Art & Culture 16 Mar 2019

tefaf 2019, overwhelms in every way (blog 2)

It is not only the variety of the art at TEFAF, what impresses; also the different stands are creating their own different and contrasting vibes. From modern marble objects presented in hard white light and ditto background, and dark mystic antique Asian and African figurines to colorful Classic settings which creates a museum-like atmosphere. Also in terms of food, everything has been thought of. There are several exclusive bars -from sushi to oysters- and during the day many culinary bites and snacks are offered. SoldierI am headed to some modern sections. A masterpiece is Poträt Hugo (Hugo Biallowons) by Ernst Ludwig Kirchner (1880-1938; Galerie Henze & Ketter, stand 444). This striking oil on canvas from 1914 shows Hugo as a soldier. It is part of an intense series of paintings, images and litho’s, which show’s Hugo (who was a friend of Kirchner) during the First World War trenches. 3-dAlso interesting is the outstanding work of Barry X Ball (Fergus McCaffrey, stand 440), which catches my eye. The Sleeping Hemaphtodite (2008-2017) is inspired by the original Greek Thassos marble that is part of the Louvre. The artist used translucent pink Iranian onyx and created this work with the help of an out 3-d printer. Also his Purity bust is intriguing. The moving high-definition color video on plasma display titled Ancestors (2012) by Bill Viola, keeps pulling attention. Simply, because it keeps changing all the time, while the background stays the same.  At the same stand of the Tina Kim Gallery, there is another simple but fine work, which keeps changing: Mirror Gold (2018) by Anish Kapoor.I am continuing to Ben Brown Fine Arts, looking to a big colorful digital C-print, representing the Prado Museum by Vik Muniz. This is probably the most recent work, because it is produced this year.Going back in time again, the David Levy & Associës gallery shows a fine Asian inspired painting of Louis Anquetin (1881-1932) called Torse de Jeune fille, Juliette Vary (ca.1890). And just a bit further, the colorful motives of Robert Delaunay’s Les fenêtres sur la ville, première partie, deuxième motif 1912, is pulling me to the stand after I have finish my lunch at the salad & sandwich bar.Prints Upstairs, at the first floor, there are also several beautiful papers and prints. A good example is The Staircase at 54, rue de Seine, Paris. This is a pastel and gouache on board by Sam Szafran. In the same stand of Stephen Ongpin Fine Art, there is also a small showcase of some beautiful art nouveau and jugend still affiches from magazines like Vogue and Hazar’s Bazar. Finishing some of my modern impressions, I look at Andy Warhol’s Karen Kain, which is a screen print in colors with diamond dust, 1980. But the nice thing is that this print is next to several ancient and rare books from all different themes. That is also the nice thing about TEFAF, the galleries show their own little art worlds with sometimes different time frames, from old to modern.Read more about TEFAF at my final third Blog, Tribal and design. Angelique van Os  

Art & Culture 16 Mar 2019

tefaf 2019, overwhelms in every way (blog 1)

There is the first time for everything. Even for a visit at the widely regarded world’s pre-eminent of fine art, antiques and design: TEFAF Maastricht. Established in 1988, the art event has a rich history and the critical standards of the art are getting higher every year. And for this edition the 279 exhibiting dealers include 40 new galleries, as several new discoveries and unpublished work.  Text & pictures: Angelique van Os I have just passed the entrance and face several ten meter high objects of lush and colorful flowers. In the middle of the space, visitor, mostly looking extravagant and exuberant, can relax on design chairs and sofas, drinking tea and coffee. Doing business and catching up with acquaintances. It is pretty crowded for a preview day. Whereas on the side, the art galleries stands look sophisticated, perfectly highlighted and presenting their masterpieces. Every time it feels like entering a tiny museum. It is obvious: this is where the international art community and where world’s top art dealers and experts comes together.   TEFAF runs three Fairs internationally - TEFAF Maastricht, which covers 7,000 years of art history; TEFAF New York Spring, focused on modern and contemporary art & design; and TEFAF New York Fall, covering fine and decorative art from antiquity to 1920. Also TEFAF represents different aspects of art movements from ancient paintings, antiques, La Haute Joailerie, Tribal, Modern, Design and work on paper. Some new names within the section Modern are Gallery Gmurzynska (USA), Simon Lee Gallery (UK), Pace Gallery (USA), Almine Rech (Belgium) and Sprüth Magers (UK).  Because I am a fan of ancient paintings and art that is where start. One of the first paintings which gets my attention is already a highlight: Femme nue couchée by Pierre-Auguste Renoir (1841-1919). The fine oil on canvas is presented by the New York gallery Dickinson (stand 402). Also a scene of women bathing in a Morrocan hamman – Les Baigneuses Du Harem, 1901- by Jean-Léon Gérôme (1824-1904), shows beautiful colors and details. But there is no time to waste. I am a bit dazzled by tremendous offers of the fair. Some exhibitors have utilized every piece of the wall, creating a collage of paintings varying from landscapes, portraits, folk sceneries and still lives. Chasing treasuresAlso everywhere I look, there are religious scenes varying from the fourteenth till the nineteenth Century. A very ancient and special piece is a small panel on gold of The Virgin and Child by Paolo Veneziano (1200-Venice-1362, in the collection of Haboldt & Co). The expensive work is already sold. And that is no exception. Although the fair just started on Thursday the 14th, and will continue till March 24th, art collectors are chasing these treasures. So who is interesting to buy something in particular or special, has a lot of competition and cannot wait too long. That also counts for the amazing Two boys with a bladder by Joseph Wright of Derby (1734-1797), presented by Lowell Libson & Johnny Yarker LTD. The use of candlelight, surrounded by the dark background lifts the portrait of the boys.A newly discovered painting is Susanna and the Elders (1548) by the Flemish Renaissance Trailblazer Frans Floris de Vriendt (1519/20-1570). This large and early work is unveiled by Carlo Orsi-Trinity Fine Art. The painter was more renowned in his day than Bruegel the Elder. The work shows a careful study of Roman antiques and influences from painters like Raphael. According to the TEFAF curators, the artist displays sensitivity to the handling of flesh, which was exceptional in the Netherlandish art at the time.  TemperaThe Spanish gallery Caylus shows some beautiful panels on wood, like Thomàs Giner’s Saint Martin dividing his Cloak with a bagger (ca. 1460). The clay technique that is used is called Tempera. Because of this, the very detailed relief splashes of the cloth. This technique is only possible to use on wood, because canvas is not strong enough for the clay. Also interesting is a modern photographic transfer on high-fired ceramic by Robert Rauschenberg, called Gilt (1983).        Although there is so much more to see, I have to move on to see other parts of the fair. Read more about my report in the next blog.  TIP: Some highlights that you must not miss:·      Dans le pre en automne a Eragny by Camile Pissarro (1830-1903). Gallery Richard Green, stand 302·      Portrait of a young Lady holding a cat by Antonio d’Ubertino Verdi (Bacchiacca, 1499-1572). Gallery Nicholas Hall, stand 342·      Still life of an illuminated manuscript. Unknown painter. Gallery Salomon Lilian, stand 309see also: tefaf.com EXTRA TIP: This year TEFAF expands its program with side events in the vivid city centre of Maastricht with TEFAF and the City. Read more about this in up-coming blogs.   

