A detail from Break of the Atom and Vegetal Life by Fahr El-Nissa Zeid that is estimated to fetch between Dh11-14.7 million. Courtesy Christie's
A detail from Break of the Atom and Vegetal Life by Fahr El-Nissa Zeid that is estimated to fetch between Dh11-14.7 million. Courtesy Christie's

A developing scene



Ever since it set up shop in Dubai in 2006, Christie’s Middle East has been breaking records in the region. But its forthcoming sale looks set to smash its previous achievements.

With three parts – including a new online-only section and the return of the watches, which have been absent from the market here since 2010 – this is the biggest sale the auction house has hosted in the ­region.

It also contains the highest-priced lot ever to go under the hammer – Break of the Atom and Vegetal Life, a 1962 five-metre oil on canvas by Fahr El-Nissa Zeid that is estimated to fetch between US$3-4 million (Dh11-14.7m). The artist is the only woman from the Arab world to have cemented her name in the abstract art movement.

And if this painting is not enough to get one excited, there are plenty more on offer. Also in the sale are sister artworks to the two most prominent pieces Christie’s Middle East has ever sold.

Oh Persepolis II, a polished bronze monolith that commemorates the ceremonial capital of the Achaemenid Empire, is a monumental work that took Parviz Tanavoli 23 years to complete. The influential Iranian sculptor made Christie’s history in 2008 when The Wall (Oh Persepolis) sold for $2.8m, a price that is still the current world auction record for any Middle Eastern artist.

Abdulnasser Gharem, the former government worker whose 2011 work Dome sold for $842,500, establishing him as the most highly valued living Saudi artist, will present The Capitol Dome, a work created in 2012.

The five-metre sculpture is a 13:1 scale replica of the Capitol dome in Washington, propped up by a miniature version of Thomas Crawford’s 19th-century statue of the armed goddess Freedom who has a rope around her neck. Questioning the very notion of freedom and liberty in a politically unstable world, Gharem’s piece is almost certain to bring him yet more accolades.

“We have really high price tags this season because we have some really special pieces,” explains Hala Khayyat, the associate director and head of sales at Christie’s Middle East. “Gharem’s work for example is a foundational, institutional piece and the others are so important.”

Khayyat also points out the other highlights of Part One of the sale, set to take place on October 29.

They include a Safwan Dahoul ­triptych that comments on the social situation in Syria as well as following the artist’s consistent theme of dreams; Home Sweet Home by Farhad Moshiri, whose pop art makes a comment on the superficial layers of western culture clashing with the fundamentalism present in his native Iran; and La Lutte de l’Existence by the modern Lebanese artist Paul Guiragossian.

The latter, Khayyat explains, was acquired from the personal collection of the late artist’s family and is a veritable bargain at $600,000. “The reality is that if this piece doesn’t sell, it goes back to the family and no one will get it for less than a million,” she says. “There are only 15 of this size in the world.”

These are just some of the 30 most valuable works in the first part of the sale. Part Two, set to take place the following day, will add 112 works. The third part, the online sale, has 53 lots, completing the auction house’s 15th sale season in Dubai, not including the 50 watches in the sale open to the public at the Jumeirah Emirates Towers Hotel.

Also running concurrently with the auctions is a Christie’s Education four-day programme titled Introduction to the International Art ­Market. It is the first time that the educational arm of the auction house has come to Dubai, offering an exceptional opportunity to anyone interested in furthering their knowledge.

“This is actually a reply to a great demand that we have been receiving for the past six years,” says Khayyat. “Every time we have the sale, people come in and ask if we do courses on art history, so we are happy to introduce this programme.”

There are international speakers talking on subjects such as the structure of the art world, the power of the collector, how to value art and the “isms” of modern art, as well as studio visits and a gallery tour.

Khayyat says she attended a similar course in 2007 that changed her life. “Before that I was so into art but I had no direction. If people are really interested in buying, then eventually they need education.”

This season is the biggest and brightest yet for Christie’s and signifies what Khayyat calls a natural progression.

“After we have been doing sales for a few years, now we feel confident that there is a demand and there is traffic and people coming through so it is time to invest in them.”

• Christie’s Modern and Contemporary Arab, Iranian and Turkish Art takes place at the Jumeirah Emirates Towers Hotel on October 29 and 30 at 7pm. Christie’s Watch sale will take place on October 29 at 8pm and the online sale will run from Thursday until November 11

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

LEADERBOARD

-19 T Fleetwood (Eng); -18 R McIlroy (NI), T Lawrence (SA); -16 J Smith; -15 F Molinari (Ita); -14 Z Lombard (SA), S Crocker (US)

Selected: -11 A Meronk (Pol); -10 E Ferguson (Sco); -8 R Fox (NZ) -7 L Donald (Eng); -5 T McKibbin (NI), N Hoejgaard (Den)

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

On sale: now

DSC Eagles 23 Dubai Hurricanes 36

Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3

Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3

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.”

Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com

UAE players with central contracts

Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.

MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5