Latest news with #ArtMarket
Mint
2 days ago
- Business
- Mint
The worst performer in billionaires' portfolios? Trophy art.
It turns out Andy Warhol is no match for Jay Powell. Expensive paintings are proving to be more sensitive to interest-rate hikes than even sophisticated investors expected. A bubble at the top of the art market has burst. Auction sales of paintings that cost more than $10 million fell 44% last year, and continue to be depressed in 2025, data from ArtTactic shows. The shift in the market was clear at Sotheby's New York auction in May, when a sculpture by Alberto Giacometti with a $70 million asking price didn't attract a single bid and had to be pulled from sale. This is odd. In 1993 and again in 2010, Yale professor William Goetzmann analyzed more than two centuries of art-auction results, finding that painting prices are correlated with the stock market and act as a good inflation hedge. So based on history, the high end of the art market should be doing OK with the S&P 500 bobbing around record highs, but the correlation appears to have frayed. Is weakness at the top of the art market a sign that very wealthy collectors are growing concerned about the future? Tariffs and uncertainty about the economy may be making them wary of tying up millions of dollars in illiquid assets like paintings. But billionaire collectors are hardly down on their luck. At the start of 2025, they controlled $15.6 trillion of wealth, according to the Art Basel & UBS Art Market report—a record high and up 80% from 2019 levels. A possible explanation is that a vogue for treating art as an asset class that took hold after the 2008-09 global financial crisis has made the market more sensitive to interest rates. When money was cheap between 2009 and 2022, the ultrawealthy pumped cash into rare paintings. Specialist databases that compile decades of auction results also made it easier to quantify the risk of investing in paintings, and to identify hot artists that could be flipped for profit. Sales of high-end art exploded over this period: The value of art sold at auction for $10 million or more increased by 700% between 2009 and 2022 versus 12% for works priced below $50,000, the UBS report shows. Art attracted a new, financially minded buyer. 'Think about the big collectors today. They are wealth creators like hedge-fund founders and private-equity managers. These people understand how to deploy capital and manage their liquidity," says Drew Watson, head of art services with Bank of America Private Bank. Wall Street collectors, including Daniel Loeb and Steven Cohen, bought works by post-war and contemporary artists like Warhol, Willem de Kooning and Jean-Michel Basquiat, whose paintings soared in value. These collectors manage their art acquisitions strategically. The private-banking arms of JP Morgan, Citi and Bank of America offer art-backed loans to clients. Before 2022, collectors could borrow about 50% of the appraised value of their blue-chip art collections at a sub-3% rate. Cash that would otherwise be tied up on the walls of penthouse apartments could instead be put to work in higher-yielding investments like the stock market or real estate. The arbitrage worked until higher interest rates pushed the cost of an art-backed loan close to 8%. Finding an investment that can deliver a return acceptably above this rate is harder today, which has damped the appeal of buying art. While dedicated collectors are still spending, speculators are gone. The wealthy can now find better returns on their money elsewhere. European equities are up 21% this year, and private infrastructure funds have gained 13%, according to BlackRock's investment-return map. Art doesn't reprice daily like stocks and bonds, but the value of some art is down anywhere from 20% to 40% from peaks, especially works by very contemporary artists that speculators were flipping for profit. The ultrarich are allocating less of their wealth to art as a result: 15% in 2024 compared with a peak of 24% in 2022, UBS notes. Ironically, banks that offer art-backed loans are doing fine. The size of Bank of America's overall art-lending book is up 12% this year compared with the same period of 2024. This isn't necessarily a bullish sign for the art market. Borrowing against an existing collection can be preferable to selling it into a down market, even though a credit line is costly these days. High interest rates have made the pitfalls of investing in art obvious again. Paintings are illiquid, they generate no income and are expensive to insure and store safely. They also cost money to sell. Top auction houses like Christie's take at least 10% of the final hammer price in commission and other fees. And art is vulnerable to shifts in taste. Baby boomers who favor abstract expressionists and pop art may find it hard to offload their collections to younger buyers. Millennial and Gen Z collectors aren't showing interest in the same artists. Cultural signals have moved on: Warhol's screen prints of Jacqueline Kennedy or Marilyn Monroe may not carry the same potency for coming buyers. Impressive art collections have brought the ultrawealthy cultural clout and bragging rights. As for investment returns? Don't expect them to tout their success anytime soon.
