Painting damaged by boy in Taiwan ‘could be a fake’



TAIPEI // Doubts emerged Wednesday over the authenticity of an Italian painting supposedly worth $1.5 mn, which hit headlines after a 12-year-old boy punched a hole through it as he tripped and fell during an exhibition in Taiwan.

Organisers said the “Flowers” painting, which forms part of a collection of 55 artworks in Taipei, was by Italian artist Paolo Porpora and dated back to the 1600s.

But a report in Taiwan’s Apple Daily said the painting seemed identical to an artwork entitled “Composizione con vaso di fiori,” a 17th-century piece by Mario Nuzzi, which was listed in the 2012 catalogue of the Della Rocca Casa d’Aste auction house, with a guide price of 25,000 to 30,000 euros ($28,700-$34,000). The work went unsold.

David Sun, head of TST Art of Discovery Co which sponsored the Taiwan exhibition, insisted that the two paintings were different, without going into details.

His defence of the show, however, has failed to quell suspicions from professionals and the media.

“From a professional’s perspective, if the paintings are so old and expensive, they should not have been exposed to an environment without constant temperature and humidity,” curator Sean Hu of Taipei-based Hu’s Art Company told AFP.

“There are too many questions about it ... No one knows if the paintings are genuine or fake.”

Video footage released by the organisers shows the boy on Sunday tripping over a platform in front of the artwork and then bracing himself against the painting to break his fall. He then looks around helplessly before walking away.

The 200-centimetre painting was restored on site Monday and is now back on display. The organisers decided not to seek damages from the boy’s family, according to Taiwan’s Central News Agency.

A self-portrait by Leonardo da Vinci worth 200 million euros ($231 million) is also on display, according to the exhibition’s website.

* Agence France-Presse

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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.

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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.

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