Winter Issue 2021 by equicapmag

T he A r t WINTER 2021

ISSUE

THE

BEST of BRITISH

WHEELS GO NOIR WITH THE GHOST BLACK BADGE

DEVELOPMENT FIND YOUR ROCKAWAY ESCAPE

HOSPITALITY EXPLORE OHEKA CASTLE

CHRONOS SUSTAINABLE WATCHES

Featuring GET

CRAFTY

FANTASTIC CREATIONS ON DISPLAY AROUND THE WORLD

FINE ART MARIA KREYN EXPLORING NFTS

A NEW ADVENTURE.

Thanks to lightweight aluminium construction, its world-leading Aston Martin powertrain and suspension developed by the finest engineers of their kind, the DBX drives like no other SUV. It drives like a sports car.

ASTON MARTIN LONG ISLAND 1047 Northern Boulevard, Roslyn, NY 11576

516-478-4327

www.longislandsportscars.com

NEW SOUTH OF THE HIGHWAY MODERN ESTATE

$17,450,000 - Modern Luxury by Michael Crocitto of renowned East End Builders. Nestled amongst the wineries and farms of Bridgehampton, this single-family residence combines modern design and functionality with classic farmhouse forms that are familiar to the local vernacular. Web# 882482

THE MODERN BARN® BY PLUM BUILDERS

$3,495,000 - The Modern Barn® comes to Springs early Spring 2022. Will feature 6BR, 5BA, 3,500 SF, heated gunite pool on .94 of an acre. Just moments to the banks of Three Mile Harbor, enjoy all the area has to offer. Web# 882265

NEW IN EAST HAMPTON WITH TENNIS

$6,500,000 - Clad in Cypress a new estate by Costello Studio Inc is breaking ground for 2022 completion. 7BRs, 7.5BAs, minutes to Sag Harbor & EH Villages and ocean beaches. A compound property on 3.6 acres. Web# 879540

John Frangeskos

James K. Peyton

Licensed RE Salesperson m: 914.602.3656 john.frangeskos@corcoran.com

Licensed RE Salesperson m: 917.882.5589 jpeyton@corcoran.com

THE MODERN BARN® BY PLUM BUILDERS

$13,790,000 - Now in construction for 2022 delivery. Seculded

on 1.45 acres, moments to both EH and AMG Villages. 10,800 SF of luxury living with bright open spaces and luxurious finish and smart home technology on three levels. Web# 873939

EAST HAMPTON VILLAGE NEW CONSTRUCTION

$4,695,000 - Moments to all the village has to offer, a new transitional farmhouse is in planning for 2022 completion by Talo Builders. A keen eye on design and top end materials this new village home will set the bar for new construction. Web# 881576

AD JACK CURTO DEVELOPMENT IN WATER MILL

$7,995,000 - Set on a sprawling acre, backing to reserve and overlooking bucolic farm fields just moments to Mecox Bay and famed ocean beaches. Surrounded by open fields, sweeping vistas, brillant sunshine, and majestic sunsets. 8,000 SF of luxury living on three levels appointed with a California modern interior. Web# 874163

Your go to for new construction throughout the Hamptons Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 2411 Main Street, Bridgehampton, NY 11932. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.

WINTER 2021

ART

PAGE 42

On the cover: The MacLaren 765LT and Dubai’s skyline. Photography by Dan Wagner

MARIA KREYN A contemporary artist, painting with the Old Masters in mind

WHEELS PAGE 24

BEST OF BRITISH Aston Martin’s 007 Vantage & MacLaren’s 765 LT

DEPARTMENTS

Publisher’s Note Welcome to the Winter 2021 issue

CHRONOS Ultra-luxurious Limited Pieces P8 Sustainable Style P10

MAJESTY 175

The world’s ﬁrst ﬁberglass superyacht

DEVELOPMENT

ROCKAWAY The new hotel on the block

HOSPITALITY

OHEKA

A Gatsby Getaway

WHEELS

GHOST BLACK BADGE

Rolls-Royce’s most noir vehicle yet

ART

NFTs

The mystery unraveled

50 IMAGE CREDIT: SHUTTERSTOCK.

YACHTING

As fall begins taking greater hold and the temperature starts

its steady drop, we all begin preparing for the holiday season and winter, gathering our family around, and us here at EQ are ramping up for our annual art issue.

