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The uneasy marriage of art and money

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My family moved recently. A change of address occasions much administrative work, one task of which was to calculate the value of the art collection my husband and I have cobbled together. Seems likely I was displacing some emotion — leaving our home of 14 years was not easy — but this exercise made me philosophical. I could enumerate the prices I had paid for various works; I could extrapolate about the current art market by checking recent auction results. But what did that tell me? The insurance company wanted to know about dollar amounts, but I was stuck on the thornier question of value.

Seven years ago, I saw a retrospective of the artist Agnes Martin, at New York’s Guggenheim Museum. I was familiar with Martin’s minimalist paintings, which I admired, and was unprepared to be surprised by the exhibition, let alone deeply moved. I love the experience of communion with films, books, canvases on the wall, but I am rarely overcome by it, and certainly did not expect to cry over an artist known for her cool geometries. But there we were, my companion and I, considering Martin’s final finished painting with tears in our eyes. 

I’ve tried to make sense of my state on this day. I was hungry, or tired, or thirsty, or some combination of these — my diagnosis when dealing with my children’s emotional outbursts. Maybe Frank Lloyd Wright’s building had something to do with it, the pitch of the floor making me feel unsteady, the open rotunda making me feel dizzy. Or my response was purely emotional — I’d have to be made of stone to feel nothing after hearing the sobering facts of Martin’s life. Perhaps all this is true, or a factor, anyway, in my tears. 

It’s also possible that I experienced something too rare in my secular life in our profane culture — call it the sacred. Already a cliché to say museums are modern cathedrals, built to dwarf the body and awe the senses; worth pointing out that quiet contemplation of anything that’s not my iPhone feels profound, and that the progress I made up the ramp of the Guggenheim was rather like the devout Catholic’s observation of the Stations of the Cross.

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I think art is one of the last provinces of the sacred for me, maybe for most of us. A work of art’s price can’t tell us anything about it, and there’s no point in talking about art in terms of dollars or euro or yen, but perhaps there’s no other metric available to us.


The most expensive thing I’ve ever bought is a painting. It’s a small work, a minor effort by one of the world’s most celebrated artists. I bought it at auction, spending far more than I had intended to, caught up in the competitive fervour, my desire for this work somehow apart from what I would pay for it, by the magical thinking that governs most of my shopping. The way my insurance company judges this untitled painting’s worth is by referring to the record of what I spent on it. That’s the market in a nutshell; things are worth what someone is willing to pay.

A white winged horse and tiger figurines standing on a pile of books on a table, on which is propped a painting of a boy and some photo booth portraits
Part of the art collection of Rumaan Alam . . .  © David A Land
A room with a desk and table on which there is a laptop, pictures and two lamps, with pictures on the wall and piles of books on the floor
. . . at his New York home © David A Land

When I look at this painting, I don’t think about that number. I think about what a genius can do with paint, and I think about this particular genius’s ability to make images that are at once horrific and beautiful, and I think about the hands of this particular genius touching this artefact that I now possess. But I’m not an underwriter. 

This is the most expensive painting in our collection, but I don’t know if it follows that it is also the most valuable. I have a framed watercolour that my older son did when he was three — bless the Montessori teachers who wrote the date on it. It’s a splash of light blue and is, according to the artist, a whale. Children’s art rarely looks like what it’s meant to depict, but in this case, the thing, perhaps only accidentally, truly resembles a breaching whale. Obviously, there’s no way to convert sentimental value into actual currency. 

It’s a great privilege that I’m in a position to spend any money on art, though I possess more sentiment than currency. It’s still possible to buy the work of artists at the start of their career, or editions by more well-known names at small auction houses, or even minor work by true masters.

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I think about the money, because I’m working within the constraints of a budget, but only when I’m in the act of transaction. Then I forget that altogether. I cannot, as George Lucas did, spend $15mn on a painting by Robert Colescott. I could, though, spend about one month’s rent on a small, early work by the same artist. Living with it affords me a pleasure to which I cannot affix a price tag, even though my insurer has asked me to.


