The Notorious BIG stands in the foreground, a pair of sunglasses shielding his eyes, the twin towers of New York’s World Trade Centre looming behind him. Taken in 1996, a year before the hip-hop legend was murdered, the photograph speaks of a moment in history that can never be repeated.
It is the work of Chi Modu, a photographer for The Source magazine who developed close relationships with some of the biggest names in hip-hop and captured some of the most memorable images of the era – from Tupac, bare-chested and eyes closed, with a stream of cigarette smoke trailing from his mouth, to Eazy-E, leaning against the bonnet of his Chevrolet Impala, and a young Snoop Dogg, peering out soulfully from beneath his hoodie.
The pictures formed part of the first Sotheby’s auction dedicated to hip-hop last month. In 120 lots ranging from a 125th Street subway station platform sign covered in graffiti, to flyers dating back to the late 1970s and clothing worn by some of the genre’s most influential artists, the sale traced the story of hip-hop from its early beginnings.
If we want to move forward, we have to be willing to acknowledge that culture isn't just coming from one place and there isn't just one tiny group of people that gets to decide what's valuable
“The story is that hip-hop is a cultural movement; it’s not just a musical genre,” says Cassandra Hatton, the vice president and senior specialist at Sotheby’s who was responsible for putting the sale together. “It’s a cultural movement that includes music and art and fashion and design. I think a lot of people think of hip-hop as being just music. But it was really a movement that was grassroots, that was built by people in New York, in the community of the Bronx to begin with and then Queens, Brooklyn and Manhattan, and it spread out all over the world. It was built by everyday people who had extraordinary talent and turned it into this massive global cultural force. So that was something that we wanted to show.”
Hatton grew up listening to hip-hop and had been planning the sale for seven years. About two years ago, she was introduced to Monica Lynch, a former president of Tommy Boy Records, which managed the careers of many early hip-hop stars. Together, using word of mouth, they began gathering an unprecedented collection of objects.
“Monica Lynch was instrumental in this, in that she was able to connect me to different people within the hip-hop community, be it musical artists, visual artists, or people who have been working in the industry for decades. It was important to me that all the items spoke with each other – that each had a connection to something else. If you source your material using word of mouth, then naturally the story is formed, because those people know each other and already have a relationship, so those objects will probably have a relationship, too.”
While hip-hop culture certainly doesn’t need institutions such as Sotheby’s to validate it, this sale does mark an interesting turning point. “I think hip-hop has always been big and is important independent of whether places like Sotheby’s have auctions focusing on it, or whether museums like the Met or Moma decide to start collecting art by black artists. It’s already there, in of itself, without any of that happening,” says Hatton.
“But I think that a lot of museums and cultural institutions like Sotheby’s are able to see the value, and are understanding that social currents are changing and that the world is changing. If we want to move forward, we have to be willing to acknowledge that culture isn’t just coming from one place and there isn’t just one tiny group of people that gets to decide what’s valuable.”
The sale also feels particularly poignant in light of movements such as Black Lives Matter, which have been brought to the fore this year. And while Hatton points out that there was nothing strategic in the timing of the sale, she also doesn’t place too much stock in coincidences.
“I am of the generation that grew up listening to hip-hop; hip-hop has influenced my outlook on the world. A lot of the other people who are involved in movements like Black Lives Matter are also of my generation, and also grew up listening to hip-hop. So I think this sale is just part of a larger movement of people who grew up influenced by this, and are able to see the value of black lives and the culture they have spread around the world. I didn’t engineer them to happen at the same time, but global cultural currents coincided,” she explains.
Either way, the auction was a resounding success, generating $2 million, with 91 per cent of all lots sold. Leading the way was the crown worn and signed by The Notorious BIG in the famed King of New York photograph, taken during the artist’s last recorded photo shoot. He was killed in Los Angeles three days later. The crown, which had been in the possession of photographer Barron Claiborne since the day of the shoot, fetched $600,000.
Another star lot was a collection of love letters written by a teenage Tupac to Kathy Loy, a high-school sweetheart and fellow student at the Baltimore School for the Arts. Covering a total of 24 pages, the letters are a testament to Tupac’s naturally poetic writing style, featuring frequent lyrical turns and separate love poems within the body of the letters.
The sale also featured a number of jackets – including a one-of-a-kind prototype Def Jam jacket, Salt-N-Pepa’s personal “Push It” jackets and an original leather Wu-Tang Clan “Parental Advisory” jacket from 1993 – which performed well. “The jackets were pretty exciting,” says Hatton. “We had a lot in the sale and I was little nervous about how many there were, but I think for those, the appeal was they were all historic and vintage, but you can also wear them. That crossover of utilitarianism and art.”
The success of the sale, which Hatton says will be the first of many, is a testament, if needed, to hip-hop’s global appeal, as well as shifting perceptions of what constitutes art. But it is, perhaps most importantly, a mark of the power of music to induce nostalgia. This is something Hatton knows from personal experience.
“Growing up, when I was feeling down and wanted to wallow in it, I would listen to Nirvana. But when things were good and we were celebrating, it was hip-hop. That speaks to the fact that hip-hop is an uplifting music. It makes people feel good and it motivates people.”
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
RESULTS
Welterweight
Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)
(Unanimous points decision)
Catchweight 75kg
Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)
(Second round knockout)
Flyweight (female)
Manon Fiorot (FRA) beat Corinne Laframboise (CAN)
(RSC in third round)
Featherweight
Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki
(Disqualification)
Lightweight
Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)
(Unanimous points)
Featherweight
Yousef Al Housani (UAE) beat Mohamed Fargan (IND)
(TKO first round)
Catchweight 69kg
Jung Han-gook (KOR) beat Max Lima (BRA)
(First round submission by foot-lock)
Catchweight 71kg
Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)
(TKO round 1).
Featherweight title (5 rounds)
Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
(TKO round 1).
Lightweight title (5 rounds)
Bruno Machado (BRA) beat Mike Santiago (USA)
(RSC round 2).
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
More from Neighbourhood Watch:
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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.”
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
UAE currency: the story behind the money in your pockets