I recently had the pleasure to meet the exceptional Maria Kreyn who was commissioned by none other than Andrew Lloyd Weber to create a cycle of paintings for the newly restored Drury Lane Theatre in London. Maria creates work on a massive scale rendered in sumptuous jewel tones. The emotional intensity of her softly-painted fi gures is reminiscent of the old masters. With over $700 million worth of CryptoPunks sold, we look at the current state of the NFT market. Patricia Pernes, General Counsel for Bonhams is giving us some insights in who the NFT collectors are and talks about Bonhams’ current NFT offering of the world-famous ballerina Natalia Osipova. Inspired by the latest Bond romp, No Time To Die, we looked at two of my favorite British supercars — the McLaren’s fi ghter jet stark 765LT and the 007-inspired Aston Martin Vantage. Only Bond nerds among our readers will recognize the number 96.60, neatly embroidered into the sunvisors, as the Soviet police radio station frequency that Bond used to aid his escape in Daylights. From the British Isles to The Gulf, the Persian Gulf that is, — our EQ team had an opportunity to review the 175-foot Majesty slicing through the placid waters offshore of Dubai on its way to St. Tropez. This superyacht holds the accolade of being the world’s largest production composite superyacht. Its builder, the United Arab Emirates based Gulf Craft, has made every effort to create a fully fiberglass hull, which unlike steel or aluminum doesn’t require welding but uses reusable molds, allowing the company to produce more exquisite hulls faster. True to our New York home base, we review the recently opened Rockaway Hotel developed by Jon Krasner’s 7G Realty. Jon has been a friend and client of our fi rm, Equicap, and I had confidence that he would deliver a competitive product in the middle of one of the most challenging real estate cycles New York City has seen. Our team at Equicap is looking forward to his next fi nancing assignment. See you in the new year!

Daniel Hilpert EQ.

WINTER 2021

MANAGING EDITOR Peter Falco ASSISTANT EDITOR-IN-CHIEF Emily Bunn CREATIVE DIRECTOR Gregory Cullen PROOFREADERS Erika Gluckstal Sally Wang PHOTOGRAPHY Dan Wagner CONTRIBUTORS Theo Baker April Richon Jacobs Emily Nonko Barbara Palumbo Jeffrey Steele Howard Walker ADVERTISING INQUIRIES advertising@equicapmag.com 917.586.8364 EDITORIAL/GENERAL INQUIRIES info@equicapmag.com EQ is published by EQ Media LLC ©2021. Any reproduction or other use of the articles, contents or photography without express written consent by EQ Media LLC is strictly prohibited. EQ Media LLC,8 East 36th St., 4th Floor, New York, NY 10016 ©2021. All Rights Reserved.

Daniel Hilpert, Publisher & Editor-in-Chief

PUBLISHER & EDITOR-IN-CHIEF Daniel Hilpert dhilpert@equicapmag.com 917.586.8364

equicapmag.com

Turn of the Century Elegance 50 Central Park West, Apartment 8/9A

Triple Mint Home On Central Park. Beautiful Beaux Arts architecture renovated in a clean, transitional style makes this home very special. Boasting over 5000 square feet, soaring 10 foot + ceilings and 90 feet of enormous windows facing Central Park, and perhaps the most unique feature- a stunning new kitchen open to the Park! Very rarely found in a prewar apartment, this gorgeous chef’s kitchen is open to the dining room, allowing for views while cooking or informally dining. Finished with custom white shaker cabinets and white Carrera marble countertops it includes at least 2 of everything- 2 full size refrigerators, 4 freezer drawers, 2 dishwashers, 2 sinks, 2 ovens and both a 6 burner vented gas stove as well as an electric cooktop. All major rooms are on Central Park: living room, dining room, primary suite and very large library. The primary suite has 2 spa bathrooms, one with steam shower and 2 large dressing rooms. In addition to the primary, there are 4 more bedrooms. Full service, white glove coop with gym and storage.