Sometimes a work of art is described as priceless. In my imagination this implies more zeroes than one can count, but it’s more accurate to say that with art, numbers aren’t salient. We should call a masterpiece unpriceable instead. 

Still, money is so essential a factor of contemporary existence that we cannot help but bring it in. Money borders — even if it should not enter — some of life’s most serious provinces. Family life, religious faith and romantic love may be all that are left to us that are exempt from the logic of buying and selling. 

The art market is one matter, but even the urge to photograph or otherwise document a museum visit, very common at the moment, is, I think, an economic activity. We reach for our phones from some insipid urge to participate in a culture too attuned to pointless connectivity, yes. But to Instagram a Pollock or a Van Gogh transforms that moment of pleasure into work. We think this ennobling; it’s sadly debased. 

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I don’t know whether it’s fair to consider faith a realm wholly uncorrupted by money — it’s certainly possible to enumerate the assets of, say, the Catholic Church (some of which are what we would call priceless). Nevertheless, art can provide an encounter with the mysterious, a territory that borders the mystical. Perhaps that is why I so often find it a balm. 

Only a few months ago, on a day I found personally difficult, I fled to the Museum of Modern Art in need of distraction or solace. I saw an exhibition by the video and performance artist Joan Jonas. I spent a surprisingly long time watching black-and-white footage of a performance she’d staged decades ago, in the then-wasteland of lower Manhattan. In those minutes, I truly forgot the worries that had sent me to the museum in the first place.


Last summer, I pulled some strings and was invited behind the scenes at Christie’s Rockefeller Center outpost. I was writing a book in which one character, a billionaire, buys a painting by Helen Frankenthaler. (No deeper meaning in choosing this artist than the personal, as she’s one of my favourite abstract expressionists.) I wanted to see the rooms to which serious collectors are sometimes invited to kick the tyres of the masterpieces they might buy. 

A Christie’s staffer led me down a long hall, threw open massive doors to intimate, soundless rooms, simply but strongly lit, containing nothing at all. I thought they felt like chapels. I loved imagining the Warhols and Picassos that had once stood there, ready for inspection. 

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My guide seemed surprised to discover that the last room we entered was not empty at all. In my recall, it, too, was bright and silent, but there, on the wall, was a painting. It sounds like something out of fiction but it’s true; it was by Frankenthaler. There are many words applicable: happenstance, coincidence, luck, kismet.

I find that when I’m immersed in the writing of a novel there will be uncanny resonances in my real life. I’ll be served a meal like one I imagined, or meet someone with the same name as a character I invented. There’s no deeper meaning in it, just a funny thing that has happened to me often enough that I understand it as part of the novel-writing process. Maybe this is part of the experience of seeing art, too. There’s some frisson that can’t be put into words, a sense of recognition or kinship. 

I don’t know what happened to the Frankenthaler I saw that day. (Christie’s sold a Frankenthaler this spring for more than $4mn, but that’s a detail of interest mostly, I think, to insurance companies.) I like to imagine the person who bought it: that they went into the very room I did, that they smiled with some private pleasure at the thought of being alone with this painting. I like to imagine that they knew and cared about Frankenthaler, that they were tempted to touch the painting, that they had questions about its provenance, that they got close enough to the canvas to smell the paint itself.

I like to imagine that moment brought them joy, a joy they feel every time they glimpse the painting, wherever they’ve chosen to hang it. I cannot bear to think that it went into storage, or hangs in a guest bedroom in a rarely visited vacation home. I prefer to imagine it is with someone who would agree with me that art’s value is not calculable, albeit someone with enough money to say something like this and still be taken seriously. I’d like to tell that painting’s owner how I stole two minutes alone with their painting, and I like to imagine they’d know that is worth everything.