Art & Culture 15 Mar 2019

tefaf maastricht weekend

Sometimes Pure Creatives works with guest writers. This weekend our Dutch collegue Angelique van Os (Pureoff theroad.com, Jazzism) is reporting from the divers and impressing international art fair TEFAF Maastricht, which just opened yesterday and continues till March 24th. Let’s see if she is able to spot some of the collectors highlights (see pics), and discover some interesting side events of TEFAFandthecity.com like #DavidLynch expo Someone is in my House. 

News, Media & Society 13 Mar 2019

documentary on entrepreneur

Dear All,I hope this finds you well.I am co producing a documentary that will be featured on Amazon and other VOD platforms on how an entrepreneur turned an idea into a successful business.There are also opportunities available for product placement.If you would like more info or be  featured, please can you send me an email to timi@4s-events.com,Thank you,Kind regards,Timi   

Business 08 Mar 2019

market viewpoints: a g-2 world beckons

By: Manish SinghCrossbridge Capital LLP Chimerica: A G-2 world beckons The Chinese economy of today is a far cry from the days of Chairman Mao Zedong and the “Great Leap Forward” – his second Five Year Plan which lasted from 1958 to 1963 – and proved a complete disaster for China. It left millions of people dead and many more miserable for decades to come. Frank Dikötter a Dutch historian in his excellent book – “The Cultural Revolution: A People’s History, 1962–1976” – has painstakingly gone through the Chinese Communist Party’s own record and declassified letters of complaint, secret police reports, statistics, surveys and other archived papers, to draw the picture of misery that China was in the 1960s. By Dikötter’s count, the Cultural Revolution – formally the Great Proletarian Cultural Revolution from 1966 until 1976 – left 45 million dead as Mao forced peasants off their land on to co-operative farms and mindless industrial projects. Mao wanted to lift Chinese steel production by putting the whole nation to work at over 600,000 backyard blast furnaces. Instead, he got famine and tens of millions dead. Mao had been warned by then Soviet Union leader, Nikita Khrushchev, that China’s course to industrialisation risked a famine. Khrushchev knew it from his own knowledge of Josef Stalin’s reckless ambition for industrial power that unleashed a famine in Russia in 1932-33 and killed up to five million in Ukraine, a country land rich and fertile for agriculture. Today however, China is the world’s second-largest economy using its wealth to build “colonies” around the world and the only real challenger to US hegemony. This miraculous turnaround achieved in just over 40 years – beginning with the “reform and opening up” of China in 1979 – has led to multiple years of double-digit growth (see chart below). At a time when American prestige is fading and China’s status is rising and as the US and China work to find a mutually acceptable trade deal and negotiate as equals, it is difficult to imagine how unequal the two nations were in 1979 – the year of the big reforms in China – let alone in 1949 when Mao established the People’s Republic of China (PRC). In 1979 China’s GDP stood at $178bn and was 6% of US GDP. Today, China’s GDP is 63% of US GDP ( chart below). The history of US-China relations is a fascinating read and China has gone from being a pariah state to the US in 1949 to its most important trade relationship in the world. So much so that we are heading into a G-2 world where China and the US will make rules for the rest of the world to follow. Europe is the big loser in all this and only has itself to blame – no structural reforms, low growth, high unemployment and an over-reliance on exports and not domestic demand. Feb. 28th, 2018.