Lisa K. Lippman Lic. Assoc. R.E. Broker llippman@bhsusa.com 212-588-5606 w

Brown Harris Stevens Residential Sales, LLC All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate and all information should be confirmed by customer. All rights to content, photographs and graphics reserved to Broker. Broker supports Fair Housing and Equal Housing Opportunities.

CHRONOS

ULTRA-LUXURIOUS WATCHES YOU WISH YOU COULD OWN THREE NEW PIECES PRESENTED THIS FA L L I N L I M I T E D Q UA N T I T I E S

THEO BAKER

s fall begins taking greater hold and the glimmers of winter frost begin inkling into and slowing down our daily lives, so too, it seems, is the watch market relaxing in its pace. The end of the year is typically a slower season for watch releases, with many brands beginning to gear towards selling for the holiday season rather than introducing novelties, most of which come in the early days of spring. Yet, while new releases might be slowed, many luxur y watchmakers seem to be bucking the trend: not shying from creativity in the colder season, but instead unveiling an impressive plethora of new and important timepieces. Many of these new watches were launched or made their US debut at last month’s WatchTime New York 2021, with the weekend-long collectors’ event once again serving as the highlight to the growingly popular New York Watch Week after its brief hiatus in 2020. Here are three highlighted watch releases that should not be missed.

A. LANGE & SÖHNE ZEITWERK HONEYGOLD “LUMEN” German watchmaker A. Lange & Söhne often garners outsized intrigue in the watch world and beyond, with the brand’s incredible design, manufacturing, and ﬁ nishing abilities often speaking for themselves through their luxurious timepieces. The watchmaker’s latest release is no different. Called the Zeitwerk Honeygold “Lumen,” the haute horological wristwatch merges three of the brand’s most exclusive signatures — that is, the Zeitwerk design, proprietary Honeygold case material construction, and distinctively glow-in-the-dark “Lumen” accenting via a semi-transparent dial. The watch is priced at $145,000 and is limited to 200 editions, with availability exclusively through A. Lange & Söhne boutiques.

IMAGERY COURTESY OF A. LANGE & SÖHNE

W R I T T EN BY

FOR MORE INFORM ATION GO TO EQUICAPM AG.COM/ CHRONOS

EQ.

WINTER 2021

Second on the list is the Legacy Machine Perpetual E VO Tit anium, the supercreative timepiece coming from the mad minds of Maximilian Büsser and Friends, bet ter known as MB&F. The new LM Perpetual EVO is a more durable update to the high luxury watchmaker’s original Legacy Machine design, with the new watch updated for this year with a hardier grade 5 titanium case construction water-resistant to 80m, a reworked dial and movement design, and an eye catching, cool-hued, green mechanical dial. The distinguished three-dimensional timepiece is highly limited in production, with pricing marked at $176,000.

equicapmag.com

IMAGERY COURTESY OF MB&F

MB&F LEGACY MACHINE PERPETUAL EVO TITANIUM

CHRONOS

Unique in shape, the Dream Watch 5 “Season 1” features a Cabochon-cut blue sapphire, a blue grade 5 titanium case, and accents of blued steel and palladium.

While many wonderful and interesting watches were showcased at WatchTime New York 2021 last month, few if any received as much attention as avant-garde watchmaker’s De Bethune’s release for the event: the new Dream Watch 5 “Season 1.” The ultra-luxurious timepiece features a blue titanium case construction produced in a unique “ogive” shape, with large sapphire and hardened mineral glass windows showcasing its various time displays and mechanical workings. It was developed in partnership with American rapper and producer Swizz Beatz, with its “Season 1” namesake indication signaling the brand’s likely-already-underway work towards a sequel. The futuristic looking watch by De Bethune is limited to 10 editions, one presumably reserved for Swizz Beatz, and the others each priced at $520,000.

