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y the time this issue of HEDGE lands on your desks, the UK's political stalemate will have entered its next phase. The General Election won’t be the final word on the matter, but should the Conservatives emerge with a majority, the passageway of Boris Johnson’s Brexit legislation will be a little more straightforward. Time will tell if it sticks. Of course, any greater clarity towards leaving Europe will be good news for the investment sector. Global hedge fund performance perked up in October to the tune of a 0.26% rise, but it continued to lag behind the returns of the broader financial market indices. In the first ten months of the year, Eurekahedge’s index is up 6.21%, compared to a 1.8% monthly, and 22.6% yearto-date, increase in the S&P 500 index. The realisation of Brexit won’t necessarily push equity markets higher, but allowing assets to be driven by fundamentals rather than speculation is typically a recipe for greater success for active managers. Should the prime minister fail to convince voters, however, then prepare for the rackety Brexit train to trundle on deep into next year. As one of our expert investment managers so dryly puts it in our 2020 predictions feature [p.30], “surviving 2019” still remains the biggest risk to hedge fund performance. Still, if Santa doesn’t deliver a rosier political outlook in time for Christmas, the least we can do is offer you a few alternative gifts. Head on over to our Harrods Gift Guide [p.101] for some last-minute inspiration.

TA L K I N G H E D G I E S

Jon Hawkins LEAD DEVELOPER

AJ Cerqueti JUNIOR DEVELOPER

Matt Clayton MARKETING & COMMUNICATIONS

JACK INGLIS Chief executive officer, AIMA “Hedge fund firms face serious challenges when trying to improve their diversity and inclusion […] However, there are many steps the industry can take to improve.” Inglis on AIMA's 45 steps for change in diversity.

NILAY KHANDELWAL Managing director, PageGroup “The challenge isn’t finding a portfolio manager, it’s finding a portfolio manager with the experience first hand of investing in Asia while being based in Asia." Khandelwal on hedge funds fighting for talent in Asia.

ANDREW REDLEAF Founder, Whitebox Advisors “The overwhelming and dominant factor is that we’ll have very, very subdued growth for a very long period of time.” Redleaf on preparing for lower economic growth and smaller company bankrupcties in the US.

Melissa van der Haak MARKETING & EVENTS

Kate Rogan MARKETING EXECUTIVES

Amber Ahmad Emily Fulcher

Ben Winstanley - Acting Editor @ ben.winstanley@hedgemagazine.co.uk

@ben_winstanley

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Caroline Walker FINANCIAL DIRECTOR

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Tom Kelly OBE

ON THE COVER: UZBEKISTANI 500 SO‘M The smallest denomination of Uzbekistan’s currency, the 1 tiyin, is worth less than one 9,000th of a US cent – making it the world's least valuable coin that is still legal tender. However, coins and banknotes smaller than 25 so‘m are increasingly rare, since the introduction of 50,000 and 100,000 so‘m banknotes (roughly $5 and $10, respectively).

© Square Up Media Limited 2019. All rights reserved. No part of this magazine may be reproduced without the written permission of the publisher. All information contained in this magazine is, as far as we are aware, correct at the time of going to press. Square Up Media cannot accept responsibility for errors or inaccuracies in such information. If you submit unsolicited material to us, you automatically grant Square Up Media a licence to publish your submission in whole or in part in all editions of the magazine. All material is sent at your own risk and although every care is taken, neither Square Up Media nor its employees, agents or subcontractors shall be held liable resulting for loss or damage. Square Up Media endeavours to respect the intellectual property of the owners of copyrighted material reproduced herein. If you identify yourself as the copyright holder of material we have wrongly attributed, please contact the office.

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©2019 Harry Winston, Inc. RUBY AND DIAMOND NECKLACE by HARRY WINSTON

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A N E N T I R E LY N E W C L A S S O F YA C H T COMING SOON


ISSUE 56

Contents

58

70

S H O RT S 18 20 22 25 27

Open Position My Mayfair On the Market Picture This Form Chaser

F U N D A ME NTA LS 30 We Predict a Riot Market predictions for 2020 from some of London’s top investment managers 34 It’s a Numbers Game Nic Niedermowwe on the tricky art of investing in cryptocurrencies 38 The Thought That Counts How ethical leadership techniques can impact hedge fund performance 42 Moving with the Times Vacheron Constantin’s Laurent Perves on the past, present and future of the brand

MAY FA I R 47 Style 55 Burlington Arcade 56 Jewellery 58 Yachts 60 Tailoring 64 Art

R E WA RD S 78 St Moritz 82 Bucket List Trips 84 Monte Carlo 90 Classic Cars 92 Wine Investment 101 Gift Guide 109 Country Pursuits 112 Golf

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34 84

64


www.tasaki.co.uk

COLLE CTION LINE

by Thakoon


SHORT S

Artist James Mylne’s thought-provoking pieces don’t just command attention – they make a statement WHAT A JOKER . 025 OPEN POSITION . 018 | MY MAYFAIR . 020 | ON THE MARKET . 022 | PICTURE THIS . 025 | FORM CHASER . 027


OPEN POSITION NICK BURCHETT

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P O S I T I O N

Nick Burchett, UK Equities Manager, Cavendish Asset Management PAST: I arrived in the City in 1983 at Strauss Turnbull (now Société Générale) and soon joined the trading desk, before moving to Framlington (now Axa) to support the fund managers. I moved to WI Carr in 1990, which subsequently grew into Investec Wealth & Investment, where I remained for 27 years before leaving as Head of Dealing. The role of a trader changed significantly during my time at Investec. Clients have always demanded skill and care executing trades while finding pockets of liquidity across multiple venues. But regulation has pushed the bar higher, and in order to keep succeeding for the client, evolving your process to keep pace is essential. At Investec I met my future co-fund manager Paul Mumford. This has developed into a great combination of stock picking skills, market timing and swift execution under the noses of other managers. PRESENT: Given this great partnership, it made sense to join Cavendish Asset Management in November 2017, where I now co-manage the TM Cavendish AIM and Opportunities funds with Paul. Since I joined, the funds have continued to perform well, with the TM Cavendish AIM fund achieving one of the top fund performances since the Brexit referendum. We look for value and opportunities within our portfolio while engaging with a company’s management to understand the potential for growth.

FUTURE: The fund management landscape

is changing; the regulation bar gets higher and we have to change with it. Recent high-profile dramas have also raised questions about sector diversity and asset liquidity. As a result, managers of open-ended funds should scrutinise their portfolios more carefully. Having a diverse pool of underlying assets, a varied unitholder base and sector diversity is crucial. Being disciplined and avoiding a concentration in your portfolio helps avoid shocks and liquidity bumps. Our focus is on maintaining this discipline and clarity in decision-making. While others around us might be pushed into making poor knee-jerk decisions, we remain clear that value will shine through eventually on any good investment we choose. H For more information, see cavendisham.co.uk

G O I N G

– MILTON FRIEDMAN, NOBEL PRIZE-WINNING ECONOMIST

L O N G

“IF AN EXCHANGE BETWEEN TWO PARTIES IS VOLUNTARY, IT WILL NOT TAKE PLACE UNLESS BOTH BELIEVE THEY WILL BENEFIT FROM IT.”

ROLEX DAYTONA ‘KHANJAR’ DIAL Khanjar-dial Daytonas were commissioned by the Sultan of Oman as gifts for dignitaries and staff for loyal service. This one is going under the hammer in Bonham’s Fine Watches sale on 12 December. bonhams.com


SHORTS

SHORTS FA R E

S H A R E

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It’s just one of the hearty choices available at Jason Atherton’s latest restaurant, The Betterment at The Biltmore hotel. His latest opening, situated on the south side of Grosvenor Square, is not a steak restaurant per se – but the meat here is definitely one of the star attractions. Roasted over embers, the tomahawk is bursting with flavour – you can almost taste the morning dew on the Cumbrian pastures. To complete the Matrix scene, you need a comparable red wine. And that’s where 2016 Stag’s Leap ‘Artemis’ comes in. This cabernet sauvignon from Napa beat a host of French equivalents in a prestigious blind tasting recently – it’s thick, rich and has a decadently silky finish. It’s an excellent match with the steak, but also paired well with other highlights from executive chef Paul Walsh’s new menu – including a brown crab starter and a baked Ribblesdale goat’s curd cheesecake for dessert. The latter comes deconstructed, with autumn fruit and gingerbread on the side. It is an epic dessert – and also best shared unless you want a coronary. But it’s the steak I’ll remember. Ignorance may be bliss, but so is a big slab of 35-day-aged shorthorn. H –MH The Betterment, 44 Grosvenor Square, W1K 2HP; 020 7596 3200; thebettermentmayfair.com.

Subscribe If you work in investment and have an office in London, you may be entitled to a FREE subscription to HEDGE. To apply, just fill out the form on hedgemagazine.co.uk

PHOTOGRAPH by Niall Clutton

The Betterment The Matrix is now 20 years old, which makes me feel approximately 120 years old. The film has always been one of my favourites – from the revolutionary use of bullet time to the epic martial arts choreography. There is one scene in particular, which has always stuck with me. It’s when the character of Cypher is undertaking an illicit face-to-face negotiation with Agent Smith. They meet in a plush restaurant within the Matrix – crisp white table cloths, sterling silver cutlery, a harp player. Cypher is chomping on a succulent steak, drinking a velvety red wine from a Riedel claret glass. “I know this steak doesn’t exist,” he says. “I know that when I put it in my mouth, the Matrix is telling my brain that it is juicy and delicious. After nine years, you know what I realise? Ignorance is bliss.” I can’t watch the scene without salivating: the chew, the tenderness, the juiciness. It’s enough to make the man turn his back on his friends, to forget all he’s learnt, to give up on life. Now that must be good steak. And I think I might have found the realworld equivalent. A 35-day aged, shorthorn beef tomahawk from Gaisgill Row Farm in the Lake District. It’s everything you could want from a steak and more – indeed, that’s why you have to share it.

# 0 5


HOTLIST ON THE MARKET

SHORTS

O N

T H E

M A R K E T

H E D G E

H O T L I S T

PRIVATE MEMBERS’ CLUBS

SHORTS

67 Pall Mall Meet the private members’ club dedicated to London’s oenophiles. As you might imagine, the whole of 67 Pall Mall is a temple to wine, with a members’ lounge serving high-quality labels by the glass and bottle, an excellent restaurant and a wine library displaying the club’s vast collection. For more information, see 67pallmall.co.uk

H O U S E

The way that we buy watches is changing: uptight boutiques are out, and enhanced client experiences are in. These stylish new spaces are about so much more than peddling the latest timepiece. They’re about welcoming collectors into a watch brand’s community, rather than keeping them firmly at arm’s length. Just take a look at Audemars Piguet’s slick New Bond Street address, and you’ll see what the future looks like. Set across 420sq m in an impressive historical building overlooking one of

Mayfair’s most famous streets, AP House from Audemars Piguet is a place for fans of the manufacture to discover its creations in a new, relaxed setting. With a kitchen, bar and living room complete with a Steinway Spirio, guests can enjoy this handsome space in luxurious comfort. There’s also an in-house watchmaker for dealing with any movement issues, without necessarily having to ship a watch to HQ in Switzerland. In the months ahead, expect to hear more about this unique concept. H For more info, see audemarspiguet.com

12 Hay Hill Business meets pleasure at 12 Hay Hill – a new club in Mayfair that provides luxury serviced office space for London-based entrepreneurs and beyond. It features stateof-the-art offices, nine meeting rooms, four boardrooms, and a restaurant serving dishes by Michelin-starred chef Shaun Rankin. For more information, see 12hayhill.com

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PHOTOGRAPHS by (AP House) Kalory; (67 Pall Mall) Paul Winch-Furness; (12 Hay Hill) Christopher Scholey

A P


C A N A RY W H A R F. O L D B R O A D S T R E E T. O N E N E W C H A N G E

H A C K E T T. C O M


PICTURE THIS JAMES MYLNE

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SHORTS

PICTURE THIS

What a joker As this striking/terrifying/hilarious (delete as appropriate) portrait of Boris Johnson attests, London-based artist James Mylne’s thoughtprovoking pieces don’t just command attention – they make a statement too. Just as fascinating as his photo-realistic images, however, is the technique he employs to produce them, with each portrait drawn on paper using just a ballpoint pen.

Armed with a trusty biro, the artist immortalises some of the world’s most famous faces in his distinct, pioneering style, producing portraits of Kate Moss, Steve McQueen and Notorious BIG, but it’s the clown-faced PM portrait that’s set to be the big talking point of Mylne’s new solo exhibition, A Decade of Shady Business. Of the controversial drawing, the artist comments: “The whole Brexit thing is a bit

of a bad joke… but like The Joker I believe that there is a sadistic side to Boris Johnson beneath all the foolishness.” Whether the portrait’s divisive subject will have the last laugh or not still remains to be seen, but what’s certain is that this is one artist who’s not going to ignore the ongoing political circus… H James Mylne – A Decade of Shady Business, from 12-22 December at 139 Whitfield Street, W1T 5EN

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FORM CHASER TIMOTHY OULTON

SHORTS

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F O R M

C H A S E R

PHOTOGRAPHS by Alex Chomicz

Apollo by Timothy Oulton Studio On 20 July 1969, the world watched in wonder as Apollo 11’s commander Neil Armstrong and lunar module pilot Buzz Aldrin took one small step for man and one giant leap for mankind. The iconic event crystallised a fascination in outer space that has lasted a lifetime for many – and, now, you can relive the moment from the comfort of your own home. Apollo, a life-sized model of the capsule that carried Armstrong and Aldrin down to the moon’s surface, was created by Timothy Oulton Studio’s craftsmen in 2018. The luxurious intimate lounge – or, rather, a damn fine place to host a dinner party – combines a polished stainless steel outer shell with a bespoke interior that includes tufted Tomahawk Camel leather,

an Alabaster dining table and a customised Odeon pendant in Alabaster. Heck, even the staircase is wrapped in woven leather, and the central carpet in sheep fur. You can’t help but wonder what the famous astronauts would say were they to encounter Apollo in this form; cramped space capsule it ain’t. The sensational creation has been a talisman for Timothy Oulton since its big reveal at the Milan Furniture Fair. It’s now landed at the British furniture brand’s flagship boutique at Bluebird, Chelsea, ready and waiting for a new set of explorers to claim it as their own. It’s worth making a trip out west just to see it in the flesh… Out of this world design for your home: need we say more? H Timothy Oulton Bluebird, 350 King’s Road, SW3 5UU. For enquiries, see timothyoulton.com

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BY APPOINTMENT TO HER MAJESTY QUEEN ELIZABETH II LIVERY TAILORS

ESTABLISHED 1806

HENRY POOLE & CO 15 SAVILE ROW, LONDON W1S 3PJ

THE INVENTORS OF THE EVENING SUIT – 1865 A timeless piece of elegance

www.henrypoole.com

T: 020 7734 5985

E:office@henrypoole.com


FUNDAMENTALS

Where others were seeing risk, I was seeing opportunity IT’S A NUMBERS GAME . 034 WE PREDICT A RIOT . 030 | NIC NIEDERMOWWE . 034 | THE THOUGHT THAT COUNTS . 038 | MOVING WITH THE TIMES . 042


FUNDAMENTALS

We Predict a Riot It’s been a challenging year in many respects for the fund management sector, but does next year bring any relief? We sit down with some of London’s top investment managers to find out What surprised you most about the market in 2019? PAUL MUMFORD, FUND MANAGER, CAVENDISH ASSET MANAGEMENT:

The surprising thing about the stock market in 2019 was the wide difference of performance of individual companies. In particular, the demise of the high street in terms of retail companies and property companies, construction companies and those with dodgy accounting were all negative performers. On the positive side, the out-performance of smaller companies was pleasing to see.

upwards in 2019, while the US ten-year rate has collapsed from 3.23% in October 2018 to 1.50% currently. Rates are signalling problems ahead, but equities, particularly in the US, just seem largely unaffected by macro factors. RAJAT SHARMA, CHIEF INVESTMENT OFFICER, VAR CAPITAL:

After the US ten-year yields dropped from around 3.2% at the beginning of 2019, we expected it to stay in the region of 2.3-2.6%. The severity of the subsequent decline across the entire yield curve took me by surprise.

JERRY DEL MISSIER, FOUNDER, COPPER STREET CAPITAL:

TOM RODERICK, EMERGING MARKETS PORTFOLIO MANAGER, TRIUM CAPITAL:

I have been quite surprised by the speed and extent of the Central Bank capitulation to the market’s demand for lower rates. The rush to reduce rates and contemplate further accommodative policies – despite the lack of supportive economic evidence (the US) or confidence in the efficacy of such policies (Europe) – has been surprising as well. This has resulted in a stronger recovery in risk assets than we were anticipating, with the exception of financials equities, which have suffered from the flattening of the yield curve.

While neither a big bond market or equity market rally would have been surprising to see happening on its own, it is surprising to see both at the same time.

SANJIV BHATIA, CIO, PEMBROKE EMERGING MARKETS – A BENNBRIDGE BOUTIQUE:

CYRIL DELAMARE, CEO AT MONTLAKE:

The dislocation between equity markets and interest rates is most surprising. Equity markets have ripped powerfully

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JDM: Looking at financials, credit will remain the best performing part of the capital structure in the first part of the year, as low rates feed demand for fixed income assets. I believe the market will start pricing in rate hikes again and we are likely to see coordinated stimulative fiscal policy, and this will lead to equity outperformance. ▶

ILUSTRATIONS by Ben the Iluustrator

We have been most surprised about how willing the markets have been to take an optimistic view on favourable trade war resolution. We believe this is the beginning of a more antagonistic relationship between the USA and China as they both vie for hard and soft power on the global stage.

Which market sectors are likely to offer the best investment opportunities over the next 12 months? RS: In the face of slowing global growth, companies capable of generating high revenue and earnings growth irrespective of the general macroeconomic environment will in our view continue to attract the attentions of investors. As a result, we are selectively overweight a few high growth companies in the tech space, and we maintain overweight exposure to highquality stocks, which tend to perform better in periods of heightened volatility.


FORECASTING 2020 PREDICTIONS

PHOTOGRAPHS by Firstname Surname

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FUNDAMENTALS

▶ CD: More defensive areas of the market are likely to provide the best investment opportunities. This includes equity sectors like utilities and healthcare. We would also look for areas of the market that have high dispersion between winners and losers, which should create excellent alpha opportunities. Again, a sector like healthcare comes up as an area of the market which has consistently high dispersion.

SB: We believe that domestic consumption in emerging markets remains strong and will be boosted by growing incomes and demographics. The best opportunities are in domestic services like healthcare and banking.

Are you particularly bearish about any specific areas? JDM: At a high level, I am very nervous about central bank overreach in their desire to find a ‘monetary policy’ solution for every problem. We are in uncharted territory in this respect, and the fact that we are also unfazed by the very high levels of government indebtedness means this is almost certain to end very badly. The question is when.