Business 19 Feb 2019

going global

FOUR speaks to Dr. Juerg Steffen, the CEO of the Henley & Partners Group, about the ins and outs of residence and citizenship planning – and how Henley & Partners became the global leaders in this field. Can you tell us a bit about your background, and how you got into your current role?My background is in private banking, with more than 25 years’ experience in this area. I hold a PhD degree in Law and have served as a director of leading private banks in Switzerland and Austria. After joining Henley & Partners, I built up the South East Asia region and worked as Group Chief Operating Officer for a number of years. Now I am delighted to step into my new role as the firm’s CEO. What exactly are the services that Henley & Partners offers, for those that don’t know about the company?We broadly offer two services.We are the industry leader in residence and citizenship planning, providing our clients with an A–Z service that includes real estate acquisition and property management. Alongside our private client business, we are also the preeminent advisor to sovereign states as regards the design and operational development of investment migration programs. Our government advisory practice has raised more than USD 8 billion in foreign direct investment for countries around the world.Because we have been involved in the design, set-up, and operation of the world’s most successful residence and citizenship programs, we understand the application processes for different programs on a very deep level — including the stringent due diligence procedures. For all these reasons, we are extremely well positioned to serve those interested in residence- and citizenship-by-investment, and to advise any sovereign state considering adding an investment migration option to its foreign direct investment strategy. What do you think has led to the increase in high-net-worth individuals (HNWIs) in recent years?There are an estimated 18.2 million high-net-worth individuals on the planet, and their collective wealth now sits at over USD 70 trillion. These remarkable numbers are expected to grow continually over the coming years. There are a number of potential reasons for this increase, including the fact that HNWIs are now found all over the world, whereas previously, wealth was concentrated in western markets and in countries of so-called ‘old money’. The rise of emerging markets in the Far East and Middle East, as well as in South America, has created a new class of HNWIs and led to a global increase in wealth. How and why does this affect wealth migration?The majority of millionaires relocate via dual citizenship, work transfers, spousal and family visas, as they have always done. However, the emergence of residence- and citizenship-by-investment programs over the past decade is having a growing impact on global wealth migration trends. Investment migration differs from other forms of migration in that individuals are required to make a significant economic contribution to the host country before they are admitted, as a sort of upfront demonstration of their commitment to the country’s prosperity and wellbeing. In exchange for this extraordinary contribution, individuals obtain either residence or citizenship rights in that country, as the case may be.Because these programs represent such a clear ‘win–win’ both for the countries administering them and for the individuals participating in them, their popularity is growing dramatically, and we expect this to continue. What are the effects of investment migration?Offering citizenship in return for investment is mutually beneficial for both successful applicants and the destination countries they choose. The inflows of funds from citizenship programs are considerable, and the macroeconomic implications for most sectors can be extensive. For receiving countries, wealth migration is a sustainable form of foreign direct investment. Just like traditional foreign direct investment, wealth migration increases the value of the receiving state, bringing in capital to both the public sector — in the form of donations to the government, tax payments, or treasury bond investments — and the private sector — in the form of investments in businesses, start-ups, or real estate.For HNWIs, a second or third passport grants holders the right to travel, trade, and settle in an expanded set of countries and regions, as well as access to all the benefits enjoyed by other citizens of the state in question (education, health care, voting rights, and so on). It also eliminates a great deal of the inconvenience and waiting time surrounding visa applications and passport renewal or replacement processes. Finally, and perhaps most importantly, an additional passport can quite literally save a person’s life in times of political unrest, civil war, and terrorism, or in other delicate political situations. Where do you see most of the HNWIs moving from and migrating to? – And why?For the third year running, Australia has been the most attractive migration destination for high-net-worth individuals: about 10,000 millionaires migrated there last year, mostly from China, India, and the UK. Experts have proposed a range of reasons for this, including lifestyle opportunities, political stability, proximity to Asian business markets, and relative safety for women.After Australia, the US, Canada, and the UAE continue to attract significant numbers of HNWIs, while Malta, Cyprus, Portugal, and Spain are also seen as highly appealing destinations for wealthy individuals in search of increased freedom and mobility. How great is the number of individuals who gain citizenship in a country through financial investment, but do not reside there? And how does this affect global wealth trends?The specific details about where HNWIs choose to reside and for how long is not information that is publicly available. However, it is safe to assume that beneficiaries of citizenship-by-investment are global citizens who often have multiple places of residence and do not see themselves as being tied to a single jurisdiction. It is also important to remember that the number of residence-by-investment programs far outstrips the number of citizenship-by-investment programs. What’s next or what do you predict for future wealth trends?Global citizenship is now an indispensable asset for wealthy individuals seeking to grow their business and increase opportunities for their family in today’s entirely globalized economy. In 2018, more than a third of global ultra-high-net-worth individuals hold an alternative passport, and another 29% are planning to obtain one.In general, we anticipate that overall demand for a second passport among wealthy individuals will continue to increase in 2019. More specifically, countries with residence- and citizenship-by-investment programs now account for about one in five wealthy individual migrations, and the ever-growing popularity of these programs indicates that they will continue to shape overall wealth migration trends.We also believe this demand will be met by increased supply. Sovereign states around the world are seeing the strategic value of investment migration over and above a non-debt baring liquidity injection. Many sovereign states understand that investment migration programs act as a remarkably successful FDI marketing platform that can attract capital and skills to an economy, thereby creating opportunity for all citizens. Want to know more? Head to Henley & Partners to read up further about their services.

Business 14 Feb 2019

deal, no deal or second referendum?