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Rumaan Alam’s new novel ‘Entitlement’ is published by Bloomsbury

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Gordon Brown champions new funding push for global education

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An innovative new funding mechanism championed by former UK prime minister Gordon Brown is to provide $1.5bn in low-cost loans to improve education in poorer countries around the world.

The International Finance Facility for Education (Iffed) is set to launch what it described as the largest one-off investment in decades to improve inadequate schooling in response to global education budget cuts.

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The initial $1.5bn has been raised through support from governments including the UK, Sweden and Canada, and from philanthropic and corporate backers, who will offer guarantees to underwrite a programme to disburse new loans and grants through leading multilateral financial institutions.

Iffed has signed a first agreement with the Asian Development Bank, and is set to authorise an initial disbursement in 2024 of over $100mn. It has approved 10 Asian countries as being eligible for financing, including Bangladesh, India, Sri Lanka and Vietnam.

Discussions are advancing with other backers and intermediaries including the African Development Bank and the World Bank.

Many lower- and middle-income countries have cut their education budgets in recent years, and the World Bank has warned of low levels of basic numeracy and literacy — notably in Africa — compounded by further “learning loss” driven by pandemic-era school closures.

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An estimated 250mn school-age children are currently not in class, with 800mn of the world’s 2bn children set to leave education without any secondary qualifications. 

International aid is dominated by health projects, while education represents just a small fraction and countries often struggle to demonstrate short-term returns to donors.

Brown, the UN’s global education envoy, told the Financial Times that the “groundbreaking innovation” in international development finance had been years in the making. He spoke after Iffed received an AAA rating from credit agency Moody’s and was graded AA+ by S&P.

Under the programme, multilateral banks lend money to governments of lower- and middle-income countries at a very low interest rate. This is in exchange for commitments to invest the money alongside existing domestic spending on credible national education programmes. 

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“People traditionally think of international development in terms of grants or loans,” Brown said. “I think the transformative innovation here is to think not just of guarantees, but how you can leverage guarantees to create the kinds of resources that will never be created in the near future through loans and grants alone.”

He added: “It is shocking that nearly half of all the children on our planet still have no formal schooling. But that can begin to be consigned to history.”

Brown said the model had the capacity to become the “third arm for the development agenda” and was a “vehicle that should be more widely used” across other areas of public policy, such as health.

Donor backing will help to ensure that the new bonds issued by the multilaterals have a high credit rating. So far Canada, Sweden and the UK have committed $342mn in guarantees and paid-in capital and $100mn in grants.

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Nuclear fuel prices surge as west rues shortage of conversion facilities

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The price of fuel for nuclear reactors has surged much faster than that of raw uranium since the start of 2022, in a sign of the bottlenecks that have built up in the west following Russia’s invasion of Ukraine.

Enriched uranium has more than tripled in price to $176 per separative work unit — the standard measure of the effort required to separate isotopes of uranium — since the start of 2022, according to UxC, a data provider.

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Demand for uranium has been driven by a revival in atomic power. However, Russia plays a significant role in the multi-stage process of turning mined uranium into the fuel for a nuclear reactor. This includes converting yellowcake — uranium concentrate — into uranium hexafluoride gas, enriching it to increase the concentration of the type of uranium used for fission, and then turning the enriched uranium into pellets that go into reactors.

Uranium hexafluoride has jumped fourfold in price to $68 per kg in the same period, indicating that conversion is the biggest bottleneck in the nuclear fuel supply chain, analysts said. In contrast, uranium ore has only doubled in price.

“The conversion and enrichment prices are reflecting a much bigger supply squeeze due to the Russia-Ukraine war and other factors,” said Jonathan Hinze, chief executive of UxC.

“Uranium alone does not tell the whole story when it comes to price impacts in the nuclear fuel supply chain.”

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Russia controls 22 per cent of global uranium conversion capacity and 44 per cent of enrichment capacity. Those services are out of bounds for some western utilities following a US ban on Russian uranium, although waivers are allowed until the end of 2027.