TimesLIVE
23-06-2025
- Politics
- TimesLIVE
A walk through the Gupta's properties before auction day
Three properties formerly owned by the controversial Gupta family in Saxonwold, Johannesburg, are set to be auctioned individually on July 24. Located within a single estate, the homes include a three-storey mansion, a single-storey house with three bedrooms, and a 17-bedroom luxury dwelling. The properties once served as the Gupta family's South African residence during their rise to political influence. During a recent media tour hosted by the auctioneers tasked with selling the properties, remnants of their lifestyle, from unused furniture to private prayer rooms and locked safes, offered a rare glimpse into the spaces they left behind when they departed the country in 2018 under a cloud of state capture allegations. The Saxonwold compound was where the Gupta family wined and dined politicians in what was widely viewed as part of a strategy to capture state influence and secure government contracts. The Guptas fled South Africa and are being pursued by the government to face criminal charges. First on the tour is house number five, a three-storey compound known among staff and auctioneers as 'the white house'. From the outside, it appears as if the façade is weeping, the white paint peeling and curling off the walls like old wallpaper, revealing the brick beneath. You are not welcomed by grandeur. Instead, it's the blue park village auction posters pasted on pillars that meet your eye first, declaring the property's impending fate. Inside, the house feels cold. Not just in temperature but in spirit. There is a faint scent of abandonment and stale air that clings to the corridors. Light filters through thick curtains and dust dancing in the rays. The house has eight bedrooms, each with its own bathroom. Some rooms still cradle remnants of life, dusty bed sheets, half-burnt candles, unopened shower gels and forgotten toys. It's like time hit pause, but only for some things. In one room, a prayer space is preserved with uncanny stillness. Two red chairs, incense, salts, candles and a picture of their deity remain, untouched. It feels sacred almost off-limits even now. All the electronics have been ripped from the walls. Wires dangle where televisions used to hang. Yet old-school telephones remain beside each bed. There is mould in corners of the bedrooms, fed by roof leaks and disuse. Portraits signed by artist June Tuckett, hang slightly skew on the walls. According to Art Market Tuckett is an 'artist born in South Africa in 1944. The artist's works have gone up for sale at public auction 75 times, mostly in the painting category.' The indoor swimming pool still holds water, stagnant, cloudy and green. At the back, the garden remains lush with trees and flowers, but the grass is beginning to die. Nature is trying to reclaim what power it has left behind.
Bloomberg
12-06-2025
- Business
- Bloomberg
After Rocky May Auctions, the Rich Roll the Dice at Art Basel
When the Swiss edition of Art Basel opens to VIPs on June 17 (public days are the 19th through the 22nd), Pace gallery's booth will feature a 6-foot-tall Picasso priced 'in excess of' $30 million. Oftentimes, with a work this expensive (and even far less expensive), galleries do their utmost to secure a buyer well before the fair opens, soliciting offers in a phenomenon known as preselling. The fair opens, the collector shows up, and the work is officially sold then.