Deal, No Deal or Second referendum? Aricle By:Manish Singh, CFAChief Investment OfficerCrossbridge Capital LLPJanuary, 21th, 2019.Last week, Annegret Kramp-Karrenbauer the head of the ruling Christian Democratic Union (CDU) party in Germany and the likely next Chancellor, as well as over two dozen other German luminaries from the fields of politics, art, industry and sport issued a plea to the UK to change its mind and stay in the European Union (EU). The letter published in The Times of London marks a significant shift in Berlin’s tone. It talks about the role of Britain – “we realise that the freedom we enjoy as Europeans today has in many ways been built and defended by the British people” and its continued importance to Europe’s future – “Without your great nation, this continent would not be what it is today: a community defined by freedom and prosperity.” And goes on to implore –“We would miss Britain as part of the European Union, especially in these troubled times. Therefore, Britons should know: from the bottom of our hearts, we want them to stay.”A bit too late in the day, I’d say. Where were these good people before the referendum in 2016? That was the time for the esteemed leaders of the EU to give then UK Prime Minister David Cameron a worthy deal that he could sell to the British people. Instead, they gave him a bag of crisp hot Brussels air which Cameron tried to present to the British voters as a “great win,” and was repudiated. The realisation is dawning on many in the EU that a No Deal Brexit would hit the EU very hard and is therefore an undesirable outcome.  After hoping and wrongly presuming that the UK would cancel Brexit (a ludicrous thought that only highlights the gulf in understanding between the UK and the Continent), it is only now – after being convinced of the likelihood of collateral damage in its own country – that Germany is taking a more conciliatory approach. The realisation is finally dawning on many in Europe that a No Deal Brexit would hit the EU very hard and is therefore an undesirable outcome.Anyone with any interest in Germany and the EU and where they’re headed, would be well served to read the masterful analysis of the topic in the book Berlin Rules: Europe and the German Way. It is written by Sir Paul Lever, former British Ambassador to Germany and a senior member of the European Commission in Brussels who attended all European Council meetings from February 1979-85. In its institutional form, he suggests that the EU looks and “will continue to look like Germany” and that its “leadership of the EU is geared principally to the defence of German national interests.” His conclusion is that Germany will prevent the creation of the “all-powerful European super-state that ” and in 20 years’ time many (Brits) will have forgotten Britain was ever a member of the EU to make them regret their choice” and “others… may wonder what all the fuss was about.” I recommend the book highly.Last week also saw UK Prime Minister Theresa May suffer the largest parliamentary defeat in British political history, as the House of Commons rejected her Deal on Europe by 432 to 202 votes. By any yardstick, the defeat that May suffered is entirely of her own making. Tin-eared, distant, and reticent don’t even begin to define the approach she took to agreeing a “Withdrawal Agreement” with an intransigent EU. May couldn’t persuade a starving man to eat with the approach she has taken thus far. Tories must fear a terrible drubbing at the elections, if May continues as PM. Thankfully, she has promised she won’t lead the Tories into the next election. So, what’s next?To those who say “No Deal” is off the table or Brexit could be cancelled, I say this – No deal is not “on the table” but it is in the Statute Books. The European Union (Withdrawal) Act 2018 was passed through both Houses of Parliament and became law by Royal Assent on 26 June 2018. 498 of 650 MPs voted to trigger Article 50 i.e. a clear and overwhelming commitment to leave the EU. Over 80% of MPs subsequently were re-elected in 2017 on manifestos pledging to implement Brexit. Legally, in the absence of an agreed deal, the UK, therefore, will leave with “No Deal” on March 29, unless the Article 50 deadline is extended by the mutual agreement of the EU and the UK. A No Deal, however, doesn’t mean “crashing out” as some like to fear monger. It just means agreeing a set of side deals and a temporary return to WTO rules for trading, until new trade deals and arrangements are worked out between both parties.As I said on Bloomberg TV last week- I still believe that the UK will leave the EU with a deal. An extension of Article 50 is likely to give enough time to conclude a deal. There will be a transition period in which the UK will be part of the customs union and at the end of the transition period, the EU and the UK will move on to a Free Trade Agreement (FTA). As far as the UK is concerned the “freedom of movement” of workers is a red line and will not be up for negotiation. The EU doesn’t want a No Deal scenario. Nor does the UK for that matter. A No Deal would be very inconvenient for the UK in the short term, as details of new arrangements are worked out, but it would be a growing tragedy for the EU to lose a nation it has a big trade deficit with. Besides a No Deal at, minimum, means: Immediate halt to the £39 billion “divorce payment” to the EUNo further annual contributions of £13 billion to the EU budgetThe EU’s entire exports to the UK – £341 billion last year would be put at riskA severe macroeconomic calamity for IrelandThis, at a time when the economic woes of Germany (the driver of the EU 27) are growing as it is hit by weaker exports to China and elsewhere, as well as softer demand at home. A German slowdown is already ringing alarm bells in Brussels and at the European Central Bank (ECB). Weaker German growth is very bad news for the rest of the European continent, where many economies are linked to the demands of the German export machine and German consumers. For instance, Germany is France and Italy’s top export destination with 15% of total French exports and 12.5% of total Italian exports going to Germany. A slowdown in Germany would hit France and Italy hard. The possibility of a No Deal or messy Brexit, populism and unrest in France, mounting US protectionism and the slowdown in China all are major headwinds for Germany and the Eurozone. China is Germany’s largest trading partner ahead of the US. If that’s not enough, cast your mind back to last July and the Trump-Juncker conference that temporarily diffused the risk of damaging tariffs on EU auto exports to the US, in return for the EU pledging to work to achieve “zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods.” Fast forward 6 months, and the EU is now being accused by US officials of dragging its feet on trade talks in the hopes of waiting out the Trump administration. It won’t end well if you know what Trump is like. President Donald Trump is about to conclude a trade deal with China. With the Mexico-Canada and China deals completed, all efforts and urgency will go into taking on what Trump likes to call the EU’s “unfair trade deal” with the US that “robs” the US and treats it like a “piggy bank”. Expect fireworks soon. I see a second referendum as the least likely outcome. A general election is more likely than a second referendum. We know that the country is divided roughly down the middle – half favouring Leave and half favouring Remain. A new referendum will only frustrate those who voted to leave and waste valuable time and resources. Even if there were a second referendum, in my opinion, Leave is likely to win again. In a tweet, Robbie Gibb, Director of Communication at 10 Downing Street reminded us as much – “1.9 million Leave voters say they would now vote to Remain. But 2.4 million Remain voters would now vote to Leave. The country hasn’t changed its mind.” Remember also that the voters were told the Brexit referendum was a “once in a lifetime vote” and 3 years is not a lifetime by any stretch of the imagination. For many in the UK – whether Remainer or Brexiteer, a second vote amounts to a violation of democracy. As for GBP/USD, the UK economic data on a relative basis is getting better and the US is unlikely to raise rates until the summer given concern about the economic slowdown in the US. Therefore I see GBP/USD getting to 1.32 by June, creeping up to 1.36 or higher by September and 1.40 or higher next year. Link to the newsletter: https://www.crossbridgeconnect.com/january-2019-market-viewpoints/ --------------------------------------------------Manish Singh, CFAChief Investment OfficerCrossbridge Capital LLP9 South StreetLondon W1K 2XA

Other 24 Jan 2019

the 2019 henley & partners global mobility report

The 2019 Henley Passport Index and Global Mobility ReportThe 2019 Henley Passport Index and Global Mobility Report is a unique publication that brings together commentary from leading scholars and professional experts on the major trends shaping global and regional mobility patterns today.In addition, the report features fresh analysis of the latest developments on the Henley Passport Index, original scholarly research into the relationship between democracy and travel freedom, and on-the-ground insights into the future of migration technology.Download the 2019 Henley Passport Index and Global Mobility Reporthttps://www.henleyglobal.com/files/download/HPI2019/HPI%20Global%20Mobility%20Report_Final_190104.pdf 

News, Media & Society 22 Jan 2019

patek philippe may come up for sale?

Patek Philippe Watchmaker May Come Up for Sale SIHH speculation perhaps?  ZURICH, Switzerland — Patek Philippe, the closely held maker of $10,000-plus Calatrava watches, may be coming up for sale, according to analysts at Berenberg who cited industry talk. The 180-year-old Swiss watchmaker could fetch 7 billion to 9 billion euros ($8 billion to $10 billion), analysts led by Zuzanna Pusz wrote in a note. Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009. “It was interesting to hear in the corridors of the Geneva watch salon that a potential sale of the high-end watch brand Patek Philippe could be approaching soon,” the analysts wrote, noting that it could be just a rumor. A Patek spokeswoman declined to comment except to say deal speculation tends to occur during the annual watch fairs in Switzerland, including last week’s Geneva show. A sale of Patek Philippe would upend the watch industry and could lead to a bidding war, as it’s one of the last prize assets that hasn’t fallen into the hands of a luxury conglomerate. Swatch Group AG, which has bought up brands including Omega, and Richemont, which owns Cartier, make more than half of Swiss watches. Patek Philippe has sales of 1.5 billion francs, according to Berenberg estimates. On its website, the company says its “intention is to independently pursue the path that led to its success.” “We understand that one of the largest conglomerates in the sector would likely be interested in the asset given its currently relatively low exposure to the watch category,” the analysts wrote. Pusz wasn’t immediately available to comment further. Two years ago, family-owned Breitling was sold to private-equity owners CVC Capital Partners for more than 800 million euros. In 2014, Stern told Swiss newspaper Le Temps that the company may eventually need to leave Geneva or put itself up for sale if its tax burden wasn’t reduced. Months later, the company announced a 450 million-franc ($451 million) investment plan in the canton. Stern’s wife, Sandrine, works in design at Patek Philippe. Their children are in their teens, and Patek’s chairman has said he wouldn’t push them into the business if they didn’t want to join. By: https://www.businessoffashion.com