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Potential hurdles for markets to overcome in 2020 include the US/China trade war, Brexit, inverted yield curves and slowing growth expectations So I would avoid long duration and be cautious about any asset where valuations are dependent on unsustainably low rates and infinite liquidity. CD: High yield credit could be an exceptionally tricky area if the market turns. The spread over investment grade is at multi-year lows and the absolute yield is also low, making these instruments highly vulnerable to a sell off, particularly as liquidity may become a problem as everyone tries to exit at the same time. RS: High yield bonds as an asset class, both in

developed and emerging markets. We think

credit spreads are not attractive enough to sufficiently compensate for the risks investors are taking by holding these positions. TR: Eastern Europe as its success is in large

part leveraged on the back of Germany. SB: We believe industrials will continue to struggle due to global overcapacity and that Chinese industry will continue to hollow out global competitors.

What is the biggest risk to hedge fund performance in 2020? TR: Not surviving 2019… RS: The major risks relate to political or

geopolitical events. We are concerned about the potential binary outcomes of a few specific issues; on a global scale particularly trade wars and the relationship between the US and China, and in the European context the seemingly never-ending Brexit negotiations. The Fed is also walking a tightrope walk in the face of presidential threats and growing market turmoil and could impact performance.


FORECASTING 2020 PREDICTIONS

JDM: A reversal in policy and a move to higher rates would significantly hurt markets. This is by far the biggest risk. There are also likely to be several key elections where the outcomes – and the extreme divergence in economic implications – will lead to increased uncertainty. SB: Agreed. The biggest risks to hedge fund performance will come from further policy uncertainty around trade and interest rates. We believe the trade issues are part of a wider China containment strategy and there is significant room for a policy misstep. CD: Position concentration. We are late cycle

and during this phase of the market, people get surprises to the downside in their positions. Being too concentrated is a big risk. A more diversified approach tends to work better. How do you expect the realisation of Brexit to impact the market? TR: I don’t expect Brexit to realise for quite some time. The most likely outcome is continued extension until there is a clear majority for any specific outcome. RS: With the outcome highly uncertain,

we expect the UK market as well as Sterling to stay volatile and returns to stay under pressure compared to other developed market peers. It’s a market that we are underweight for the time being. JDM: My central probability remains that the realisation of Brexit and the consequent reduction in uncertainty will lead to significant outperformance of UK assets, deal or no deal. The biggest threat to this outcome is a political change to a government committed to higher taxation and confiscatory policies, which would be bad for both the economy and markets. CD: Certainty as to the road ahead will allow markets to correctly price assets. From that perspective, the realisation of Brexit should provide a positive impact to markets, not necessarily in terms of pushing equity markets higher, but in terms of allowing asset prices to be driven by fundamentals and not speculation. The actual impact on fundamentals though depends on what the realisation actually entails and

at present this is not really something in which anybody has an edge. Fundamental driven markets though are typically good for active managers, which could help their performance relative to passive indices. What should investors expect from a performance perspective in 2020? CD: There are potential hurdles for markets to overcome, including the US/China trade war, Brexit, inverted yield curves and general slowing growth expectations. After a strong 2019 so far, investors should lower their return expectations from more risky markets generally and focus on more defensive and alpha allocations. SB: We think there’s scope for a global reflation trade similar to 2016/17 if central bank policy is supportive and we get a reprieve from the US-China trade war. Current cheap valuations and low interest rates provide a favourable entry point for emerging markets as many downside risks are already priced in.

RS: We expect a continuation of

the most recent trends from the second half of 2019, with both equity and bond markets generating considerably lower return alongside higher volatility further amplifying overall market uncertainty.

JDM: I believe markets will do better in the first half of the year than the second, and most likely the first quarter will see the strongest performance. In any event, I don’t think it will be a vintage year, and given some of the potential shocks it could actually be quite challenging. TR: I think it depends on the result of

the 2020 presidential elections. A democratic victory would likely mean higher inflation and lower equity price. Whoever replaces Trump is unlikely to care as much about the S&P 500 than him. A republican victory would mean the opposite, more of the same with equity markets continuing to do well even as the consumer suffers. H

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FUNDAMENTALS

It’s a Numbers Game Investing in cryptocurrencies may not be straightforward, but for Nic Niedermowwe, co-founder of crypto-investment specialist Prime Factor Capital, it’s a move that’s worth making, writes SAFI THIND IN ANOTHER LIFE Nic Niedermowwe

could have been a codebreaker. His background studying a PhD in number theory at Oxford was prime territory for spy recruitment. Sadly, he faced a couple of issues joining Her Majesty’s Secret Service. One is that he is German. The other the fact his mind was hellbent on trading financial markets. And, not to put that number theory to waste, he has decided to take on one of the most fiendishly difficult assets in the world – cryptocurrencies. That Bitcoin erased some 20% of its value in a week last month is not a major surprise. The asset has experienced more burst bubbles than a kid in a fairground. Indeed, this is just the latest in a long series of jolts, bumps and crashes that cryptocurrencies as a whole have been associated with these past few years. So the question is – why would anyone want to trade crypto? Having gotten a Financial Conduct Authority license for his company Prime Factor Capital this year – the first cryptocurrency fund in the UK to do so – Niedermowwe is clearly serious in his ambition to take the asset class mainstream. In fact, his background seems pretty apt for the study of crypto markets. Number theory effectively provides the underpinning to cryptography which is the basis for cryptocurrencies. It may indeed take a deeply logical mind to tame this beast.

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100 times leverage which only adds to the abrupt movements – but believes his time as a derivatives trader in short-term power markets means he is used to managing even greater market volatility. “While most people struggle with the volatility of cryptocurrency prices, annualised volatility of intraday power prices is much higher than that of Bitcoin ever was, even in its early days,” he says. “Where others were seeing risk, I was seeing opportunity.” At the same time, the intrinsic value question isn’t unique to cryptocurrencies. “Cryptocurrencies do not have cash flows like bonds or dividends paid out by equities, so from a valuation perspective they are more akin to commodities,” says Niedermowwe. “Parallels have been drawn in particular to gold. But whereas gold has served this function for millennia, cryptocurrencies are early stage technology, and therefore can also be thought of as a venture-style investment.” The proliferation of exchanges is also taken into account. Crypto is unique because it is open source software and anyone can set up a cryptocurrency and buy and hold it – which has led to the establishment of thousands of exchanges in the business. But Niedermowwe says the fragmentation offers an opportunity. In general, many participants involved in cryptocurrencies are not sophisticated and so “don’t understand the long-term dynamics.” Prime Factor Prime Factor launched its crypto fund in January and is currently building on a base of under £10m in assets. But Niedermowwe has high hopes. Crypto is the first genuinely new asset class in decades, he says, and offers an investment that is totally uncorrelated with other mainstream markets. And, though risky, the risk is compensated by even higher returns. Bitcoin’s ten-year Sharpe ratio, which ▶

PHOTOGRAPHS by Ciaran McCrickard

Background Cryptocurrencies began as a hobby for Niedermowwe. It was 2013 in a nascent market riddled with inefficiencies that he first started examining the asset class. “I spotted opportunities in cryptocurrency markets, where one could make money as a trader by arbitraging between exchanges, which started popping up in growing numbers,” he says, adding it was a rudimentary business to start with. “There was no automation which led to

inefficient markets. You had to sit in front of the computer and log into different exchanges – buy here, sell there – and make money when prices diverged.” But the markets in 2013 were tiny and the profits small in absolute terms – certainly not enough for a business. Post-Oxford he went back to Germany and worked as an energy derivatives trader at German utility, RWE, returning to the UK in 2016. Three years on and things had developed in the crypto world. The market had grown in size and trading venues and was simpler to use with cloud technology. So in 2017 he came back to it. It took him two to three months to code up an algo trading engine in C++ and he started generating profits straight away. The same year he met his partner Michael Wong via a venture capital platform and the pair set up Prime Factor Capital. Wong brings the asset management rigour to the business having worked for ten years as a fixed income portfolio manager at Blackrock, prior to which he was at Goldman Sachs and Deutsche Bank. The two teamed up to create a vehicle to give institutional investors access to cryptocurrencies. The plan is now in action and the FCA license gives it added legitimacy. But the challenges of getting to the ultimate goal are numerous. First, of course, is the risk associated with cryptocurrencies. Bitcoin et al are notoriously volatile which has thrown many investors off the asset. Then there are the hacks and dodgy exchanges run by shady individuals. The hack of Mt Gox in 2014 still reverberates, though there have been many others since. Plus there is the issue of assigning a value to something that has no intrinsic worth to it. Given all these challenges how do you convince an institutional investor to put money in this? Well Niedermowwe believes he has the answers. He says the currencies are volatile – some crypto currencies allow


CRYPTOCURRENCY PRIME FACTOR CAPITAL

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CRYPTOCURRENCY PRIME FACTOR CAPITAL

FUNDAMENTALS

We believe the asset class has significant potential and that new, institutional players will enter the space as the market infrastructure is being built out ▶ measures return over risk, is 1.9. For the generic hedge fund index this is just 0.73. Prime Factor plays across cryptocurrencies including Bitcoin, Ethereum and Litecoin. The aim is to look at the fundamentals and protocols of the currencies and how these will filter through to valuations using market data, transaction volumes, how many wallets are out there, and so on. Despite the recent crypto slumps, Niedermowwe says the market is on an upward trend. Bubbles have been reducing all the time. Bitcoin, for example, has gone through four major market cycles during the ten years it has been in existence, each culminating in a bubble that subsequently burst. But the lows reached in each bear market have been getting higher each time. At the same time, the overall value of the asset class is growing fast – Bitcoin now stands at a market capitalisation of nearly $200bn. “Returns are very cyclical but the cycles are becoming longer,” he says. “Overall the asset class has got plenty of upside – it’s not the end of the road yet.” Things are better in terms of hacks too. “The early days were a lot worse than now,” he says. “These were amateur projects so it is no surprise they were hacked. While you hear of hacks the dollar amounts are significant but in relation to the percentage size of cryptocurrencies it is becoming a smaller and decreasing risk.” He admits the volatility associated with cryptocurrencies will likely stay in situ for years given that it is a fixed-supply asset. But the more widely cryptocurrencies like Bitcoin are adopted – and with greater regulatory clarity – the less room there is for speculators to cause large price swings. Certainly, the investors in the market and the opportunities this creates are growing. Until recently investment was very

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much retail driven, and the low degree of sophistication of these investors resulted in money being poured indiscriminately into any kind of blockchain-based token on a long-only basis. But there are now more professionally managed crypto funds on the continent and a growing number of derivatives to trade the asset which has resulted in more differentiated views being expressed. In terms of the bigger picture, Niedermowwe believes that cryptocurrencies also form a hedge against failing monetary policy. Thus, as central banks continue to pump money into global markets, debt grows and traditional asset classes return negative yields increasing the

threat of things spiralling out of control, so the attractions of the asset class will grow. “My guess would be that we won’t be returning to a gold standard, but instead will see the introduction of a Bitcoin standard,” he says. “In the long term we believe that the asset class has significant potential and that new, institutional players will enter the space as the market infrastructure – from custody and trading venues to payment channels – is being built out.” Getting to the front of any market is not without its risks. But being a pioneer did not hurt the likes of Colombus or Vasco de Gama. Could Niedermowwe add his name to the list? H


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The Thought that Counts Increased scrutiny on the business practices of hedge funds means it’s time to employ ethical leadership techniques to ensure they’re not only scandal-proof, but seen as a force for good, says JOSÉ R HERNANDEZ AS AN ADVISOR to CEOs and board members on issues of integrity and compliance, I often find myself providing counsel on how to navigate challenges in a crisis situation. How to deal with rogue executives, bring transparency to murky deals in emerging markets, restructure business models to minimise risk of impropriety, reforming a tainted culture. Generally, doing business ethically is a well-understood aspirational corporate goal but, in practice, not employing aggressive or borderline practices can be a roadblock to success in a competitive marketplace. Doing business unethically comes with its own significant real-world risks. News headlines are fraught with scandals – sparked by fraud, corruption, money laundering, misuse of data, market manipulation, and other forms of misconduct – that bring with them the potential for billion-dollar fines, executives behind bars, bidding bans, and decade-long reputational fallout. At the time of writing, a number of big players such as Boeing, Danske Bank, Volkswagen, Nissan, Wells Fargo, and Equifax, are still reeling from the effects of such crises. And more hit the news every day. What does all this mean for hedge funds? Most of the massive corporate ethical failures noted earlier occurred at bluechip companies, global organisations that already possessed – on paper at least – fairly sophisticated CSR programs, compliance

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strategies, and super-human understanding of markets, create an environment where star managers – brilliant, driven, charismatic individuals willing to do anything to succeed – are given too much ethical latitude by their organisations. As a result, improper conduct may go unchecked for too long and their practices can infect the wider organisation. These individuals tend to find themselves at the epicentre of major white-collar scandals and prosecutions. Methods and practices matter, and misconduct such as insider trading can present huge risks to those caught engaging in it, as well as their organisations. With all this at play, what can hedge funds do today to adapt to the changing circumstances, become scandal-proof, and deliver on their mandates without damaging markets or communities? Take a page from the large global companies that have been through major ethical scandals and have taken up the challenge to rebuild trust and transform themselves for good. First, get your house in order by institutionalising good conduct in your organisation using an approach we call Empowering Integrity. Second, empower whistle-blowers to speak up and watch out for the superstars that divert too far off the mean. And, third, become involved in individual and collective action efforts to address the unintended consequences from the current form of capitalism and help become a force for good. Empowering Integrity to Institutionalise Good Conduct Although values and principles – such as honesty, transparency and respect – can help guide ethical decision-making, the complexity of global business means that the ethical choice is not always obvious or intuitive. It is easy to admonish team members to ‘do the right thing’. However, in reality, grey areas abound, and, as we face pressures to create markets, make deals and meet targets, it is also easy to rationalise ▶

ILLUSTRATIONS by Marcus Butt / Ikon Images

Take a page from the large global companies that have been through major ethical scandals and taken up the challenge to transform themselves for good

risk management, and corporate governance. Hedge funds are a different beast altogether. They are entities that depend on the kind of risk-taking and ruthless competition to generate extraordinary returns that would exceed the tolerance of a typical public company. Not surprisingly, they do not have stellar reputations for business ethics. There are a few underlying conditions bringing increased scrutiny on the business practices of hedge funds and other types of institutional investors. Addressing this scrutiny will require a new kind of ethical leadership. The first is the much-heralded ‘crisis in capitalism’ brought about by rising wealth inequality. This has been signalled by the popularity of US presidential candidates Bernie Sanders and Elizabeth Warren, who have pulled no punches in assigning blame to Wall Street firms. But business leaders, including those in hedge funds, have also acknowledged that the current situation is unsustainable, and that reform is needed. Echoing the sentiments of Bill Gates and Warren Buffett, billionaire hedge fund manager Ray Dalio has warned that, unless challenging issues of inequality are addressed, we can anticipate a period of “great conflict and some form of revolution”. This would certainly change the playing field for hedge funds, which are already in the crosshairs of candidates like Sanders and Warren. Second, social movements like #MeToo are shining a light on internal incidents of abuse and harassment within many large organisations, and hedge funds are no exception. A recent example is the case involving DE Shaw with their former star manager, Daniel Michalow. As these incidents spill into the public domain, they have the potential to expose toxic corporate cultures characterised by patterns of misconduct, fear, and coercion. Third, the intense pressures within hedge funds to achieve large gains using advanced quantitative tools, proprietary


BUSINESS PRACTICES ETHICAL LEADERSHIP

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BUSINESS PRACTICES ETHICAL LEADERSHIP

FUNDAMENTALS

▶ questionable conduct as being in the best interests of the organisation. To institutionalise ethical thinking within an organisation, its leadership must first establish a clear baseline of conduct that is applicable to everyone. Three elements are necessary to institutionalise good conduct. First, there must be an organisational culture to do the right thing, even in the face of ruthless and opportunistic market players. Second, the strategies and tools adopted must not take undue advantage of data, markets, and participants, rationalising improper gains. And third, an organisation needs to have the right internal checks and balances on its people, algorithms and strategies to seek gain. Together, these elements form Empowering Integrity and become the foundation for investing that considers ESG criteria and embeds it into the fabric of investing. The data and advanced algorithms that hedge funds employ cannot be fully understood by the best mathematicians or sophisticated investors today. Data and the algorithms using that data can be compared with nuclear energy, being a source of good but coupled with adverse effects. As a parallel, leading a hedge fund ethically can be compared with the challenge of keeping a nuclear power plant safe, where algorithms employed are high-risk technologies with the ability to cause market havoc and create unintended consequences.