Time Out Abu Dhabi
11-06-2025
- Entertainment
- Time Out Abu Dhabi
Best restaurants near Etihad Arena: Where to fuel up ahead of concerts
Etihad Arena is buzzing most days of the week with award ceremonies, mega concerts, and even UFC and NBA. All that buzzing, however, means lots and lots of hungry – and thirsty – visitors on Yas Island. Luckily, the island is jam-packed with lots of brilliant bars and restaurants near Etihad Arena (something our waistlines and the Time Out Abu Dhabi Restaurant Awards shortlist can attest to). So whether you're in the area for a show or just popping in, here are the best bars and restaurants near Etihad Arena – according to our official list of the best restaurants in Abu Dhabi. Bonus: All of the spots on this list are within a short walking distance of the arena, making it perfect for fuelling up pre- or post-concert. Bars and restaurants near Etihad Arena Time Out Abu Dhabi Restaurant Award 2025 Winners Art Market We all know breakfast is the most important meal of the day, and there's no better place to enjoy it than Art Market. Using a small but mighty selection of fresh, local, ethically sourced ingredients to create some of our favourite early morning dishes, start your day with your choice of French toast with orange zest and cinnamon, organic porridge with coconut, almond butter and berries or lots of different things on toast, to name a few, enjoyed with coffee specials that will blow your socks off. But it's not just breakfast here: this place is licensed so you can get drinks all day as well as an all-day menu. Licensed. Yas Bay, Yas Island, (052 917 1523). Bua Thai Café Credit: Bua Thai Café Bua Thai Café is one of the biggest crowd-pullers on Yas Bay Waterfront, and rightly so. Founded by Chef Buaban C. Tucker, whose culinary journey started by preparing food for earthquake victims in Nepal, the menu celebrates tangy Thai tapas as well as classics like pad Thai, mango sticky rice and tom yum soup. We're big fans of the interiors too – think lush greenery, wooden furniture and intricate artwork. This secret garden-inspired eatery is a visual delight. Licensed. Yas Bay Waterfront, Yas Island, @buathaicafe (02 575 3158). Nuri Credit: NURI Grill & Bar Perhaps the finest Korean restaurant in town for you to salivate over, Nuri is a sizzling Korean steakhouse that offers prime cuts of meat, chic interiors, a stylish bar and even karaoke rooms where you can sing to your heart's content after a few mixed drinks. Before that you'll want to get stuck into its highest quality, and ethically-raised, cuts of meat, with an emphasis on wet-ageing to really make the meat stand out from the crowd. Order à la carte or opt for the omakase menu which will leave the selection up to the chefs. The choice is yours. Licensed. Hilton Abu Dhabi Yas Island, @nurigrillbar (054 211 5151). Time Out Abu Dhabi Restaurant Awards – Highly Commended Barbossa Credit: Barbossa If endless views, tacos and Mexican mixed drinks sound like your definition of a good time then you've come to the right place at Barbossa. Spearheaded by Chef Mina Mouris Zaki, this street food spot has taken over the space formerly occupied by La Carnita, bringing modern Mexican and Latin American cuisine to the capital through authentic highlights like Barbossa ceviche, carne asada tacos, guac & chips, fajitas and tuna ceviche tostada. It's got a lively bar scene too, so be sure to stick around for a drink (it's one of our favourite nightlife spots in Abu Dhabi). Licensed. Yas Bay Waterfront, @barbossa_auh (050 185 8068). Siddharta Lounge by Buddha-Bar Overlooking the twinkling waters of Yas Bay, this swanky rooftop bar is one of the best places to head for drinks and bar bites with a cool crowd and fantastic views. Part of the Trilogy by Buddha-Bar, bar snacks here err on the fancy side, with sushi, ceviche and maki taking pride of place on the Mediterranean-Asian fusion menu, and taste even better against unobstructed views of Abu Dhabi's sunsets. Arrive early and stay late for when the party really kicks in. Licensed. Yas Bay Waterfront, Yas Island, (050 601 1194). Time Out Abu Dhabi Restaurant Awards – Shortlisted Bushra by Buddha-Bar We've mentioned The Trilogy already, and Bushra by Buddha-Bar is yet another must-visit restaurant near Etihad Arena. Bushra has an exciting Middle Eastern menu and dishes are well-crafted and delicious. Dive straight into the mezze – the muhamarra is a standout – before making your way through the grills and creative desserts. Licensed. Yas Bay Waterfront, Yas Island, (050 601 1195). Daikan Izakaya Another eatery