Mahmoud Said's 'Le Chomeur' (1946) is going on the block at Bonhams later this month. Courtesy Bonhams
Mahmoud Said's 'Le Chomeur' (1946) is going on the block at Bonhams later this month. Courtesy Bonhams
Mahmoud Said's 'Le Chomeur' (1946) is going on the block at Bonhams later this month. Courtesy Bonhams
Mahmoud Said's 'Le Chomeur' (1946) is going on the block at Bonhams later this month. Courtesy Bonhams

Rare Mahmoud Said painting to go on sale: 'It’s a solemn, reflective work'


Melissa Gronlund
  • English
  • Arabic

Late 1940s Alexandria was hit hard by unemployment and homelessness, as thousands of military veterans returned home from the Second World War. One of these men was the subject of a painting of extraordinary sympathy and grace, Le Chomeur (The Vagabond, 1946) by Egyptian modern master Mahmoud Said. The painting is being put up for auction by Bonhams as part of its Middle Eastern and contemporary art sale on Tuesday, November 24. It is a coup of sorts for the London auction house. Few of the artist's works remain in private hands, and the painting is distinctive within his oeuvre.

“It’s a solemn, reflective work,” says Nima Sagharchi, director of Middle Eastern, Islamic and South Asian art for Bonhams. “The work follows a motif we can find all over – in Goya, Manet – of an outsider or outcast who is seen as a source of wisdom.”

The painting shows a man kneeling as if in prayer, his eyes closed and his lips slightly parted. His head is wrapped in a worn bandage, and behind him, sailing boats on the Mediterranean and streaks of feathery clouds fill out a dark sky. The man’s air of solitude is corroborated by the diagonals created by the clouds, the riverbanks and the triangle of the boat’s sail, all pointing towards him.

It is an unusual painting for a man for whom art was not an obvious choice. Said was born to Egyptian aristocracy. His father, Mohamed Said Pasha, served as the country’s prime minister from 1910 to 1914, and one of his nieces married King Farouk of Egypt to become Queen Farida. Said himself was a judge, but gave it up at the age of 50 to pursue painting full time, embracing Egyptian nationalism as British rule ended.

Artists and writers in the country eschewed the Europeanised, urban populations of Cairo and Alexandria and looked instead towards rural and Upper Egypt to find and celebrate "real Egypt". Said painted romantic depictions of the fellaheen (farmers) and dark-skinned nudes, as well as portraits of Alexandrian elites, from his home studio, in a dichotomy that remains suggestive of Said as a transition figure between a colonised and a nationalist identity.

With Le Chomeur, Said responded to the heartbreak of the post-war period. The figure represented is unknown, an anonymity that Sagharchi surmises is deliberate, allowing him to personify a larger national trauma. From a market standpoint, the work's sober tone is particularly appealing. Among buyers in the Gulf, Lebanon and Egypt, there is likely to be competition for the work, which has been given an estimate of £350,000-£500,000 ($464,000–$663,000).

Nima Sagharchi, director of Middle Eastern, Islamic and South Asian art for Bonhams. Courtesy Bonhams
Nima Sagharchi, director of Middle Eastern, Islamic and South Asian art for Bonhams. Courtesy Bonhams

That figure is slightly above recent estimates and sales, reflecting its rarity and its strong provenance. The painting was previously owned by Egyptian actress Leila Sheir, whose husband bought it for her from Said's daughter in 1977. By that time it had also been exhibited at the Musee des Arts Decoratifs, which occupies a wing at the Louvre in Paris – it was exhibited at the museum in 1949.

No doubt, of course, Bonhams is hoping for a repeat performance of Said's L'ile heureuse (1927), a more typical Egyptian scene, which it sold for $1.2 million, up from a low estimate of $245,000, in 2016. That sum remains a record for an Arab artist in an auction held outside the region. Said also holds the record price for an Arab work sold anywhere at auction, for The Whirling Dervishes (1929), which went for $2.2m at Christie's Dubai in 2010.

I feel confident the painting will go back to the Middle East, and hopefully be on public view in the near future

Overall, the Bonhams lot carries an estimate of £1.7m-£2.6m for 84 works. Lots include a calligraphic painting by Iranian artist Charles Hossein Zenderoudi, estimated at £120,000-£180,000, an untitled painting from 1970 by Huguette Caland, estimated at £10,000-15,000, and a 2007 work by Moroccan painter Mohamed Melehi, who died after contracting Covid-19 last month, estimated at £20,000-£30,000.

Sagharchi says despite the economic uncertainty of the pandemic, Bonhams Middle East is experiencing its best year in terms of auctions and private sales.

“There is less competition,” he says. “Art fairs have been cancelled, and the market is more concentrated. Plus, people have much more free time. There aren’t that many outlets and they have time to research and learn more.”

The London specialist says the number of buyers from the UAE has risen by about 50 per cent over last year. Meanwhile, the Middle Eastern market has also been buoyed by political uncertainty. The difficulties of moving currency from Iran and Lebanon, says Sagharchi, means that wealthy collectors are now more inclined to invest in paintings.

"I don't want to go as far as to say it's almost sold," Sagharchi says of Le Chomeur. "But I feel confident the painting will go back to the Middle East, and hopefully be on public view in the near future."

Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

From exhibitions to the battlefield

In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.

It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.

It is driving positive change through innovation and technology, helping use resources more efficiently.

It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
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  • Price: Not announced yet
PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Jebel Ali Dragons 26 Bahrain 23

Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3

Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2

MATCH INFO

Uefa Champions League, last 16, first leg

Ajax v Real Madrid, midnight (Thursday), BeIN Sports

Freezer tips

  • Always make sure food is completely cool before freezing.
  • If you’re cooking in large batches, divide into either family-sized or individual portions to freeze.
  • Ensure the food is well wrapped in foil or cling film. Even better, store in fully sealable, labelled containers or zip-lock freezer bags.
  • The easiest and safest way to defrost items such as the stews and sauces mentioned is to do so in the fridge for several hours or overnight.
Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Picture of Joumblatt and Hariri breaking bread sets Twitter alight

Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.

Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.

Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.

“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.

Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.

Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.

However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.

With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.

In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.

The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.  

The next few days will be crucial in determining whether these wishes come true.

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THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

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.”

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.