Line chart of Rebased to 100 showing Nuclear fuel cycle feels supply squeeze

France, US, Canada and China are the other countries besides Russia that are home to large-scale conversion sites.

The US government said this week that it is closely tracking whether imports of uranium from China are providing a back door for Russian material, after bumper exports in May when the ban was introduced.

The UK used to contribute to global conversion capacity via the Springfields site but conversion services halted in 2014, while France’s plant has faced delays in getting to full capacity.

“The conversion market is very, very tight for the simple reason that existing facilities are in care and maintenance,” said Grant Isaac, chief financial officer at Cameco, the world’s second-largest uranium producer, on an earnings call.

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“Because of the delays in getting all of the conversion-producing centres up to full production in the western world . . . conversion has a very good tail of strength for the next little while.”

While higher nuclear fuel prices are likely to hit the profitability of power companies, the bigger issue is making sure there is enough investment in mines, conversion and enrichment to meet demand from extensions to existing reactors’ lifetime and new ones.

Nuclear fuel companies such as France’s Orano and British-Dutch-German owned Urenco have committed to boosting enrichment capacity, but so far no one has committed to building new conversion capacity in the west.

Nicolas Maes, chief executive of Orano, said at an industry conference this month that investments needed in conversion and enrichment were “massive” compared with the size of the relevant companies.

He compared Orano’s annual revenues of almost €5bn to the €1.7bn needed to expand its enrichment capacity in southern France by more than 30 per cent.

Johnathan Chavers, director of nuclear fuel and analysis at Southern Nuclear, which operates eight nuclear plants in the US, said at the same conference that utilities and the nuclear fuel suppliers were unwilling to make “big bets” due to a “chicken and egg problem”.

Power plant operators are reluctant to sign long-term supply agreements unless the facilities are being built, giving certainty over expected delivery times for nuclear fuel, yet suppliers balk at making big investments without such deals to underwrite them, he said.

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Perplexity in talks with top brands on ads model as it challenges Google

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Artificial intelligence-powered search engine Perplexity is in talks with brands including Nike and Marriott over its new advertising model, as the start-up mounts an ambitious effort to break Google’s stranglehold over the $300bn digital ads industry.

The San Francisco-based group is seeking to redesign the auction-based ads system pioneered by Google, where marketers bid to have a sponsored link placed against search queries.

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At present, Perplexity’s AI chatbot gives a comprehensive response to user questions based on information from the internet, citing sources and including links to web pages. Below this, Perplexity offers suggested follow-up queries.

Under its new advertising model, brands will be able to bid for a “sponsored” question, which features an AI-generated answer approved by the advertiser.

Perplexity has held talks with a small number of top companies, including Nike and Marriott, according to correspondence seen by the Financial Times. The company said it hoped to roll out the ads system by the end of the year and was targeting “premium” brands. Nike and Marriott declined to comment.

Aravind Srinivas, Perplexity’s chief executive and a former Google intern, said: “Ads are really useful when they are relevant and coming from brands that are high quality, and a lot of people make purchases based on that.”

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Perplexity’s effort is part of a wave of new competition faced by Google as the search business undergoes its most radical shift in more than two decades.

OpenAI’s ChatGPT also provides quick and complete answers to many questions, threatening to render redundant a traditional search engine’s list of links, and the lucrative ads that appear alongside them.

Google, which has spent billions of dollars developing generative AI, has launched an experimental AI search function and also considered offering a subscription AI search service, the FT reported in April.

Analysts suggest Google is held back by the “innovator’s dilemma” as generative AI could damage the basis of its existing search offering. However, there remains scepticism on whether the technology will seriously disrupt Google’s dominance.

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Under Perplexity’s ad system, marketers will be charged on a so-called CPM basis — paying above $50 for every 1,000 impressions generated by these sponsored posts, said a person familiar with the model. This compares with an estimated $1,100 for the same number of impressions by Google, according to analysts eMarketer.