serving up delicious Asian dishes on Yas Island is Daikan. You'll find Abu Dhabi's first branch of the Dubai favourite on the pier at Yas Bay, but unlike the Dubai OG, in Abu Dhabi, Daikan takes the form of an izakaya (including drinks licence), expanding on its menu to include a wider variety of dishes. It's still small in scope, but a touch more varied, featuring a handful of starters and salads; small plates including gyoza, avocado steak and a katsu chili bao; sushi and sashimi; different kinds of ramen, and a charcoal grill. Licensed. Yas Bay Waterfront, Yas Bay (022 358 680). EL&N London If you're on the hunt for the pinkest desserts in town, look no further than EL&N London at Yas Bay Waterfront (you literally can't miss it). This ultra-pink, Instagram-worthy spot is perfect for those who love all things bright and bubbly. EL&N's space offers both indoor and outdoor seating, a big dessert menu, and more pink than you can imagine. From indulgent French toast for breakfast to a hearty s'mores cookie pan or the Dutch baby pancake – and of course, the colourful drinks like the blue sapphire iced latte. Unlicensed. Yas Bay Waterfront, Yas Island, (02 883 9395). Hanar Brought to us by the same team behind the well-loved Daikan, this Mesopotamian-meets-Anatolian spot is so undeniably cosy and comfy, that you'll find yourself wanting to spend all afternoon or evening there. For mains, you can't miss the lamb neck. Served with a touch of theatre as the chefs deconstruct it right at your table, revealing tender morsels of meat from the bone, it's well-seasoned and generous enough for two to share. In the mood for something smaller? The lamb chops deliver on flavour. When dessert rolls around, expect something a little different: a deconstructed baklava cream cheese. It's a unique twist on the classic, balancing all the sweetness with a whole lot of texture. Plus, it couldn't be closer to Etihad Arena unless it was inside the actual venue. Licensed. Yas Bay. (02 639 0017). Hunter & Barrel Credit: Hunter & Barrel With its elegant façade, carnivorous menu and epic location set directly against the twinkling water of the marina, Hunter & Barrel has carved out a reputation as one of Abu Dhabi's top steak restaurants. Originally hailing from Dubai, this Australian steakhouse has a focus on sharing, with signature grills and meat cuts served on communal boards, so make sure you order a bunch of stuff to share. Its burgers are also some of the best in the business if you're looking to shake things up a bit. Licensed. Yas Bay Waterfront, Yas Island, (02 886 8299). McCafferty's Super popular since it opened in 2023, McCafferty's is a crowd favourite any day of the week. The pub has 10 different hops and apple-based beverages on tap, but you can also order bottled hops, alongside grapes by the glass or bottle and short measures. On the food front, you can expect all your pub favourites, such as chicken wings, fish and chips, burgers and pizzas. Licensed. Hilton Abu Dhabi Yas Island, (058 598 3623). Neighborhood Café & Bar A super laid-back spot to refuel in between adventures on Yas Island, Neighborhood serves up good vibes all day long. Expect hearty breakfasts, unrestrained desserts, and everything in between – think comfort food with a creative twist, all made with fresh, local ingredients. Whether you're after a quick coffee, a long lunch, or a cheeky drink with friends, this stylish licensed café nails the mix of chill and charm. Bonus: it's got that artsy Yas energy too. Licensed. Yas Creative Hub. (02 585 8065). Osmo Lounge & Bar Credit: Osmo Lounge & Bar Yas Island may be best known for its impressive array of adrenaline-fuelled activities, but if you're after something a little more relaxing, head to the Hilton Abu Dhabi's Osmo Lounge & Bar. From a popular afternoon tea to Bubbles & Beats on Fridays when you can pick from a selection of delicious bar bites, it's a great spot if you want a bit of luxury before heading to your show or gig. Licensed. Hilton Abu Dhabi Yas Island, @osmolounge (02 208 6900). Paradiso Shortlisted in our Best Italian category, Paradiso does not only serve up delicious Italian fare but also pretty spectacular views over Yas Bay. Do try chef Nicole's famous linguine and the frosted lemon Paradiso – the refreshing burst of citrus goes down just as smoothly as a shot of Italian lemon short drink and does a splendid job of leaving you refreshed on a hot day. Licensed. Yas Bay Waterfront, Yas Island, Zeera by Buddha-Bar As to be expected from the Buddha Bar brand, the recipes and preparations at this contemporary