@eqmagazine_

equicapmag.com

FOR MORE INFORM ATION GO TO EQUICAPM AG.COM/ CHRONOS

WINTER 2021

IMAGERY COURTESY OF DE BETHUNE

DE BETHUNE DREAM WATCH 5 “SEASON 1”

EQ.

CHRONOS

THE

“Upcycle” IT’S TIME FOR CHANGE

W R I T T EN BY

BAR BAR A PALUM BO OR IS

I M AG ERY CO U R T E S Y O F

he proverb “One man’s trash is another man’s treasure” took on an entirely different meaning this past August when Oris introduced their Aquis Date “Upcycle” watch.

Founded in 1904 in the Swiss-German town of Hölstein, and named for a waterway near the ﬁ rst production site, Oris still manufactures in Switzerland. Originally focused on alarm clocks, their timepiece focus has shifted to wrist watches, sustainability and the environment. On August 30, Oris announced the move to be “climate neutral,” but the brand realized that making a statement with that much impact needed action to match. For the last ten years, Oris has moved mountains to make positive environmental change. Some changes are offering straps crafted from recycled PET (polyethylene terephthalate) plastics as well as using ethically-sourced leathers for straps, watch boxes made from ocean algae or recycled paper, and watch parts manufactured using recycled materials – which brings us to the Oris Aquis Date “Upcycle”. The dials, 41.5mm and 36.5mm — are each unique, being crafted individually using recycled PET plastic gathered during ocean cleanups — are alive with colors such as bright red, turquoise, varying shades of green, and more. They pop in a way that few watch dials do, causing watch enthusiasts to celebrate their individuality, as well as the fact that the watch and the brand stand for something more. “Each one is unique, which consumers really enjoy, and the colors are amazing,” stated Oris North American CEO V.J. Geronimo when asked what the reaction to these watches has been since their release. “But aside from that, the idea of what goes into making it allows people the opportunity to make a real statement with their watch. Many consumers identify with the plastic problem facing the oceans and this gives them a unique way to show that we can all do our part.” The Oris Aquis Date “Upcycle” has a stainless-steel case and bracelet and contains an automatic winding date movement with a 38-hour power reserve, sapphire domed crystal with anti-reﬂective coating, stainless steel screw-in security crown, ceramic minutes scale top ring, and is water resistant to 30 bar. Both sizes currently sell for USD 2,300. EQ.

EQ.

WINTER 2021

The dials are made from recycled PET plastic, yielding unique patterns to each piece’s face.

equicapmag.com

GET OUR NEWSLETTER DELIVERED TO YOUR INBOX

IMAGE CREDIT: © MCLAREN AUTOMOTIVE LIMITED.

only at www.equicapmag.com/subscribe

YACHTING

AFLO Majesty

EQ.

WINTER 2021

equicapmag.com

YACHTING

TH E N E W M A J E S T Y 175

FR OM D U BA I - BA S E D G U LF C R A F T H A S TH E D IS TI N C TI O N O F B E I N G TH E WO R LD’ S L A R G E S T

FI B E RG L A SS S U PE RYACHT.

OAT W R I T T EN BY

HOWAR D WALKE R I M AG ERY CO U R T E S Y O F

M A J E S T Y YACHTS

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

YACHTING

THE HYBRID SKY LOUNGE ON THE TOP DECK CONVERTS TO AN OPEN SUN DECK AT THE TOUCH OF A BUTTON.

Fiberglass construction yields lighter hulls, shallower drafts, all-the while allowing for the same sleek lines seen with other materials.

t’s no mean feat to construct a towering 175-foot-long superyacht from fiberglass. Unlike steel or aluminum, which can be welded freestyle, fiberglass requires humongous molds and highly complex tooling and techniques to form.