Understand Heroes and Villains Whistle-blowers are the conscience of an organisation; they are the individuals with the courage to speak up about unethical conduct so that it can be addressed before it spreads. Sometimes they shed light on conduct that others have taken pains to conceal; other times, they raise concerns

To institutionalise ethical thinking within an organisation, its leadership must first establish a clear baseline of conduct that is applicable to everyone 40

HEDGE

about ‘open secrets’. Unfortunately, speaking up often comes with both a personal and professional risk. As a leader, it’s essential to remember that whistle-blowers are not villains but are heroes for speaking up. On the other side, the world of hedge funds is full of business heroes and superstars: driven, charismatic risk takers, who achieve extraordinary success. In my book, Broken Business, superstars are celebrated by their organisations for their successes, and afforded a great deal of autonomy with which to operate. They also tend to evade oversight and resist close scrutiny of the methods they use to win deals and deliver high returns. Those charged with governance responsibilities need to tread carefully, and not accept the representations of superstars at face value. Individuals with this much power frequently end up being the focal point of misconduct in their organisations. They are, by nature, the people most likely to believe the rules do not apply to them and have a way of infecting the culture through their personal magnetism and influence. Hedge Funds as a Force for Good We need superstar managers in business and hedge funds to innovate and keep capital markets healthy and efficient. But the playing field and system of capitalism is changing. In August 2019, the US Business Roundtable, representing 181 of the most powerful CEOs in the US including Blackstone, moved away from shareholder

primacy by stating that “while each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders.” For hedge funds, this creates both a threat and opportunity. The threat is visible from the possible regulatory changes that are being considered by populist movements in the US and UK, taking power away from investors. The opportunity comes from finding the formula of extraordinary investment returns from organisations that do well by doing good. For instance, as investors pour trillions into ESG funds, what key data or ESG strategies can signal hidden value or momentum? The hedge fund managers that figure this out will be the new winners for a better planet. Hedge funds have much work to do to become known as ethical and less secretive. They have great resources at their disposal and the power of influence to create healthier markets. They should use this power to invest wisely and reduce the unintended consequences feeding the current ‘crisis of capitalism’ and consider in their investment decisions potential job losses, damage to communities, undue tax avoidance, excessive waste, and avoid unfair business practices. Hedge funds can then be seen as a force for good. H José R Hernandez is a corporate crisis expert and author of Broken Business: Seven Steps to Reform Good Companies Gone Bad (Wiley, 2018), available to buy now in hardback and ebook. He is the CEO of Ortus Strategies. For info, see ortusstrategies.com


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Moving with the Times How do you preserve a brand’s heritage while driving it into the future? Vacheron Constantin’s chief marketing officer Laurent Perves tells BEN WINSTANLEY about balancing the past with the present VACHERON CONSTANTIN MIGHT be the oldest watch manufacture in continual production, but it is by no means living in the past – spend any time with the brand’s dynamic chief marketing officer and you will see this ethos incarnate. After a decade of honing his marketing skills in the fast-moving world of fashion and beauty, he joined Audemars Piguet in 2014. Two years later, he moved to Vacheron. He’s witnessed first hand the rapidly evolving trends of the luxury industry along with the burgeoning influence of technology, digital and social media. His role now isn’t an easy one: preserve more than 250 years worth of history, while urging Vacheron Constantin forward to keep up with the modern age. The brand’s latest move on this forward-looking path is the introduction of blockchain technology to the authentication process – it’s a first in the world of horology, but unlikely to be the last time we see its application in this sector. For Perves, Vacheron’s rich heritage isn’t “just about being the oldest, it’s what comes with that”. It means he isn’t concerned with fickle trends, but is focused on listening to what the consumer wants. In his words, “Change is a natural process… the old inspires the new, and the new slowly becomes the old.” We sat down with one of the sharpest minds in the watch world to find out more…

We can look at what we were doing in the 1950s and the questions we were trying to answer then, and how that applies nicely to the new collections 42

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BW: There’s no getting away from the vintage trend at the moment… LP: If you think about it, the production of new watches is permanent every year. It’s only recently that people have started to sell back their watches and sort of lifecycle their collection. Suddenly, we have a huge second-hand market exploding on products that are, in theory, eternal – in comparison to cars or wine, for example. Some people talk about the market being worth €10bn, some talk about it being worth €50bn, so of course there’s a lot of attention in the sector. Fortunately, very early on we were one of the first brands – and still are – to market our own vintage watches, which we restore entirely, with the Les Collectionneurs line. How do you maintain the brand’s heritage? Being the oldest manufacture in continuous production, the management and preservation of our heritage is an important part of what we do. Our heritage department has existed for a very long time and is fully integrated with our marketing and commercial teams, and also in the design of our new products. We can look at what we were doing in the 1950s and the questions we were trying to answer then, and how that applies nicely to the new collections. It’s a real comfort for the brand to have that, and it’s something we try hard to perpetuate. Was the trend towards slightly more accessible price points inevitable? It’s funny how it’s always a surprise at first and then people realise it is in fact a consumer need, which is where most trends come from. For us it was never really a surprise. I think if you know the industry and the organic price increase throughout the past decade, you can see that this changing price point was needed. Our main aim was not a question of price, but what was the right watch for the

audience of today, what was missing in our collections and what do we want to offer. It’s true that when we launched the FiftySix at SIHH 2018 it came as a bit of a surprise, but by the time it was available for sale it was actually a very natural addition to the line-up and the success we’ve had since then has only confirmed that. It has outperformed expectations. Are you aware of trying to reach out to a younger consumer? There may be pieces that are not right for the audience – high complications, for example… You’d be surprised. It’s always the expectation that high complication, perhaps more expensive, pieces are for the older generations, but that’s not the case. As I always say, our one segmentation is watch connoisseurs and fans of the brand in general. With the quantity we produce, starting to segment or subdivide our clients wouldn’t make sense, and it wouldn’t be respectful to those aspiring to own our watches. Funnily enough, when we look at our clientele, first of all it’s pretty stable in terms of average age, but some of the models that you might expect to be most appealing to a more senior consumer are actually sought after by younger consumers. So, for example, if I take our Métiers d’Art collections or the vintage Les Collectionneurs, they are extremely successful with younger clientele, meanwhile lines such as FiftySix and Overseas are really in the average of the maison. But in general the complicated watch consumer’s average age is constantly going down, which is brilliant for us and the industry because it shows that highend watchmaking drives interest with the younger generation. Beyond what people think, the younger generation aren’t just after labels and flashy advertising – they want meaning and they want history. Often our younger clients are


WATCHES VACHERON CONSTANTIN

eager to know more, to connect with brands like us, and are our most engaged audience when it comes to vintage topics. When you know people are ready to pay for a phone that can only make phone calls, or to go on a retreat without their phone, or take time out to meditate, I think there must be a part where people are seeking something that’s more spiritual and tangible than the connected and virtual world. It’s a good thing for the whole industry because it brings us back to tangible values and forces brands to listen more and more to their clients, and to be more transparent. The watch world has been criticised for not being quick enough to adapt to the digital world. Do you think it’s caught up? In the past, I worked in fast-paced categories like beauty and fashion where the fast cycles mean that digital is crucial – for example, if you need to sell a new pair of sneakers every two months. For us, we use digital and other technological innovations when they add value, not just for the sake of it. We actually had one of the first blogs in the industry – it enabled collectors from around the world to connect with each other and discuss their pieces. Today, we are working with blockchain because we can certify the watches and the same for watch manufacturing: we use some very highgrade technologies when it helps us deliver a higher grade of finishing or craftsmanship.

PHOTOGRAPH by AST Photography and Design

How is Vacheron using blockchain tech? The main reason we use blockchain is because it’s the most secure way to protect the certificates of authenticity. For a long time we have provided paper authentication of documents for clients, merchants and auction houses, but blockchain is the ultimate technology to protect authentication. And because it’s digital, it doesn’t perish so you can pass it from one generation to another without any concern about losing the documents. The other reason is that with blockchain you can authenticate with more than one document, so you can attach anything that relates to the watch – archives, pictures, drawings, the service documents. This means that the history of the watch travels with it from one owner to another. Contrary to what I’ve read in certain

articles, the information is completely anonymous and the data is stored securely. For most of our clients, who are wealthy but discrete people, that’s very important. For the moment, this project is just on our vintage watches, because that is the most relevant field to explore. In the future, however, there is the possibility to move it towards our new collections as well. Of course, the technology is democratic, it doesn’t just belong to Vacheron. I know at the time of speaking there are other brands from different groups looking into this. How do you balance the history of the brand with remaining current? I think most brands would answer the same: it’s not so much a matter of being an old brand or a new brand – retail is still the

biggest touchpoint for our clients. Even with all of the digital activities that are available, clients at some point want to come into the boutique – even if it’s just to see the watch or to have it set for the first service. The thing that is beginning to change is what happens in the boutique. It’s becoming much less transactional and much more a conversation with the consumer. As much information is available online and digitally, people do still like to talk. For me, it’s a matter of creating complementary touchpoints and ensuring that the message and DNA of the brand remains the same. The brand is 264 years old, so we’re not going to renew who we are today: we’re going to keep doing mechanical watches of the highest quality and finish. H For more info, see vacheron-constantin.com

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et BLACK EDITIONS, FROM £410 Stre t

ugh Crockett & Jones haslbmoved over to the oro r Ma at way. Its new darkStrside. In a good e t r e e G r e anov HBlack Editions range sees several pairs from the shoemakers’ core collection reimagined in a selection of contemporary black leathers, with an oversized cleated sole added to make a stomping style statement. Seen here are the Henley III loafer, Pembroke Oxford and Coniston boot in black Cavalry calf, GOLDEN black Scotch and black rough-out et grain, HACKETT tre SQUARE dS suede If ever there were an for frespectively. PATEK PHILIPPE i l C excuse to step out of the shadows and into the fashion spotlight, this is it.

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PHOTOGRAPHS by Firstname Surname

51

HEDGE


STYLE MAYFAIR MAN

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LOCK & CO GREEN PARK ESCORIAL WOOL STAFFORD FEDORA, £475

6 St James's St, SW1A 1EF. For more information, see lockhatters.co.uk

52

HEDGE

GH OU OR LB SE S AR HOU EN D R GA

ST JAMES’S PARK

PHOTOGRAPHS by Firstname Surname

There are heritage brands, and then there's Lock & Co, which has been operating out of the same shop since 1676. Now, the world’s oldest hat store has teamed up with Escorial Wool, using the latter’s exclusive fleece – so revered it was once reserved for the sole use of the Spanish royal family – in a range of stellar headwear including this fedora. It’s the ultimate winter accessory and will see you around town in style.

M


The best diver we’ve ever created. So far.

C60 Apex Limited Edition Five years since the launch of our in-house chronometer, Calibre SH21, the 100-piece C60 Apex Limited Edition celebrates in style. A rarity for a dive watch, its front and back have been stripped away to reveal the more intricate parts in all their glory. It’s easy to see why this represents the pinnacle of the brand’s horological prowess today – all whilst in its birthday suit. Do your research.

christopherward.co.uk


SS20 TERRY O’NEILL GERED MANKOWITZ NORMAN PARKINSON JUSTIN DE VILLENUEVE LAURENCE GARTEL RIOCAM CRAIG ALAN LYNN SAVARESE MASSIMO AGOSTINELLI JOHN PAUL FAUVES MICKY HOOGENDIJK KRISTIN SIMMONS PAMELA HANNÈ NICKY + MICKI SARA POPE


SHOPPING BURLINGTON ARCADE

MAYFAIR

History in the Making The luxurious Burlington Arcade is celebrating its 200th anniversary. We take a look inside the historic shopping arcade and discover how it’s marking the momentous occasion this Christmas IN MARCH 1819, Lord and Lady

PHOTOGRAPH (main) by Paula Beetlestone

Cavendish opened a luxurious new shopping destination for well-heeled London shoppers. Decades before the capital saw its first department store, Burlington Arcade was a glittering one-stop shop for luxury goods crafted by the nation’s best artisans and designers. Little did the Cavendishes know then the grand building would be going strong 200 years on. Away from the grime and pickpockets of London streets, the arcade was designed to be a haven for the gentry of the era – safe under the protection of The Burlington Beadles (now considered to be the world’s oldest and smallest private police force) to browse the boutiques in peace.

Indeed, the Royal family has been among the most famous purveyors of Burlington Arcade for decades, with jewellers Hancocks and perfume house Penhaligon’s still proudly holding a Royal Warrant in 2019. Little has changed since the arcade opened: the Beadles still wear their traditional top hat and frock coat uniforms and enforce a strict “no whistling” rule, while 40 boutiques are brimming with jewellery, fragrances, shoes and tailoring. To celebrate 200 years, Burlington Arcade has joined forces with its retailers to create a collection of exclusive limited-edition pieces, as well as launching The 200 Years of Burlington Moments Instagram campaign. H For more information, see burlingtonarcade.com

55

HEDGE


MAYFAIR

Diamonds and Pearls It’s a timelessly elegant combination, but diamond and pearl designs don’t need to be traditional in their appearance. We take a look at the contemporary options available from the world’s best jewellers

PHOTOGRAPHS by Firstname Surname

56

HEDGE


JEWELLERY DIAMONDS AND PEARLS

PHOTOGRAPHS by Firstname Surname

◀ THE ROCKS THAT I GOT: [from left to right] David Morris Pearl Deco earrings, £34,000; Tasaki Aurora ring, £POA; David Morris Pearl Deco ring with Akoya pearl, £16,600; Tasaki Aurora earrings, £POA; Harry Winston Princess diamond necklace, £POA

57

HEDGE


MAYFAIR

Pushing the Boat Out Thanks to forward-thinking, state-of-the-art design and innovative use of up-to-the minute technology, Ferretti Group is taking luxury motor yachts to the next level, finds VICKY SMITH

touching the water as it glides around the coast of Monte Carlo. It flirts with the waves, cutting through them before speeding away leaving a perfect white, frothy crescent in its wake. Plumes of spray sparkle in the sun like a trail of diamonds. If there’s a sailing equivalent to ‘eat my dust’, then this is undoubtedly it. I’m on board the new Pershing 8X,

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a sleek and – there’s no other word for it – sexy superyacht that our captain tells me through the roar of its twin 2,435bhp V16 engines is perfect for someone who wants to “drive something fast”. As the superyachts anchored in Port Hercules blur into a series of multi-million-pound smudges on the horizon and the skin on my face is pulled tight in a kind of wind-based facelift that many of those back at the bar in the

Yacht Club de Monaco would pay thousands for, I’m inclined to agree. This is a yacht that’s been designed for speed, and my god is it hitting its brief – we’re at 44 knots and counting. But the flashy 83-footer has more than just sheer velocity in its arsenal. This striking piece of nautical design is the latest in a swathe of new releases from Ferretti Group, and it’s innovative in more ways than one.

PHOTOGRAPHS by (Pershing and Riva) Albert Cocchi; (Ferretti) Maurizio Paradisi

THE YACHT FEELS as if it’s barely


YACHTS FERRETTI GROUP

As a group, Ferretti is breaking boundaries far and wide with sleek, forward-thinking yachts from its brands including Riva, Custom Line and the eponymous Ferretti Yachts, but it’s the 8X that’s currently commanding the attention of several inquisitive observers as we cruise back into port once our watery joy ride comes to an end. I don’t question why people’s glances linger longer than normal on this beautiful yacht – its silver-hued exterior and sharp lines set it apart from the more classical white ‘gin palaces’ alongside it, however its futuristic looks aren’t the only reason this yacht is a step ahead of the rest. One of the most remarkable things about the 8X is that it’s made of carbon fibre. Dubbed by Ferretti as “the material the most advanced nautical dreams are made of ”, carbon fibre ticks a lot of important boxes when it comes to ship building – its light weight makes for greater speed and lower fuel consumption, as well as more volume thanks to the ability to design larger, more comfortable spaces. And in terms of looks, it means curves that are even sleeker and sportier, enhanced in this instance by characteristic Pershing design elements such as imposing side wings and an aerodynamic sundeck. In short, it’s the ultimate material for building yachts that are fast, flash and forward thinking, and that’s why the team behind the 8X – Fulvio de Simoni (the hugely influential Italian yacht designer), Ferretti Group’s Product Strategy Committee (headed by engineer Piero Ferrari), and the group’s Engineering Department – chose it for the 8X, as well as its elder sibling the 9X. They use the term “carbon fibre revolution” freely, and the minute you clap eyes on the yacht’s distinctive form, it’s easy to see why. Innovative design isn’t limited to the outside – underneath its silky smooth exterior, the 8X houses a groundbreaking new operational system that integrates propulsion control with the manoeuvring, navigation and monitoring systems, meaning that ‘piloting’ it – even at high speeds and without the support of the captain – is accessible and fun. And that’s important, because while this yacht is very much about performance, it

certainly doesn’t leave the notion of having a good time in its wake, thanks in part to the introduction of an ingenious Music Hull. A new feature not just for Pershing as a brand but the entire pleasure craft sector, it’s been developed by the Ferretti Group Engineering Department in collaboration with Videoworks, and essentially transforms the hull into a high-definition loudspeaker, making it possible to listen to music underwater while you’re swimming or diving (because if you’re not hosting a party in balmy waters off the coast of a beautiful island somewhere tropical, then you’re really not doing luxury yacht life right). It’s achieved through a series of ‘shakers’ installed on the inside of the hull that never come into contact with the water. Guided by sound sources including the on-board music library, the shakers propagate sound waves underwater in the high-fidelity frequency range, causing the immersed surface of the vessel hull to vibrate. The music can be heard in roughly a 20-metre range from the yacht, making for quite the pool party. The whole thing is controlled via the 8X’s VOTIS infotainment system, which combines the remote controls of all devices into a single unit that’s controlled by the owner and guests via smartphones or tablets – it’s a really clever piece of kit that’s incredibly easy to use, which pretty much sums up this 8X in its entirety. Good looks, charm, power, performance and the ultimate underwater disco? We’re ready to join the revolution. H

GIVE US A WAVE Two more recent releases from Ferretti Group that are making a splash

RIVA 90 ARGO When it comes to yacht design, it doesn’t come more classical than Riva, one of the world’s most stylish brands. But even an icon can get an update, and the Riva 90 Argo – the third model in the Riva Flybridge range – sees the brand sail into a new era. Gone is the classic wooden hull that many associate with Riva. Instead, you’ll find distinctive and striking exterior design features such as large hull windows, long, full-height glazed windows on the main deck and lateral structures with glass surfaces. One particularly innovative aspect is the Argo’s Twin Disc’s E-Steer solution with Dual Bus and Speed Sensing technology: the electronic steering system uses reliable hydraulic power to control the rudders dynamically and independently.

For more information, see ferrettigroup.com FERRETTI YACHTS 720 The 720’s aerodynamic design revolves around taut, finely poised forms that help make deskhouse lines clean. With a length of 73.4ft and beam of 18.6ft, it offers up several functional and styling solutions that are highly innovative for a vessel of its size, in particular a number of interchangable living spaces made possible by a laterally opening door. The yacht also features the nextgeneration electro-hydraulic steering system developed in collaboration with XENTA. The many benefits of this system include greater steering comfort, thanks to extremely easy handling of the helm, and maximum efficiency when turning in any sea conditions, even at high speeds. We’re definitely on board.

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Standing the Test of Time JAMES SHERWOOD, author of The First Tailor of Savile Row, spent a decade researching the illustrious

names of Henry Poole & Co’s ledgers. Here’s a taster of some of the tailor’s most famous patrons

SAVILE ROW’S STORY is one of survival

of the fittest, and Henry Poole & Co is the only firm on the Row to be owned by direct descendants of the family who founded the company. It is thanks to the foresight of present chairman Angus Cundey MBE, the sixth generation of his family to direct Henry Poole, that its ledgers have not only survived but also been expertly rebound and restored for future generations. Here is a handful from Henry Poole & Co’s considerable Hall of Fame, from Royals and military men, to bankers and more… HM King Edward Vll of Great Britain, Emperor of India TOTAL SPEND: £10,940 / £646,870 today SIGNATURE GARMENT: The short lounging coat – the prototype of the contemporary suit jacket – that the Prince of Wales favoured as early as the late 1860s.