Business 14 Jan 2019

natural spring water

https://www.youtube.com/watch?v=e7ZeaWL88Cc

Other 08 Jan 2019

the henley passport index 2019

Asian Countries Dominate When It Comes to Passport Power in 2019Japan goes into the new year holding 1st place on the Henley Passport Index, with citizens enjoying visa-free/visa-on-arrival access to 190 destinations. In a further display of Asian passport power, Singapore and South Korea now sit in joint 2nd place, with access to 189 destinations around the globe. This marks a new high for South Korea, which moved up the ranking following a recent visa-on-arrival agreement with India. Germany and France remain in 3rd place going into 2019, with a visa-free/visa-on-arrival score of 188.The US and the UK continue to drop down the Henley Passport Index — which is based on authoritative data from the International Air Transport Association (IATA) — and now sit in joint 6th place, with access to 185 destinations. This is a significant fall from the 1st place position that these countries held in 2015. Denmark, Finland, Italy, and Sweden now hold joint 4th place, while Spain and Luxembourg are in 5th. As they have done for much of the index’s 14-year history, Iraq and Afghanistan remain at the bottom of the ranking, with access to just 30 visa-free destinations.Turkey’s recent introduction of an online e-Visa service has resulted in some interesting changes to the overall rankings. As of October 2018, citizens of over 100 countries (including Canada, the UK, Norway, and the US) must apply for an e-Visa before they travel to Turkey, instead of being able to do so on arrival. While this specific change means that a number of countries have dropped slightly in the rankings, it does not alter the overwhelmingly positive effect of the wider global tendency towards visa-openness and mutually beneficial agreements. Historical data from the Henley Passport Index shows that in 2006, a citizen, on average, could travel to 58 destinations without needing a visa from the host nation; by the end of 2018, this number had nearly doubled to 107.Dr. Christian H. Kälin, Group Chairman of Henley & Partners and the inventor of the Passport Index concept, says this latest ranking shows that despite rising isolationist sentiment in some parts of the world, many countries remain committed to collaboration. “The general spread of open-door policies has the potential to contribute billions to the global economy, as well as create significant employment opportunities around the world. South Korea and the United Arab Emirates’ recent ascent in the rankings are further examples of what happens when countries take a proactive foreign affairs approach, an attitude which significantly benefits their citizens as well as the international community.”Countries Continue to Embrace Mutually Beneficial Migration Asian countries’ continued dominance of the Henley Passport Index reflects the extraordinary effect that international mobility and migration has had on the region. The full scope of this impact is explored in the recently launched 2019 edition of the Henley Passport Index and Global Mobility Report – a unique publication that offers cutting-edge analysis and commentary from leading scholars and professional experts on the latest trends shaping international and regional mobility patterns today.Commenting in the report, Dr. Parag Khanna, the Founder and Managing Partner of FutureMap in Singapore, notes: “China’s Thousand Talents scheme, Thailand’s entrepreneur visa, and similar initiatives from the UAE to Singapore show many states sustaining a high comfort level with mutually beneficial economic migration.”China’s steady ascent up the rankings over the past few years is a clear demonstration of this. In 2017, the country was ranked 85th, with citizens able to access just 51 destinations. Going into 2019, China sits in 69th place, with its nationals now able to access 74 countries and territories around the world. Commenting in the report, Froilan Malit, an Associate at the Gulf Labour Markets, Migration, and Population (GLMM) program and a Fellow at Centre International de Formation des Autorités et Leaders (CIFAL), says: “Overall, international migration has not only helped stabilize economic growth in Asia Pacific but enabled many labor-sending South and Southeast Asian countries to sustain strong economic growth, even in times of crisis.”As is clear from the United Arab Emirates’ continued upward trajectory, the Middle Eastern powerhouse has taken a similar approach to Asian high performers. Now holding top spot in the region at 22nd place globally on the Henley-IATA index, with its citizens able to access 164 destinations around the globe, the nation recently signed agreements with a number of countries, including Mexico, Japan, and Sierra Leone. Commenting on the UAE’s recent partnerships with African nations, Ryan Cummings, Director of Signal Risk, says: “The United Arab Emirates has demonstrated a penchant for reciprocating visa deregulation as the country aims to attract diverse skill-sets and increase the power of its own passport.”Cummings suggests that the African continent would also benefit from this more expansive approach: “Africa continues to lag behind the rest of the world. That said, it is certainly moving in the right direction in terms of enhancing visa openness. Over the past year, several African countries – notably Angola, Ethiopia, Kenya, Namibia and Senegal – relaxed visa requirements, with the intention of enhancing trade, co-operation, and security.”Looking ahead: Brexit, the US, and changing alliances The 2019 Henley Passport Index and Global Mobility Report offers fascinating insight into what the coming year might hold in terms of visa freedom and travel access. Experts anticipate that neither the US nor EU member states are in line to substantially revise their current visa policies, whereas countries in other parts of Europe (such as citizenship-by-investment newcomers Moldova and Montenegro), as well as those in Asia and the Middle East, look set to continue seeking visa-waiver agreements with diplomatic allies.A question mark remains over the ultimate impact of Brexit. While the deal hangs in the balance, it is difficult to anticipate what the ultimate ramifications will be for EU and UK citizens, as well as for EU and UK trade and co-operation. Commenting in the report on the potential impact of Britain’s changing relationship with the EU, Prof. Simone Bertoli, Professor of Economics at Université Clermont Auvergne (CERDI) in France and a Research Fellow at the Institute of Labor Economics in Germany, says: “London’s finance sector could lose a substantial part of its appeal, and other European countries (notably, France, Germany, and Ireland) could decide to strengthen policy measures to attract financial sector workers.”Finally, insights from the report show that the ever-growing trend towards visa-openness is unlikely to slow down. Overall, 2019 looks set to hold some surprises in the travel freedom space as more countries and citizens embrace the benefits of global mobility.Citizenship-by-investment countries consolidate their respective positionsAs in 2018, countries with citizenship-by-investment (CBI) programs continue to hold their strong positions. Malta, for instance, sits in 9th spot, with access to 182 destinations around the world. St. Kitts and Nevis and Antigua and Barbuda hold 27th and 28th spot respectively, while Moldova remains in a strong position at 46th place, with citizens able to access 122 countries. A recent agreement signed between St. Kitts and Nevis and Belarus, due to come into effect in the coming months, will further strengthen the St. Kitts and Nevis passport, and enhance the travel freedom of its citizens.Dr. Juerg Steffen, the CEO of Henley & Partners, says: “The enduring appeal of investment migration programs shows that more and more people are embracing alternative citizenship as the best way to access previously unimagined opportunities and improve their passport power. Additionally, it is no surprise that countries are increasingly looking to launch CBI programs, which attract talented individuals and bring enormous economic and societal benefits.”

