DUBAI // It is one of the most expensive paintings to ever go under the hammer in the region – a huge canvas of abstract art, full of wild colours and swirling patterns.
The piece, Break of the Atom and Vegetal Life, sold for US$2.7 million (Dh9.9m), undershooting its estimate of $3m to $4m.
But visitors at the Christie’s auction in Emirates Towers on Tuesday night could not say whether the piece by celebrated Turkish-Jordanian artist Fahr El Nissa Zeid was under or overvalued.
A Dubai artist, who asked not to be identified, said: “It’s just a few squiggles. You could do this on a computer in just half an hour. It’s got no soul.
“It sold for how much it did because of who she is. A museum would be interested for that reason but it wouldn’t appeal to a private collector.”
He said the piece differed greatly from the late artist’s previous work. “I think she must have gotten excited.”
Zeid, who died in 1991, was an accomplished artist who also married into the Hashemite royal family in Iraq, giving her the title of Princess.
The piece is one of the most expensive artworks sold by Christie's Middle East.
“It’s definitely one of the strongest we’ve ever had in terms of overall value,” said the company’s regional managing director Michael Jeha before the auction. “It’s up there with the highest.”
Mr Jeha added it was difficult to establish a value for the work.
“It’s hard, there aren’t many benchmarks to compare it to,” he said. “It’s such a rare, outstanding, quality work.”
The painting dates from 1962 and is mainly a museum piece, Mr Jeha said.
It is not clear who bought it but those at the auction said it could only be a public institution.
“It’s far too big for a house,” said private collector Mohammed Fahmi. “You’d have to make a room especially with a wall big enough to display it. I think it must have been a museum.”
Another private collector, Mahmoud Farhan, said he thought the value of the piece had more to do with the name of the artist.
“It’s a beautiful piece but I’m not sure who came up with that value,” he said. “I think it’s more to do with who painted it.”
Break of the Atom fetched the second-highest price for a work by a Middle East artist. The highest was Oh Persepolis, by Parviz Tanavoli, which sold for $2.8m in 2008.
Its sister piece, Oh Persepolis II by the same artist, sold on Tuesday for $941,000. It was originally estimated to be worth between $800,000 and $1.2m.
The two pieces were sold alongside other modern and contemporary Arab, Iranian and Turkish art at the two-day auction, which concluded last night.
Thirty pieces of modern art, estimated at $7m, and 50 watches were sold on Tuesday night.
Last night, 140 pieces of contemporary art by lesser-known artists from across the region went under the hammer for a total estimated value of between $3m and $4m.
The event attracted serious buyers representing wealthy private collectors or museums but also some interested amateurs.
Sarah, an Australian who declined to give her full name, described herself as a “dabbler”.
“It’s really addictive,” she said. “I’ve got so much art, it’s all on my floor. I’ve run out of wall space.”
mcroucher@thenational.ae
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
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Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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Install an air filter in your home.
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
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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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Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
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