▶ THE HISTORY BOYS: [Clockwise from top left] Napoleon III; J P Morgan; General de Gaule; Prince Albert Edward, Prince of Wales, later King Edward VII

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HIM Emperor Napoleon III of the French TOTAL SPEND: £311 / £82,080 today SIGNATURE GARMENT: When not in uniform as Emperor of the French, Napoleon III wore Henry Poole & Co black frock coats with silk facings

Prince Louis-Napoleon Bonaparte (18081873) was the nephew and heir of the first Emperor Napoleon, and fulfilled his dynastic ambitions in 1852 by ascending the French throne as Emperor Napoleon III on the 48th anniversary of his uncle’s coronation. He holds the unique position as the first titular president of France and the nation’s last absolute monarch. As pretender to the throne, Prince LouisNapoleon repeatedly instigated uprisings and coup attempts from his exile in London but was unsuccessful largely through lack of funds and a disinclination by the French people to accept another dictatorship in lieu of a republic. In 1840, the Prince was incarcerated in a fortress in the Somme depart­ment of northern France ostensibly to serve a life sentence. He escaped in 1846 using the time-honoured trick of exchanging clothes with a peasant, and returned to London. It was in 1846, the year Henry Poole inherited his family firm, that the Prince first patronized the tailor and made friends with its affable eponymous owner. Billeted at the Brunswick Hotel in Mayfair while plotting in the cellars of the St James’s wine merchant Berry Bros & Rudd, Prince LouisNapoleon was to become Henry Poole’s first royal customer, and in 1858 would give the firm the first of its 40 Royal Warrants. According to company lore, Henry Poole contributed to a war chest that would finance Prince Louis-Napoleon’s successful coup d’etat that saw him proclaimed emperor in 1852. A more likely story is that Louis-Napoleon met Baron Meyer de Rothschild at Poole’s Savile Row ▶

PHOTOGRAPHS by (Napoleon) Time Life Pictures/Mansell/The LIFE Picture Collection; (J.P. Morgan) Picture Post/Hulton Archive; (Edward VII) Paul Popper/Popperfoto all via Getty Images

The eldest son of Queen Victoria and Prince Albert, Prince Albert Edward (1841-1910) -– known from birth as Bertie was an affable, amiable child who seemed to disappoint his parents and was thus excluded from political power for the entirety of Queen Victoria’s long reign. Underemployed, the Prince became a notorious playboy with a fondness for the turf, mistresses, cigars, rackety company, gambling and the fine tailoring of his friend Henry Poole. The Prince was 19 when he first visited Poole’s in 1860. As his grandson the Duke of Windsor wrote in his 1960 memoir, A Family Album, “from that day Poole became the Prince’s chief tailor”. Poole’s palatial showroom on Savile Row became a de facto gentlemen’s club for the Prince and his Marlborough House set, who would meet

on the Row to smoke Henry’s cigars and drink his brandy en route to the theatre, White’s Club or the Café Royal. The Queen blamed profligate Bertie for her beloved husband’s death after Prince Albert had been dispatched to Cambridge in 1861 to admonish his son about a dangerous liaison with actress Nellie Clifden in Dublin. The chill Prince Albert caught allegedly speeded the typhoid fever that killed him. The Queen never recovered from what she called ‘Bertie’s Fall’, and after the Prince Consort’s death she confided to her eldest daughter, Vicky (Crown Princess Frederick of Prussia), that “I never can, or shall, look at him without a shudder”. In 1863 the Prince married the exquisite Danish princess Alexandra, who would lead women’s fashion just as Bertie led men’s. The Prince’s sartorial innovations included the Prince of Wales check, the Homburg hat (adopted on his travels to the spa town of Marienbad), the Norfolk jacket, black tie and evening tails. He also wrote the rule that the bottom button of the waistcoat was left undone: a consequence of the corpulence that earned him the nickname ‘Tum-Tum’. With the Prince of Wales’s Royal Warrant in 1863 came a royal flush of illustrious royal customers at Henry Poole & Co, such as the Duke of Edinburgh (Bertie’s brother), King Christian IX of Denmark (his father-in-law), King George I of the Hellenes (his brother-in-law) and the future Tsar Alexander III of Russia (the Princess of Wales’s brother-in-law). The story of Henry Poole cutting the prototype dinner jacket for the Prince of Wales to wear at private dinners at his country estate, Sandringham, in 1865 is well documented. The short smoking jacket in blue silk – an informal alternative to the white tie tailcoat – was indeed the first mention of such a garment in the company’s records, and the first dinner jacket tailored on Savile Row.


TAILORING HENRY POOLE & CO

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TAILORING HENRY POOLE & CO

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▶ showroom and it was he who financed the coup, with additional funds raised by the Prince’s mistress Harriet Howard. We know that Henry Poole was a guest of the Emperor at Saint-Cloud and Compiegne, the Empress – who also had a personal account with Poole’s – was most entertained by his skill as a pianist. One wonders if fellow guests knew that Mr Poole was the tailor of the liveries designed by the Emperor and Empress for each of their chateaux?

France will win the war’ address. From London, de Gaulle directed the French Resistance movement and in 1941 was named president of the Free French National Council, France’s government in exile. When Paris was liberated in August 1944, de Gaulle led Free French troops into the capital. In his speech to the people of Paris from the Hotel de Ville, de Gaulle eulogized: ‘Paris outraged, Paris broken, Paris martyred, but Paris liberated.’

General de Gaule TOTAL SPEND: £225 / £8,850 today SIGNATURE GARMENT: A khaki Melton greatcoat and khaki whipcord service jacket

J.P. Morgan

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SIGNATURE GARMENT:

Of his generation, John Pierpoint Morgan (1817-1913) was the most powerful banker, industrialist and art collector in America. Born in Connecticut, he was the third generation of a banking dynasty that he would go on to dwarf with his financial acumen and bullish instinct. Morgan’s first banking job was in London, but in 1858 he returned to New York and joined Duncan, Sherman & Company. In 1871, he formed a partnership with Anthony Drexel (another Henry Poole man); two years after Drexel’s death in 1893 the firm was renamed J. P. Morgan & Co. At the height of his powers in the 1890s, Morgan was said to control one sixth of America’s railway lines. Morgan also invested in and subsequently bought the Carnegie Steel Company, Edison General Electric and the United States Steel Corporation. He also acquired the New York Times newspaper and founded the Metropolitan Club in New York when the Union Club blackballed his friend John King. Deeply offended, he instructed the architects to ‘build me a club fit for gentlemen. Forget the expense.’ J. P. Morgan’s power was considered was wielded with ruthless efficiency. Physically, Morgan was an intimidating man and his presence was described ‘as if a gale had blown through the house’. Colonel William ‘Buffalo Bill’ Cody TOTAL SPEND: £36 / £2,950 today SIGNATURE GARMENT: A black frock coat with silk facings and a double-breasted black vest now held in the Buffalo Bill Center of the West, located in Cody, Wyoming.

▲ THE WILD WEST SHOW: Cody took his show on the road to Europe. He gave a royal command performance for Queen Victoria at Olympia in 1887

Colonel William ‘Buffalo Bill’ Cody (1846-1917) was a frontiersman and hero of the American West who perpetuated his own legend as a travelling showman and impresario. Cody was born and raised on the prairies of Iowa; moving to Kansas when his father died in 1857, he worked as a mounted messenger before trying his luck as a prospector in the Peak Pines gold rush of 1858. At the age of fourteen he answered the advertisement of horseback mail service the Pony Express for ‘skinny, expert riders willing to risk death daily’. In 1867, Cody took up the trade that made his name, becoming a buffalo hunter rounding up and dispatching the wild beasts that fed the construction workers building the Kansas Pacific Railroad. By his own account, Buffalo Bill killed 4,280 head of buffalo in seventeen months, and earned his moniker by winning an eight-hour shooting match with rival hunter William Comstock. In 1868 Cody was appointed Chief of Scouts for the Fifth Cavalry and served in sixteen battles, including the Cheyenne defeat at Summit Springs, Colorado in 1869. He was awarded the Congress Medal of Honour in 1872. H Henry Poole & Co: The First Tailor of Savile Row by James Sherwood is available from amazon.co.uk

PHOTOGRAPH by Culture Club/Getty Images

Charles de Gaulle (1890-1970) was the leader of the Free French forces during World War II and founding president of the Fifth Republic between 1958 and 1969. De Gaulle entered Saint-Cyr military academy in 1908 and was commissioned into the French Army in 1911. Like Winston Churchill in Britain – another famous patron of Poole’s – he was a vocal critic of his government for failing to acknowledge the threat of German armament. Between the wars de Gaulle served in Poland and in occupied Germany, and wrote several books on mechanized warfare and military tactics. On the outbreak of World War II, he was put in command of a tank brigade and in 1940 was promoted to brigadier general. Prime Minister Paul Reynaud made him Under Secretary of State for National Defence and War. His duties included liaising with British forces, paving the way for his rise to greatness. After Reynaud was replaced as prime minister by Marshal Petain, who aimed to seek an armistice with the Germans, on 17 June 1940 de Gaulle and a group of senior French officers flew to Britain. On 18 June, Prime Minister Winston Churchill allowed de Gaulle to deliver a radio address on the BBC rallying occupied France to the cause of resistance and liberation. De Gaulle and his generals established their HQ in Carlton House Terrace in London, though the French House pub on Soho’s Dean Street was their de facto home in exile and, allegedly, where de Gaulle drafted his famous ‘France has lost the battle. But

£9,690 / £761,340 today A blue cheviot double-breasted short lounging coat TOTAL SPEND:


MAYFAIR

Mirror Mirror Bright, beautiful and endlessly thought-provoking… Pause to reflect on these stand-out contemporary pieces from Mayfair art galleries selected by MELISSA SCALLAN Song Dong Witnessing the rampant demolition and reconstruction of cities across China has impacted the life and work of Chinese multidisciplinary artist Song Dong. He describes the constant destruction of the landscape as “the epitome of the society, also the pain” and how [his] art “allows us to retain a time that is no longer usable”. Song values and includes the humblest of materials in his work: from water, food and everyday objects to discarded furniture and shards of porcelain found along roadsides. In creating artworks from the useless, the neglected and the detritus of old Beijing, he’s confronting issues such as impermanence, waste and consumerism. The salvaged window panels, from his most recent series, might be regarded as the useless by-product of modernisation. However, by carefully enhancing each window with vibrant coloured mirror or glass and then assembling the panels into reflective sculptures, he elevates the everyday to high art. Exhibited at Frieze London, where over 160 galleries showed artworks, Song’s large scale, attractive and unusual window panel works achieved the near impossible: they were distinctive and eye-catching. For more information, see pacegallery.com

▶ USEFULNESS OF USELESSNESS – VARIED WINDOW NO. 13 (2019): Old wooden windows, mirror, mirror panel, glass, 192cm × 258cm × 8cm. Courtesy the artist and Pace Gallery.

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ART MAYFAIR GALLERIES

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Eduardo Terrazas As Director of the Urban Design Programme for the 1968 Olympic Games in Mexico City, Eduardo Terrazas co-designed the games’ logo and elements of its visual identity. The influence of two aspects of the iconic logo’s design – the concentric circles and the Huichol (Mexican folk art) technique – are both apparent in Terrazas’ subsequent work. Terrazas began developing his Posibilidades de una Estructura (Possibilities of a Structure) drawings in the 1970s and continues to produce variations to the present day. Within a square setting, he creates geometric shapes and patterns using the Huichol technique, whereby

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coloured yarn is arranged on wax-covered boards. Terrazas works this way both for its aesthetic properties and for the meditative process its execution entails. Cosmos – a sub series of Possibilities of a Structure – consists of circles inside squares bisected with straight lines. Symmetrical or asymmetrical, greyscale or vibrant, entirely decorated or only a portion with the textile technique applied: the configurations of shapes and colours are potentially endless. This blend of contemporary European experimental ideas and traditional South American influences has stood the test of time. In 2018, Sotheby’s sold a 1972 Cosmos work for just shy of $100,000. For more information, see timothytaylor.com

▲ POSSIBILITIES OF A STRUCTURE, COSMOS 1.1.316 (2018) [LEFT]; COSMOS 1.1.317 [RIGHT]: Wool yarn on wooden board covered with Campeche wax, 90cm × 90cm × 3.5cm. Courtesy the artist and Timothy Taylors.


ART MAYFAIR GALLERIES

▼ PURPLE LANDS – COPING III (2019): Oil on Canvas, 4ft x 5ft. Courtesy the artist and Unit London. Rex Southwick welcomes visitors to his studio in St John’s Wood.

PHOTOGRAPHS by Firstname Surname

Rex Southwick In response to the perpetual stream of perfect, manicured homes presented in the media, British artist Rex Southwick chooses instead to depict luxury homes as building sites, toiled over by faceless labourers. Collaborating with developers, property realtors and building contractors in the Balearics and Los Angeles, Southwick photographed some of the areas’ most luxurious and iconic homes as they were being built or renovated. From this vast repository of images, he’s created these bold, vibrant, colour-saturated paintings with their unusual subject matter. In his latest series, set against deep blue skies and under the intense heat of the sun, immigrant workers are shown tending tropical gardens and building swimming pools in the lavish grounds of their wealthy patrons. Southwick has experienced many successes in a short period of time. The majority of his degree show was bought by an influential collector, he achieved a first class degree in fine art, Aon has acquired his works for its permanent collection, he recently completed the album cover for reformed super group, The Power Station, he’s collaborating with a Savile Row tailor – hand painting silk for bespoke shirts – and his recent show, comprising 13 large scale oil paintings, completely sold out. At just 22, Southwick is one to watch. For more information, see theunitldn.com

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Tai Shan Schierenberg Being embedded for a season in West Brom for a Channel 4 documentary, and observing the agonies and ecstasies of its football players, staff and fans, had a lasting impact on London-based British artist Tai Shan Schierenberg. Known for his formal portrait commissions, including HM The Queen and Professor Stephen Hawking, the experience led Schierenberg to reflect on current debates surrounding ideas of masculinity and the male role. His most recent series focuses on male strength, violence, vulnerability and isolation and his subjects include fathers and sons, boxers, drunk students, lonely anglers and Saturday night punch ups: “Basically the rich tapestry of male existence…topped off with a smidgen of dark humour.” Blue Balthasar, named after the biblical magi, is a sensitive portrait of Schierenberg’s gym buddy at a wake. Normally seen wearing a sweaty gym kit, on this sombre occasion and dressed in mourning wear, his friend was transformed into this regal being. Painting at scale – this work is 183cm x 122cm – Schierenberg is enveloped by his work. This simply feels ‘right’ to him as he reflects: “Psychologically, when we are in a close encounter with another human being they do take up our whole field of vision and mental space.” H For more information, see flowersgallery.com

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PHOTOGRAPHS by Firstname Surname

▲ BLUE BALTHASAR (2017): Oil on canvas, 183cm x 122cm. Courtesy the artist and Flowers Gallery. Tai Shan Schierenberg Men Without Women is at Flowers Gallery, 21 Cork Street, W1 until 23 November 2019.


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Artus Becquerel Bugatti Collard Collin Csaky Degas Delhommeau de Monard Dupon Fiot Froment-Meurice Gaudier-Brzeska Gaul Godchaux Guyot Haseltine Hyatt Huntington Jochems Jouve Krieger Le Bourgeois Lémar Malissard Marye Navellier Pallenberg Paris Petersen Piffard Pompon Righetti Sandoz Sintenis Steinlen Tofanari Trompaneers Troubetzkoy Van Rijswijck Zügel

SLADMORE Exhibition and book launch This new book, published by Scala, showcases the work of forty artists at the forefront of the ‘Les Animaliers’ movement between 1900 and 1950, with over 350 colour photographs, individual biographies and two informative essays. Many of the sculptures illustrated in the book are currently on display in the gallery.

Sculpture of

Les Animaliers 1900 – 1950

Edward Horswell

For details of works for sale please visit the gallery or our website

sladmore.com The exhibition continues until 20 December


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Taking Shape Art critic RICHARD CORK tracks the evolution of sculpture as a medium, and highlights some of the most important sculptors today FOR TOO LONG, sculpture was in danger of losing its prominence as a major art form. The classical tradition, celebrated at London’s British Museum by the Athenian marble carvings from Lord Elgin’s collection, became regarded as a stifling exemplar of academic predictability. At the beginning of the 20th century, rebellious young modernists wanted to escape from the hallowed world of dignified, anatomically idealised figures posing on plinths or embellishing grandiose buildings. Sculpture was overshadowed by experimental painting, though artists as audacious as Henri Matisse and Pablo Picasso sometimes explored the potential of three-dimensional forms while pursuing their primary commitment to mark-making on canvas. So did Marcel Duchamp. His defiant exploration of ready-made objects – a bicycle wheel, a bottle rack, the highly provocative urinal – opened up immense new possibilities for radical sculptors. By the end of the 20th century, sculptors felt free to deploy an extraordinarily wide, unpredictable range of materials in their work. And now, the sculptors of tomorrow refuse to be constrained in any way by traditional approaches. The old idea that bronze is the ideal medium no longer plays any part in their thinking. Instead, they are not afraid to use alternatives as fragile as glass. Sculpture used to be considered a fundamentally ‘tough’ activity, lauding

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ROBIN ANTAR B. 1957, NEW JERSEY, NJ, USA; LIVES AND WORKS IN BROOKLYN, NY, USA; STUDIED BFA, SCHOOL OF VISUAL ARTS, NEW YORK, NY, USA

What constitutes culture? At what point does a mere ‘observer’ become a political ▶

▲ A CUT ABOVE: The Mending Project by Beili Liu, in which the artist can be seen at a table ‘mending’, with hundreds of pairs of scissors suspended above her head.

PHOTOGRAPHS by Firstname Surname

The sculptors of tomorrow refuse to be constrained by traditional approaches. The old idea that bronze is the ideal medium no longer applies

bodily perfection. But practitioners in the 21st century are increasingly preoccupied with vulnerability. Damaged or shattered images play a central role in sculpture now. Even at its most monumental, poignant notions of fragility and loss often lurk inside a work, vividly reflecting the widespread instability and unpredictable violence threatening the world we inhabit today. Nor is sculpture still regarded as an exclusively male activity. During the 20th century, the likes of Barbara Hepworth and Louise Bourgeois broke through this sexist barrier and proved that outstanding, adventurous three-dimensional pieces could be created by women. They fought the dismissive hostility of indignant defenders of sculpture as a manly pursuit, and today such prejudice is regarded as an aberration of the past. Indeed, female practitioners play a crucial role in widening the possibilities of present-day sculpture. Restrictive national boundaries have likewise been torn down. Plenty of artists now live and work in locations far removed from the countries where they grew up. Their determination to roam around enriches the work they produce and increases the stimulating dialogue between sculptors across the world. There are an astonishing array of possibilities now playing a part in sculpture – far from being confined by narrow, defensive and pedantic rules, its potential seems limitless, and certain to play a continually challenging role in the art of the future. The following are some of the most exciting talents in sculpture today.


