A microscopic handbag, so small it can pass through the eye of a needle, has sold at auction for $63,750.
The neon yellow bag, which features Louis Vuitton's signature LV monogramming, was created by Brooklyn art and fashion collective MSCHF. Only viewable through a microscope, the bag measures 657 by 222 by 700 microns (0.667 x 0.222 x 0.7mm). The average coarse salt grain is approximately 2mm, while fine table salt is 0.3mm.
The bag is based on the Louis Vuitton Onthego tote, which sells for between $3,100 and $4,300.
According to MSCHF, the tote bag was created using two-photon polymerisation printing methods and is made with photopolymer resin and a gel case. The process is commonly used in the biotech industry.
Speaking to the New York Times, MSCHF’s chief creative officer Kevin Wiesner said they had not collaborated with the French fashion house, nor sought its permission to use its logo or design.
The auction, however, was hosted by Joopiter, an online auction house founded by Pharrell Williams, Louis Vuitton's menswear creative director.
"There are big handbags, normal handbags and small handbags. Various brands at various times have dabbled in the extremes of each," the lot description, written by MSCHF, reads.
"Smaller than a grain of salt, MSCHF’s Microscopic Handbag is made via a stereolithographic process commonly used for making tiny mechanical biotech structures. It is the final word in bag miniaturisation.
"As a once-functional object like a handbag becomes smaller and smaller its object status becomes steadily more abstracted until it is purely a brand signifier. Previous small leather handbags have still required a hand to carry them – they become dysfunctional, inconveniences to their 'wearer'.
"Microscopic Handbag takes this to its full logical conclusion. A practical object is boiled down into jewellery, all of its putative function evaporated; for luxury objects, usability is the angels' share."
The Just Phriends auction closed on Wednesday, other items sold include a replica of the custom Takashi Murakami-designed helmet Sir Lewis Hamilton wore for the Japanese Formula One Grand Prix in October last year; a Hajime Sorayama shark sculpture for $30,625; street artist Kaws's 2013 MTV Moonman award for $256,250; a portrait of Williams by Invader for $137,500; a signed Polaroid image of Kenzo designer Nigo with Williams from 2008 for $11,562; and Tiffany & Co x Pharrell Williams Astro Mint pendant for $78,750.
Earlier this year, MSCHF made headlines selling red oversized cartoon-style boots for $350. They were dubbed the "Astro Boy boots" thanks to their similarity to the footwear favoured by the Japanese manga character.
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
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.”