Last year, Microsoft chief Satya Nadella said its multibillion-dollar alliance with OpenAI would improve its Bing search engine, while helping to demolish the high profit margins that have underpinned Google’s core business.

But despite being one of the first big tech giants to add AI to search, Microsoft has only just started to gain more share in search advertising in the latest quarter, said Joseph Teasdale, head of tech at Enders Analysis.

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Meanwhile, Google’s search business has grown 14 per cent in the three months to June, compared with the same period the year before. Search accounted for $48.5bn in revenue, more than half of parent company Alphabet’s total revenues.

“As the incumbent champion, Google has the most to lose from any shake-up,” Teasdale said. “But Google is also in the strongest position: it’s strong in AI, users trust it for search, and it controls key user surfaces like Android and Chrome that it can deploy its version of AI search on.”

The financial success of Perplexity’s new ads system depends on whether it can gain significant scale. The company says 250mn queries were made on its search engine in July, compared with 500mn in the whole of last year.

Perplexity makes money through subscriptions, charging $20 a month for its Pro service, which offers access to more advanced models and image generation. Annualised revenues — a projection of full-year revenues based on extrapolating the most recent month’s sales — have grown from $5mn in January to $35mn in August, according to the company.

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Srinivas said he wanted its advertising system to become “a money-printing machine.”

“A good chunk of our traffic comes from the US and other high GDP countries, making it a good experiment . . . we want to IPO and be a successful company of our own, and there is no reason not to be.”

Additional reporting by Eri Sugiura and Kana Inagaki

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Donald Trump’s election nemesis returns to help protect the vote in Georgia

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Brad Raffensperger is all too familiar with attempts to subvert US democracy.

The Secretary of State for Georgia was on the receiving end of the infamous Donald Trump phone call after the 2020 election, when the then-president urged his fellow Republican to “find” the 11,780 votes he needed to win the state. Raffensperger refused and death threats ensued.

Almost four years on from the unrest that followed the last presidential election, Raffensperger is again in the crosshairs of the Trump faithful, as he battles a Maga-friendly majority on the swing state’s election board who passed last-minute laws that critics claim will pave the way for post-election legal chaos, if not violent unrest.

“There are a lot of bad actors out there,” Raffensperger acknowledged as he visited a polling station in DeKalb County this week for a “security health check”, a live test of one of the big-screen voting machines that will be used across Georgia on the November 5 election. “That’s why we need people that are going to stand their ground no matter what.”

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An election official carries out an elections security health check at the Dekalb County election headquarters
An election official carries out an elections security health check at the DeKalb County election headquarters © Ben Rollins/FT

If the loudest election deniers in the Republican party are to be believed, there will be plenty for Raffensperger to resist.

He and others in the state are in a battle to prevent ‘bad actors’ from undermining the vote in Georgia, both through public education about voting systems and by rolling out security measures, including panic buttons, for poll workers and training in using antidotes for poisoning.

Simultaneously, officials at the county level “are trying to lay the groundwork to dispute the election results in Georgia if former president Trump loses,” said Nikhel Sus, deputy chief counsel at the advocacy group Citizens for Responsibility and Ethics in Washington (Crew).

Their goal is to use allegations of fraud as a “pretext” for election deniers who would then refuse to ratify the results from Georgia on January 6 2025, he added, in what “would literally be history repeating itself”.

Trump has foreshadowed such an outcome. “We have to make sure that we stop [Democrats] from cheating,” he said at an Atlanta rally in August. He then praised three of five members of the state election board as “pit bulls fighting for honesty, transparency, and victory”.

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The trio, who were appointed by Republicans, have pushed through a last-minute rule change that allows local election officials to halt the certification of election results in order to conduct a “reasonable inquiry”, without defining what reasonable might look like.

The board on Friday introduced a rule that all ballots in Georgia must be hand-counted — a move that campaigners warned was unlawful and unworkable, and could delay the election result for weeks. Raffensperger has accused the board of introducing “eleventh-hour chaos”, but he has no power to reverse their decisions.