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▶ activist? At what point does responsibility befall the viewer; at what point do one’s projections and assumptions about a piece form the basis for its meaning? American sculptor Robin Antar tends to shy away from the label of political activist. She states quite simply that her passion is to create, to cull visual records from the blocks of marble, travertine, onyx, calcite, limestone and alabaster which she sources, dyes and carves herself in a complex process refined over 30 years. The resulting works are humorous-but-solemn monuments to modern American life: a jar of Hellman’s mayonnaise, a hamburger with fries, a giant hot dog, Milano cookies, a cowboy hat and boots, a pair of jeans. Antar commemorated the 11 September 2001 attack on New York City’s Twin Towers by carving a half-ton marble block into a crumpled white bag, with M&M’s spilling out of the top. In its politicised context it is a powerful piece, a sombre statement on tragedy – despite seeming no less innocuous than, say, her one-metre hot dog with a proud bite taken from one end. The New York Daily News once referred to Antar as Brooklyn’s answer to Andy Warhol; other comparisons might be made with Claes Oldenburg or Jeff Koons. The answer to culture isn’t lurking in a high-art, theoretically burdened manifesto, but rather in the simple, often silly, everyday articulations that come

to act as metonym for an entire nation, society or ideology. At the time of writing, Antar’s marble baseball cap, Make America Great Again (2017), has been removed from her website for instigating too much controversy. If that is not powerful political commentary, then precisely what is? RACHEL ARA B. 1965, JERSEY, CHANNEL ISLANDS, UK; LIVES AND WORKS IN LONDON, UK; STUDIED BA FINE ART, GOLDSMITHS COLLEGE, LONDON, UK

“My background spans the tech industry, forestry and fine art [and] my tools might be a chainsaw or an algorithm. I […] employ a unique range of skills and combine coding with exquisite craftsmanship, electronics and sculptural techniques. Always driven by the concept, I will embrace whatever materials and techniques are required and learn new ones when needed to realise my vision,” says Rachel Ara. Ara uses her frustration with the hidden issues and agendas of the modern world to disclose, confront and create dialogues around misinformation, conspiracies of silence, the normalisation of violence, injustice and the economy. Multifaceted and highly idiosyncratic, it is perhaps best to allow Ara’s work to speak for itself. In This Much I’m Worth [The SelfEvaluating Artwork] (2017), the artist’s varied background and approaches interact:

it probes the value of neon and its use in the sex trade; questions the presence of the work itself on social media, pricing sites and other online resources through the use of hashtags such as #thismuchimworth #rachelara; and even documents audience behaviour towards the work, as monitored by IP cameras which collate data and feed it back to, well, itself. The work, which looms overhead like a menacing Doomsday Clock, is emblematic of Ara’s defiant, no-holdsbarred attitude towards art and politics. The artist’s entire practice is a selffulfilling, self-criticising, and self-consuming series of complex algorithms that continue to critique the art world, the inequalities faced by women and the normalisation of (mis/dis)information; a non-conformist economic and artistic ouroboros. Many of her pieces resemble hypermechanical offshoots, Blade Runner or Matrix-esque props with xenomorphic cords dangling like limbs or tentacles. The artist and her works seem poised to confront and confound our technological fears – or at least to poke fun at us for feeling afraid. “My work often explores gender, technology and systems of power from a feminist perspective,” she says. “Basically, it’s my voice trying to make sense of the shit going on around me.” JERRY KOWALSKY B. 1972, REUVER, THE NETHERLANDS; LIVES AND WORKS IN BERLIN, GERMANY; STUDIED MA SCULPTURE, MAASTRICHT ACADEMY OF FINE ARTS NETHERLANDS

Dutch artist Jerry Kowalsky – a pseudonym – is something of a scavenger: firstly of materials, scouring his environment for discarded cardboard packaging, and secondly of inspiration, the absurd and the extraordinary, from voodoo to science fiction to urban mythology. Working primarily in cardboard has provided the artist with a recognisable, firm but flexible material, one that is ubiquitous in our daily surroundings yet relatively scarce as an artistic medium. “I feel attracted to it, fascinated, it makes me curious, makes me want to explore,” he says. It is also impermanent and banal – qualities the artist says come “closer to being human”. Cardboard is also shell-like: it is the hull,

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PHOTOGRAPHS by (Gloves) Morris Gindi; (This much I’m Worth) Hydar Dewachi

AND DESIGN, MAASTRICHT, THE


ART SCULPTURE

◀ KEEP YOUR HEAD: End of a System by Jerry Kowalsky is made from cardboard; ▼ [left to right] Gloves by Robin Antar; detail from Rachel Ara’s This Much I’m Worth.

a housing for another more valuable or valued object. As such, it retains a certain ghostliness – Kowalsky says, “My work is a little bit like the house in the story of Hansel and Gretel; all candy and sweets on the outside but inside there is something dark.” The artist’s work displays a kind of perverse humanity, courting fantasy, fairy tale and absurdity; many pieces present human-animal hybrids. This reverence for storytelling – and for crude materiality – is also to be found in the work of another Dutch artist, Folkert de Jong. Kowalsky, like de Jong, presents a theatrical, vaudevillian vision of humanity. One particular work, The Straw That Broke the Camel’s Back (2017), sees a grown man plagued by a Pinocchio-like curse, his elongated nose stretched to a definitive point. The title suggests a tragic tale, and in some instances the figure has been displayed encased in a

wooden ‘prison’. Kowalsky says, “It is about alienation, loneliness, fear, vulnerability and danger that is close, a darkness that is close. The idea that there is always a certain danger and darkness close to [each of us]. “Cardboard might seem an odd choice of material for a sculpture – while most art desperately clings to the idea of value and eternity. It is presumptuous to think that something will last forever.” BEILI LIU B. 1974, JILIN, CHINA; LIVES AND WORKS IN AUSTIN, TX, USA; STUDIED MFA MIXED MEDIA/SCULPTURE/ INSTALLATION, UNIVERSITY OF MICHIGAN, ANN ARBOR, MI, USA

Beili Liu’s large-scale sculptures, site-specific installations and performances explore materiality, space, time, labour and feminism. Building on her personal experiences

growing up in China and resettling in the USA, her works often confront the complexities of cultural difference and make use of Asian folklore traditions. Commonplace, ephemeral materials such as wax, clay and thread characterise Liu’s work. Often their use comes to signify the passage of time, a concern echoed in the locations and processes involved: the motion of a lake’s water, or the act of stitching swatches of fabric together. Liu’s pieces also depend heavily on the artistic commentary around them. The Mending Project (2011) saw the artist sitting at a table, ‘mending’, with hundreds of pairs of scissors suspended above her head. As she stitched together swatches of fabric, the looming threat of the hovering blades threatened to undo her efforts as well as cause physical harm – a poignant metaphor for the impending threat of violence. ▶

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ART SCULPTURE

MAYFAIR

▲ IT’S A NUMBERS GAME: Rachel Ara probes the value of neon in This Much I’m Worth ▶ The Nostalgia of the Infinite (Le Taureau) by LA-based Nathan Mabry

▶ In THIRST (2013), a large, native cedar elm tree was stripped of its leaves, painted white and suspended above Lady Bird Lake in Austin, Texas. The tree’s desaturated visage had the appearance of a ghost – a breathtaking sight when seen hovering above the water. The project was created in response to a drought in the area that caused the death of 300 million trees. Both pieces speak of Liu’s fascination with dichotomies: chaos and order, life and death, comfort and threat. They also allude to her ongoing interest in the transience and changeability of nature, the ‘dripping water [that] eventually penetrates stone’: “I am interested in illustrating a balance that brings together the alien and the familiar, uncertainty and hope, aggression

Nathan Mabry combines references to ethnographic art, particularly from the pre-Columbian era, with pop culture and modern artistic movements 74

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and stillness: the yielding resilience that I see as the feminine strength overcoming great obstacles, like dripping water eventually penetrates stone,” she says. NATHAN MABRY B. 1978, DURANGO, CO, USA; LIVES AND WORKS IN LOS ANGELES, CA, USA; STUDIED MFA, UNIVERSITY OF CALIFORNIA LOS ANGELES, LOS ANGELES, CA, USA

Nathan Mabry combines references to ethnographic art, particularly from the pre-Columbian era, with pop culture and modern artistic movements such as minimalism. The result is work which seeks out recurring themes in art history across direct temporal or cultural continuums. Mabry’s sculptures are often presented as though they might be historical artefacts, the sculptural remnants of an alternative history wherein differing cultures’ distinct aesthetic languages are curiously, provocatively amalgamated. His work explores the dualities, dichotomies and juxtapositions that arise through these combinations. Shape-shift (Eagle) (2013) is a terracotta sculpture of a large head, based on the stone Tenon heads created by the Chavín culture of Peru; the aluminium plinth on which it

sits is based on Donald Judd’s minimalist sculptures. The head depicts a man mid-transformation into an eagle. Viewed in conjunction with one another, the concept of transformation takes on new meaning: the art of the Chavín culture, through the evolution of its stylistic and aesthetic features, transforms into the kind of minimalist work made by Judd. Both elements begin to take on a new visual language – the stark, bold lines of the head work in relation to those of the minimalist plinth. In keeping with the myriad art-historical references that Mabry uses as his basis, his materials are similarly wide-ranging: aluminium, bronze, steel and terracotta all make appearances. The chosen materials often correspond to the original sculpture that Mabry is referencing, but at other times they work in direct opposition to it, creating an uncanny sense of recognition that is always just outside the viewer’s grasp. He comments, “I’ve always been fascinated by anthropology and archaeology – ritualistic associations within objects both old and new – everything they represent about human culture and human endeavour; and how this affects past, present and future.” H 100 Sculptors of Tomorrow by Kurt Beers (£39.95, Thames & Hudson), is out now.


MARK CORETH

November 6th to December 24th 2019 Following his many sculptural journeys to Africa, Russia and the Middle East, we are proud to present a winter exhibition of Mark Coreth’s recent work. All pieces can be viewed at www.sladmorecontemporary.com. Contact the gallery for a pdf or hard copy catalogue.

Wild Africa

Story in the Snow

Flight 2 Hope

32 Bruton Place (o Berkeley Square), London W1J 6NW T. 020 7499 0365 www.sladmorecontemporary.com @sladmorecontemporary


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Blazing a Trail A combination of glitz, glamour and skiing on Europe’s longest illuminated night run make a trip to St Moritz dazzling in more ways than one, says SARA LAWRENCE

PHOTOGRAPHS by Firstname Surname

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NIGHT SKIING ST MORITZ

IT FEELS A bit weird to squeeze back into

PHOTOGRAPH PHOTOGRAPHS by EyesWideOpen/Getty by Firstname Images Surname

your skiing kit when the sun has long set behind the mountains and only a sliver of crescent moon is lighting the night, helped by a bevy of sparkling stars. It feels stranger still to board a gondola in the dark, but sort of appropriate when ‘Mad World’ starts emanating from the speakers. However, rather than ‘going nowhere’ as the lyric suggests, words which only add to the spookiness of this slightly bumpy ride, we are most definitely heading somewhere and that destination is the top of Corvatsch mountain. About ten minutes in a taxi from the super snazzy Swiss ski resort of St Moritz, the world capital of winter bling, this is the home of Europe’s longest illuminated night run. The freshly prepared 4.2km slope reopens to the public every Friday night from 7pm, offering snow bunnies a wholly new version of their typical sporting experience, meaning you can kick off your weekends out here in the most exciting way. And if anyone fancies taking over the whole shebang it can also be booked privately on any other night of the week (three hours from 7-10pm costs approximately £4,230). The human silence in this quite bumpy gondola crackles with an anticipation so obvious you could almost slice it, increasing as the music swells to its crescendo. And because the only ‘night-skis’ I’ve ever done are the ubiquitous short rides back to various Alpine towns from hot-spot bars low down the slopes pre-dinner, I do feel a bit nervous about doing a full peak-to-creek stone-cold sober under a black sky. Taking the edge off massively, however, is the fact that I’m in the best company, here with a man who not only knows every inch of these pistes intimately but is the kindest, most comfortable and reassuring presence. As if all that wasn’t enough, he also has a great line in top banter plus knows the best places to stop for a crucial hot chocolate or glühwein. You’ll need it, by the way, because skiing at night is much more intensive than during the day. This is due to the ‘tunnel effect’ – you can see the floodlit piste in front of you but everything else is shrouded in darkness, meaning the airstream is sharper, breathing faster and pulses higher. Distances and speeds are harder to gauge, meaning skiers are necessarily more

focussed which helps create much more precise turns. The snow is soft and has good grip thanks to the piste-grooming vehicle leaving the mountain only 15 minutes earlier. Carving on these virgin tracks is a completely different feel to the morning, when the snow is fresh but hard. My companion here is Othmar, the outdoor butler at the spectacular Carlton Hotel in St Moritz where I’m spending a few heavenly days. Whatever you desire from your stay here, Othmar is on hand to make it happen. He acts as ski guide, adventure companion, concierge and your best foodie friend with endless recommendations and local knowledge. He can source and arrange any number of treats and experiences, take you wherever you want to go, organise the ordinary and the extraordinary and makes it all seem effortless. Plus, as I’ve said, he’s top fun and brilliant company – exactly the sort of guy anyone would love spending a day hanging out with. He laughingly tells me his greatest challenge is always motivating guests to leave the hotel in the first place. The Carlton is an exceptional hotel with a fascinating history. Situated on the north side of Lake St Moritz, it was built in 1913 and originally intended as a holiday home for a family of Russian Tsars – so the rumour goes, anyway. Indeed, the in-house restaurant is called Romanoff. Opulent architecture coupled with exquisite interiors from renowned Swiss architect Carlo Rampazzi and insanely gorgeous views make this a dream destination for a luxurious winter escape where you feel like you’re living in a snowy fairy tale. Just a two-minute drive via chauffeured Bentley from the train station and a fiveminute walk into the centre of the jazzy town stuffed with designer boutiques, ▶

You can see the floodlit piste in front of you but everything else is shrouded in darkness, meaning the airstream is sharper, breathing faster and pulses higher 79

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NIGHT SKIING ST MORITZ

REWARDS

AHEAD OF THE GAME When it comes to hitting the slopes (hopefully not literally), you’ll want the Bollé Backline Visor Premium (£249). Its ABS construction guarantees solid resistance and high capacity shock absorption, while the adjustable ventilation system allows you to easily control the amount of air coming in for maximised comfort. The helmet’s visor offers panoramic vision and is photochromic to adapt to light conditions. It’s also a great option if you wear prescription glasses. For more information, see bolle.com

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associate with them. It’s the home of the world famous Cresta-Run toboggan icecourse, venue for the annual White Turf International horse race and you could easily be forgiven for walking down the high street and thinking that only Prada and Chanel manufacture ski wear. It also has two high-altitude ski areas on its doorstep plus others within easy reach. With 350km of pistes and a high point of 3,305m, the ski area is extensive and snow sure, meaning there is something for every level of skier and snowboarder to enjoy. It’s a place to see and be seen with an all-encompassing selection of high-end boutiques, hotel terrace bars, and endless excellent restaurants. There is a thermal spa complex and other pursuits include show-shoeing trails, ice skating and curling, ice cricket, bobsleighing, indoor tennis and squash. Sightseeing options include horsedrawn sleigh rides (Othmar can organise these for hotel guests), helicopter flights and tandem hang gliding and paragliding. Book the delights of the Carlton and its surroundings for as long as you think you want to stay and then add on a couple of days because you will not want to leave. Enjoy it all but do be aware that no other ski trip stands a chance of matching up. H Rooms at Carlton St Moritz start from CHF 880 per night. For more information, see carlton-stmoritz.com. For more on the area, see stmoritz.com

▼ SNOWY OUTLOOK: Survey the sparkling scenes in St Moritz and the dramatic icy peaks beyond from the Carlton St Moritz’s terrace (and you might just spot an A-lister or three as well…).

PHOTOGRAPH by Gian Andri Giovanoli/KMU FOTOGRAFIE 2011

▶ The Carlton offers a non-stop shuttle service to the Corviglia Cable Car station for access to the pistes. All 60 suites are south facing with balconies opening onto sublime views of Lake St Moritz and the Engadine mountains beyond. Bathrooms are large, luxurious and marble-heavy with vast baths, rainfall showers and double sinks. The chic basement spa uses Cell-Cosmet products which excite me so much I screamed when I saw them. They’re incredibly high-end and effective but also very rare. Facials do not come cheap but the results are instantaneous and the glow lasts much longer than usual. One glance around at the remarkable design touches, fabulous floral displays and friendly yet crazy-efficient staff tells you you’ve definitely picked the right place to stay and your fellow guests confirm it. A large number of Kennedys, the closest thing America has to a royal family, were staying at the same time I was. It took me a couple of days to realise that the kind man who helped me get into my room when I was turning the key the wrong way was actually Chris Kennedy, son of Robert. One night they held a huge party for their hunger foundation in the ballroom and

it was fascinating to watch the Missonis, Giorgio Armani and Chiara Ferragni plus assorted models and aristocrats turn up to lend support. Curled on a huge leather sofa in the bar, enjoying aperitifs pre-dinner, the people-watching was off the chart as this glamorous, black-tie-clad crowd arrived and milled about, chatting and air-kissing and clearly ready to party, the glint and sparkle of their huge jewels providing almost as much light as the chandeliers. In a travel situation like this, it’s almost impossible not to feel super-smug and pleased that this sensationally stylish spot is where you currently find yourself lounging. NB: should you feel an urge to document the glory then the window seats here and in the equally elegant Romanoff eatery couldn’t be more perfect for Instagram purposes. The outdoor heated pool in the spa area is – just saying – another perfect location for envy-inducing social media snaps. Da Vittorio is the second in-house restaurant. Run by the Cerea brothers, who have been awarded a not-so-casual three Michelin stars, you must trust me when I say it would be total madness to be anywhere in the vicinity and not pop in to experience the extreme creativity, faultless techniques and unique flavours going on here. The tomato pasta sounds simple but is anything but. It’s mixed in front of you in a parmesan bowl and I’m still thinking about it now. St Moritz is the glitziest, snazziest, jazziest and most prestigious winter sports resort in the Swiss Alps. It is a favourite haunt of royalty, high society figures, A-list celebrities and everyone who wants to


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▼ LANDS OF PLENTY: [This photo] Iceland’s unspoiled north-west corner; [below, clockwise from top left] Islas Secas; England expects; Celebrity Flora is specifically designed for viewing the Galapagos Islands.

One for the Bucket List You’ve travelled near and far, enjoyed sun and snow, but have you experienced the trip of a lifetime? BEN WINSTANLEY scans the four corners of the Earth to bring you a host of unmissable travel ideas

Become an explorer ‘GET LOST’ WITH BLACK TOMATO

Have you ever wondered what it would be like to enter the unknown, to discover the undiscovered, and pit yourself against mighty Mother Nature? Luxury travel company Black Tomato is offering the privileged few exactly that with its innovative Get Lost service – the ultimate tailor-made experience for those looking to disconnect from civilisation and explore uncharted territory. Whether you traverse jungles, wilderness or the Arctic tundra is up to you – or you can ask Black Tomato’s travel experts to roll the dice for you, and send you into an environment of their choosing. From there, the team will provide you with advice on

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which training sessions are required to survive your journey, before it’s time to get the show on the round. You might find yourself helicoptered into Iceland’s unspoiled north-west corner, for example. Known as the Westfjords, this uninhabited peninsula and nature reserve is home to the arctic fox and a multitude of birdlife – especially atop the bird cliff Látrabjarg, which hosts nearly half of the world’s population of some bird species. The next step is all about setting up your remote tent under the northern lights, and warming your chilled bones in the naturally occurring hot springs. A little too wild? How about a luxurious mountain hideaway cabin in the remote Troll Peninsula, from which you can enjoy

activities like snowmobiling, kayaking, hiking and horseback riding. Perhaps getting lost isn’t such a bad thing. Trips from £30,000 per person. For enquiries and more information, go to blacktomato.com

Experience the natural world GALAPAGOS ISLANDS WITH CELEBRITY CRUISES

The inimitable Galapagos Islands have been the subject of scientific fascination for centuries – and now you can experience them for yourself via a state-of-the-art cruise liner specifically designed to explore this unique part of the world. More superyacht than ship, the gamechanging Celebrity Flora, from Celebrity Cruises’ extensive fleet, was designed


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The Galapagos Islands have been the subject of scientific fascination for centuries – and now you can experience them via a ship designed for the job specifically to bring the awe-inspiring surroundings as close to passengers as possible. It boasts an enviable collection of interior and outdoor spaces to observe the Galápagos Islands – not least the Infinite Balcony in most suites. Lower the fullheight window at the water’s edge, and the entire room becomes your balcony. The Flora experience includes twicedaily guided shore landings and excursions to get up close and personal with this UNESCO World Heritage Site. Simply head to The Marina – a huge water-level platform at the rear of the ship – and your purpose-built Novurania rib will take you on the day’s adventure. For those looking to delve deeper, there’s The Lab, a permanent research facility utilising cutting-edge oceanographic equipment onboard, as well as 11 naturalists, native to the Galápagos, ready and willing to share their knowledge of this magical part of the planet. Nothing has been left to chance in creating this visionary ship and its holistic Galápagos experience.

year’s tournament is no guarantee our boys will bring any silverware, IMG (the UK and Ireland’s exclusive hospitality sales agent for the Euro 2020) will ensure that your experience of the tournament will be unforgettable regardless of the outcome. Both private suites and shared lounges will be on offer for group stage matches and knockout rounds, as well as the semis and the showpiece final at Wembley Stadium, with experiences including delicious food and wines, as well as premium seating situated on the balcony directly outside. In the 60th anniversary year of the Euros, perhaps 2020 is the year to turn off the TV and turn on live-sports entertainment. For details and enquiries, hospitality.euro2020.co.uk

Get marooned on a desert island ISLAS SECAS, PANAMA

You wake up face first in the sand, the gentle lapping of the sea against your feet rowsing you from your slumber. Was it all a dream? Did that freak storm really capsize your ship? Well, no it didn’t. Turns out you don’t need to be in the plot of a Hollywood movie to find yourself marooned in paradise.

Instead, take a boat to the remote archipelago of Isla Secas, off the Pacific Coast of Panama, to discover a natural haven unlike anything you’ve seen before. Isla Secas is an eco-destination that combines the ultimate in all-inclusive luxury with completely unspoilt flora and fauna. Set totally off the grid, 33 nautical miles from the nearest town, it is home to four individually designed casita sites and three tented casitas, sleeping up to just 24 guests on one of the islands. (Yes – exclusive hire is available, should you be so inclined.) From the confines of the resort, you’ll be free to enjoy thrilling marine safaris and natural experiences by land and sea: snorkelling and diving amid the aquatic wonders of the Gulf, not to mention witness the beauty of a migrating Humpback whale. If the idea of a beach holiday in the Caribbean or Maldives leaves you cold, this jaw-dropping addition to the world’s most sought-after bucket list destinations is certain to give you the tropical destination you never knew you needed. Opens December 2019. Rates start from $1,500 per night. For info, see islassecas.com H

PHOTOGRAPHS: (football) Eddie Keogh for The FA; (cruise) Quentin Bacon)

For more info, celebritycruises.co.uk/flora

Witness champions crowned UEFA EURO 2020

Just picture it: you’re in the Stadio Olympico for the quarter finals of Euro 2020. It’s a balmy Rome evening, the atmosphere is charged, as a capacity crowd roars England’s Three Lions onto the pitch; victory standing between them and a hometurf semi final at Wembley. Could this be our year? You’re there in person to find out – sitting in one of the best seats in the house. Ask any English football fan what is top of their bucket list and seeing their nation win a trophy would be a common response. While booking your place at next

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REWARDS

The Royale Treatment For more than 150 years, Monte Carlo has been a byword for glitz and glamour. MAX WILLIAMS visits the famous Casino de Monte-Carlo to discover its secrets – and become a high roller for the day

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CASINO MONTE CARLO

JAMES BOND PLAYED on its table,

PHOTOGRAPHY by Monte-Carlo Société des Bains de Mer

Tony Stark drank at its bar. Since its opening in 1863, Casino de Monte-Carlo has become established as the most famous gambling house in the world, the one place where our fantasies and reality merge for a few glorious hours at the tables. Las Vegas has the glitz, Macau is the glittering upstart, but Monte Carlo retains the class, the sex appeal, the epic ballerness – albeit baller in a tuxedo and cigars type of way, rather than throwing £50 notes off a yacht. (You can do that in the harbour.) In terms of spinning the roulette wheel or playing a hand of cards, it’s Centre Court, the Louvre and the Vatican all rolled into one. Doing justice to the magnificent grandeur of the place is tricky, so it’s fortunate we have pictures (only a couple, mind you: the casino is notoriously reluctant to let photographers through the door – unless they’ve swapped their camera for their wallet). The Louvre comparison isn’t a million miles off: there are paintings and frescoes everywhere you look, generally depicting romantic courtship or bucolic landscapes or romantic courtship occurring within bucolic landscapes. (Girls and a countryside pad – what else would you spend your winnings on?) Perhaps palatial is a better adjective: what with its glittering chandeliers and vaulted ceilings and the extravagant decor – when in doubt, stick gold leaf on it – the casino bears a more than passing resemblance to one of those stately homes inhabited by the 18thcentury French version of Donald Trump, before he went doolally and was duly elected President of the United States. The casino stays open from 10am to 6am, Pascal Camia tells me, although table games start from 2pm. (For the first four hours it’s just slot machines.) “The peak

After the patron has departed, I ask the croupier the value of the chips that he’s been pushing so nonchalantly across the table. €100,000

of the gambling is between 11pm and two, three, four o’clock in the morning.” Camia is the director of the casino, and responsible for the experience of hundreds of gamblers who pass through its doors every day. As he observes: “People when they are here, they expect to see James Bond.” Here’s a fun little tidbit for you: the clocks in Casino de Monte-Carlo are the only clocks in any casino in the world. (Potentially a double tidbit for anyone unaware that casinos don’t have clocks). Basically, the Monte Carlo casino predates the Monte Carlo resort, and therefore gamblers coming from out of town (ie most of them) had to keep an eye on the time so as not to miss the last train. The station was situated just outside the casino, which probably seemed like a neat solution until some bright spark decided to build more hotels and make leaving entirely optional. Anyway, now there’s a casino restaurant, Le Train Bleu, laid out exactly like a restaurant car to the point I imagine diners must occasionally glance outside to reassure themselves it isn’t actually moving. Le Train Bleu opens onto the casino’s main room, and supposedly a diner once spent her meal yelling roulette bets through the hatch to the nearest croupier. You hope she won, if only for her waiter’s tip. The casino brims with such anecdotes or points of interest. Go into the aforementioned main room, the Salle de Europe. Look up. See those eight little windows spread round the perimeter of the ceiling? That’s the original version of CCTV, with watchful eyes instead of video cameras. (Your chances of robbing the casino in the 19th century? Undeniably higher than today. The consequences if caught? Probably a lot more painful.) If you’d rather not play with the Muggles, move to the Salle Blanche – provided you’re allowed past the cordon. This room is where the real high rollers stake the kind of money most of us only play with on Football Manager. Jackets are compulsory, and that’s just as well considering all the croupiers wear tuxedos. I sit at the bar – which offers a Louis XIII cognac at €300 a glass – and watch a middle-aged gentleman enjoy several spins of roulette. After he’s departed, I ask the value of the chips that he’s been pushing so

nonchalantly across the table. €100,000. I need a hit of that Louis XIII. Casino de Monte Carlo is known for letting its patrons play for stakes that would be off-limits elsewhere. Camia tells me that “sometimes, on the table, we can have nearly a million – for one bet per person.” He adds, “it’s not a bad thing, the game, if it’s responsible. We stress that: play responsible.” It’s not just talk: the casino will cut off and stop inviting gamblers for whom they feel the game may be a problem. Unfortunately the fellow in the Salle Blanche can no longer spend his winnings on the company of La Belle Otero, a 19thcentury Spanish courtesan whose portrait hangs in the Salle Blanche. Her talents were prodigious enough to bring the great and good flocking to Monte Carlo, and what remained of their fortune after procuring La Belle Otero’s charms (the lady didn’t come cheap) was taken to the casino tables. She proved so beneficial to the local economy, the Hôtel de Paris ended up hosting her for free. Lucky La Belle Otero: hotels don’t come much more storied than the digs across the road. The Hôtel de Paris Monte-Carlo opened in the same year as the neighbouring casino. Its restaurants include the threeMichelin star Le Louis XV, its American Bar is one of the most famous in the world, and its 200 suites include the £40,000 a night Princess Grace penthouse – a celebration of Monaco’s most famous resident that doubles up as Monaco’s most exclusive lodging. ▶

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CASINO MONTE CARLO

REWARDS

Step onto the balcony overlooking the Riviera, the yachts on the sea reflecting the stars in the sky, and suddenly the glimmering bay has a touch of magic 86

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and those who gamble big. Despite the fact I consider £20 down William Hill to be a fairly hefty wager – the closest I come to being a high roller is a trip to Greggs with the munchies – the casino was kind enough to invite me to join them for the evening. The guestlist included Prince Albert and Princess Caroline (naturally), ‘Queen of Burlesque’ Dita Von Teese (makes sense), and Topshop heiress Chloe Green and her boyfriend Jeremy Meeks, aka the ‘Hot Felon’. From the North Side Gangster Crips to hobnobbing with literal royalty: amazing where a good mugshot will get you. After champagne and canapés in the Atrium, everybody decamped to the Salle Médecin for the dinner. The Salle Médecin – literally, the ‘Doctors’ Room’ – hosts most major events in the casino: galas, concerts, boxing matches. I don’t know where the moniker comes from, although I’m sure the average player stakes sums high enough to cause a heart attack. Even compared to the rest of the casino, the Salle Médecin does a

PHOTOGRAPHY by Monte-Carlo Société des Bains de Mer

▶ The penthouse is really quite something. Opulence, opulence everywhere: from the rooftop pool and jacuzzi looking across the bay, to the two giant bedrooms with their own private dressing rooms, to the gleaming in-house spa. The minimum booking is three nights – or £120,000. Definitely one for the high-rollers, or the very lucky. Unsurprisingly, Monte Carlo likes high rollers – so much so that the casino stages an annual dinner for 120 of its highest, an ultra-exclusive celebration of gambling

good impression of a cathedral interior, all artwork and arches and a ceiling so distant it must be halfway to God. You don’t know whether to gamble or genuflect. Each course is interspersed with performers depicting the emotions of gaming through the medium of dance, and some pretty snazzy lighting effects. Those emotions are the wonder of childhood (‘aren’t casinos cool…’); the chill of fear (‘oh lord, my mortgage, my mortgage’); the thrill of combat (‘sod it, another grand on red!’) and the love of the game (‘it’s just such a RUSH! I can stop anytime I want’). The highlight is undoubtedly the combat dance, in which goddamn Kendokas have a sword fight between the tables. Honestly, I’ve seen productions of Henry V with less action. After the performance, gold confetti descends from on high and everyone hits the roulette tables. Even though I daren’t play – I’d be cleared out after two spins (unless of course… let’s not got there!) – it’s impossible not to feel giddy at the sight of the Salle Médecin on a Saturday night. Step onto the balcony overlooking the Riviera, the yachts on the sea reflecting the stars in the sky, and maybe it’s the champagne but suddenly the quietly glimmering bay has a touch of magic; a place where James Bond lights the cigarette of Grace Kelly, then stares down Le Chiffre over baccarat; a place where time holds its breath and the ugly truths of the world can be temporarily tossed away. Monte Carlo: not so much a region as a state of mind; halfway between reality and a dream. H


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AHEAD OF ITS TIME

Heathrow VIP is all about making the most of your time – ensuring you never even have to see a queue. Thanks to its personal shoppers and VAT benefits, it’s also a perfect place to pick up a new watch

TIME IS OF THE ESSENCE: Although the Heathrow VIP service is available for both departing and arriving flights, personal shopping and VAT refunds are not available for arriving passengers. Heathrow VIP also offers a service for connecting flights. If you wish to book Heathrow VIP, prices start from £2,750 + VAT for 1-3 people, and more information can be found at heathrowvip.com.The Heathrow VIP reservations team are available 6am-11pm, seven days a week, on +44 (0) 208 757 2227.

PHOTOGRAPH (plane and car) by David Hares

HEATHROW VIP OFFERS the ultimate luxury airport service for the world’s most affluent individuals, transforming a stressful and over-crowded airport journey into an exclusive and personal experience. For budding watch enthusiasts, the service provides an effortless means of adding the latest watches to your collection via the use of Heathrow VIP’s personal shoppers, as well as the ability to receive VAT refund from the comfort of your own private lounge. The luxurious experience begins at the front door of your home, hotel or office where a chauffeur will collect you and drive you in style in a BMW 7-Series to a dedicated VIP terminal named The Windsor Suite at Terminal 5. Upon arrival you will be greeted and escorted to your own private lounge, designed to be a personal oasis of tranquillity for the duration of your time at the airport. Heathrow VIP’s dedicated staff will remove the associated stress of travelling, taking

care of your baggage and checking you in for your flight. The team will give you the option of whether you would like to board the aircraft first or last and then keep track of time for you, allowing you to relax and take full advantage of Michelin star-inspired food by Jason Atherton and incredible art curated by Tanya Baxter. Most importantly for any watch enthusiasts, alongside the fantastic food and art, Heathrow VIP’s personal shopper and VAT refund service mean that your time at the airport can be a wonderful opportunity to add to your collection. Heathrow Airport was recently awarded with the title of ‘World’s Best Airport Shopping’ by Skytrax. The most exclusive watch brands – from Rolex to Gucci and Breitling to JaegerLeCoultre – are easily accessible from Heathrow VIP. Furthermore, if there is a specific timepiece you desire, why not request for it to be delivered to the relevant store in the airport, ready to be purchased VAT free

with a personal shopper. Even if you have already made your latest purchase while visiting London, the in-lounge VAT refund service means that a VAT refund has never been so simple, with clients able to receive their refund within the comfort of their private lounge. When considering how stressful travelling through one of the busiest airports in the world can be, the ability to shop and receive tax refunds in an effortless and luxurious setting means that there is no better way of travelling than with Heathrow VIP. Finally, once you have purchased your stunning new watch, the Heathrow VIP service includes a private security lane and a chauffeur-driven BMW 7-series to take you straight to the side of your aircraft, meaning that there are no queues or long journeys to the departure gate. Your whole experience at Heathrow VIP is one of utter luxury, and one that provides a wealth of opportunities for anyone looking to purchase the latest addition to their collection. H

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A New Dawn The lines between classic and modern performance cars are blurring, resulting in an unexpected shift in the collectable car market, says JOHN MAYHEAD

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Over the last few years, the traditional lines between classic and modern performance cars have been blurring as Marcus Atkinson, MD of enthusiast motor insurer Hagerty, explains: “We’ve found that many of our clients are starting to include more modern cars in their collections, and the nature of the cars we are being asked to insure is changing as a result.” The fascinating thing about these cars – typically performance models from top-end marques under 15 years old – is that their values are starting to mirror those of classics and hold or even increase in value.

Take the Bentley Continental GT, the six-litre beast mentioned in the opening paragraph. Hagerty’s valuation team have been tracking this for a while now and have been fascinated to see values start to increase. Back in January this year the average advertised value of a sub 50,000-mile first generation standard coupe was around £36,500. By September 2019, that had risen to nearly £41,000. The very best examples have increased in value too, from around £52,000 to £60,000. This doesn’t seem like a lot, but it’s significant for a couple of reasons. First,

PHOTOGRAPHS (DB9) by Nick Dimbleby

TAKE A MOMENT to close your eyes and picture a classic car. What do you see? Chrome bumpers? Hand-built bodywork? Burr walnut trim? How about a six-litre, 555-brake horsepower twin-turbo Bentley Continental GT with 19” alloys and an entire suite of electronic driver aids? No? Once, there was a 40-year cut-off: anything older was a classic or vintage, anything newer was just a second-hand car. Generally speaking, the classics tended to better hold or increase their value, were maintained more carefully by their owners, and used more sparingly.


MOTORS CLASSIC CARS

Manual gearbox 1970s sports cars may make a great noise and look absolutely sublime but driving them requires skills that take commitment to master

▲ MODERN CLASSICS: Recent models such as the original Audi R8 [this image], Bentley Continental GT and the Aston Martin DB9 [above right] are where the collectors’ market still has room to grow.

the current collectable motoring market is about as ‘bear’ as it gets. Many values in the Hagerty Price Guide are dropping, and recent auction results have been poor – the bellwether total Monterey results were down a massive 35% from 2018. Secondly, values of second-hand performance cars have traditionally kept dropping for decades, as high maintenance costs outweigh any marque attraction, as Atkinson explains: “In the past, performance cars tended to bottom-out at around the £10,000 mark before values started to climb again. This typically took 20 years

or more. With this new generation of cars such as the Aston Martin DB9, Porsche 911 (997), Maserati Gran Turismo and Audi R8, values seem to have stabilised much higher, much earlier – between £20,000 and £40,000 within ten years of manufacture depending on the car.” So, why the change? Atkinson believes it could be the changing nature of the cars themselves. “Build quality has been improving steadily over the years. That means that performance cars may not be the extreme money-pits they once were,” he comments. He has a point. Again, the Bentley Continental is a great example. It was the first model from the marque launched under Volkswagen AG management, and the first to be built to modern mass-production techniques. New cars are given a three year, unlimited mileage warranty, a very strong statement of confidence from the factory, plus dealerships offer fixed-price servicing. Atkinson says, “This makes them more attractive to a new generation of owners. Once, spending time working on your

classic car was one of the attractions; today, many 40-somethings just want to drive them. Modern collectable cars offer more time in the driving seat.” Newer performance models are also easier to drive. Manual gearbox, carburettor-fed, rear-wheel-drive 1970s sports cars may make a great noise and look absolutely sublime but driving them, especially in challenging conditions, requires skills that take commitment to master. Modern sports cars, with driver aids like ESR, ABS, power steering, proximity sensors and more, offer performance without as much demand on the driver. So, where will values go? Despite being strong, the sheer number of these cars produced mean values will ultimately be limited and there’s also the unknown factor of emission regulations. In years to come, will the early 21st century cohort of performance cars be lauded as the last real sports cars, or will they be derided as dangerous, noisy, polluting dinosaurs that deserve to be made extinct? Only time will tell. H

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The Perfect Liquid Asset What does modern fine wine investment look like, and can you actually make serious money from it? ALICE LONGHURST-JONES gets insider tips from the team at OenoFuture on turning bottles into profit FOR OENOFUTURE FOUNDER and CEO, Daniel Carnio, investing in fine wine is “a no-brainer thanks to the rocksolid returns which reliably hover around the 10% mark”. As well as offering impressively consistent performance, fine wine investment is also extremely safe, as Carnio explains: “Against a backdrop of sustained turbulence on the global markets, fine wine can offer a reliable, secure haven for investors keen to diversify their portfolio and protect their assets.’’

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Mike Heffernan, OenoFuture’s Head Financial Analyst, agrees that fine wine investment can offer welcome respite from the volatility of the markets. He cites the turbulence of the last quarter as a prime example: “The third quarter of the year is usually fairly benign for investors, with relaxing by the pool with a cold drink and not worrying about the markets the default setting for many. This one has turned out to be possibly the most action-packed since 1939.”

“Instead of looking forward to good progress being made on the USA-China trade talks and Central Bank easing/ reversing policies,” Heffernan continues, “we have had to contend with the ongoing Brexit shenanigans, Boris Johnson and President Trump facing possible impeachment, ongoing trade war tensions, flare ups in the Gulf, unrest in Hong Kong, bond market swings and continued global growth slowdown.” Far from being a blissful, carefree summer, “the swings and gyrations


WINE OENOFUTURE

If you had invested in fine wine this year, you could relax knowing that no matter what the markets were doing your investment was increasing in value

PHOTOGRAPH by Captured By Ifti [wine glasses]

of the markets were not good for one’s enjoyment of holiday surroundings, let alone one’s investments.” Heffernan is quick to point out that “had you invested in fine wine, you would have been able to relax, knowing that no matter what the markets were doing your investment was serenely increasing in value. “Over Q3 of 2019 the FTSE 100 has returned -0.22%, the Dow +1.18%, S&P500 +1.23% and the Nasdaq -0.09%. As if that wasn’t enough, gold has returned +3.4%, hardly surprising in light of the events, and oil a disappointing -6.05%. In comparison, the Masseto 2007 jumped 13.1% over Q3, while another famous Italian fine wine, Sassicaia 2014, saw growth of 12.4%. ‘Screen watching’ or whiling away the summer in a lounger? I know which one I’d prefer!” The figures speak even louder when you look back over the past couple of decades. Since 2005, the FTSE 100 has returned 94.9%, classic cars 245.8%, and the fine wine market 198.0%. Heffernan explains that with the classic car market being out of reach for many, fine wine offers an easier, more accessible investment option with excellent opportunities even for passive investors. Although the top fine wine sale of 2018 was a $558,000 bottle of 1945 Romanée-Conti sold at Sotheby’s, investors can start building their portfolio with an initial investment as low as £10,000. Unlike other alternative assets like art, classic cars, or antiques, fine wine comes with a unique benefit for those who enjoy the good life. “The most beautiful aspect of fine wine investment is that you can always drink it,’’ comments Carnio. Wine is made to be drunk, enjoyed, and shared with those precious people in your life, and this is yet another reason why the world’s rarest wines make particularly sound investments. As

each year goes by availability decreases, driving up prices for those who are fortunate enough to have held onto the last remaining bottles. Allied to this is the growing global appetite for fine wine. In Asia purchases of bottles costing over $200 has increased by over 70% over the past year. Annually, 118 billion glasses are consumed in China alone. When combined with the fact that over the past couple of years global wine production has hit its lowest point in 60 years, these drivers are contributing to an expected price rise of 20% in 2019. So, how do you know which wines to buy? The first thing you need to consider is that less than 1% of the wine produced globally is considered investment grade. For those wishing to enter the market, the Liv-ex index can be a useful tool to guide you on which wines have a strong track record and should perform well in the future. Those who love to drink fine wine may have heard of top wine critics like Robert Parker, Antonio Galloni, and Lisa PerottiBrown, whose reviews can provide another valuable source of information on what to buy. An exemplary score from one of these experts can also have a dramatic effect on pricing. An excellent example is Robert Parker’s revisit of the Mission Haut Brion 2005 which he upgraded from 98+ to 100

points in 2015. As a direct result of this announcement, the trade price leapt from £3,200 to £4,506 between January and June 2015 on the fine wine index Liv-ex. Finally, Daniel Carnio recommends thinking outside the box, which is one of the trademarks of his fine wine investment company, OenoFuture. “For example, today China is making investment-grade wines like the Ao Yun by the LVMH group which is produced from high altitude vineyards in Yunnan province,” explains Daniel. “This wine has already proved to be very strong in terms of return on investment.” Daniel also recommends investors consider regions in California, Spain, and Italy which are slowly but steadily gaining market share from the traditional collector’s favourite, Bordeaux. As with any investment, Carnio recommends always doing your research thoroughly; “while you can experiment yourself, it really pays to have an expert pair of eyes to curate your portfolio and make sure you are maximising your returns”. Choosing to work with a fine wine investment company gives you access to their extensive knowledge bank, insider analysis, and unique market access, making fine wine investment viable even to those dipping their toes into the world of wine. H Oeno specialises in sourcing the finest bottlings for private investment and trade. See oenofuture.com

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40,000 Strong is an installation representing the number of UK veterans derailed by injury in the last 20 years. That’s 40,000 military careers ended and 40,000 families affected. Every day this number continues to grow. Many of those injured fall through gaps in support. We’re fighting to fix this. Can you join our mission to help all wounded veterans stand strong? 40ThousandStrong.com

#40ThousandStrong


RESTAURANTS NORTHCOTE

REWARDS

North Star

In the serene rolling hills of Lancashire, BEN WINSTANLEY discovers a surprising fortnight -long culinary event bringing together the world’s best chefs

‘OBSESSION’ IS AN apt name for one of the world’s grandest celebrations of culinary wizardry. What else could adequately translate the feverish creativity, the exhaustive labour, and the highs and lows required to make it to the top of the gastronomic food chain? To tweak an old adage: ‘You don’t have to be mad to work in the restaurant industry… but it helps.’ Started by Nigel Haworth and Craig Bancroft in 2001, Obsession is an annual event that sees a host of the best chefs on the planet showcase their idiosyncratic cuisines on consecutive evenings stretching out over a fortnight. The twist? You won’t find the festival in London, nor any other British city: to take this foodie pilgrimage you’ll have to travel to the edge of Lancashire’s Ribble Valley, where you’ll find Haworth’s Michelin-starred Northcote boutique hotel and restaurant waiting for you. It’s a trip well worth taking. Visiting last year, I was amazed to witness both Hawoth and Northcote’s head chef Lisa Goodwin-Allen marshal these titans of their industry around the kitchen with military organisation. Each day, the pair would arrive at 10am and wouldn’t leave until deep into the night, long after the final course of the day’s tasting menu was gleefully consumed. Over 15 days, the kitchen produced five courses for roughly 1,950 guests – or, to put it another way, the restaurant served close to a monumental 10,000 perfectly presented, finely crafted plates of food. From 24 January to 9 February, Obsession returns for its 20th anniversary celebration with its biggest culinary festival

to date. This time around, several big-name chefs from around the world will cook in pairs or trios: one-off collaborations that are sure to set the tastebuds alight. Standout appearances include threeMichelin star chef Jacob Jan Boerma from Restaurant De Leest in the Netherlands; Sat Bains (Restaurant Sat Bains, Nottingham) and Paul Cunningham (Henne Kirkeby Kro, Denmark), a tag team that boasts four Michelin stars in total; the might of two of Portugal’s best chefs in Dieter Koschina (Villa Joya) and Hans Neuner (Villa Vita, Portugal), also with two Michelin stars each; and a trio of up-and-coming British chefs in Tom Brown (Cornerstone, London), Gareth

Ward (Ynshir, Wales), and Kirk Haworth (Plates, London). It’s a dilemma deciding which evening(s) to enjoy. Rumours are that last year several guests didn’t bother choosing at all, and managed the seemingly unthinkable in dining at every single sitting of the festival – a feat of marathon gastronomic indulgence that surely deserves some kind of special award, or maybe a coronary bypass. While we couldn’t recommend such impressive levels of consumption, Obsession is the kind of event that leaves you wanting more – after all, there’s a reason it’s still going strong after 20 years. H For more info, see northcote.com/obsession2020

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PROMOTION TOG KNIVES

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FIX UP LOOK SHARP

Bristol-based brand TOG blends British design with Japanese craftsmanship in its premium knives. Forged from layers of steel and copper, each blade is handmade in Seki: the home of the Samurai sword

IT TAKES MANY layers of steel and copper and a revolutionary Norwegian wood to create every TOG knife, but the most important ingredient might just be the one you can’t see: 800 years of Japanese blade-making knowhow. Founded by product designer Bert Beagley-Brown, TOG is a premium knife brand that was born in England but whose heart is in Japan, specifically in a place so strongly associated with swords and knives that it’s known as ‘the city of blades’. Not only is Seki where Beagley-Brown first discovered the history and artistry of blade making, but it’s where each of TOG’s spectacularly sharp precision blades is made. The design, though, is tailored to the needs of British cooks, and the result is a collection of knives that are as effective to use as they are pleasurable to look at. And when you do exactly that for the first time, you’ll notice two things: the

hair’s-breadth layers of copper – the metal’s antimicrobial properties make TOG blades the most hygenic you’ll find – and the etched wooden handle, made from a hardy modified wood called Kebony maple. Look again and you’ll see the laser-etched TOG logo and individual reference number, the clever little-finger ‘scoop’ in the handle, and the contours and graining that mark your knife out as different to any other. The Bristol-based brand’s range features takes on classic Japanese blade shapes, from the compact and versatile petty and paring

Each blade is beautiful and purposeful in its own right, but purchase a set and you’ll elevate your chopping game to pro levels

knives to the chef ’s all-rounder, the santoku, and the flat-ended nakiri – new to the range, and perfect for chopping vegetables. Each one is beautiful and purposeful in its own right, but purchase a set and you won’t just make a hefty saving, you’ll elevate your chopping game to pro levels. Little wonder several Michelin-starred chefs are fans. There’s a range of accessories, too, including a ceramic honing rod and wooden chopping boards, handmade in Warwickshire from British cherry and American black maple, with bold stripes that echo the copper layers in TOG blades. Like every other aspect of TOG’s knives and accessories, those layers are distinctive, meticulously crafted and serve a genuine purpose. They’re a testament to British design and Japanese craftsmanship, and of how TOG has brought the two together to create the finest knives in the world. H For more information, see togknives.com

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CHRISTMAS GIFT GUIDE

REWARDS

All You Want For Christmas The most wonderful time of year is just around the corner, which means it’s time to stuff the stockings, buy the turkey, and most importantly find your loved ones (and yourself!) the perfect gifts. Here’s a few suggestions to get you going… In association with

PHOTOGRAPHS by Firstname Surname

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HIBIKI

BACCARAT

17 YEAR OLD WHISKY, £600

FLUTISSIMO CHAMPAGNE SET, £340

Don’t buy your old man the same bottle of Scotch this year, try the prestigious Hibiki 17 year old: a whisky blended with the precision and eye for detail we’ve come to expect from Japanese craftsmanship.

The king of crystal brings yet another impeccable design to our dinner tables this Christmas. Flutissimo features a diamondshaped centre atop an intricately bevelled stem to create a stunning flute for fizz.

Available from harrods.com

Available from harrods.com

CARAN D’ACHE LÉMAN GRAND BLEU BALLPOINT, £385 Swiss brand Caran d’Ache is repsonsible for some of the most beautiful writing instruments ever created. Just look at the Léman Grand Bleu – a delicately engraved pen finished in a brilliant blue laquer. Available from harrods.com

SAINT LAURENT

CHLOÉ

SILK PRINTED SHIRT, £645

SMALL ABY SHOULDER BAG; £1,700

Statement shirts are this winter’s musthave party-season accessory. Away from the loudest Versace and Gucci prints, we suggest this understated geometric option from Saint Laurent, finished in pure silk.

The iconic Chloé padlock and key takes centre stage of this stunning new Aby bag. Featuring croc-embossed leather in a luscious midnight blue and accordion sides, it’s as versatile as it is striking.

Available from harrods.com

Available from harrods.com

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CHRISTMAS GIFT GUIDE

BVLGARI

CREED

OCTOFINISSIMO WATCH, £12,700

ROYAL PRINCESS OUD, £245 (75ML)

Italian style meets Swiss haute horology in this ultra-thin watch. Characterised by the clean lines of its unusual case, this striking version comes in carbon-coated titanium, with a Harrods-green dial.

Creed’s Royal Princess Oud is a captivating, feminine rendition of oud that features the softness and elegance of Tuscan iris at its heart, as well as bergamot and violet top notes. This is oud, but not as you know it.

Exclusive to harrods.com

Available from harrods.com

BURBERRY WOOL ZIP-UP COAT, £2,490 Burberry may be the undisputed kings of the trench coat, but it isn’t afraid to push the boat out within its Runway Collection. This modern take on the overcoat features biker-inspired zips for street-style appeal. Available from harrods.com

NYETIMBER

TUMI

TILLINGTON 2013, £100

CONTINENTAL CARRY-ON, £895

Tillington is Nyetimber’s answer to Moët & Chandon’s Dom Perignon – a prestige wine only produced in the best vintages. This single vineyard sparkler has all the elegance and length of the very best champagne.

There’s a reason seasoned travellers reach for TUMI suitcases time and again. This carry-on combines superior construction methods, with a stylish design and a TARDIS-like interior. What’s not to love?

Available from harrods.com

Available from harrods.com

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REWARDS

LIMITATO

VACHERON CONSTANTIN

BANG & OLUFSEN

‘UNIQUE’ HOODIE, £280

TRADITIONNELLE WATCH, £26,400

BEOVISION HARMONY, €18,500

Swedish brand Limitato has joined forces with the world’s best photographers to create a new art range. It includes the ‘Unique’ hoodie, featuring a striking image of David Bowie by Justin de Villeneuve.

Simplicity is key to this staggering 18k pink-gold timepiece. The silver-coloured dial features hand-guilloché engraving in the shape of the Maltese cross, as well as a small seconds register at 9 o’clock.

This speaker-TV combo moves. No, seriously – when playing music, the speaker-fronts stand upright, but when using the TV (LG OLED C9 77”), the speakers fan horizontally and the screen rises to rest above them.

Available from harrods.com

Exclusive in-store at Harrods

Exclusive to harrods.com

TOM FORD LEATHER LOGO BUCKLE BELT, £620 This signature Tom Ford belt proves that this accessory can play more than a supporting role when done right. Crafted in Italy from glossed calfskin, the silhouette is finished with a statement T buckle. Exclusive to harrods.com

DAVID MORRIS

HENES

WOOYOUNGMI

ILLUSION NECKLACE, £POA

BROON F850 RIDE-ON CAR, £1,099

CORDUROY DOWN JACKET, £1,250

The Illusion collection from David Morris is all about the interplay of light and the brilliance of diamonds. Take this necklace: it features pear, princess-cut, and round diamonds for maximum shimmer.

The hottest set of wheels for your little one: zooming off at a top speed of 5mph, the Broon F850 features adult-like additions such as an operational hood and trunk, as well as LED headlights and suspension.

This chunky statement jacket from slick Korean brand Wooyoungmi feels as warm as it looks – combining the insulating powers of down feathers, corduroy and a velvety soft faux-fur collar. Toasty.

Available from harrods.com

Available from harrods.com

Exclusive to harrods.com

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CHRISTMAS GIFT GUIDE

ACQUA DI PARMA

MONCLER

GUCCI

COLONIA VANIGLIA, £197 (1OOML)

FUR-TRIM DOWN CLION JACKET; £1,345

BRIXTON WEB LOAFER, £530

Inspired by the islands of Madagascar, Colonia Vaniglia is a kaleidoscopic fragrance that blends bright citrus notes of bergamot and mandarin, with richer, elegant tones of sambac jasmine and sweet vanilla.

Ski-chalet chic takes a feminine shape in this sleek jacket from Moncler. Featuring high-tech rainwear fabric and padded with goose down for warmth, it’s finished with a fox fur trim for a final stylish flourish.

The Gucci horsebit loafer, first seen in the 1950s, is one icon that every gentleman should own. New for 2019, the Italian brand has created a warm blue colourway, perfect for weekend wear or the office alike.

Exclusive at harrods.com

Available from harrods.com

Available from harrods.com

CHESS & BRIDGES BRASS CHESS SET, £1,260 Step up your post-dinner games this Christmas with the help of this beautiful chess set. Crafted from rosewood, and golden and silver-hued brass, it’s the ideal blend of classic and modern design cues. Available from harrods.com

S.T DUPONT

BRUNELLO CUCINELLI

TRUEFITT & HILL

JAMES BOND 007 LIGHTER, £1,800

LEATHER DUFFLE BAG, £3,150

HORN WELLINGTON SHAVING BRUSH, £85

Never lose your lighter again with this gold Bond-themed device from S T Dupont, featuring tech of which Q would be proud. The monolithic case connects to an S T Dupont app for easy location.

This highly elegant take on the duffle bag brings Italian craftsmanship to the modernday practicality of the holdall. Rendered in plush suede, with grained leather trims, this is as stylish a weekend bag you’ll ever find.

When it comes to grooming, trust the experts – like Truefitt & Hill, officially the world’s oldest barber’s shop. This shaving brush is handcrafted in the UK from badger hair for a superior shave. We’re sett on it.

Available from harrods.com

Available from harrods.com

Available from harrods.com

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CHRISTMAS WINES

REWARDS

Good Libations Eat, sleep, drink, repeat: you know it’s Christmas – and Justerini & Brooks has the third on that list nailed. Cheers!

FESTIVE SPIRIT

[From left to right] Philipponnat Blanc de Noir, 2012, £49.43; Bourgogne, Blanc, Clos du Chateau, Château de Meursault, 2016, £25.68; Elpidios, David & Nadia, 2016, £24.68; Johnnie Walker Blue Label, Ghost & Rare, Glenury Royal, £275. For more info, justerinis.com

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PHOTOGRAPH by David Harrison

JUSTERINI & BROOKS


Gavin Gardiner Limited ----------------------------------------------------------------------------------------------------------------

Auctioneers of Fine Modern and Vintage Sporting Guns, Ries and Accessories

Forthcoming Auction: 11th December 2019 at Sotheby's 34-35 New Bond Street London Exhibition: Tuesday 10th December 9am to 4.30pm Wednesday 11th December 9am to 1pm Auction at 2pm Catalogue by post ÂŁ17

Tel 01798 875300 www. gavingardiner.com


COUNTRY GEAR FARLOWS

PURSUITS PHOTOGRAPHS by Firstname Surname

▲ TWEEDING FRENZY: This Wellington in Donegal tweed is about as traditional as country topcoats come. Farlows has gone all out on the classic look with a brown herringbone pattern and raised seams along the raglan sleeves. It’s constructed in a small factory in Northamptonshire. £695, farlows.co.uk

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REAL ART ∙ REAL HISTORY ∙ REAL IRON REDEFINING ASSET CLASS INVESTMENTS

TO BE FEATURED IN OUR DECEMBER 6-8, 2019 PREMIER AUCTION: FINE, HISTORIC, & INVESTMENT GRADE FIREARMS

Annie Oakley

Historic Factory Game Scene Engraved, Gold Plated Annie Oakley Presentation Marlin Deluxe Model 1897 Lever Action Rifle

®

#1 FIREARMS AUCTION HOUSE IN THE WORLD SINCE 2003! 001-309-797-1500

WWW.ROCKISLANDAUCTION.COM


GUNS JOHN DICKSON AND SON

Like Father, Like Son Scottish gunmaker John Dickson and Son was famous for creating the first round action guns from 1880. As GAVIN GARDINER explains, these rare and unique pieces are seeing a renaissance among collectors WHEN THINKING OF famous gunmakers, it’s easy to overlook the achievements of the makers from North of the Border. With so much talk of the famous London names, Purdey, Boss, Holland and Holland, many a new buyer will be completely unaware of the fine Scottish gunmaking heritage. Especially today as the few remaining names have become ‘luxury brands’ and are heavily promoted by their parent companies – Holland and Holland is owned by Chanel, Purdey by Richemont. Turn the clock back a hundred years, however, and you find that Edinburgh and Glasgow were rich gunmaking cities, easily the equal to London and Birmingham. Scotland not only had some of the finest shooting on offer, but also some of the finest gunmakers. Most famous of all of the Scottish gunmakers has to be John Dickson and Son. Established in 1830, it soon became Edinburgh’s best gunmaker, and was ideally placed at a time when rapid change was sweeping the gun trade. As flintlock gave way to percussion, and by 1860 the first central fire breechloading guns made all that had preceded them obsolete overnight, Dickson adapted to the times and was at the forefront of these new innovations. It will be the timeless ‘round action’ hammerless guns that Dickson will forever be associated with, with the first built and patented in 1880. Built on a ‘trigger plate’ action, the working parts were mounted in

John Dickson and Son’s round action design was used to produce perhaps the most unusual and best handling over-and-under shotgun ever built

such a way as to allow for a very slim and lightweight gun, the normally bulky ‘action’ skilfully rounded to give a very slender and shapely look that moves and handles like no other, while retaining all of the strength and grace required for hard use in the field. Renowned as the ideal gun for grouse, there have been subtle refinements to this gun over the years, and limited production continues to this day. Indeed the firm is currently enjoying a renaissance as fresh investment has been made to secure the future of Scotland’s oldest gunmaker. As an auctioneer, I have had the pleasure of shooting as well as selling a great number of classic ‘round actions’ at our Gleneagles auction over the last 35 years. There is one that stands out for me as perhaps the most memorable of them all though, and it was also the rarest gun that Dickson’s ever built. Dickson released a very limited number of over-and-under guns on its classic ‘round action’ design, and produced perhaps the most unusual and best handling over-andunder shotgun that any maker has ever built.

The conventional design was altered in such a way as to literally turn the mechanism on its side, and produce a gun with a sideopening action. As few as four were built – it is steeped in legend, and the example that I sold at Gleneagles in 2006 was the last one made, finished in 1960. To finally have this holiest of gunmaking grails in my hands was quite unexpected, and a massive surprise, perhaps the greatest discovery of my career so far. As you can imagine, sportsmen and collectors from far and wide came to handle this masterpiece of gunmaking, and to impart an opinion on it. It attracted a massive amount of worldwide attention when we brought the hammer down on it at auction at Gleneagles, and it sold for a world record price of £78,000. I am still searching for the perfect Scottish gun for myself. I have seen many through the years that would have suited me perfectly, always to be outbid on the day of the auction. It appears that I am not the only one to searching for Scottish perfection. H For info and auction details, see gavingardiner.com

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REWARDS

The Flower of Scotland It’s the most iconic patch of turf in world golf, and now it’s right outside your front door: Hamilton Grand offers a unique chance to own property facing St Andrews’ Old Course, says BEN WINSTANLEY

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PHOTOGRAPHS by David Wear

▲ THE HOME OF GOLF: Overlooking the world-renowned Old Course, Hamilton Grand is perhaps one of the most iconic buildings in golf. On the left side of the red sandstone building, you can see the ‘Salt’ dome – housing a stunning dining room.


GOLF ST ANDREWS

NOTHING QUITE PREPARES you for the

first time you lay eyes on St Andrews links. If, like me, you find yourself getting a taxi from Leuchars Station to the Old Course Hotel, the moment creeps up on you all of a sudden; entering the gates of golf heaven, and no one’s even checked your ID. One moment you’re speeding along an A-road, nothing but pristine Scottish countryside for company, the next you’re stepping into the hotel reception, making the short walk to the Jigger Inn next door, and there it is: the two most famous holes in golf, the 17th and 18th holes at the Old Course. Like a child pressing their nose against the window of a sweet shop, you stare openmouthed at the sight you’ve seen so many times before – but this isn’t a Tiger Woods PGA Tour game or The Open on TV, it’s there right in front of you. Funny thing is you’re not the only one going through these emotions: golfers finishing off their rounds are all smiles, pub drinkers are boisterous, even the locals feed off the energy of a town that lives for this sport. They don’t call it the Home of Golf for nothing. The picture in most players’ minds when they recall their experience will be of the 18th, named after architect Old Tom Morris himself. It’s a parting shot that lives long in the memory after the final putt has been drained and hands shaken. Walking in the footsteps of the greats, the tee shot carries over the Swilcan Bridge to a humongous fairway that stretches out 129 yards in width. Behind the Valley of Sin – those devilish rollercoaster contours that guard the putting surface – and the green beyond are two buildings, both as iconic as the other; on the left, the neo-classical R&A clubhouse, the right the old Grand Hotel. It’s the latter that brings me to St Andrews one crystal-clear morning. At the beginning of the 20th century, the hotel was a bastion of luxury Scottish

Hamilton Grand’s greatest perk is one money can’t buy: complete access to the golfing mecca right outside your door

hospitality. It was the first place in the country to have a pneumatic elevator, and hot and cold water taps running to every bathroom in the property, but more than that this was the hotel that welcomed famous visitors like Rudyard Kipling, Bing Crosby and King Edward VIII. Over the last decade, Thomas Hamilton’s 1895 masterpiece has been transformed into a series of spectacular two-, three- and four-bedroom apartments that surely boast the greatest golf course views on the planet. Hamilton Grand, as the building is now known, is now a sumptuous ode to the red sandstone building’s original purpose. Times have changed since then, but Kohler Co’s reimagining of the property retains the grandeur of the past: there’s high ceilings, arched windows and columns in every apartment, while a roof terrace offers residents the best views in the city. When The Open returns to the Old Course in 2021, they’ll have the best seat in town. Hamilton Grand’s two domes are colloquially known as ‘Salt and Pepper’ for their semblance to the mills you might see on your kitchen table. You’ll find perhaps the best quirk in the property inside one of the top-floor penthouses where the ‘Salt’ dome has been transformed into a panoramic dining room or office (your choice) overlooking the golf course, and sea beyond – a truly one-of-kind space. There’s something surreal about walking the halls of Hamilton Grand and visualising what it would be like to live here. Each of the residences are managed by the Old

Course Hotel, with a 24-hour concierge on hand to take care of your every whim and need. Inhabitants have been known to call down to get home delivery from the excellent Hams Hame Grill located at the foot of the building, while residents also benefit from a round-the-clock butler service, the use of private chefs for parties, and full housekeeping services. Of course, the greatest perk is one money can’t buy: complete access to the golfing mecca right outside your door. For a minimal annual fee, Hamilton Grand owners who are permanent residents for more than six months per annum are eligible to apply for a Links Ticket, providing access to the seven courses that comprise the St Andrews Links Trust – and, yes, that includes the Old Course. The waiting list is a couple of years long, but if you’re patient, your annual membership will cost in the region of a simply ridiculous £400. (Top tip: if you simply cannot wait to get access to the links, there are several golf clubs associated with St Andrews that host monthly private tournaments on the Old Course.) Golf membership of The Duke’s Course – one of ten spectacular courses within a 30-minute drive of town – is also available. Atop the luscious rolling hills overlooking St Andrews, this spectacular heathland course is a genuine surprise in a region associated with links golf. Much like Hamilton Grand itself, it is a hidden gem ready and waiting for you to discover. H Apartments at Hamilton Grand start from £1,050,000. For more info, see hamiltongrand.co.uk

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PROMOTION LONDON IN THE SKY

HEDGE

UPPING THE ANTE

This summer, London in the Sky took over the O2 for three months with breakfast, lunch and dinner. Next year, it’s going up a level with the introduction of afternoon tea, and wine and cheese tastings

THE HIGH TABLE

See more at londoninthesky.co.uk

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PHOTOGRAPHS by Barbora Mrazkova

London in the Sky is an experience like no other; a 22-seat Sky Table suspended 100ft in the air, where you’ll enjoy fantastic food and drink accompanied by unique views of the capital. Tickets for next year are now on sale with flights throughout May, June, July. New to this year’s line up is afternoon tea as well as wine and cheese tastings. Our top tip, though, is the cocktail flight for the ultimate city sundowner. H


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PROPERTY BARRATT LONDON

HEDGE

LONDON CALLING…

In the heart of the City, surrounded by the capital’s most iconic buildings, you will find Landmark Place by Barratt London. We take a look inside the development’s simply staggering duplex penthouses

PHOTOGRAPHY by Christopher V Hadow / Matthew J Streten / Image Creative Partnership Ltd 2018

THE TOWER BRIDGE luxury penthouse collection at Landmark Place by Barratt London is the last phase of this prestigious development on the north bank of the River Thames. Set on the site of the original city walls of Roman Londinium, the penthouses are uniquely placed less than 50 metres from the Tower of London. With the development now virtually sold out, these exquisite residences present buyers with the last opportunity to buy one of the best views of London’s iconic skyline. “Landmark Place is currently the only riverside residential development for sale within the City of London,” comments Pam Reardon, Sales Director at Barratt East London. “The combination of its rare

Spacious and elegant, with every detail crafted to ensure the highest quality of finish, this is London living at its most luxurious

position, its architectural pedigree and its high quality specification has ensured global interest. The final penthouses, the pinnacle of those on offer, are the ultimate City address.” The architecture of Landmark Place draws inspiration from visionary architect Le Corbusier known for his designs based on light and space. Its two interconnected buildings, one of eight storeys and the other ten storeys, appear wrapped in glass, allowing wide vistas of the Thames skyline. Residents benefit from hotel-style living, both exceptionally convenient and draped in luxury, with access to world-class amenities that include a 24-hour concierge service, 20 metre swimming pool and spa, state-of-theart fitness suite, a residents’ lounge, business suite and cinema room which can be booked out for private screenings. Three duplex penthouses are available. Occupying the top two floors of the development, both feature three double bedrooms boasting en suites and dressing rooms, and impressive private terraces from which to soak up the iconic surroundings. Unique open plan layouts include floor-

to-ceiling glazing throughout, creating flowing interiors flooded with natural light, accentuating the phenomenal views on offer. Kitchens feature stone and marble worktops, Gaggenau appliances and bespoke joinery, ensuring the interior design and specification of the penthouse collection more than match its peerless location. Spacious and elegant, with every detail carefully crafted to ensure the highest quality of finish, this is central London living at its most luxurious. Reardon agrees that these exceptional residences offer buyers something unique: “Owing to its booming economy, new homes in the City of London are considered relatively rare. These once-in-a-lifetime penthouses deliver the perfect combination of comfort, convenience and indulgence in a remarkable setting, truly showcasing the latest trends in luxury living.” H The final three-bedroom penthouses are ready to move into now at Landmark Place from £8,895,000. For more info about Landmark Place or Barratt London, visit landmarkplaceec3.com. The sales suite is open six days a week; call 020 7423 1211 to book a private appointment.

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PROMOTION JLL

HEDGE

MAKING YOUR MOVE

JLL is one of London’s leading property experts. Long-standing, fast-moving and with an encyclopedic knowledge of the details that count, this dynamic agency team makes finding the perfect home a breeze

▲ MEET THE TEAM: JLL’s directors photographed in the penthouse at 21 Young Street, developed by Grainger Plc.

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part to JLL’s merger with leading boutique agency WA Ellis in 2014. This coupled with their long-standing reputation for providing vendors, purchasers, tenants and landlords alike with “objective and measured advice” – critical in these current times – has made for a successful track record, with JLL’s business continuing to grow year on year. Based on the team’s encyclopaedic knowledge of the most prestigious streets, mansion houses with the best outlook, garden squares and school admissions, “JLL individually selects properties for its clients” explains Head of Residential agency, Lucy Morton, “by cherry-picking a few that are completely tailored to their needs and that fit the brief perfectly”. The agency guarantees its clients one point of contact, thanks in part to being such a close-knit team. However, JLL’s global

reach enables access to all that a smaller agency lacks, as the team embrace a wider net of buyers and tenants overseas. In JLL’s Prime Collection, its portfolio of Prime Central London’s most coveted properties, one can find all manner of beautiful homes, from sleek new builds with luxury amenities to the most substantial family homes in London. It’s hard not to fall for the stucco-fronted charm of this Cambridge Place, Kensington home [pictured, top right] in the prestigious de Vere Conservation area – for sale for £5,750,000 and within walking distance of Hyde Park. Somewhat more modest, but just as elegant is the collection of 1–2 bedroom apartments at Lennox Gardens, available to rent from £675 – £2,500pw. H For more information on the JLL Prime Collection, call 020 3873 0220 or visit jll.co.uk/primecollection

PHOTOGRAPHY by Alex Winship; (interior) Ray Dowling

PRIME CENTRAL LONDON has been an essential marketplace for JLL since 1868. The dynamic estate agency team remains modern in its approach to business, in spite of the company’s long-standing presence. Flexible and fast-paced communication with clients across the globe, virtual viewings conducted with overseas buyers, and zipping between appointments on its fleet of Vespas – it’s all in a day’s work for this troop. JLL’s savviness is combined with a vast experience of the many twists and turns of London’s residential market. Sales Director at JLL’s Knightsbridge agency, Richard Barber, has weathered a number of market storms in his time. He comments “we’ll always explore the broader market and be able to see the bigger picture”. This resilience is the result of more than 150 years’ pooled experience, owing in


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HEDGE PRIVÉ AUTUMN EDITION

REWARDS

Hedge Privé: Autumn An exclusive group of VIP readers joined us for the first edition of Hedge Privé: a networking event designed to bring together the fund management sector’s high flyers in unusual spaces and places

ABOUT THE VENUE

PHOTOGRAPHS by Philip Trout Photography

Hedge Privé: Autumn edition saw us travel to Timothy Oulton’s worldwide flagship gallery, the stunning Timothy Oulton Bluebird on the King’s Road. Champagne, cocktails and canapés were served in amongst the gallery’s 7,200sq m of unique handcrafted collections – including a huge 1.7 tonne rock crystal, a giant fish tank housing a yellow submarine, and a life-sized model of the Apollo 11 lunar module – while there was also an exclusive preview of select pieces of modern British art, including original works by Banksy, curated by Tanya Baxter Contemporary. One lucky reader took home a luxurious Timothy Oulton Westminster Button Sofa worth £6,000. Timothy Oulton Bluebird, 350 King’s Road, Chelsea, SW3 5UU. For more information, see timothyoulton.com

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HEDGE LEDGE MICHAEL HINTZE

REWARDS

HEDGE Ledge 2 3

M I C H A E L

H I N T Z E

CQS founder Michael Hintze is well versed in the ways of making money, but he’s also mastered the art of giving it away, says SAFI THIND MICHELANGELO AND MICHAEL

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the bank’s chief executive), who later gave him $200m to set up CQS. And so the hedge fund – Convertible and Quantitative Strategies to give it its full name – was launched in 1999, focusing on credit strategies carried out with a quantitative focus. Hintze, like many hedge funders, is a maths man and has used this mathematical aptitude to score a number of big successes over the years. CQS returned 72.81% in 2008 shorting mortgage assets when most others floundered. It was also reported to be on the opposite side of the infamous Bruno Iksil London Whale trade, in which JP Morgan lost an estimated $2bn. More recently Hintze has made large bets on Brexit and Trump. Indeed, last year CQS’s main fund increased by 30%. But the firm is now moving towards a more longonly business which constitutes the lion’s share of its activity these days. Hintze has stepped down from day-to-day management to become executive chairman, handing over the chief executive role to Xavier Rolet, formerly of the London Stock Exchange. In the meantime, he has been working to expand his range of non-hedge fund activities even further. He was appointed to the board of the Vatican Bank by Pope Francis in 2014 – in 2016 the Holy See reported more than a 100% increase in profits. He also sits on the Finance and Audit Committee of the Duchy of Cornwall. And he has been boosting his donations to British institutions, for instance a £5m gift to the Natural History Museum – the biggest single donation ever given to the museum – which has since renamed its central hall ‘Hintze Hall’. Gifts have also been made to Harvard University ($10m) and Princeton University, where a Professorship for the Arts was established in his wife’s maiden name. Now he just needs to paint a ceiling or two. H

THE NUMBERS GAME ■

$2.56bn: total wealth

£100,000: donation to the Brexit campaign in 2016.

$18bon: CQS assets in 2019

$6bn: CQS assets in 2009

70,000 hectares: farmland owned by MHPF in eastern Australia

72.8%: return in 2008

PHOTOGRAPHS by Firstname Surname

Hintze have a lot in common. It was Michelangelo, of course, who painted the frescoes on the ceilings of the Vatican. But it is Michael Hintze’s philanthropy that has helped restore their lustre. Michelangelo was a renowned Renaissance man with expertise in painting, sculpture, poetry and architecture. Hintze, founder of CQS, has a range of accomplishments that belie his main talent of making money. An ex-soldier, he speaks fluent Russian, is a major donor both in politics (the Conservative party) and to cultural ventures that include the National Gallery, the Tate Britain, the Natural History Museum and the British Museum. He holds academic degrees ranging from a Harvard MBA to a masters in acoustics. He has set up farms in Australia via his company MHPF. He is a knight of the realm. And, to top it all off, he has abseiled the three tallest buildings in London (a charity effort which, to be fair, included other finance flyers). With his thick white hair and bushy black eyebrows, the hedge fund peer cuts a distinctive sight. He was born in China to Russian parents in 1953 then raised in Sydney, Australia where he spent three years in the army and worked as an electrical engineer. In 1982 he got in to study an MBA at Harvard Business School where his classmates included Jamie Dimon, now chief executive of JP Morgan, hedge fund manager Seth Klarman of Baupost and Jeff Immelt, former chief executive of GE. It was the first kick into finance. Harvard led to a stint bond trading at Salomon Brothers and then Goldman Sachs where he went on to co-head UK equities. Sadly, for them, they didn’t make him partner so he left for Credit Suisse where he met Brady Dougan (who went on to become


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Hedge 56 – The Mayfair Issue  

Hedge Magazine – Issue 56 – The Mayfair Issue

Hedge 56 – The Mayfair Issue  

Hedge Magazine – Issue 56 – The Mayfair Issue