Other 30 Dec 2018

2019

GALVANO GROUP Serving Desires Bigger & Better!Happy 2019!Inquire NowT: +41 44 533 1894 office@galvanogroup.comwww.galvanogroup.com?Follow us: https://www.miljonet.com/b/galvanogroup/viewhttps://www.facebook.com/galvanogroup/ 

Restaurants & Clubs 23 Dec 2018

lobster gogo nyc - now open!!!

Are you planning on visiting NYC or are you already here?Come join me at the brand new LOBSTER GOGO at the new multi-Billion dollar Howard Hughes Seaport District renovation in lower Manhattan. With amazing water views, enjoy our AWESOME Lobster, Shrimp, Crab rolls or salads, Soups, sweets and snacks.Very necessary on all NYC trips!

Art & Culture 18 Dec 2018

artist klimkouski kicked out of miami art show

Artist Yaraslav Klimkouski was kicked out of the Miami Art show Spectrum. On Dec. 5th, 2018, Key West based Artist Yaraslave Klimkouski was removed from the art show Spectrum in MIami during the Art Basel Miami week. Miljonet was there to see Klimkouski do his "live perforance" on his booth at Spectrum, when the situation was getting out of hand. Klimkousky was in full trance when he was painting and the spectators could see him work and putting all his passion and anger into the creative process. Paint was flying around his booth reaching the spectators and unfortunately also ruining a $1000,00 Gucci dress and it was also on the floor, walls and on the art of the surrounding galleries. The crowd went wild and was bidding on his work until the organisation asked the artist to stop because of the damage and complaints from the other galleries. Klimkouski got so angry and decided to throw paint to everyone that was around him, including the surounding gallery booths. When he decided to also paint the floor, it became too much for the organisaion and Klimkouski was arrested and removed from the exhibtion. The rest of the art week the booth of Klimkouski remained closed. His 3 years of preperation for this show was ruined in only one hour; However the artists (aka "the artist that was kicked out of Spectrum") reputation went sky high. He was the talk of the town and it definitely increased the value of his work. He was the most talked about artist in Miami. Miljonet is currently in touch with the artist in order to get a piece of artwork of the exhibition to offer for sale on Miljonet. About the Artist: In December 2012 he had his first exhibition at the artistic district of 5th Av. New York City The Artist: "Now I'm just trying to be myself and When I paint, I try to project myself onto the canvas – nothing fake, just the trut"h. "I try to project my life, my emotions, my mind, creating a subjective but true vision of reality and feelings." "My paintings are studies in contrasts. They take the form of “arguments” – struggles between my spiritual side and what I call the “side of true existence.” I never try to ignore the darker side of my unconscious mind – I am unafraid to face, express and challenge my own imperfections, weaknesses and moral destitution in my art, with the aim of better understanding myself and society"

News, Media & Society 10 Dec 2018

relocating to austria and switzerland

https://www.henleyglobal.com/files/download/relocating-austria-switzerland.pdf 

Art & Culture 27 Nov 2018

we are the children - directors cut.

Directors cut of We Are The Children which combined solidarity of cultural differences and music between the Children of the Apulia region, Italy and X2 orphanages in Kenya which we visited and included donations of over 120kg.In this trailer it tells the story of Walter of which if it hadn’t have been for Dream Children’s Home, he would not be alive today. It also includes the charity WEEP “Women Equality Empowerment Project” which helps ladies with HIV encourage them back into society, teaching them crafts, jewellery making and so much more. Thank you for your visit.

Art & Culture 14 Nov 2018

rene magritte set a record for his work

Belgian surrealist Rene Magritte set a record for his work at a Sotheby's auction in New York. New York: A painting by Rene Magritte sold for $26.8 million Monday at a Sotheby's auction in New York, setting a record for a work by the Belgian surrealist.The painting entitled "Le principe du plaisir" topped the price fetched by "La corde sensible", which was sold in February 2017 in London for $17.9 million.Sotheby's had estimated the painting sold Monday as being worth 15 to 20 million dollars. It said seven collectors -- an unusually high number -- bid for it.Other paintings on offer on the second night of the autumn art auctions in New York also surpassed their estimated value."Improvisation on Mahogany" by Russian-born Wassily Kandinsky, fetched $24.2 million, compared to its pre-sale estimate of 15-20 million dollars.A painting that was supposed to be one of the main attractions of the auction failed to lure a buyer.It was Marsden Hartley's "Pre-War Pageant", considered to be one of the first totally abstract works in the history of American art.It was estimated at $30 million, nearly five times the record for that US painter.On Sunday, the Vincent Van Gogh Painting "Coin de jardin avec papillons", estimated at $40 million, went begging at a Christie's auction of Impressionist and Modern art. 

