a cresting wave against the a midnight blue backdrop, while Kahraman's The Interpreter depicts the Iraqi artist's signature female figure on painted wood.
This year, Christie’s is introducing a design section with 10 pieces assembled by architect Viktor Udzenija. Its three other sales include a charity auction for Beirut named We Are All Beirut, aimed at helping the cultural scene recover following the devastating blast in the Lebanese capital in August. Details on the artists and works available have yet to be announced, and will be held in late October.
Other upcoming auctions are Watches Online: The Dubai Edit, which will offer collectible items, including one expected to sell for more than $4 million, and a guest-curated art auction titled Matters of Material. The latter is curated by art advisor Dina Nasser-Khadivi, who will focus on artists from the Middle East, Latin America and Africa that are working with recycled materials and turning them into art pieces.
Christie's auction calendar begins on Saturday, October 10, with the viewing period for the watch sale, followed by a bidding period until the end of the month. The artworks will be on view beginning Wednesday, November 4, with bidding to begin on November 11.
More information can be found on christies.com
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UAE currency: the story behind the money in your pockets
The Outsider
Stephen King, Penguin
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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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
'Ashkal'
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
