Latest news with #artcollector
News.com.au
07-07-2025
- Business
- News.com.au
Gold Coast buyer spends $3m+ on Brighton home unseen
A Gold Coast buyer has shelled out more than $3m for a Brighton home he never even set foot in, until after the deal was done. The three-bedroom, two-bathroom residence at 3A Campbell St, just metres from the Golden Mile foreshore, was designed by architect Peter Carmichael and marketed through a short expressions of interest campaign by Whitefox Real Estate. Whitefox Bayside director Lana Samuels said the buyer had never seen the home in person when he decided to purchase. 'He watched the video 100 times, got emotionally attached, and just said, 'I want it',' Ms Samuels said. Inside Vic's $2bn housing shake-up While Ms Samuels would not disclose the final sale price, industry sources told the Herald Sun the home sold within a week for more than $3.18m. When the buyer finally visited the property after the deal was done, he was blown away. The striking design wraps across three levels, with floating stairs, soft curves and expanses of glass drawing in northern light and creating a sense of calm and space. Inside, a restrained, moody palette and gallery-like walls hint at the home's past life, previously owned by a passionate art collector who had styled the interiors to suit. There's also a sense of drama. The lower level has been fitted out with a bespoke, temperature-controlled wine-tasting cellar and additional wine storage, as well as a studio space suited for yoga, weights or work-from-home use. Ms Samuels said the custom-designed layout became a real emotional hook and spoke to the right kind of buyer. 'He's design-savvy, lives between Melbourne and Queensland, and knew exactly what he was looking for,' she said. The ground level opens into a north-facing living zone anchored by a high-end Modulnova kitchen with Gaggenau and Miele appliances, quartz finishes, hidden storage and a butler's pantry tucked discreetly behind closed doors. Stacker doors connect the internal living area to a private decked courtyard with citrus trees and a surprising sense of sky, offering an indoor-outdoor feel that Ms Samuels said was key to attracting lifestyle-driven buyers. 'It's not just about finishes, it's the flow,' she said. 'At this level, buyers are after design that feels intentional, not overdone, not generic. 'They want something sculptural, something with edge, and that's what this delivered.' The main bedroom occupies the entire upper-level north wing and includes a private terrace, a designer ensuite with premium tiling and a freestanding bath. The Whitefox Bayside director said the custom walk-in robe with shoe drawers, lighting and tailored joinery was a hit with buyers. 'The walk-in robe was iconic. We had so many downsizers walk in and just fall in love with it,' Ms Samuels said. She said buyer interest came from a mix of locals and out-of-area downsizers, including several from the Mornington Peninsula, Port Phillip and Stonnington who were seeking luxury, lock-up-and-leave living close to the beach. Ms Samuels said the campaign was deliberately targeted and focused on storytelling, strong visuals and a lifestyle-first message. 'We knew locals would see it, so we leaned hard into out-of-area buyers who were already watching the Brighton market,' she said. 'If the home has the goods, and the campaign cuts through, it will move, and this one did.'
Yahoo
21-06-2025
- Business
- Yahoo
How global art auctions expose FX fees imbalance
Imagine for a minute that you were the winning bidder last year for Claude Monet's Nymphéas. It sold last year at Sotheby's, New York after a competitive bidding war lasting only 17 minutes. And the price? $65.5m. That is just for starters. One might be forgiven for thinking that the auction house commission for the sale would be paid by the seller. One would of course be wrong. There is the buyer's premium to calculate. In this case, if Sotheby's standard fees applied, that means a 27% buyer's premium for works up to $1m; 22% for the part of the transaction between $1m-$8m and 15% for the balance above $8m. The Monet is now going to set back the buyer almost $76m. And there is more to come. Let us also imagine that the buyer is based in the UK and is working through his or her bank, say one of the traditional big four banks. The bank will typically add to the cost of the Monet by charging an FX fee of at least 2%, probably closer to the 3% to 4% range. Even at the midpoint of the FX fees scale, that adds about another $2.3m to the final cost to the buyer. For the sake of brevity, let us avoid the tricky question of VAT on the buyers premium or VAT on imported works of art and just focus on FX fees. The total cost of the Monet in question, including VAT, is now way over $80m for a UK buyer. A saving on the FX fee is do-able and it is almost akin to negligence if the theoretical winning UK bidder uses a traditional bank and meekly pays a 3%-4% FX fee. It also offers disrupters in the market such as iBanFirst, an outstanding market opportunity to highlight the benefits of its smarter, fairer FX fees structure. Vivek Savani, UK Country Manager at iBanFirst, is on a mission to address the imbalance in the FX market. 