restaurant have a unique twist, while there are occasional hints of more traditional influences too. Home to perhaps the most picturesque setting of all Indian restaurants in the city, it sits pretty on Yas Bay Waterfront and serves up stunning sunsets alongside sharing-style plates, biryanis and traditional tandoori grills to name a few. Licensed. Yas Bay Waterfront, Yas Island, (050 601 1193). You might also like… Abu Dhabi's Best Restaurants: All the places you should try at least once All the top places in one read Dance the night away: the best bars and nightclubs in Abu Dhabi to bust a move Ready to party? The 43 best Abu Dhabi ladies' nights you need to know about Enjoy a night out for less at these brilliant bars and restaurants
Time Out Abu Dhabi
11-06-2025
- Entertainment
- Time Out Abu Dhabi
These are the best restaurants on Yas Island
Looking for the best restaurants in Yas Island? We got you. Home of Etihad Arena, Yas Marina Circuit and Yas Bay Waterfront, there's a lot happening in this corner of the capital. Whether you live close by, are visiting for the day or evening or attending a big event, Yas Island has lots of great places to eat and drink. We've made finding the best restaurants here just that little bit easier (we can't have you going hungry), rounding up the best restaurants on Yas Island. Each of these eateries was either a winner, highly commended or shortlisted for our Time Out Abu Dhabi Restaurant Awards 2025, so you can be sure these really are the best of the best restaurants on Yas Island. Now, let's get eating! Best restaurants on Yas Island Time Out Abu Dhabi Restaurant Award 2025 Winners Art Market We all know breakfast is the most important meal of the day, and there's no better place to enjoy it than Art Market. Using a small but mighty selection of fresh, local, ethically sourced ingredients to create some of our favourite early morning dishes, start your day with your choice of French toast with orange zest and cinnamon, organic porridge with coconut, almond butter and berries or lots of different things on toast, to name a few, enjoyed with coffee specials that will blow your socks off. Licensed. Yas Bay, Yas Island, (052 917 1523). Bua Thai Café Credit: Bua Thai Café Bua Thai Café is one of the biggest crowd-pullers on Yas Bay Waterfront, and rightly so. Founded by Chef Buaban C. Tucker, whose culinary journey started by preparing food for earthquake victims in Nepal, the menu celebrates tangy Thai tapas as well as classics like pad Thai, mango sticky rice and tom yum soup. We're big fans of the interiors too – think lush greenery, wooden furniture and intricate artwork. This secret garden-inspired eatery is a visual delight. Licensed. Yas Bay Waterfront, Yas Island, @buathaicafe (02 575 3158). Mika Credit: Mika Middle Eastern meets Mediterranean cuisine at this breezy Yas Marina hotspot, which has perhaps our favourite terrace on the island. Casual yet contemporary with a menu that celebrates bold flavours, the food here aims to please with the likes of cod croquettes, pan-fried prawns, lamb and tuna tacos, octopus and calamari. Head chef Mario Loi is also passionate about sustainability – he grows herbs and vegetables for his dishes in the chef's garden next to the main restaurant – which is also evident in his zero-waste policy. Licensed. Yas Marina, Yas Island (056 433 1422). Nuri Credit: NURI Grill & Bar Perhaps the finest Korean restaurant in town for you to salivate over, Nuri is a sizzling Korean steakhouse that offers prime cuts of meat, chic interiors, a stylish bar and even karaoke rooms where you can sing to your heart's content after a few mixed drinks. Before that you'll want to get stuck into its highest quality, and ethically-raised, cuts of meat, with an emphasis on wet-ageing to really make the meat stand out from the crowd. Order à la carte or opt for the omakase menu which will leave the selection up to the chefs. The choice is yours. Licensed. Hilton Abu Dhabi Yas Island, @nurigrillbar (054 211 5151). Time Out Abu Dhabi Restaurant Awards – Highly Commended Barbossa Credit: Barbossa If endless views, tacos and Mexican mixed drinks sound like your definition of heaven then you've come to the right place at Barbossa. Spearheaded by Chef Mina Mouris Zaki, this street food spot has taken over the space formerly occupied by La Carnita, bringing modern Mexican and Latin American cuisine to the capital through authentic highlights like Barbossa ceviche, carne asada tacos, guac & chips, fajitas and tuna ceviche tostada. It's got a lively bar scene too, so be sure to stick around