The Scream beats records at auction... anxiety sells, it seems


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Yes, one of three surviving versions of Edvard Munch's benchmark in visual misery has beaten all previous records for sale at open auction.

The work went under the gavel for $119.9 million (Dh440 million)  to an as yet unnamed telephone buyer, after a tense but surprisingly swift 12 minutes on the table at Sotheby's in New York on Wednesday night.

2843-scream blog.jpg
2843-scream blog.jpg

Interestingly, the profits from the work will not just disappear into the already well-lined pockets of its owner, Norwegian business man Petter Olson, but will go towards funding a new museum, hotel and art centre in Norway.

But I think that one of the strange details of this piece really highlight the journey it has made to this art market accolade. This version of The Scream, painted in 1895, features a poem in its frame handwritten by Munch himself.

I was walking along a path with two friends - the sun was setting -

Suddenly the sky turned blood red - I paused, feeling exhausted and leaned on the fence - there was blood and tongues of fire above the blue-black fjord and the city.

My friends walked on, and I stood there trembling with anxiety - and I sensed an infinite scream passing through nature.

Heavy stuff. Munch's inspiring if terrifying vision of an almost apocalyptic sky bearing down on him - a representation of the modern human's isolation and insecurity - seems far removed from the suited hordes that settled in to watch it rack up millions in a glitzy party in New York last night.

Do record breaking sales like this take something away from the work? Does it become synonymous with big sales from now on as - some might argue - The Card Players by Paul Cezanne,

in February, has?

I suppose it all really depends on where this work ends up. If it disappears off into the inner sanctum of a private collector, not to see light of day for a couple of generations, then perhaps yes. If it ends up in a museum (and perhaps a museum just over the Gulf in Qatar, but who are we to speculate?) then the story is a little different.

But I think there's some irony that a work depicting the inner turmoil, the horror and the general sense of unease of modern life - painted while Munch was short of cash and received fairly lukewarm by the Norwegian public - should send a room into rapturous cheers. The auctioneer even announced his love for the mysterious buyer, mid-sale.

Check out

of the work racking up the bids on Wednesday night

WISH
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The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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Racecard

5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m

5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m

6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m

6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m

7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press