'Whether we're talking about high-net-worth individuals or not, the foreign exchange imbalance is an unnecessary premium that really doesn't represent smart financial management. It also affects businesses. And I think when we look at it, there are exorbitant fees and premiums built into FX pricing and services that many banks offer. 'Over 70% of businesses are still using their bank. If we extrapolate that to the private market for individuals, it's probably vastly more than 70% moving up towards 80% and 90% of individuals that have currency transfers and requirements, that are using their bank. And it's there that these fees really start to kick in. Typically, they may charge between 2% to 4% and ultimately, that's a really, really high price to pay for, ultimately what is quite a straightforward transaction. And they offer, essentially an execution only service. They seldom offer the quite bespoke service that many of these individuals and businesses require. So yeah, I'd say it's quite a vast problem.' To suggest that the global art market is struggling, as some have claimed, might be stretching it a little. If you want a quick but comprehensive summary of the sector, the annual Art Basel and UBS Global Art Market Report 2025 by Arts Economics is a good starting point. It reveals that the global art market recorded an estimated $57.5bn in sales in 2024. The number of transactions grew 3% year-on-year, demonstrating continued interest from collectors worldwide. On the other hand, that total for the year of $57.5bn is down by 12% y-o-y. The US and UK continue to lead the way with 43% and 18% respectively of global sales by value. But their 2024 sales of $24.8bn and $10.4bn are down by 9% and 5% respectively. Given the decline in the total value of art sales, Savani argues that it is time for the art world to start paying closer attention to FX and says this could support the entire ecosystem. It would encourage higher bids for auction houses/dealers, support a better seller experience and increasing buyer strength. And he highlights the support iBanFirst provides in the global art market and says that its business model, built around close relationships, mirrors the art world. Specifically, iBanFirst can help buyers and sellers better track payments, meaning that they are better equipped when it comes to buying and selling based on the real-time cost of currency. 'Purchasing art is a sizable investment for many people, and those fees add to the overall cost of that transaction. They're quite opaque. So ultimately, I would argue that this really deters many people from potentially participating in an overseas auction. It erodes confidence and penalises the sellers potentially from having a wider audience to bid on those particular pieces of art. Having overall transparency would really encourage people to participate and help the sellers and help the buyers at the same time, as well as the intermediaries, the brokers and the auction houses that are a central part of that particular ecosystem.' Savani says that there has been a rise in levels of interest in working with FX specialists instead of banks for such international transfers and in the specialist service that bespoke disruptors can offer. But he adds: 'It's not moving at as quick a pace as one would hope. From the consumer perspective, we want to work with more individuals, more dealers, more brokers, to try and bridge that gap. It is improving. There's still a lot of work to be done, and we hope that we can get the message out there that there is an alternative to the bank. There are better levels of service, of convenience, of information, of assistance that are out there.' Savani summarises the iBanFirst proposition as offering a combination of technology mixed with the human touch. 'We have a really nice piece of technology. Many clients find the platform really convenient, very easy to use, and very different to what a banking system would offer them. We also offer that human touch, so someone that is there to speak to the client from the beginning of the transaction right until the end. And this is something that is really missing from a banking solution and many of our competitors. 'That is, a specialised individual that can provide guidance in terms of setting up the transaction, even more insight and a real, healthy overview of what's happening in the market at any particular time. Ultimately, we hold the hand of the client from the beginning until the end. And that is a very important feature, I would say, when it comes to these high value transactions. They're not small amounts of money, and it's a comfort for clients to know there is someone at the end of a phone that will help them with any situation, whether it's funds, whether it's the payment, whether it's making the transaction, the FX piece.' Founded in 2013 and headquartered in Belgium, iBanFirst is regulated as a payment institution, passported throughout the EU and is a serious competitor to the traditional bank offering for SMBs. Its core banking platform offers fast and secure multicurrency transactions and it wins on cost versus banks, thanks to no setup fee, no tiered monthly subscription costs and no transfer fees. Savani says that what the client sees is exactly what the client pays. The iBanFirst pricing structure is designed with scaling international businesses in mind. iBanFirst gives a standard exchange rate spread that applies across all of a client's transactions. This means they can predict their costs even as payment