Art & Culture 29 Oct 2018

audemars piguet will present albedo

AUDEMARS PIGUET WILL PRESENT ALBEDO— A NEW ARTWORK BY TOMÁS SARACENO FOR AEROCENE—AT ART BASEL MIAMI BEACH 19 October 2018: Audemars Piguet is delighted to announce a new artwork imagined by Berlin-based artist Tomás Saraceno for Aerocene. His sustainable, site-specific installation Albedo will be unveiled at Art Basel in Miami Beach on the oceanfront sandlot across from Collins Park, on December 5–9, 2018.  Albedo is a large-scale temporal pavilion developed by Saraceno, comprised of approximately 40 reflective, out-turned umbrellas. Together, the parabolic structures create a large hemispherical sundial on the Miami Beach oceanfront. Seen from above, these experimental structures form an impressive geometric constellation, transforming the usual shielding purpose of umbrellas into a community act to protect the thermodynamic balance of the Earth. The solar energy harnessed is used to lift Aerocene’s iconic aerosolar sculpture, the Aerocene Explorer, into the air. These floating sculptures imagine a new aerial infrastructure that demonstrates the possibilities of an ethical, fossil-fuel-free movement in the atmosphere, while challenging and redefining a global right to mobility.  Saraceno’s Albedo resonates strongly with Audemars Piguet’s long-term commitment to environmental sustainability. Albedo stems from Saraceno’s long-standing vision of Aerocene, an interdisciplinary artistic and scientific endeavour visualising ethical collaborations with the environment, embodying newly developed aerosolar technology devised by the multidisciplinary collaborators and scientists of the Aerocene community, supported by the Aerocene Foundation. Since 1992, the Audemars Piguet Foundation has been dedicated to the cause of worldwide forest conservation through environmental protection and youth awareness-raising programmes organised with local communities. In this way, the driving concerns of Saraceno’s aerosolar investigations resonate with the aims of the Audemars Piguet.  Foundation, as Tomás Saraceno shared: “Our mutual interest in preserving our planet for future generations makes our collaboration in Miami Beach all the more meaningful.”  Albedo by Tomás Saraceno for Aerocene is separate from Audemars Piguet’s Art Commissions (the most recent edition of which was presented earlier this year at Art Basel in Switzerland). However, Albedo bears a strong kinship with other artistic projects raising ecological awareness commissioned by Audemars Piguet and presented at Art Basel Miami Beach, including the 2017 Audemars Piguet Art Commission Slow-Moving Luminaries by Lars Jan, and Theo Jansen’s 2014 Strandbeests, an artistic project in collaboration with the Peabody Essex Museum. Similar to Albedo, these installations investigated fundamental questions about our shared social and ecological future in the form of interactive, experiential, participatory installations marked by a high degree of technological complexity and precision. The Miami Beach oceanfront is, therefore, an inspirational venue to share Albedo with an international public to probe issues of urgent historic and cosmic relevance, and move towards a new Epoch of post-extractivism, the Aerocene.  Albedo is highly interactive and has been developed with specific sustainable functions. Visitors are invited to participate in this immersive artwork that hosts performative experiments in tune with Miami Beach’s usually sunny December weather, including community solar cooking—a first within an Aerocene project, which represents a new visionary method of communicating the intrinsic multifunctionality of solar energy. Aerocene Explorer backpacks will also be available for visitors to fly on Miami Beach. A series of talks presented by Saraceno, the Aerocene community, and Audemars Piguet will be hosted throughout the week. Additional details on all programming is forthcoming.  As Olivier Audemars, Vice President of the Board of Directors, commented: “When the opportunity to support Tomás in creating a new artwork presented itself, we knew we had to bring his vision to life. Tomás is a master craftsman and similar to how we view ourselves at Audemars Piguet. A term like ‘artist’ doesn’t necessarily encapsulate the complexity of his work or vision. He is also a scientist, master connector and champion of the environment. The artwork in Miami Beach this December will take the art projects Audemars Piguet has directly championed to a new height.”  In parallel with the presentation of Albedo in Miami Beach, a major solo exhibition of Saraceno’s work, ON AIR, is taking place at the Palais de Tokyo (Oct 17, 2018 – Jan 6, 2019), and focuses his ongoing innovative research on the environment and cosmos. The exhibition includes a prototype for Albedo as well as detailing on the work of the Aerocene Foundation within the installation.

Fashion & Design 07 Sep 2018

royal beast design | boho-cic handmade jewellery

ROYAL BEAST DESIGN comes from the inspiration of the designer travels, creative and artistic daily surroundings. Rich colors of metals, gemstones, crystals, shells, and wood are combined in one luxurious style? Boho-chic (bohemian style). Royal Beast Design | Swiss fashion jewelry brand that embraces amazing bohemian style, bringing all the colors in our everyday life. Unique majestic accessories handmade with love, environment-friendly, and anti-allergic. A perfect jewel that enhances your style wearable for any occasion! The main feature of Royal Beast Design is a combination of contrasting materials. It is a mysterious mixture of luxury and the natural world – precious metals and wood, gemstones and seashells from exotic locations like Australia’s Gold Coast, with its unique silky, colorful, wavy style, for example.Fashionable jewelry easily recognizable and loved among all fashionistas. Rock your social circles with the jewelry of Royal Beast Design Accessorize your style with ROYAL BEAST DESIGN jewelry,  sustainable and eco-friendly brand made in Switzerland. • Brand: ROYAL BEAST DESIGN @royal_beast_design • Showroom: JAANTE @jaante_showroom • For inquiries: http://www.jaante.com      

Business 04 Sep 2018

ybbinvest uk

http://www.ybbrio.com

Fashion & Design 29 Aug 2018

likov | swiss eco-friendly sustainable womenswear

LIKOV – IT’S ALL ABOUT MODERN WOMEN NEEDS - SEASONLESS FASHION FOR MODERN WOMEN. Likov is an eco-friendly sustainable slow fashion brand designed in Switzerland and made in Italy. Womenswear blending minimal silhouettes with “Easy Care & Easy Wear” materials. • Brand: LIKOV @likovstyle  • Stockist & Showroom:  JAANTE @jaante_showroom • For info & wholesale inquiries: info@jaante.com | http://www.jaante.com and • E-shop

Fashion & Design 29 Aug 2018

reyrey scandinavian luxury footwear made in italy

The BRANDEstablished by the designer Rey Abadi after a lifelong passion for shoes, ReyRey is a Danish-based high-end exclusive luxury footwear brand manufactured in Italy by factories with a long legacy of shoe artisans.Rey’s mission behind the brand is more than creating beautiful and luxurious shoes.The brand aims to be a pioneer in the fashion industry with a strong purpose and “Why” culture and the importance of knowing why we do what we do. The CAPSULE COLLECTIONWHAT EVERY WOMAN SHOULD HAVE IN THEIR SHOE WARDROBE!A capsule wardrobe is a collection of a few essential items that go out of fashion, such as pumps, boots and stilettos, which can then be augmented with seasonal pieces. ReyRey’s capsule collection is a high end exclusive luxury brand for women who always want to look and feel stylish whatever the season.THE COLLECTION CONSIST OF SEVEN DIFFERENT STYLES AND ONE JOKER • Brand: REYREY   • Stockist & Showroom:  JAANTE @jaante_showroom • For info & wholesale inquiries: info@jaante.com | http://www.jaante.com

