London galleries are banding together for the first London Gallery Weekend, set to run from Friday, June 4 to Sunday, June 6. Organised into three days, 139 of the city's commercial institutions will open new exhibitions and host (socially distanced) tours to get the city's public to re-engage with art.
“First and foremost we want this to be a celebration of the diversity of London's gallery landscape,” says Jeremy Epstein, co-founder of the Fitzrovia gallery Edel Assanti and the driver behind the initiative.
“London is hard to parallel when you look through our list of participants. Even if you consider yourself very familiar with London's gallery landscape, there are many new faces that have emerged in the past couple of years, which are running really ambitious programmes.
"It’s not just the case that those spaces are seeking affiliation with larger spaces – it's also the case that more established galleries want to nurture the approach that you get in those smaller spaces.”
The idea for the event came after Frieze last November. Because the art fair was held in a socially distant format, no tent went up in Regent’s Park and instead the bulk of the art-viewing took place in its galleries, which had opened their doors in timed slots.
At the end of the week, many gallerists wondered why they needed a fair to bring punters to their doors. If anything, visits to galleries are low priority during Frieze week.
That's when London galleries decided to take things into their own hands.
The weekend is bracketed off geographically, with a Friday afternoon spent among Central London’s more genteel, better-heeled galleries; a Saturday in South London, which has the youngest and most newly ambitious spaces; and finally, an easy Sunday in East London, with its gentrified coffee shops around every corner.
Galleries are hosting special events, tours for children and walk-throughs by the artists. Because of coronavirus restrictions, offerings tend toward the more socially distant than the parties or dinners one might expect. One planned event is a podcast with Financial Times' arts editor, Jan Dalley.
Partners such as Claridge's will serve complimentary coffee and pastries, and a handful of London directors and curators, such as Sarah McCrory of the Goldsmiths CCA and Martin Clark of Camden Art Centre, are suggesting curated routes.
Gallery weekends are regular events, though London has never had one before.
“I've always felt that London lacked a sense of community in way that you see with our European neighbours,” says Epstein. “London galleries are used to participating in the fair circuit and having a fleeting audience that they meet up with in many different places around the world.
"But now all of those people have had a year in which they've had to revisit their business practices, and the fundamental thing that happened in London, which is comparable to many places, is that people want to invest in their own city.”
Epstein and Goodman Gallery’s Jo Stella-Sawicka crafted an anonymous survey that they put out to gallerists after Frieze week, and the results were (nearly) unanimous.
There was also broad agreement on the parameters of the event: it should be peer-led, and everyone was willing to pitch in – a sentiment many are heralding as a new spirit of collegiality for the city.
In the coming years, the weekend will be oriented towards international collectors, and the event is positioned strategically in the calendar to be right before Art Basel.
London, the gallerists hope, will be a gateway for Americans coming over to Europe, and the timing also coincides with other established art events such as the Serpentine Summer Party and the Royal Academy summer exhibition.
But this year, the focus will be on the London public. Some are showing hometown faces – Gagosian nods to the Young British Artist movement of the late 1990s, with an exhibition of Damien Hirst and Rachel Whiteread, and Hollybush Gardens will show works by Claire Hooper, who has long lived in London, and Palestinian artist Jumana Manna.
Other highlights include the raucous, perspicacious works of Algerian photographer Mohamed Bourouissa, at Goldsmiths CCA, and John Akomfrah's sublime Four Nocturnes (2019), a video knitting together the destruction of the natural world, the slave trade in Africa and nature documentaries, at the Lisson.
Restrictions vary among galleries so visitors should check before arriving, and ride-sharing bike service Lime is offering free rides for gallery goers
SUE%20GRAY'S%20FINDINGS
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'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
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.”
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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Saudi Arabia
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10.
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South Korea
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
JOKE'S%20ON%20YOU
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.