For United Arab Emirates builder Gulf Craft — makers of the exquisite Majesty line of composite superyachts — it’s worth the considerable effort. Fiberglass construction, they reckon, offers greater longevity, less maintenance, and lighter weight for lower fuel consumption. Pushing the absolute limits of composite superyacht construction, Gulf Craft — headquartered 20 miles north of skyscrapered Dubai — recently launched its stunning Majesty 175. At 175 feet from soaring bow to curvy stern, it grabs the accolade of being the world’s largest production composite superyacht.

EQ.

WINTER 2021

equicapmag.com

YACHTING

EQ.

WINTER 2021

equicapmag.com

YACHTING

EQ.

WINTER 2021

equicapmag.com

YACHTING

With the build process kicking off in 2016, constructing the new 175 took four long years. Hull #1 finally hit the water in late 2020 and was delivered to its “prominent UAE businessman” owner just a few months ago. Credit for the Majesty’s majestic exterior and interior design goes to the award-winning studio, Cristiano Gatto Design, based near Treviso in Northern Italy. Founder Cristiano Gatto was former general manager with rockstar designers leng t h Nuvolari Lenard, so knows his stuff. feet See the Majesty 175 slicing through the placid gulf waters offshore of Dubai and beam this sleek, stylish, glass-rich, four-deck superyacht is guaranteed to spin heads feet from St. Barths to St. Tropez. draft And slice she does. Propelled by a pair of 2,000-horsepower, heavy-duty MTU feet inches diesels, she’s good for a top speed of 17 knots, and offers a range of over 4,000 displacement nautical miles at a more genteel 10 knots. tons That wave-cleaving hull is the work of the naval architects at the wonderfullyguests titled Yankee Delta Studio — not, as you might expect from Louisiana, but Tuscany, in cabins Italy. They gave the yacht a generous crew 32-foot beam, and a shallow seven-foot draft. Perfect for shimmying into those offin cabins the-grid Bahamian anchorages. plus captains crib To balance out the skinny draft, Yankee eng ines Delta specified not one, but to two pairs of roll-quelling TRAC fi n stabilizers to keep MTU her steady on big, open-sea voyages. Cool features of this new Majest y max speed 175 include a cavernous owner’s suite positioned forward on the upper deck that knots opens out to a private 16-foot-long infi nity range pool. Additionally, the hybrid sky lounge on the top deck converts to an open sun nm deck at the touch of a button. For accommodating friends and family at knots — lots of them — there are six lavish ensuite bu ilder staterooms for 12 guests, in addition to the owner’s suite. The 175 is expected to run with a crew of up to 10, so there are six large cabins, plus a captain’s crib, for them. With all the molds and compositelaying tooling now in place, Gulf Craft is gearing-up to build multiple Majesty 175s to satisfy the booming demand for classy superyachts. As for the company itself, it’s been around since 1982, initially cranking out plastic 14-foot runabouts and fishing boats for the local market. Today it builds around 400 boats a year for its well-known brands, Nomad Yachts, Silvercraft, and Oryx. The company built its fi rst Majesty in 1984. And the yard continues to think big, making no secret of its aspirations to become one of the world’s top five shipbuilders by 2025. A majestic plan indeed. EQ

175 32

6 11

Finely appointed quarters, including a spacious owner’s suite in the bow, are instore for anyone lucky to step aboard this craft.

503

14 7

10 6

2 × 2,012

4,000 10

Majesty Gulf Craft

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

NEW SOUTH OF THE HIGHWAY MODERN ESTATE

THE MODERN BARN® BY PLUM BUILDERS

NEW IN EAST HAMPTON WITH TENNIS

John Frangeskos

James K. Peyton

Licensed RE Salesperson m: 914.602.3656 john.frangeskos@corcoran.com

Licensed RE Salesperson m: 917.882.5589 jpeyton@corcoran.com

THE MODERN BARN® BY PLUM BUILDERS

$13,790,000 - Now in construction for 2022 delivery. Seculded

on 1.45 acres, moments to both EH and AMG Villages. 10,800 SF of luxury living with bright open spaces and luxurious finish and smart home technology on three levels. Web# 873939

EAST HAMPTON VILLAGE NEW CONSTRUCTION

AD JACK CURTO DEVELOPMENT IN WATER MILL

WHEELS

GHOST BLACK BADGE hen wa s t he la s t time you heard Rolls-Royce, the purveyor of all things luxury and elegance, describe one of its cars as subversive, rebellious, and “murdered out”? Never. The newest noir offering from the fabled British car maker — the spectacular 2022 Ghost Black Badge — is ﬁ rmly taking the company over to the dark side.

EQ.

WINTER 2021

equicapmag.com

GET BEHIND THE WHEEL OF THE MOST NOIR ROLLSROYCE YET W R I T T EN BY

HOWAR D WALKER

I M AG ERY C O U R T E S Y

ROLL S-ROYCE MOTOR C ARS

WHEELS

Rolls-Royce’s signature design ethos is imbued into all of the Black Badge’s careful details — from the enchanting starlight headliner to the electric teal interior detailing, and ever ything in between.

EQ.

fW o lI lNo TwE uRs 2o0n2 1

“This is the purest form of Black Badge yet,” Torsten Müller-Ötvös, Rolls-Royce Motors CEO told EQ. at an exclusive first-drive event in Miami this week. These days, the automaker’s Black Badge sub-brand accounts for more than 27 percent of Rolls-Royce sales worldwide. With the boxy Cullinan SUV, the number accounts to closer to 40 percent of global Rolls-Royce sales. RollsRoyce is doing an impressive job of bringing-in younger, non-traditional buyers, whose average age has dropped to just 43. “These are buyers who celebrate minimalism and purity. They reject suits for streetwear, use blockchain not banks, and inﬂuence the analog world through their digital endeavors,” explained the Rolls-Royce CEO. And this new Ghost Black Badge is set to become the company’s most successful model to date, with its more assertive character, bolder design and stunning detailing. There’s also some real substance here to back-up the back-to-black style. Power for that magical 6.75-liter V12 nuclear reactor under

@eqmagazine_

equicapmag.com

the hood goes up from the “standard” Ghost’s 563-horsepower to 591. More impressive is the bump-up in torque from 627 lb-ft to 664. To add a little more, dare we say “sportiness” to the way the car handles, the air suspension is a firmer, with a tad more heft added to the steering for a more dynamic, agile feel. Off the line acceleration is quickened by the addition of a “low” mode gear setting — Rolls’ equivalent of “sport” mode for the car’s reworked eight-speed automatic. But the big attraction and appeal here is those unique, bold Black Badge design cues. As with other Black Badge models, the imposing grille and iconic Flying Lady are blacked-out in a complex paint process. If you go for black paintwork — why wouldn’t you? — the deep black hue is claimed to be the darkest in the industry. The creative process includes applying 100 pounds of paint, and being hand-polished by a team of four craftspeople for up to five hours. If you’re one of those not into black… there are another 44,000 colors to choose from in the Ghost palette.

WINTER 2021

EQ.

WHEELS

Added to this is a unique set of gorgeous 21-inch composite wheels each made up of between 22 and 44 layers of carbon ﬁber, with a 3D-forged aluminum hub and aerospace-grade titanium fasteners. Wheels on an F-18 ﬁghter aren’t this complex. Inside, the cabin is a stunning mix of quality and craftsmanship with a back-to-black vibe. That said, we loved the eye-popping contrast of the teal seats in the car we drove. Talking of driving, our brief run through rush-hour Miami traffic showed that the new Ghost Black Badge has no shortage of muscle. Now, it’s off-the-line response is stronger, more urgent, and accompanied by a deeper, more vocal voice from the upgraded exhaust. Zero-to-sixty sprinting is accomplished in an impressive 4.5 seconds. But it’s the recalibrated steering, for me, which is the biggest change. It feels more precise, a little heavier, and more responsive. When coupled with standard all-wheel drive and rear-wheel steering, this Black Badge Ghost becomes my favorite Rolls-Royce, well, ever. Pricing starts at $437,350 — the Black Badge package adds $43,850 to the sticker. Start talking to the people at the Rolls-Royce Bespoke division, and you’ll quickly spend up to $483,700 for the car we drove. As for the thrill of driving a “murdered-out” RollsRoyce? Priceless. EQ. Embracing a darker take on Rolls-Royce’s Black Badge collection, the sleek, midnight-hued Ghost promises to discretely deliver riders in style.

“THIS IS THE PUREST FORM OF BLACK BADGE YET”

—TO R S T E N M Ü L L E R - ÖT VÖS , R O L L S-R OYC E M OTO R S C EO

EQ.

WINTER 2021

equicapmag.com

Virtually Staged

39 L I S P E N A R D S T RE ET, #P H TRIBECA PENTHOUSE TOWERS ABOVE NE W Y O R K ’ S VI B R A N T A RT S C E N E

Gut renovated, sun-blasted and spectacular, four-bedroom, three-and-a-half bathroom penthouse loft, with 4 exposures, epitomizes chick TriBeCa living with outstanding modern design and an extraordinary 3,000SF roof deck where views stretch all the way to the Midtown skyline. This is a first offering. Never before lived in residence! $12,500 ,000 | BED : 4 | BAT H: 3. 5 APPROX . SQ. FT: 3,800 | 3, 000 SQ . F T. EX T E R IOR

Danny Davis

The Danny Davis Team at The Corcoran Group Licensed as Daniel Alan Davis Licensed Real Estate Salesperson o 212.941.2560 m 917.776.8564 dannydavis@corcoran.com Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

WHEELS

W R I T T EN BY

HOWAR D WA LKER

P H OTO G R A P H Y BY

DAN WAG NER

IMAGE CREDIT: © MCLAREN AUTOMOTIVE LIMITED.

EQ.

WINTER 2021

equicapmag.com

WHEELS

G E T TI N G S H A K E N A N D S TI R R E D I N MCL A R E N ’ S A S TO N IS H I N G LY R A PI D 765 LT A N D O N E V E RY CO LLEC TI B LE 0 07- I N S PI R E D A S TO N M A R TI N VA NTAG E .

OOL BRITANNIA IS ALIVE AND WELL. Here, for your consideration, is a pair of gym-honed British beefcakes, each packing more pugilistic muscle than Tyson Fury and Conor McGregor combined. In the red corner, and perhaps the more whimsical of this dynamic duo, is the Aston Martin Vantage 007 Edition, created by Aston’s own Q-division to celebrate the latest Bond romp, No Time to Die.

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

Previous Spread

1 2 3 4

WHEELS

1,3,4. Aston Martin 007 Vantage; 2 . Maclaren 765LT (Credit: ©McLaren Automotive Limited.)

HERE, FOR YOUR CONSIDERATION, IS A PAIR OF GYM-HONED BRITISH BEEFCAKES, EACH PACKING MORE PUGILISTIC MUSCLE THAN TYSON FURY AND CONOR MCGREGOR COMBINED. 28

EQ.

WINTER 2021

equicapmag.com

IMAGE CREDIT: © MCLAREN AUTOMOTIVE LIMITED.

This 765LT is featured in McLaren Orange.