for a drink. Licensed. Yas Bay Waterfront, @barbossa_auh (050 185 8068). Crafty Fox There are many reasons to raise a glass to Crafty Fox. Not only does this Dubai import boast a bespoke beverage menu with plenty of new and old-world grape labels, draft hops and signature mixed drinks, but you can also tuck into Irish comfort food at its finest, with classics like the cottage pie, fish and chips and loaded flatbreads all gracing the menu. And did we mention those amazing 360-degree views of the putting green? With plenty of big screens, it's also a great place to watch the footie, which begs the question – is there anything this place can't do? Licensed. Yas Links Abu Dhabi, Yas Island, @ (02 404 3081). Garage Abu Dhabi's premier party brunch, put on your swishiest dress and head over to the W Abu Dhabi for its award-winning B.I.G Brunch at Garage, which is all about stylish patrons, free-flowing drinks and incredible tunes. Oh, and of course, there's some food thrown in for good measure, with five culinary hubs serving food from around the world, including a mezze spread, exciting Asian flavours, and premium meat cuts from the Vault. This is a brunch that's also about the vibes though, so expect DJs pumping out all your favourite tunes. This weekend is all about F1 though so unless you have a reservation, you'll have to bookmark for another time. Licensed. W Abu Dhabi – Yas Island, (02 656 0000). Maxzi The Good Food Shop If you only order one thing at Maxzi The Good Food Shop, make sure it's the bona fide, utterly brilliant maxzimum meat lover burger with a Wagyu patty, slow-cooked brisket, and crispy beef bacon. While it might not be solely a burger joint, this place does some of the best in the business, with an assortment of starchy sides that make for the perfect complement. What more could you ask for? Unlicensed. Yas Mall, (056 996 6540). Mr Kim Credit: Mr Kim The perfect spot to grab something delicious before a show at Etihad Arena or after an action-packed day at Yas Island's many theme parks, Mr Kim is Yas Mall's first fully licensed restaurant, so it's already off to a great start. This very cool Korean restaurant, founded by Emirati entrepreneur Mohamed Juma Al Bawardi Alfalasi, brings innovative foodie fusions to a fun, industrial-chic setting. Specialising in steak, it's a bit of a no-brainer why this is such a popular dining spot with its selection of fine Wagyu cuts – from the impeccable Japanese A5, Australian MB9+ to the robust USDA prime. Licensed. Yas Mall, @ (052 443 9314). Siddharta Lounge by Buddha-Bar Overlooking the twinkling waters of Yas Bay, this swanky rooftop bar is one of the best places to head for drinks and bar bites with a cool crowd and fantastic views. Part of the Trilogy by Buddha-Bar, bar snacks here err on the fancy side, with sushi, ceviche and maki taking pride of place on the Mediterranean-Asian fusion menu, and taste even better against unobstructed views of Abu Dhabi's sunsets. Arrive early and stay late for when the party really kicks in. Licensed. Yas Bay Waterfront, Yas Island, (050 601 1194). Soraya From the creators of London's top dining spots like Pachamama comes Soraya, a Persian-inspired restaurant that's located at Yas Mall. Here, you can try incredible high-end Persian dishes like juicy skewers of marinated meats and vegetables that'll whisk you away to the vibrant streets of Tehran. Soraya's all-day menu is made for communal feasting, so head down with the whole gang and enjoy dishes that blend traditional home-cooked flavours with an undeniably cool modern twist. Mall Abu Dhabi, Yas Island, (056 509 0504). Time Out Abu Dhabi Restaurant Awards 2025 – Shortlisted Acres Grill House, Yas Acres Amerigos Mexican Bar & Restaurant, Park Inn by Radisson Abu Dhabi, Yas Island Boo Burger, Yas Mall Bushra by Buddha-Bar, Yas Bay Waterfront Daikan Izakaya, Yas Bay Waterfront EL&N London, Yas Bay Waterfront Hanar, Yas Bay Waterfront Hunter & Barrel, Yas Bay Waterfront Maria Bonita Taco Shop & Grill, Yas Mall McCafferty's, Hilton Abu Dhabi Yas Island Neighborhood Café and Bar, Yas Creative Hub Osmo Lounge & Bar, Hilton Abu Dhabi Yas Island Pappas Taverna, W Abu Dhabi – Yas Island Paradiso, Yas Bay Waterfront Rangoli, Yas Island Rotana Reach, Yas Island SLRP Ramen, Yas Mall Zeera by Buddha-Bar, Yas Bay Waterfront You might also like… The Time Out Abu Dhabi Restaurant Awards shortlist revealed – in full All the top places in one read Inside the Time Out Abu Dhabi review process Everything you need to know Everything you need to know about the best restaurants in the city Prepare to be hungry
