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Day: 23 July 2020

Artcurial auction exceeds expectations

by: Cassandra Tanti
23/07/2020

Artcurial has closed its summer auction week at the Hermitage Hotel with €14.1 million in sales of jewellery, timepieces, Hermès bags and classic cars, with many lots going well above estimate.
The week was marked by significant growth in watch sales (+ 26%) and the strong presence of foreign buyers. This year also saw the addition of 90 vintage cars to go under the hammer.
The Artcurial summer auction achieved a total of €14,143,974, with 10 lots sold above €100,000 and a number of classic cars sold for more than €1 million.
The auction drew foreign collectors from 29 different countries, all trying to outbid each other over the phone or in person at the Hermitage Hotel.
“Once again, thanks to its dynamism, its know-how and its professionalism, Artcurial has confirmed its leadership in Monaco,” said Louise Gréther, Director of Artcurial Monaco. “Hosted by the Société des Bains de Mer in a prestigious setting, these fine performances point to a promising winter season.”
Jewellery
There were two auction sessions dedicated to jewellery on Monday 20th July and a total of €3,216,900 in sales was achieved. Despite the uncertain climate, more than half of the lots were sold above estimate, including three lots above €100,000. They included two clips de corsage signed by Van Cleef & Arpels, one in gold and ruby which sold for €22,100 – nearly six times its estimate – while the second, a ‘Pirate’ clip in gold and enamel, sold for €23,400, or nearly 10 times its estimate. The trend continued with a Caesar compression estimated at €10,000 and sold for €58,500, confirming collectors’ unconditional attraction to Caesar and for artists’ jewellery in general.
Meanwhile, a ring adorned with an 8.73-carat oval diamond estimated at €15,000 sold for €106,600.
The highest price was paid for an emerald cut diamond of 10.42 carats, which went for €839,800 – double its estimate.
Timepieces and ‘Le Temps est féminin’
There were two separate sales on 19th and 21st July for time pieces and Le Temps est Féminin, which is dedicated to ladies’ watches. Together, they achieved a total of
€3,191,416 including fees. In all, 80% of lots were sold, an increase of 26% on the winter session.
The Bull Collection was at the heart of this success, with six auctions above €100,000, one above €200,000, and an average of €40,000. Patek Philippe, Rolex and Audemars Piguet dominated the sales with their three flagship models: Nautilus, Daytona and Royal Oak.
In the women’s watches auction, Cartier and Van Cleef & Arpels reaffirmed their positions by achieving the highest sale price with one in platinum and diamonds which sold for €72,800.
Hermès Summer Collection
On Sunday 19th July, the eagerly awaited three-day sale of the Hermès Summer Collection got under way, bringing together around 60 bags created by the iconic house of Faubourg, as well as five accessories by Louis Vuitton X Suprême. They brought in a total of €581,240, with the most unique models remaining very popular with collectors. The highest sales were seen in a Birkin 30 bag in Blue Jean Nile crocodile which went for double its estimate at €65,000.
“The enthusiasm for Hermès bags continues with a marked trend for small sizes,” said Alice Leger, Hermès Vintage and Fashion Arts specialist for Artcurial. “The range of colours and the quality of the skins on offer appealed to our buyers, far beyond French borders.”
Artcurial Motorcars
After four days of exhibition on Place du Casino and within the Museum of the Collection of HSH the Prince of Monaco, the first post-lockdown physical sale of Artcurial Motorcars was held in the heart of the Hôtel Hermitage. Collectors were able to come in large numbers to attend the auction led by auctioneer Matthieu Lamoure and Pierre Novikoff. The Artcurial Motorcars auction saw nearly €7.2 million in sales, with a 1955 Mercedes 300 SL Papillon with only 38,000 original miles selling for €1,416,000.
Meanwhile, a 1957 Mercedes-Benz 300 SL Roadster also won over several bidders and changed hands for €858,200.
“For this first physical auction after confinement, the majority of the stars of the Monaco sale have changed hands,” said Matthieu Lamoure, Auctioneer for Artcurial Motorcars. “The entire Artcurial Motorcars team is very happy to have exceeded its objectives by reaching an international clientele through indoor, telephone and online auctions.”
 
Photo by Artcurial
 

Stimulus measures to jumpstart construction sector

by: Stephanie Horsman
23/07/2020

In an effort to support those working in the construction sector hit by the pandemic, the Prince’s government has adopted stimulus measures to partially compensate for the delays caused by the closure of sites, as well as to ensure proper compliance with health and safety regulations.

The measures include, for a large number of current worksites, a new arrival time for journeymen of 6.30am, in order to avoid a massive influx of all workers at 7.30am. This is to enable all workers to organise social distancing procedures when taking their posts.

Working hours are extended from 7.30 am to 9pm from Monday to Friday, though some sites will be authorised to work Saturdays from 9am to 1pm, with an 8am arrival time. On weekdays, arrival to the site is allowed from 7am with work running from 8am to 8pm.  

In addition, the activities carried out in these extended time slots must not create undue noise. All percussion and drilling work is therefore prohibited from Monday to Friday before 8.30am and after 7.30pm. On Saturdays, noise may not commence before 9.30am and must end at 12.30pm. In the event of non-compliance, the time changes may be revoked at any time. 

“The Government wished to respond to the requests of Monegasque construction industry players and support them in resuming their activities, while bearing in mind that the measures implemented must strike a fair balance between this support for the construction sector and the preservation of the quality of life of Monegasques and residents of the Principality,” Marie-Pierre Gramaglia, Minister of Equipment, Environment and Town Planning said in a statement.

The measures will apply, initially, until 31st December 2020, though this could change. Public holidays when work will not be permitted are Saturday, 15th August, Thursday 19th November, Friday, 25th December and Friday 1st January 2021.

 
Photo by Monaco Life, all rights reserved
 

New look for AS Monaco, but no win

by: Stephanie Horsman
23/07/2020

AS Monaco has rolled out new kit for both home and away games, but the new duds weren’t enough to hold off Liège on Wednesday night at the Stade du Pairay in Seraing.
Less than a week after dominating against Cercle Bruges, AS Monaco faced a heart-breaking loss in the last minutes of their preseason game against Standard Liège on Wednesday night in Belgium.
The Red and Whites were ahead for much of the game after a beauty of a shot by Willem Geubbels in the 19th minute. The game featured heavy rotations of players on both sides, with new head coach Niko Kovac making 10 switches in line-up by halftime. Liège’s Philippe Montanier caught up at the hour mark.
Monaco team members were sporting a new look with a design rolled out by Grace Kelly 60 years ago. The jerseys feature an elegant diagonal stripe and are in classic red and white for home games, and navy and yellow for away. Nevertheless, the new kit wasn’t enough to hold off their opponents.
The tide turned late in the second half of this friendly match when Felipe Avenatti scored back-to-back goals at the 88th minute and another at the 90th.
Coach Kovac is taking the loss in stride and using it as a learning opportunity.
“I hate losing a game,” he said, “but sometimes you can learn from a loss. This kind of loss in a friendly match can help the players realise the importance of good preparation in order to improve.”
“We have only had two sessions in two days, we can’t expect much from this match… But we have time available to prepare well and progress,” added the new coach. “We made mistakes today but that is part of the game, you have to learn from them and work to correct them.”
The team now heads to Poland on Monday for training camp.
 
Photo: As Monaco
 

More worldclass athletes confirm for Herculis meet

by: Stephanie Horsman
23/07/2020

Organisers of the upcoming Herculis EBS have announced several more Olympic and world medallists have confirmed their presence at the Stade Louis II in Monaco next month.

World-class athletes from around the world are coming together on Friday, 14th August for the 2020 edition of the Herculis EBS.  

France will have a large presence in the games with nine athletes on the track and field participating in this major event. Jimmy Gressier will be running the 5,000m mens. Current French record-holder Liv Westphal will strut her stuff for the 5,000m women’s event. Djilali Bedrani will be racing the 3,000m steeplechase, while Alex Miellet will run the 1,500m and Christophe Lemaitre will take on the 200m sprint. Hurdlers Pascal Martinot-Lagarde and Wilhem Belocian will take on the 100m hurdle, whilst Ludvy Vaillant goes for the 400m hurdle. Finally, Valentin Lavillenie will represent France in the pole vault.

Newcomers to the games include two-time World Champion and European record holder in the 400m hurdle, while Karsten Warholm will try to best his own time from last year in the 300m hurdles as well as in the 400m.

Timothy Cheruiyot, World champion and double winner in Monaco, will be on the starting line where he will meet the brothers Jakob and Filip Ingebrgisten, with his heart set on remaining undefeated in Monaco for the men’s 1,500m.

World and Olympic medallist and defending Diamond League champion Orlando Ortega will take on the 110m hurdle.

Ukraine will be represented at the high jump with the junior world record holder Yaroslava Mahuchikh (2m04 in 2019) alongside her compatriot Yuliya Levchenko (2m02 in 2019). They will face the world heptathlon champion Katerina Johnson-Thompson (1m98 in 2016).

Olympic 1,500m champion Faith Kipyegon will face 800m World Champion Halimah Nakaayi, and Brit Laura Muir in the women’s 1000m.

Finally, in the 100m women’s race, the reigning Herculis EBS champion and world medallist Marie-Josée Ta Lou will face European leader Ajla Del Ponte from Switzerland.

Tickets are €10 and are limited to 500 total due to the health regulations in place. They will be on sale at the ticket office at Stade Louis II from 27th July or online at www.herculis.com

 

 

 

Borrowing jumps by 44% in 2nd quarter

by: Staff Writer
23/07/2020

Global buyers have borrowed €3.4bn to fund their luxury property purchases so far this year, according to new research from Enness Global.
The latest research from high-net-worth (HNW) mortgage broker Enness Global has revealed the most prominent nationalities borrowing at the top end of the market, as well as average amount borrowed so far this year.
Enness analysed their own data on HNW mortgage borrowing so far in 2020 and found that UK buyers aside, the market has seen the highest level of activity from American, Australian, Russian, French and Indian buyers.
There has also been a considerable amount of activity from buyers in India, Italy, Germany, the UAE, China and Nigeria.
While activity from buyers in Hong Kong has been muted so far this year, they do rank as the sixth most prominent on an annual basis and managing director of Enness Global Mortgages, Hugh Wade-Jones expects this to remain the case.
“The ongoing turbulence caused by the situation in Hong Kong is likely to force the hand of many buyers at all tiers of the market over the coming months,” said Mr Wade-Jones. “As a result, we should see the nation continue to account for a large proportion of top-end market activity throughout the course of this year.”
With lockdown restrictions starting to ease around the world, it isn’t just the average homebuyer that is returning to the fold.
Enness has seen a 44% increase in the total sum being borrowed at the top end between the second and first quarters of this year.
According to Enness, HNW mortgage borrowing in Q1 totalled nearly €1.4 billion, however, with the property market reopening in Q2, the total sum borrowed jumped by 44% to more than €2 billion for the quarter.
“We’ve not only seen a notable increase in the number of buyers returning to the top tiers of the market, but the sums they’re committing to borrowing have also increased during the second quarter,” added Mr Wade-Jones. “This bodes very well for the remainder of the year and for the health of the overall market in the UK, in particular. Of course, we’re yet to reach the same levels seen this time last year, but that’s to be expected given the wider context of COVID-19. Despite this, we expect to see the market continue to stabilise as transacting remains the aim for many, especially while the mortgage rates on offer continue to be very favourable.”