values increase, rather than watching fees eat away at profits. Its offering best suits established small and medium businesses that are outgrowing entry level payment providers and that need advanced tools for things like FX risk management. It will suit importers and exporters with international supply chains seeking the tools and expertise to manage complex payments, that do not want fees eating into their margins. And it suits wholesalers who rely on FX risk management tools that crave detailed payment tracking and hands on responsive support. What's more, iBanFirst clients are able to track international payments every step of the way, with detailed, timestamped updates and tracking links that clients can share with their partners and suppliers. This is, however, a competitive market, and iBanFirst is competing with some serious players. For example, Wise Business can claim that it keeps things simple, both in terms of pricing and functionality. It targets both individual consumers and businesses, especially those looking for a cost-effective solution. On the other hand, once you are regularly moving over, say, €100,000 euros annually, across borders, iBanFirst would argue that Wise's per transaction fees soon start adding up. And if a business is growing, foreign currency risks will become more of a concern. Wise doesn't offer the kind of FX risk management tools or dedicated support that iBanFirst offers to protect margins from exchange rate swings. Another competitor is Airwallex, a cross-border payment provider that offers multi-currency accounts. Airwallex is a payment gateway allowing e-commerce businesses to collect online payments, and it offers virtual and physical cards for expense management. On the other hand, it's a more complex platform, and its features are plan dependent, that may require a steep learning curve for some users. And iBanFirst might argue that the Airwallex pricing structure is not the most SMB friendly. Another competitor is Payoneer, which specialises in facilitating payments to and from freelancers, contractors and online sellers. But with a split focus across multiple audiences, freelancers, businesses and marketplaces, Payoneer, arguably isn't so focused on developing solutions that meet the specific needs of SMBs. And then there is Ebury. Ebury offers forward contracts and other FX hedging tools and offers mass payment capabilities for handling multiple international transactions. However, its complex tailored pricing structure can make it harder for businesses to predict costs or compare Ebury to other providers. In addition, iBanFirst may argue that the Ebury platform is not so user friendly, making it harder to integrate into a modern tech stack. Two other competitors are Convera and Revolut. Convera does suit large businesses with more complex FX needs across multiple countries, but some SMBs may find the Convera platform overwhelming and potentially more expensive than alternatives like Wise or iBanFirst. And finally, there is Revolut. It features a tiered monthly subscription model and each plan comes with a monthly allowance for currency exchanges at the interbank rate. Revolut business does work well for companies that want a single platform to handle most of their financial needs. So, it does have a lot to offer in terms of functionality, but iBanFirst could argue it's not a specialised tool for a specific business type, because it tries to cater to vastly different audiences. Accordingly, some clients may find themselves paying for features that are not relevant to their business needs. And Savani can argue that if human support is a must have, iBanFirst can win against any of what is a very competitive peer group. "How global art auctions expose FX fees imbalance" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
South China Morning Post
29-05-2025
- Business
- South China Morning Post
Who's got the next Labubu? Hong Kong creators eye a slice of ‘goods economy' pie
As an avid collector of modern and contemporary art, Hong Kong fintech millionaire Kenneth's latest splurge is a whimsical luxury watch with a HK$2 million (US$242,000) price tag. Advertisement The limited edition timepiece by Swiss watchmaker Audemars Piguet features Companion, the toy character with a skull, crossbones and gloves by American Brian Donnelly, better known as Kaws. The artist and designer first turned his Companion character into toys in 1999, selling out immediately. It is now one of the most valuable intellectual property (IP) products globally. Kenneth's love for Kaws has seen him spending more than HK$3.2 million on about 40 toys over the years, including two 1.2-metre (four-foot) Companion figures, a dozen smaller figurines and his most recent acquisition, the watch. Only 250 Kaws watches were made. Kenneth's superfan status landed him an invitation to the launch party in Switzerland last November. Advertisement His other favourite artist in the IP 'goods economy' is Hong Kong sculptor Michael Lau Kin-man, who started making figurines in the 1990s with elements of street culture and is often regarded as the 'godfather' of designer toys in the city. 'They aren't just creating objects, they're telling bold stories and challenging the norm,' he said. Kenneth, who is in his forties and asked to be identified by his first name only, started his online payment business in the late 1990s.