Fashion & Design 29 Aug 2018

madola the label | collection aw 18’ – new breed

MADOLA THE LABELMadola woman is sophisticated, elegant and classy. The label is all about statement shapes and intricate fabrics. The attention to detail is not limited to the extensive use of luxurious fabrics, bold use of colors and trimmings but further resonates within the inner construction of a garment, through the clever use of a corset and numerous shape enhancing technologies. The corset construction technique in selected designs gives the fit and the look of a show-stopping hourglass shape to the wearer.The ability to constantly transcend and envision for the future is what reflects through the dynamic style lines and elegant silhouettes. Collection AW 18’ – NEW BREED‘New Breed’ is all about mixing elements and we believe our garments represent who we are. “New Breed” is inspired by a confident and an empowered woman. This collection features luxe fabrication and elegant details by mixing textures, print patterns we have given this collection a sexy and a powerful feel. • Brand: MADOLA  @madolathelabel • Stockist & Showroom:  JAANTE @jaante_showroom • For info & wholesale inquiries: info@jaante.com | http://www.jaante.com

Art & Culture 06 Aug 2018

blockchain in the art world: the pros and cons

Blockchain in the art world: the pros and consThe technology could improve efficiency and transparency but it poses questions about the future of dealers and auction housesFor Sylvie Gleises, head of marketing at insurer Axa Art, the problem is all too familiar. A fire sweeps through the home of an art collector, reducing their treasured hoard to ashes. But they find that not only have the much-loved artworks gone up in flames, so have their documents of ownership, tucked away in a drawer in the same home. Proving the collector’s ownership rights now becomes considerably harder. But what if the history and proof of their purchases, the provenance of works in their collection and all related legal and insurance documents were held on a permanent, trusted database to which the collector and trusted advisers could gain access via a secure key? “If you have all the certificates and no questions about provenance and authenticity, then it’s easy for us to settle the claim,” says Gleises. This is one example of the potential benefits of the distributed ledger technology — otherwise known as blockchain — currently animating a wave of entrepreneurship in finance, healthcare, manufacturing and the art world. Used since 2009 to underpin the cryptocurrency bitcoin, blockchain allows a transaction to be permanently recorded on a database shared between computers, without relying on a third party to authenticate or process it. Immutability and security are written in to blockchain; when no single authority is in charge of the ledger, no one may remove entries or fiddle with them. It could bring efficiency and transparency to the buying and selling of art, currently a fragmented and opaque marketplace. But it also poses some searching questions about the future of the dealers and auction houses accustomed to carving off a profit: the market’s traditional middlemen. Christie’s, the venerable 252-year-old auction house, is one of the last institutions one might expect to embrace the potential of this disruptive technology. But last week it brought together technologists, art experts, entrepreneurs, financiers and lawyers at its London showrooms to discuss how blockchain could redefine processes and relationships in the art market. Anne Bracegirdle, a specialist in Christie’s photographs department, said blockchain had a “potentially revolutionary impact on our business” in its ability to host all data about an object or artwork, from catalogue details, sale prices and provenance, linked to invoices and certificates of authenticity. In her view, it reduces the room for human error, boosts trust and therefore could tip hesitant buyers and sellers over the line. “Property titles and full provenance are often missing, and that information can make or break a sale.” Digital artists are particularly captivated by the possibilities of blockchain. The market for art created to exist on a screen has suffered from the ease with which it can be replicated. But blockchain allows artists to create digital editions of their work — just as photographers create a limited number of prints — and ensure that ownership can be tracked and verified. Smart contracts — an innovation of the Ethereum blockchain on which nearly all art-related blockchain activity is taking place — also allow them to make more money out of their work, even perhaps selling portions of their work on blockchain, bringing fractional ownership to the art market. Digital art, however, is where incumbent companies appear especially vulnerable, since the role of the dealer or auction house in authenticating art, judging value based on previous prices, researching provenance and bringing together buyers and sellers could become redundant when all that information is held on a blockchain. J ohn Zettler, president of Rare Art Labs, a digital gallery for artists, says: “A simple coding script could ask where this artist has already sold and where this particular piece has sold in the past. There would be no concern about the authenticity of the piece — and no real need for a physical location where buyers and sellers gather.” One of the pioneers of blockchain-based digital art is Matt Hall, co-creator of “cryptopunks”, a series of 10,000 unique digital artworks in the shape of pixelated heads that he and his business partner released on Ethereum last year. They no longer control the art; it has taken on a life of its own, with rare cryptopunks changing hands for the equivalent of thousands of dollars.While he sees the experiment as an unexpected success, Hall says it raises “tricky questions” about people’s willingness to buy art that only exists online. Debate also rages about the technical question of where the digital art should reside. Since keeping work on the blockchain itself is expensive, it is typically used to host a proof of ownership and a link to the work itself on a separate third-party site. Purists say that offends the principle of independence that is the point of the technology; it also leaves owners vulnerable to the possibility the third-party company could go out of business, putting their art out of reach or even destroying it. Few deny that dealing with blockchain is currently tedious: users have to go through the process of acquiring a “digital wallet” and negotiate a barrage of technical jargon. For art entrepreneurs wishing to launch services on Ethereum, the price of engaging with the network to set up or make changes to data — known as the “gas price” — is also painfully volatile. “There are so many rough edges. You can’t plan for success by buying a bigger server. You don’t control the servers and you can’t call the helpdesk,” Hall says. Others worry that data held on blockchain will fall foul of the European general data protection regulation (GDPR) that came into force in May and has required monumentally complex and expensive preparations on the part of big corporations. Richard Entrup, Christie’s global chief information officer, says doubts over blockchain’s compliance with GDPR were an “aha moment” for him. “It immediately takes it off the table for a number of applications,” he says. Christie’s is nonetheless exploring the technology’s potential, with hints of an as-yet-undisclosed blockchain initiative coming soon. For some, the lack of a central authority overseeing the Ethereum blockchain is both its central appeal and its Achilles heel, since it leaves unanswered questions about what happens in the event of disputes. This is particularly acute where the blockchain is linked to artworks in the physical world. When that fire rips through the luxury apartment, who is in charge of telling the blockchain that the items in question are gone? “If a trusted party is required to do that, then how decentralised is the system really, and how different is it from doing it the old-fashioned way?” asks Hall. The need for expertise in navigating these dangerous shoals means, for the time being at least, that dealers and auction houses are likely to have a role to play. Gleises also believes they have other reasons to keep a tight grip on the market. “There are plenty of intermediaries who don’t have any interest in change. It’s a very small market, and very profitable for some. Who is going to be willing to let go of some of the margin for the market to grow?” By James Pickford FT