A report published by Crew last month found that at least eight election officials in Georgia had refused to certify election results since 2020, the most of any swing state since the last cycle. They all remain in their positions.

An election official carries out an elections security health check
An election official carries out an elections security health check © Ben Rollins/FT

With fewer than 50 days to go to the election, and Trump and Kamala Harris neck-and-neck in the Georgia polls, Raffensperger has embarked on a tour of more than two dozen counties to reassure the 5mn voters expected in the state that their votes will be safe.

Alongside technicians working for his office, he painstakingly demonstrates how the Dominion Voting Systems devices used in Georgia — themselves the target of conspiracy theories — are protected from hackers and illegal tampering, and how votes are digitally counted and cross referenced.

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“There is a process in place and it has worked well in the past,” the 69-year-old former engineer said, in his soothing Southern drawl. He insisted local election officials have no discretion to stop certification. “When you come to the following Monday, the state law says you must, counties shall certify the election . . . that’s right there in black letter law.”

The Harris campaign, among others, is challenging the state election board’s new rules in court, with a trial set to begin next month.

Pro-democracy activists have expressed faith in the legal system to prevent attempts to delay results. Efforts to undermine the vote “will ultimately fail because of the robust protections in place and because journalists, pro-democracy advocates, and voters are watching closely,” said Justin Berger, a Georgia lawyer working for advocacy group Informing Democracy.

Crew said any election official who refuses to certify election results can expect to be sued “immediately” by well-prepared attorneys.

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But Berger warned of an ominous “change of tactics” in the run-up to the 2024 vote. “It’s not so much a full-frontal assault as it is guerrilla warfare, because [the election deniers] win if they just create uncertainty . . . all it took was some manufactured uncertainty [in 2020] and we had January 6,” he said of the 2021 attack on Capitol Hill.

Although Georgia has more election deniers in crucial positions than elsewhere, they are making inroads in other swing states, including Arizona and Pennsylvania.

Marc Elias, a lawyer who successfully fought more than 60 lawsuits brought by election deniers in the aftermath of the 2020 vote and now works for the Harris campaign, has warned Republicans are “building an election subversion war machine” and are “far more organised” than four years ago.

As well as installing election deniers in key election administration roles, groups who promoted conspiracy theories after the 2020 vote have attempted to disqualify tens of thousands of voters in key states, in so-called mass voter challenges, claiming the rolls are full of dead people, illegal aliens, or Americans who have moved to other states.

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Even if such efforts have been largely unsuccessful, there are mounting fears of voter intimidation and the targeting of poll workers.

A recent poll found almost 30 per cent of Republicans with favourable views of Trump want armed citizens to take over as poll watchers.

In Georgia, where two poll workers were hounded out of their homes and jobs after being falsely accused of fraud by then Trump lawyer Rudy Giuliani after the last election, Raffensperger’s office has handed out lanyards with panic buttons to individuals working in precincts across the state.

Election supervisors have also been trained to use Narcan, an antidote to opioid poisoning, after fentanyl-laced letters were sent to the Fulton county board of elections office.

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In an attempt to shore up confidence in the voting process, Georgia has joined forces with the “Vet the Vote” campaign, which encourages veterans to become poll workers, in the hope they will be trusted by voters across the political divide.

But Raffensperger is under no illusions that such measures will convert those who believe the conspiracy theories touted by members of his own party.

“Some people just can’t believe that their candidate has come up short,” he said. “I’ve been very clear that no matter how you look at it, there was a race back in 2020 and the 227 Republican congressmen all got more votes in all of their districts than president Trump did. And in Georgia, we saw the same thing . . . People just left the top of the ticket blank.”

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Despite coming under repeated attack from Trump, who claimed at the Atlanta rally that Raffensperger was doing “everything possible to make 2024 difficult for Republicans to win”, the secretary enjoys a higher approval rating in Georgia than the former president.

