Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
Agnes Poirer's Left Bank: Art, Passion and Rebirth of Paris 1940-1950 begins with a cinematic retelling of the story of how France's treasure of art survived the Nazi invasion.
It is to the resourcefulness of Jacques Jaujard, the 43-year-old deputy head of the French National Museums in the run-up to the Second World War, that the Mona Lisa owes its existence today. As the likelihood of a German invasion grew, Juajard initiated an evacuation of France's national public art collection. The legend of General Joseph-Simon Gallieni commandeering taxis to move his troops to Marne during the First World War has acquired, through repetition, the veneer of verisimilitude.
What Jaujard did in 1939, Poirier shows, was truly heroic. He requisitioned a flotilla of 203 vehicles to transport about 4,000 works of art. The pieces were graded by importance: a yellow circle for valuable ones, a green circle for major items and a red circle for the most precious paintings. The Mona Lisa, encased in white, bore three red circles and was smuggled in a custom-fitted ambulance. The works were secreted in manor houses throughout the country. Allied bombers were subsequently given secret co-ordinates showing places they should not bomb. The French state, notorious for its centralising impulses, collapsed; the heritage of France was preserved by its anonymous men and women.
The Nazi conquest that ensued was swift. Hitler, still carrying the bruises of the gratuitous humiliations that the French had so unremittingly inflicted on Germany in the aftermath of the First World War, took a triumphant tour of Paris in June of 1940.
Poirier, a Paris-born journalist based in London, skilfully evokes life in her native city under Nazi occupation. Paris was no Warsaw, but the distinction would scarcely have mattered to the Jews, who were the first to be singled out for abuse, persecution, and annihilation. Parisians on the whole were restricted to 1,300 calories of intake a day – “enough to survive, not enough to rebel” – and in the bitter winter of 1943, Picasso couldn’t find any coal and Brassai built a hut inside his living room.
How, after being reduced methodically to nonentity, did Paris rebuild itself? How, as Poirier asks, did it “regain such a high cultural standing so soon after the war?” She answers by introducing us to a dazzling cast of characters who had in common “the experience of war, their brush with death and elation of the Liberation of Paris”.
Collectively, Poirier contends, they “re-enchant[ed] a world left in ruins”. Jean-Paul Sartre and Simone de Beauvoir are Poirier’s protagonists; Albert Camus, measured purely by the number of mentions he receives here, must rank as the deuteragonist. Their lives are braided together with the glamour and allure supplied by an assortment of writers, musicians, designers, editors and actors. James Baldwin, Robert Wright, Norman Mailer and Henry Miller blossom in a city that, transcending the strictures of race, sways to the sounds of New Orleans jazz.
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Alas, London, in contrast, is dismissed as a drab little backwater where nothing was happening. "It was true", Poirier writes, "that London had withdrawn from intellectual debates". The basis for this sweeping judgment? A pair of articles by the solipsistic British communist Philip Toynbee in Sartre's journal Les Temps modernes. Britain had just elected a radical social-democratic government, withdrawn from India and inaugurated the most ambitious healthcare system in its history. These were no ordinary achievements.
Poirer reveres Sartre and de Beauvoir, and there isn’t an eructation of theirs that isn’t given admirable consideration here. But it is possible to magnify their mystique and overlook their failures. Invited in 1952 to condemn the execution of 11 Jews after a communist show trial in Prague, Sartre demurred because he feared that the “problem of the condition of the Jews in the People’s Democracies” might “become a pretext for propaganda or polemic” against socialism.
Poirier ends her book by identifying the European Union as the legacy of the Left Bank Paris she has documented in the preceding pages.
The man behind the idea of a coal and steel community that culminated in the EU, the diplomat Jean Monnet, appears for the first time in the book's very last pages. His connection to the world Poirier has detailed is tenuous and the conclusion feels rushed. Still, for all this, Left Bank is an effervescent history of the cultural and intellectual life of a great city.
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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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
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Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury