Business & Finance
Brought to you by: Monaco Life
The dramatic fall in the value of the British pound, which started just after the Brexit vote on June 23 and picked up speed over recent days – plunging to a 31-year low against the USD in Asian trade Friday – is having a serious impact on the hundreds of thousands of British expats in France.
Particularly hard hit are pensioners living in France, and many of them have told the online English news service The Local how much the weakening pound has changed their lives, many reporting a 30 percent drop in income.
Debbie Coxon, 62, who lives in central France’s Creuse department, said: “We were horrified by the vote, and we’re fed up of people not in our position saying, ‘Nothing much will change’ when it already has big time for us. Personally I feel spat out and utterly ignored – I don’t feel I can even justify having my hair cut as an unnecessary expense.”
Lynda Adcock, a 63-year-old in Brittany, has been left in a similar boat. “The exchange rate means that we have to think about if we can put the heating on, what we eat and it has generally made a huge impact on our daily life. We have the added matter of feeling insecure with absolutely no information coming from the British government as to how they are going to treat us in times to come, post Brexit.”
Sally Hipwood, a 67-year-old in southeastern France’s Vienne department, commented that she has been left in dismay and fearing the future. “I have already reduced the amount of money I spend each week on groceries. The biggest impact for me though is going to be that I will not be able to go to the UK to see my family as often as I would wish.”
In some parts of France, in the Dordogne, for example, the local French economy is very dependant on British expats. But the pound may continue its descent and the fallout from the British referendum on EU membership will continue to hurt both migrants and locals alike.
The position of Secretary General in the Prince’s government, left open by the retirement of Robert Colle, is being filled by the current Deputy Secretary General, Marc Vassallo.
During his annual address to the press, National Council President Stéphane Valeri was optimistic for 2022, saying "there are reasons to hope that we can get back to a quasi-normal life.”
Businesses that are suffering an economic loss under the fifth wave of the pandemic will once again receive assistance from the government.
Prince Albert has chaired the first meeting of his new Cabinet headed by Laurent Anselmi at the Prince's Palace, unprecedentedly made up of half women, half men.
The sixth edition of the European Art Fair Monaco (EAF) takes place at the Grimaldi Forum from July 20-24, under the High Patronage of HSH Prince Albert II.
Although the name EAF Monaco is new this year, the art fair was formed in 2011 as an economic interest group under the name GIE Point Art Monaco (PAM). This followed the Monaco Antique Biennial, which ran from 1974 to 2005.
EAF Monaco is the collective initiative of four prominent Monegasque galleries that make up the organising committee, and, additionally, exhibit at the four day art expo: Adriano Ribolzi Art Gallery, Maison d’Art, A. Pallesi Art Gallery and M.F. Toninelli Art Modern. This year’s edition includes the appointment of director Mr Renaud Siegmann, an historian and art critic for over twenty years, who will help the fine art fair “promote the best of what humanity has created in the world of art, era notwithstanding”.
Thirty-one international exhibitors, as selective as prestigious, will be on hand representing ancient or modern art, drawings or paintings, sculptures or jewellery, including the Swiss luxury watch manufacturer Montres DeWitt, known for its cutting edge innovation – the independent company was founded in 2003 by Jérôme de Witt, a descendant of Emperor Napoleon and the great-grandson of King Léopold II of Belgium – one of their watches contains Napoleon Bonaparte’s hair.
DeWitt made headlines this year when it launched “a self-winding mechanical timepiece” without hands, the Academia Mathematical Concept Watch No. 4.
According to its technical chart, the timepiece is fitted with a 42.5 mm round case in 18-carat rose gold and comprises 384 pieces, operating at a frequency of 21,600 vibrations per hour and featuring a screwed balance and a 48-hour power reserve. Astonishingly, although the scattered numerals indicating hours and minutes seem random, they do tell the correct time.
Another big draw this year is the exceptional Italian jeweller, Pierandrea Sabbadini, co-owner of the family business in Milan, known for its bejewelled bees (and more recently, ostriches), combining precious stones with new materials, like titanium, aluminium, ceramic, steel and rubber.
On the art side, Giovanni Sarti moved his self-named gallery from London to Paris in 1996. “We’re entering a new era of collecting,” the Paris dealer Sarti told the New York Times in 2014 . “When people come into my gallery they look at the name and they ask the price. They don’t really look at the painting.” With a reputation as one of the most renowned experts in early Italian paintings, furniture and objets d’art, from the 13th to 18th centuries, G. Sarti Gallery specialises in 13th- to 15th-century Italian pictures, and are the only dealers qualified by the Conseil National des Experts Spécialisés (C.N.E.S.) in this field.
One of the world’s leading Old Masters galleries, Robilant + Voena, have galleries in London, Milan and St. Moritz, Switzerland. Mr Robilant, who will attend with Mr Voena, commented about the changing art world. “People don’t go to galleries any more, and they don’t buy old masters,” he told the New York Times. “They’re not part of the overall mood of today’s taste.”
One of the highlights at EAF Monaco 2016, and an indicator of the show’s wide-reaching reputation within the art world, is the Yufuku Gallery from Japan. The Economist observed that the pieces selected by / exhibited by the gallery owner Wahei Aoyama “demonstrate the ways in which Japan’s contemporary artists are shaking off those foreign distinctions again, and pushing the boundaries of what their traditional media and techniques can do”. By Nancy Heslin
EAF Monaco runs from July 20-24, 3pm to 9pm (10pm on Thursday). Joint tickets with the Francis Bacon, Monaco and French Culture exhibition are €16. Book tickets online at eafmonaco.com.