“People know no matter what, I’m going to do my job,” Raffensperger said, even as he lamented that his “microphone’s not big enough” to drown out voices seeking to inject doubt about the integrity of Georgia’s elections.

When asked what would happen if a large number of counties refused to certify the vote in November, Raffensperger smiled ruefully. “Then the judges will be busy.”

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the great menswear guide to autumn

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I love Steve Coogan. I first saw him the night after he won the Perrier Award at Edinburgh in 1992 where he was appearing as one of his many alter egos, the Mancunian bombshell Pauline Calf. He was scorchingly hilarious, and I’ve been an ardent fan ever since. 

To my mind, Coogan’s most famous creation, the quintessential Little Englander and broadcaster Alan Partridge, remains one of the funniest characters on television, eclipsed only by Coogan’s turn as Himself in Michael Winterbottom’s The Trip. I have an infantile weakness for anyone who can do impressions, and enjoy few things in life so much as watching the actor “doing” Roger Moore. Next month sees Coogan in his first major West End role in a restaging of Stanley Kubrick’s Dr Strangelove, another collaboration with Armando Iannucci with whom he has worked for 30 years. He takes time out from rehearsals to talk about the undertaking, which will see him take on four roles (compared to Peter Sellers’ threesome), and a career that has seen him switch between high comedy and more serious parts.

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Coogan wears Dior virgin-wool suit, £2,500, and cotton shirt, £800. Socks, Grenson shoes and pin, Coogan’s own
Coogan wears Dior virgin-wool suit, £2,500, and cotton shirt, £800. Socks, Grenson shoes and pin, Coogan’s own © Suki Dhanda

Lately, Coogan has become a style icon – or at least his wardrobe has come to represent a style that typifies the British male. The crumpled linens, tan blazers and Ray-Bans of The Trip were the focus of much discussion about the modern wardrobe, and what might be appropriate for the mature man to wear. For this reason, I’m delighted that he should feature in this autumn’s men’s style issue, which I hope will be a useful and approachable guide. 

In our tailor’s directory, for example, we unpick the bewildering range of services in London dedicated to the making of a suit. While many of our readers are keen to try bespoke suiting, many report feeling overwhelmed when trying to work out who and what will fit them best. Are they looking for something traditional and highly structured, or are they in search of something softer, lighter and with more slouch? Aleks Cvetkovic has put together an index that we hope may help. From the lean, lengthening lines of Edward Sexton to the regal cuts of Kent & Haste, we hope this answers everything you wanted to know about suiting but were afraid to ask.

A fitting room at Edward Sexton on Savile Row, London
A fitting room at Edward Sexton on Savile Row, London © Mark C O’Flaherty

Not in the market for a three-piece? Maybe a black hoodie is more your vibe. Mark C O’Flaherty has found out how the sporty basic has become akin to haute couture. Likewise, at Sunspel, the T-shirt specialists are debuting a bespoke service to help men (and women) find the perfect fit. We’ve sent Louis Wise to test it out

In the 13 years since founding his men’s ready-to-wear label Ami Paris, Alexandre Mattiussi has introduced womenswear, accessories, leather goods and jewellery, and turned his business into a global €300mn brand. His recipe for success has been the provision of a core line in utilitarian trousers, shirts and basics at an aspirational price point. His trousers especially come highly recommended by many of my peers. 

Alexandre Mattiussi wears an Ami de Coeur shirt with the signature red heart emblem
Alexandre Mattiussi wears an Ami de Coeur shirt with the signature red heart emblem © Julien Lienard

“I’m not a niche designer, I’m not an intellectual designer, I’m not a conceptual designer,” he tells Jessica Beresford. “I want to dress the maximum amount of people I can, in a very inclusive way.” Ami’s success reveals a truth within the industry that many brands don’t seem to hear. Why not make clothes that people actually want to wear?

