It seemed like a harmless enough idea at first. Peterborough Sculpture Trust, a registered charity dedicated to enhancing the enjoyment and appreciation of the arts in the small provincial English town, put one of the works in its collection up for sale at auction. It was, admittedly, from one of its most high-profile artists. Sir Anthony Caro is probably one of the planet's most celebrated living sculptors, and the piece, Lagoon, is regularly described as monumental: a five-metre varnished steel structure reminiscent of a discarded rudder from a huge ocean liner. But the institution could never have imagined the headlines its actions would generate across the world.
The intention was laudable enough. The trust wanted to make enough money from the high-profile auction at Bonhams to commission new work in the town and fund artistic workshops. Perfectly understandable in these financially constrained times, and the catalogue estimate suggested they might expect a windfall of more than £100,000 (Dh590,000). But they hadn't reckoned on the ire of Lagoon's 87-year-old creator.
When he came across Lagoon in the Bonhams catalogue, Caro told the website ArtInfo that his work had been "mutilated". Strong words, but the sculptor has built an entire career on placing his work directly on the floor rather than on plinths, in an attempt to remove the gap between the work, its surroundings and the viewer. And yet, in the catalogue, Lagoon had metal feet welded on to it. "In the catalogue it goes down as my work, which it is not," Caro said, disowning his 1976 sculpture in an instant. "It's like adding a tail on to an animal painted by Picasso. It's ridiculous."
It didn't help, either, that Lagoon was also in such poor condition. It has been exposed to the elements in a Peterborough water park for years, and suffered from the scourge of many a piece of public art: graffiti. Some of the vandalism was impossible to remove. Caro told the Financial Times that he had "trusted them to look after it, but they didn't", though his belief that such amendments had "infringed his moral right as an artist" was perhaps a little precious. Still, Caro was probably within his rights to think it a shame that a piece he sold to the trust at a low price in 1984 to keep for future generations was, in his words, being used "as something to speculate with".
Unfortunately for the Sculpture Trust, however, that's not quite how it turned out. The auctioneer began proceedings with the caveat: "It is the sculptor's view that these legs are not his work," and the delightfully catty rejoinder: "That is not the recollection of the staff of the Peterborough Trust who were involved many years ago with the installation of the piece on site." And the uproar - reported in papers across the world - clearly had an effect. Not a single hand was raised, and Lagoon remained unsold at its reserve price of £75,000.
All of which might sound like a fuss over nothing. But in the end, it's a real shame both for the trust and Caro - Lagoon will now sit sadly in storage where nobody can see it, even if it wasn't being properly looked after. And it also raises questions about artists' relationships with their work once it leaves the studio. Effectively, they lose control over how their creations are exhibited or experienced - and disowning them is just one way of regaining that control.
In 2004, for example, Tracey Emin was embroiled in a huge row with Ecclesbourne Primary School in north London after it investigated selling at auction a patchwork quilt she'd worked on with its eight-year-olds as part of an art project. The £35,000 it was estimated to be worth would have paid for a new arts unit. But Emin was so "upset and depressed" by the idea, she threatened to disown the item. Which, in the murky world of intellectual property law, would have meant it was potentially worthless.
In the end, Emin agreed to pay £4,000 to have the quilt professionally framed and installed at the school - as long as it was never sold. And, indeed, Caro did offer to buy Lagoon from the trust before the auction, but terms could not be agreed.
The moral of this story? You might be able to buy art, but it seems the artists themselves will always think it is actually theirs.
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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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.”
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Company%20profile
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Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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