When someone is selling you invisible 'art', try not to blink



It always amazes to see some of the works that people succeed in passing off as "art". But to make the absence of art into something to be admired takes this to a whole new level.

That was my thought one day last summer as I was going through a newspaper and learnt of Invisible: Art About the Unseen, an exhibition then on at the Hayward Gallery in London.

As soon as the title sunk in, I felt an overpowering urge to go see (or perhaps not to see) this bizarre exhibition. But in the end, I didn't go. I was on a holiday break with my family and decided to abandon the idea, since I didn't want to risk being the butt of their jokes for the duration of our holiday. Yes, pride does sometimes matter more than art.

Later, however, I did some research to learn what I had missed. Literally not much, as it turns out. The show seems to have consisted of a gallery filled with empty canvases, a lot of open space and empty rooms.

My first reaction was that this was all a prank the gallery had pulled. But then I calculated that April Fools' Day was still months away.

I unearthed a video of Ralph Rugoff, the director of the Hayward Gallery and curator of the show, explaining to the camera a set of five empty canvases by the artist Gianni Motti. These had been drawn using "invisible ink" he said, and went on to explain that art is "about ideas" and that an artist is "trying to make the creative process private".

As I watched, I couldn't help but appreciate the amount of courage it must have taken from Mr Rugoff to try to sell these ideas to the camera and expect people to trust him.

At first, I struggled to get my mind to absorb the concept of the exhibition, to overcome the feeling that the show was trying to mock whoever dared to come and see or judge it.

But eventually I came to appreciate the boldness and silliness and complete absurdity of Invisible; the idea grows on you.

In the end, art is not a discipline that follows a strict set of 1,000-year-old rules; rather the idea of art offers many ways for people to challenge it, and to try to create new ideas around it.

Certainly, it can be sometimes hard to take in what is offered. This winter I went to London's Tate Modern to see an exhibition of works by the Norwegian painter Edvard Munch. One work that I thought really stood out was The Sick Child, his take on the loss of his young sister Sophie, who died of tuberculosis in her teens, in 1877. In his picture, she reclines in bed; next to her a woman appears to be weeping.

The sick child, red-haired, seemed to have a vibrant halo of life around her despite the looming presence of death. This was something to ponder, a powerful slice of the artist's reality.

How can anyone compare the vivid array of emotions that this piece offers to the empty canvas of 1000 Hours of Staring by Tom Freeman? (The American artist says he stared at an empty canvas for that long, over five years; I don't know how he calculated the time lost to blinking.)

I couldn't help but to laugh when Mr Rugoff commented that visitors are adding value to 1000 Hours of Staring just by looking at it.

The idea that you can present "art" that doesn't really exist as a material object, and expect people to trust the artistic process instead of feeling ridiculed, is hard for some, and impossible for others.

But the undeniable playfulness factor in Invisible helped soften my initial harsh judgement of it. Although I still think the show was ridiculous, it did make me think of what other possibilities we could explore in art.

I was left, finally, with a nice conundrum: if someone had stolen some of the invisible artworks from that show, could he have been prosecuted?

Fatma Al Ardhi is an art gallery owner based in Muscat

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.”

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4.35pm: Tilal Al Khalediah
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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

RESULTS

6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby

7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko

7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor

20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill

8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara

9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.