While some museums are still somewhat skittish about selling souvenirs, New York’s celebrated MoMA leads the way in retail innovation, with its design boutiques almost as popular as the artwork on display.
The museum opened its first shop in 1939, a simple sales counter on the MoMA premises on 53rd Street in Manhattan.
More than 70 years later, it has five retail spaces in New York, two of them devoted to design, a store in Tokyo and online shopping sites, two of which cater to the Japanese and Korean markets.
The most well-known of the shops is the store on 53rd Street just opposite the museum. With its serene, artful displays and documented collection, it is almost an extension of the gallery.
Products are presented with a short description, the name of their designer or artist, and the year they were created.
“It’s really important to our customers to have the experience they have basically in the museum,” Chay Costello, assistant director of merchandising, told AFP.
“We try to reflect that in the stores, and we have signs that tell people who designs this, what the inspiration is, and we carry a number of things that are in our collection,” she added.
Some are copies of actual pieces from the MoMA collection, such as the lounge chair and ottoman created by Charles Eames in 1956, which costs more than US$4,000 (Dh14,693).
Others are products exclusive to MoMA that have been sourced by buyers who travel all over the world to replenish the store’s twice-yearly collections.
Still more are MoMA innovations, which have only seen the light of day thanks to online crowd-funding sites. These include the “3Doodler,” the first 3D printing pen and one of the current best-sellers.
The gadget was born out of a collaboration between MoMA and online fundraising site Kickstarter, and was brought to life by more than 26,500 backers.
In the MoMA shop, even colanders and umbrellas look like art.
On one wall, a video explains the creative process of artist Marina Abramovic, whose plates are sold in the store.
Elsewhere, lamps that create a 3D illusion and were designed by Tel Aviv-based artist Nir Chehanowski are on display.
All products undergo a rigorous selection process.
Those discovered at trade fairs or made by local artisans halfway around the world are brought back to New York and submitted to quality checks and control, she said.
If they pass, they then have to be approved by museum curators.
“That is a really important step along the way to make sure that we maintain the standards of the museum,” Costello said.
Innovation, creativity and quality are the watchwords.
“We seek out the most innovative, exciting new products,” Costello explained. “We also are looking at bringing products that are representing the future of what good design is going to be.”
Among items in the shop are bamboo knives, exclusive to MoMA that retail at $10-12, and a glass pan designed by Massimo Castagna for $200.
Among the new items are an adult scooter invented by an Amish family in Pennsylvania for $320, and cardboard suitcases that have been made by the same factory in the Czech Republic since 1925.
MoMA also recently partnered with Japanese apparel chain Uniqlo to make an assortment of clothes that feature art by renowned artists in its collection, including Jean-Michel Basquiat and Jackson Pollock.
The shop on 53rd Street, which opened in 1989, has been so successful that it opened sister branches in 2001 in Manhattan’s SoHo district, and in Tokyo in November 2007.
Overall, MoMA shops in New York, including those inside the museum that sell books, souvenirs and design products, received 2.5 million visitors last year.
That’s nearly as many as the three million who visited the museum and the shops are now indispensable to MoMA’s finances.
All profits go to funding educational programs run by the museum or enriching its collections.
“We take it very seriously. We work very hard to make sure the contribution that we are making is dependable,” Costello said.
“If they are looking to launch new exhibitions, if they want to acquire new artwork, they know that through the shops we are able to participate to do that,” she said.
artslife@thenational.ae
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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.”
RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE