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Day: 15 October 2019

Technology investment needed to secure art market

by: Cassandra Tanti
15/10/2019

Investment in art and cultural infrastructure hit €8 billion globally over the past three years, while technology and social impact investing are set to shape the art and finance market moving ahead. These are some of the latest findings of a Deloitte Art and Finance Report, unveiled on Monday in Monaco.

The trend of including art and collectibles in wealth management portfolios and wealth reports is as strong as ever, according to the sixth edition of the Deloitte and ArtTactic Art and Finance Report 2019. Revealed at the Fairmont Hotel to more than 350 participants from 28 countries, under the presence of the Monegasque Minister of Finance and Economy Jean Castellini, this year’s 12th Art and Finance Conference focused on new collector trends in art and finance.

The 12th Deloitte Art & Finance Conference – 1st Panel on Estate Planning, photo credit: Cristina Corti Fotografia

Ultra High Net Worth Individuals’ wealth associated with art and collectibles was worth an estimated €1.57 trillion in 2018 and is expected to grow further. This year’s survey results show particularly high agreement among wealth managers, art professionals and art collectors that art is an important component of a wealth management service offering, an opinion that marks the strongest consensus on this point since the launch of the survey in 2011.

However, despite the increase in the HNW population and a boosted interest in art as an asset, growth trends in the art market have been anaemic when compared to the growth in global wealth. “The findings reveal that lack of transparency is an ongoing concern for collectors, causing continued distrust in the market,” said Adriano Picinati di Torcello, Director and Global Art and Finance Coordinator at Deloitte. “In addition, a newer challenge derives from next-generation investors whose interests extend beyond financial returns to social impact. This year, we identified three trends that directly or indirectly look to address these concerns: technology, regulatory changes, and social impact investment models.”

Technology as an accelerator for art and finance services

Compared to the 2017 report, almost double the number of collectors surveyed (84%) and 76% of art professionals (up from 54% in 2017) believe technology will improve provenance tracking and the traceability of artwork. This view was also shared by wealth managers. Technology is being seen as a catalyst for change and growth to the art market, helping to innovate traditional business models.

To support further development in this area, the report suggests that significant funding is needed to invest in ArtTech infrastructure and build the next generation of ArtTech companies. The benefits surrounding ArtTech startups include an increased transparency and trust, whether through blockchain technology, more data, better data analytics or artificial intelligence.

One promising model to better combine tech investments with efficient long-term strategies is a development of an angel-investor network for ArtTech startups.

“This angel-investor network would rely on art professionals and collectors who know the market, its functioning and particularities,” explained Mr Picinati di Torcello. “Such a network could be integral in directing money into those projects that address concrete issues within the art world, and align long-term expectations from investors, when providing better understanding of how the art market works.”

Adriano Picinati di Torcello, Director and Global Art & Finance Coordinator at Deloitte, at the 12th Art & Finance Conference in Monaco. Photo credit: Cristina Corti Fotografia

Regulations to instil trust

In this year’s survey, 75% of collectors said that lack of transparency was one of the biggest threats to the reputation of the market, an increase from 62% in the 2017 survey, and marks the strongest consensus on this point since this question was introduced in 2016.

For 85% of the private banks, money laundering is a key threat to the market’s reputation. Governmental regulatory changes may be the antidote to this condition, despite a lack of consensus among market stakeholders about the value of government regulation over self-regulation. The advent of the EU’s 5th Anti-Money Laundering Directive, coming into force in January 2020, may become a catalyst to fight this issue and inspire more regulations to come. The report suggests that collaboration between art and finance stakeholders is essential in order to develop common guidelines and standards to address the deterioration of trust in the art market.

Social impact investment models experience steep rise

For 65% of the collectors surveyed, art and philanthropy are among the most relevant services wealth managers can offer. Wealth managers seem to have responded to that trend with more than half stating they will focus on this area in the coming 12 months, up from 40% in 2017.

“More and more art investors are keen to support products that have a positive impact on society and the world at large,” said Mr Picinati di Torcello. “New social investment models are required that focus on non-commercial art and cultural projects and institutions. One innovative investment or financing solution could be private-public partnerships. Such partnerships promise to turn public collections into assets with tangible returns so that public institutions have enough funding to fulfil their goals.”

The full Art and Finance Report can be downloaded from the Deloitte Luxembourg website at: www.deloitte.com/lu/art-finance-report .

 

 

Monaco joins European Waste Reduction Week

by: Stephanie Horsman
15/10/2019

Reduce, reuse and recycle. This is the aim of European Waste Reduction Week, a multi-national event taking place next month, and one that the Principality is enthusiastically joining in on.

The event takes place from 16th to 24th November and is themed ‘Education and communication for waste reduction’. The focus of the week is to encourage awareness and to promote actions that result in the sustainable management of resources and waste throughout Europe.

To this effect, the Directorate of the Environment has signed a charter agreeing that Monaco will do its part to accomplish the goals set out.  

The public and private sectors are encouraged to come up with solutions of their own supporting the message. This can easily be done by lessening the amount of waste used in daily life, changing consumption habits and reminding friends and family to do the same.  

Those wishing to learn more, be kept abreast of organisational meetings, and to be a part of solution can contact:

Cyrielle Dumas at the Directorate of the Environment on +377 98 98 83 41 or Louise Svensson at Stars ‘n Bars on +377 97 97 95 95.

Additionally, a Facebook page will be set up that allows users to note their personal victories and endeavours, as well as to see what other people are doing. The link can be found at: https://www.facebook.com/SERDMONACO/ 

A full list of meetings and proposed actions will soon be available.

 

 

Monaco Organic Food Festival in India

by: Stephanie Horsman
15/10/2019

Monegasque gastronomic fare took a trip to the subcontinent for four days in September to present the Monaco Organic Food Fair in the vibrant “city of all dreams”, Mumbai.

Monaco Tourism Board (DTC), the Société des Bains de Mer (SBM), and Michelin-star chef Marcel Ravin of the Monte-Carlo Bay Hotel and Resort organised the event from 26th to 29th September at the Hotel Oberoi’s Vetro restaurant.

Themed ‘From Monaco with love’, the Indian audience was soon inspired by the cuisine of the Principality and the charm of Mr Ravin, who over the course of four days was able to offer his creations to local celebrities, industry leaders, and representatives from the media.

At a press lunch, given by the Monaco Representation Office of India, the Principality’s Directorate of Communication’s representative Corrine Kiabski applauded the event, saying: “The festival was very productive for Monaco because we met some very interesting media reps and influencers, sharing the same values ​​in terms of sustainable development.”

Chef Ravin heartily seconded her viewpoints and added his long-held desires to spend time on the subcontinent. “I waited for so long to come to India, it is a dream that has come true for me,” he said. “It was such an experience to have been able to share our knowledge with Indian confreres, proving that cooking is above all a matter of love and sharin. So much so that this experience inspired me.”

The cross-cultural benefits are not only for those gastronomically inclined. As Rajeev Nangia, Director of the Monaco Office in India, pointed out: “This event was conceived with the aim of making the Principality’s culinary arts discovered here in India, and why not attract some high-end Indian travellers to the shores of the Mediterranean.”

Serving tips for sparkling wines

by: Staff Writer
15/10/2019

Whether you’re planning for a special occasion or simply enjoy the finer things in life, a beautifully chilled bottle of sparkling wine is often the answer. However, as with all wine, the variety of sparkling is incredibly diverse, with particular styles more suited to certain foods and occasions.

 

Here we unravel a few industry secrets and common misconceptions, providing top tips along the way. Next time you fancy splashing out, you’ll be armed with all the knowledge you need to wow even the most hard-to-please guests, and, of course, put on a show.

Champagne

Where better to start than with the piece de resistance of the sparkling wine world. For centuries, Champagne has been synonymous with luxury. Frequently the centrepiece of the most sophisticated celebrations, the French speciality continues to be the go-to drink of choice for a plethora of events.

Tasting notes

First and foremost, for a wine to be called Champagne, it must be produced from the Champagne region in France, which is loosely north east of Paris. Strict appellation laws control the classifications of Champagne produced in the region itself, with most made with Chardonnay, Pinot Noir and Pinot Meunier grapes. There are then two main methods for creating Champagne – Methode Champenoise and Methode Tradicional – which essentially dictate how long a Champagne is aged for, influencing the flavours and style.

However, when it comes to flavour, the main indicator is whether the Champagne is vintage or non-vintage. Non-vintage Champagne is made with grapes and base wine from different years, whereas vintage Champagne is made from a single year’s harvest of exceptional quality. In terms of flavours, vintage Champagne has deeper more concentrated flavours, with notes of butterscotch, marzipan, baked fruit and citrus freshness. Non-vintage Champagne is generally less complicated and fresher in taste, with crisp apple notes and a strong citrus finish.

Storage and serving

To keep Champagne at its best, store in a cool, dark place out of the way of extreme temperature fluctuations. Here’s a very important rule: avoid the fridge at all costs. This will oxidise it to death and destroy corks. Non-vintage can be stored up to 18 to 24 months, whereas vintage Champagne is designed to age for years, even decades. As with red wine, bottle ageing adds to the complexity and depth of flavours, which is why a real centrepiece Champagne, or the most expensive on a restaurant wine list, will likely be an aged vintage. Serving temperature should always be seven to nine degrees.

Glasses

Whilst saucers and coupe glasses are very in right now, particularly with the wave of Prosecco popularity, flutes are actually far better suited for drinking Champagne. The same really applies for most, if not all, sparkling wines. The height of flutes allow bubbles to travel through the wine, which helps to concentrate the flavours and notes on the nose. Plus, they’re better on the eye – bubbles don’t disappear so quickly, adding to the luxurious feel.

Food to pair

Champagne is a fascinating drink to pair food with and is a match made in heaven for some of the finer delicacies in life. Caviar and oysters are classic high-end pairings – the fullness yet surprisingly light body of Champagne balances perfectly whilst not overpowering. Because of its high acidity, Champagne works brilliantly well cutting through fatty foods.

At the other end of the food spectrum, and if you fancy having a some more down-to-earth luxury of a weekend, try pairing Champagne with fried fish and chips. It’s a match made in heaven. The crispness of Champagne cuts through the fattiness of the batter and fries, whilst not being too intense in flavour to overpower the white fish.

Casa Valduga Vale dos Venhedos Vineyard in Brazil

What about Cava?

Cava in recent years has been somewhat of a long lost friend. Suffering a reputation crisis and branded as the cheap alternative to Champagne, the Spanish sparkler has today reinvented itself, introducing the idea of single vineyard tier (found with many high end wines – essentially meaning wine made from one location).

This has helped to raise awareness of premium Cava options, providing something clear to look for on the label as an indication of quality. There’s no denying that Cava is a more accessible drink and therefore doesn’t quite have the wow factor of its fancier French cousin, but that doesn’t mean it can be any less enjoyable for a special occasion, particularly with today’s growing premium market.

Tasting Notes

Cava has more neutral flavours which is why it’s arguably slightly more accessible than Champagne. Notes of stone fruit are pretty consistent with most Cavas, largely due to the fact it has to be produced in Spain where the climate is warmer and fruit notes more developed. Macabeo, Parellada and Xaerllo are common grapes used to make Cava, as well as Chardonnay and Garnacha in smaller quantities.

Storage, Serving and Food to Pair

The same rules apply for Cava as it does Champagne – a cool, dark room for storage and tall flutes for drinking. Service temperature should be seven to nine degrees. Food pairings likewise are very similar, with fried fish working particularly well. We’d recommend serving tapas style calamari or even sushi.

Perfectly Popular Prosecco

Prosecco is the iconic, effervescent Italian wine which is the sparkling of the moment. It’s both a celebratory tipple and, increasingly, a wine for all occasions, such is its appeal and popularity. As with all wines, there are value and premium options, both offering vastly different notes and styles.

The two main styles of Prosecco are Brut and Extra Dry. Interestingly, and if you’re a very dry Champagne drinker, Brut is the one for you as it’s actually the drier of the two. If you fancy trying something different, look out for Frizzante, which literally means semi-sparkling, where the bubbles are less pronounced. Here you’ll get a real idea of the natural Prosecco flavours.

Tasting Notes

On the whole, Prosecco would be described as an off-dry wine, which is why many younger wine drinkers find it so appealing. The added sweetness versus Cava and in particular Champagne prove to be the key component.

Interestingly, no flavours are actually made in the Prosseco winemaking process – it’s all in the flavour of the grape, in this case Glera. Notes are typically light and fresh, with prominent apple and stone fruit, coupled with a price which makes it a popular choice. As with any wines, there are premium Proseccos which are very much worth investing in. Andas with Cava, look for single vineyards editions, as well an increasing amount of organic and natural Prosecco.

Storage, Serving and Food to Pair

Store in a cool, dark room away from fluctuating temperatures. However, when it comes to serving, bar the very cold temperatures, here is where you can experiment.

Prosecco with its relatively uncomplicated flavours can add a certain wow factor to an array of popular cocktails – the very on-trend Aperol Spritz being a perfect example. If you’re a traditionalist, then flutes are the answer for serving, for exactly the same reasons we enjoy Champagne in tall glasses.

However, order a glass of Prosecco in Italy and it’s more likely to be served in a wider, everyday wine glass or tulip glass – wide at the base, but narrow at the top. That’s because the Italians believe that you aren’t getting the full experience when you drink Prosecco, if you can’t smell all the aromas that would become trapped in a flute-shaped glass.

Of course, no wine truly needs rules – whichever sparkling wine is your preference, it can really be enjoyed for any occasion, and in whichever glass you wish.

Written by Tabby Farrar

 

Vicedomini: fall/winter luxury collection

by: Staff Writer
15/10/2019

This Thursday at the Hermitage Hotel, Monaco Life fashion contributor Alessandra Vicedomini will present her fall/winter collection. The Italian beauty tells us what to expect from the Monaco showing.

Monaco Life: How different is this than the last fall/winter collection?

Alessandra Vicedomini: This fall/winter collection is about Navaho jacquard dresses and jumpers, see-through mohair oversized sweaters, and silver gold weaved fit and flare shapes. It differs because lengths and proportions are more demure. I would say the collection’s “fil rouge” are monochrome and lurex, new materials and knit weaves.

What are you hoping to achieve through Thursday’s event?  

I am in love with Monaco and any excuse is good to visit, spend time, explore further and meet new friends. This is an opportunity for me to mix business and pleasure in one of the most sophisticated venues in town. I spent many summers at the Hermitage Hotel when I was a child and I feel at home there.

As I will be soon moving to Monaco, it is very important for me to create brand awareness and deeply understand Monaco’s fashion trend flows. I have been blessed with a large group of local girlfriends who have been important ambassadors for Vicedomini in the past two years, and spreading the word about the event.

Hosting a champagne cocktail through SBM to showcase the best styles is the perfect excuse to get to know Monaco’s ladies better and reinforce Vicedomini’s mission statement.

You have just returned from some fashion shows, tell us how they went for you?

Shows are designers’ ultimate creative expressions and every city perceives collections in a different way and personalises style interpretations. Both New York and London were very successful as my team and I were able to select the right pieces for those particular locations. There is a very good echo about the shows, and we will be going back to showcase again at both venues.

What is next for Vicedomini?

We are creating the new wholesale fall/winter collection and more trunk shows to Canada and Spain are planned.

Is there anything else that our readers should know?

Everyone is welcome on Thursday at Salon Gustave all day as we unveil the latest trends!