Leon Dame wears Louis Vuitton leather jacket, £1,300, and denim trousers, £1,360. Herno cashmere and wool jumper, £460. Charvet cotton shirt, £515, silk tie, POA, and leather belt, POA. JM Weston leather shoes, £870
Leon Dame wears Louis Vuitton leather jacket, £1,300, and denim trousers, £1,360. Herno cashmere and wool jumper, £460. Charvet cotton shirt, £515, silk tie, POA, and leather belt, POA. JM Weston leather shoes, £870 © Ronan Gallagher

Lastly, our cover story takes you on a journey across Croatia, aboard the Jadrolinija ferry with Leon Dame. It’s always a delight to feature my favourite supermodel on these pages: Dame is one of the only people in the world who could wear a bin bag and still look super-chic. 

@jellison22

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Bank of London to cut jobs as part of investor-led restructuring

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The Bank of London will cut nearly 15 per cent of its workforce as part of a wider restructuring of the fledgling bank that received £42mn from investors last month.

The bank, which counts US finance heavyweight Harvey Schwartz and Labour grandee Lord Peter Mandelson on its parent’s board, told staff this week that it would make redundant about 20 of its employees, including at executive level, said two people familiar with the cuts.

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The redundancies come as the bank faces pressure from investors to overhaul its operations after it closed its fundraising, said four people familiar with the situation.

A restructuring of the company was discussed as one of the things that investors wanted before committing to the fundraising, said three people close to the bank.

Harvey Schwartz and Lord Peter Mandelson
Harvey Schwartz, left, and Lord Peter Mandelson © AFP/Bloomberg

The financing was led by existing investor Mangrove Capital, whose founder, Mark Tluszcz, is also a non-executive director at the bank. He did not respond to request for comment.

The deal was announced shortly after the bank’s parent company received a winding-up petition from tax authorities over unpaid debt, which came days after its founder Anthony Watson stepped down as chief executive.

The bank attributed the petition from HM Revenue & Customs to an “administrative error” and it has since been resolved. The bank said at the time that the fundraising was unrelated to the petition, which has been withdrawn.

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The bank — which aims to make money from payment services and by franchising its technology to allow corporate clients to offer regulated banking services under their own brands — had in July called on investors for more money, saying it had an “immediate” need to raise millions of pounds of cash for regulatory capital, the Financial Times has previously reported.

Anthony Watson, founder and former chief executive of the Bank of London
Anthony Watson, founder and chief executive of the Bank of London who stepped down earlier this month © RD Content

A spokesperson for the bank said: “Following its successful fundraising and under new leadership, the Bank of London is focusing on its home market of the UK and aligning its resources to support its strategic objectives.”

“As part of this process, the Bank has launched a consultation that may result in a small number of roles being impacted, relative to the total number of staff across its three offices,” the person said, adding the “decision has not been made lightly”.

The company counted about 150 employees before the restructuring according to people familiar with the matter. The bank declined to confirm its total number of employees.

A technology investor called Nasser Hadadi played a key role in leading negotiations on behalf of investors, according to four people familiar with the situation.

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Hadadi, who is a French citizen according to corporate filings, has invested a relatively small sum personally, one of the people added, but was chosen by some of the bank’s investors to represent their interests in discussions with management.

The departures, which will mainly affect UK-based staff, follow an initial round of job cuts in the US earlier this month, where the bank leases offices that sit largely empty in New York and North Carolina.

The Bank of London is separately being sued in the High Court in London by a technology company over alleged unpaid debts as far back as 2022. Court records show that Smart Trade Technologies, a provider of electronic trading and payments platforms, has demanded £1.46mn from the bank including interest and damages.

The claimant said in a lawsuit filed in May that the bank had signed up in 2021 for LiquidityFX, Smart Trade’s foreign exchange trading platform. But it claimed that while the Bank of London paid a set-up fee and for the first year of the service, the bank failed to make subsequent payments required under a five-year contract.

The Bank of London said: “This claim relates to a minor commercial dispute in respect of which we have a robust defence which we fully expect to succeed.”

Additional reporting by Robert Smith in London

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