25.09.2024
In This Issue
🌱 Fed’s Rate Cut Plants Seeds for Investment Opportunities
🏛️ Christie’s Launches First Permanent Auction House in Saudi Arabia
🖼️ Rare Magritte Painting Expected to Fetch Over $95 Million at Christie’s
📄 The Beatles’ Hamburg Contract Set to Fetch €30,000 at Auction
🍇 Italy Set to Reclaim Title of World’s Largest Wine Producer in 2024
Fed’s Rate Cut Plants Seeds for Investment Opportunities: The Federal Reserve has taken a decisive step by cutting interest rates by half a percentage point, signalling a shift in monetary policy designed to invigorate investment and consumer spending in the U.S. economy. This decision comes after an extended period of high interest rates, which were necessary to combat inflation that surged during the pandemic, pushing many asset classes to all-time highs.
Over the past couple of years, these elevated rates have led investors to favour traditional asset classes like bonds and savings accounts, which offered attractive yields of over 4% annually. Consequently, the appetite for higher-risk investments has dwindled. However, the recent rate cut has sparked optimism that we could see a revitalisation in alternative investments. As traditional yields decline, investors may be motivated to explore other options in search of better returns.
Christie’s Launches First Permanent Auction House in Saudi Arabia: Christie’s has announced its entry into Saudi Arabia, becoming the first global auction house to establish a permanent presence in the Kingdom. Led by Nour Kelani, the newly appointed managing director based in Riyadh, Christie’s aims to strengthen ties with local collectors and engage the next generation of art enthusiasts.
While a specific launch date is still to be confirmed, the firm plans to host exhibitions and private sales, focusing on Modern and contemporary Middle Eastern art, jewellery and timepieces. This new location reflects the burgeoning art scene in Saudi Arabia, driven by the Vision 2030 cultural initiative and a growing demographic of affluent millennials eager to explore contemporary art.
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Rare Magritte Painting Expected to Fetch Over $95 Million at Christie’s: A rare painting from René Magritte’s ‘L’empire des lumières’ series is expected to sell for over $95 million at Christie’s New York this autumn, potentially setting a new auction record for the Surrealist artist. Created in 1954, it showcases Magritte’s unique depiction of light.
This artwork is part of the late Mica Ertegun’s estate, which also includes pieces by Joan Miró and David Hockney. A dedicated evening sale is planned for the 19th of November, with a portion of the proceeds supporting philanthropic initiatives. Despite a drop in revenue earlier this year, Christie’s remains optimistic about the sale’s potential. After all, in 2022, another one of the works from the series nearly tripled the Belgian artist’s previous record when it sold for £59.4 million (then $79.7 million) at Sotheby’s in London.
The Beatles’ Hamburg Contract Set to Fetch €30,000 at Auction: An original contract for The Beatles’ performance during their Hamburg residency is set to fetch up to €30,000 (£25,000) at auction. This significant piece of memorabilia dates back to their first stint at the Star-Club in 1962, featuring drummer Pete Best.
The Beatles graced the club’s opening night, entertaining a crowd of 2,000. When they returned later that year, Ringo Starr had taken over drumming duties after Best was sacked by manager Brian Epstein. The contract for their November residency outlined a demanding schedule of three hours of performance daily, with breaks in between, for a total of 42 hours over the two-week period.
Signed by Epstein and Star-Club owner Manfred Weissleder, this unique document will be available at an online auction for Beatles memorabilia, running from the 27th of September to the 6th of October.
👍 Italy Set to Reclaim Title of World’s Largest Wine Producer in 2024: Italy seems to be reclaiming its status as the world’s largest wine producer in 2024, with production expected to rise by 8% to between 41 million and 42 million hectolitres, according to Coldiretti, the country’s main agricultural association. This comes after a challenging 2023 harvest.
In contrast, French wine production is forecasted to decline by 18% to 39.3 million hectolitres due to adverse weather conditions, including frosts and mildew, particularly affecting the Jura region, where output may plummet by 71%. Although Italy’s production is recovering, it remains below the average of recent years due to contrasting weather challenges, with northern regions experiencing heavy rain while southern areas face drought.
‘Italy’s expected production increase to between 41 million and 42 million hectolitres signifies a recovery following a poor 2023 harvest, presenting new market opportunities. Additionally, France’s decline in output could lead to higher demand for Italian wines, positively impacting prices and investment values. Overall, this trend suggests a promising outlook for the Italian wine market and potential benefits for wine investments.’
Leonardo De Keersmaeker
Asset Manager at Timeless Investments
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