CNA
18-05-2025
- Business
- CNA
This art collector went from running his own marketing firm to opening galleries in Hong Kong and London
Hong Kong native Calvin Hui always had a keen appreciation for visual arts, especially abstract art. What started as a hobby buying and collecting art that resonated with him, has turned into a lifelong passion. In 2011, he opened 3812 Gallery in Hong Kong, which specialises in Chinese contemporary art, particularly ink works. A few years later in 2018, he and his co-founder opened a gallery in London's Mayfair, which will be relocating to The Whiteley London this Summer. Hui reflected on his early days buying art: 'The first art piece I bought was a print lithograph by Juan Miro when I was a student. I collected 20th-century modern art, with the small amounts of money I earned from part-time jobs as a student. It has always been my passion.' When he set out to decorate his new home 20 years ago, Hui was on a quest to find and acquire more art. 'In addition to the decorative pieces I've collected earlier, I consider the first 'serious' work I bought to be Jar with Horizontal Colour Bars (2005), by an Iranian artist Farhad Moshiri. It is a large piece, measuring 2 sq m. To be honest, I didn't do much research. It fit my budget and matched my home interiors perfectly. That marked the beginning of my journey as a serious collector.' After his first acquisition, Hui continued to expand his knowledge about art by reading, going to exhibitions, and museums and subsequently attending fairs, thus growing his collection. As Hui's collection grew, unexpectedly, he received a message from a gallery about one of the artists whose work he had purchased; the value of that artist's pieces had skyrocketed at auction. This experience deepened his interest in learning more about art and collecting. Before opening his gallery in 2011, Hui ran his own public relations, events, and marketing company. As his collection grew, he saw an opportunity to showcase the artists' works in a gallery setting. Hui attributes his gallery success to his skillsets as a communications graduate. 'It was a natural progression transitioning from a PR, events and marketing professional to an art business as a gallery owner, curator, dealer and collector,' he said. 'My skills and experience have been incredibly beneficial to my art business; the storytelling, introducing artists and connecting with people came naturally to me.' His foray into the auction market was an organic process that unfolded over several years. He became more involved in the art market beyond just collecting. He described the art scene in Hong Kong during his time as a collector, before opening his gallery in 2011: 'It was all very organic. There were no art fairs, no Art Basel, and no established gallery districts in Hong Kong. I had the opportunity to meet with art institutions, get to know the community, and eventually began writing about art collections.' Hui finds immense joy in art collecting, viewing it as a deeply personal journey enriched by the memories associated with each piece. 'Every work I add to my collection — from travels or when enhancing my office or gallery — carries specific moments tied to the people I'm with and the places I've been,' he reflected. As Hui expanded his personal collection, he delved deeper into the art industry, educating himself about the market and discovering that art can serve as both an asset and an investment. Yet, his passion and joy for collecting transcends monetary value. 'Personally, when you purchase and collect art, when you live with art and appreciate its aesthetics daily, that's what truly holds value for me. If its price appreciates, that's just a bonus.' A particularly cherished part of his collection features works by the late artist Hsiao Chin, who was not only a master of modern art but also a personal friend. 'His ability to blend Chinese culture and Eastern spirit with modern abstract art resonates with me. Hsiao Chin created distinctive and meaningful pieces throughout his lifetime.' Hui has two hats on when collecting, one for his passion and the other for the gallery. He is always on the lookout for emerging artists, to support them, providing a platform to showcase their talents. 'I'm proud to feature several young artists in our portfolio. I assess their talent, commitment, and professional attitude, all while envisioning their long-term development. My goal is to guide these young talents as they navigate their artistic careers.' The works of self-taught Hong Kong artist Thomas Ngan have piqued Hui's interest. There are plenty of choices in the market and Hui does his due diligence. 'Once I collect, I will commit to following the artist's journey. Visiting exhibitions and art fairs is integral to discovering new talents. I can be quite impulsive, but I usually do my homework before purchasing. I keep my passion for collecting art for my personal collection and at the same time, I want to see how each artist develops their art and the unique artistic ideas and concepts they are trying to convey. Aesthetic quality, craftmanship and techniques are very important.' Hui's collection mainly features paintings — ink and Western, most of them focused on Chinese contemporary modern art, along with a selection of European works. Hui believes the rule of collecting is, 'leading by the heart first and foremost. Whatever is visually captivating and speaks to you. You need to like it and connect to the artwork, it should bring you joy looking at it, rather than seeing it purely for investment. Art is unique. It's not just a commodity. The best case scenario is that you appreciate it and see it as a long-term investment, instead of a short-term trade.' Hui's advice on how to start collecting is to start with a budget and define preferences — themes, and mediums. 'Affordable art fairs are a good place to start, define what you like and then go in search of it. Today with social media and the internet you can find plenty of information, but I recommend going physically to the museums, and art fairs and talking to people to help you understand what you like, and it might also help you learn about market trends.' View this post on Instagram A post shared by 3812 Gallery (@3812gallery) Besides his ongoing quest to expand his personal collection, Hui is curating Light of Hope – Hsiao Chin 90th anniversary retrospective exhibition of the late artist Hsiao Chin at the Guangdong Museum of Art in Guangzhou that runs from now till Aug 17, 2025. This showcase celebrates the prolific works of Hsiao Chin, one of the pioneers of post-war abstract art, featuring pieces that date back to the 1950s. Simultaneously, he is preparing for the opening show at his new London gallery at The Whiteley, highlighting the Paris-based Chinese artist Ma Desheng. Having collected Ma's work for 20 years, Hui has developed a close friendship with the artist and now represents him in both Hong Kong and London. The behaviour of collecting can quickly become addictive regardless of the items one collects. 'It's the thrill of treasure hunting, reading stories about the pieces – it's all part of the pleasure of collecting,' he said. 'When I find something I really like and have faith in the artist, I find myself diving deeper into the fulfilling journey of learning and acquiring their works.'