Based on the highly-vocal 503-horsepower Vantage Coupe, just 100 examples will be built, priced from $213,795. They’re distinguished by stealthy Cumberland Grey paint, a new chrome-ringed black mesh grille, cool yellow edging around the lower sections and some very big wheels. Pay a little extra, and you can opt for the must-have roof-mounted ski rack and skis, just like those on the 1987 Aston Vantage that stiff-upper-lipped Timothy Dalton piloted in The Living Daylights. Now over in the blue corner is the angry Mr. Hyde to the Aston’s less tempestuous Dr. Jekyll. McLaren’s $358,000 765LT Coupe is a stripped-out, barely road-legal, 755-hp slingshot designed to burn-up racetracks and intimidate anyone lacking the millisecond reactions of a Lewis Hamilton. The LT stands for Long Tail, though it could also be short for Legalized Terror. As if McLaren’s frenetic 720S model on which it’s sired didn’t offer enough forward motion; power from that mid-mounted 4.0-liter V8 super engine is upped by 45-hp, while 176 pounds have been shaved from its already supermodel-thin waistline. The result is a piece of performance master y that can rocket from rest to 60mph in just 2.7 seconds, hit 124mph from zero in a mere seven seconds, and not quit until the digital speedo is ﬂashing-up 205mph. Maybe even more impressive than the rock-out-of-the-catapult acceleration is the braking. Those race-bred 15.4-inch carbon-ceramic stoppers are shared with the mighty Senna. Hit the left pedal, hard, at 124mph and it takes just 354 feet to come to a screamin’ halt. Throwing out an anchor would have roughly the same decelerative effect.

@eqmagazine_

equicapmag.com

IMAGE CREDIT: © MCLAREN AUTOMOTIVE LIMITED.

WHEELS

Mister Bond’s 007-flavored Vantage is not quite as potent, but no less thrilling. Its 4.0-liter twin-turbo V8 packs 503-hp and, with the choice of 7-speed manual or 8-speed automatic shifting, it’ll rush from rest to 60mph in 3.3 seconds and thunder to a top speed of 200mph. While the 007 Aston’s exterior is a nice nod to Bondmobiles past, it’s the coal-black interior that’s a JB-lover’s dream. The seats, with their retro-style, butter-soft leather paneling and hand-stitched 007 logos, are inspired by The Living Daylight’s Vantage, and look and feel superb. But only Bond nerds will recognize the number 96.60, neatly embroidered into the sun visors, as the Soviet police radio station frequency that Bond used to aid his escape in Daylights. By comparison, the McLaren’s cabin is fighter-jet stark, stripped-out and minimalist. Carbon-shelled bucket seats embrace you as warmly as a Rikers Island straitjacket. Creature comforts? The fact that air conditioning and a stereo are both on the options list says it all. But here is one of the world’s last great analog supercars we’ll see before performance is measured in kilowatts and ohms — a supercar we’ll fi ll-up rather than plug-in. So, decisions, decisions: McLaren or Aston? Both are stunning examples of Cool Britannia, both are car collectors’ dreams. Both, in slightly different ways, will definitely leave you shaken and stirred. EQ.

WINTER 2021

EQ.

HOSPITALIT Y

Gatsby

OHEK A CASTLE’s glamour and grandeur attracts guests to live lavishly at this historic Long Island estate. Seen here all alight at dusk.

EQ.

WINTER 2021

equicapmag.com

HOSPITALIT Y

Getaway O HEK A C A S TLE V ISITO RS R E V EL IN JA Z Z AG E SPLEND O R W R I T T EN BY

J EFFR E Y S TEELE OHEK A

I M AG ERY C O U R T E S Y O F

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

HOSPITALIT Y

TTO HERMANN K AHN LOVED TO THROW

EXTR AVAGANT PARTIES. Visitors feel transported back in time, a centur y past, as they explore OHEK A’s landscape of manicured gardens, verdant foliage, and posh elegance.

Throughout the 1920s, the German-born, U.S.made banker hosted lavish soirees at the sprawling Huntington, N.Y. French chateau he built as his legacy near the shores of Long Island Sound. Dressed to the nines and flouting Prohibition-era strictures, flappers and their Gatsby-like beaus clinked champagne flutes while reveling in one of Long Island’s most romantic settings. A century later, folks may feel themselves not just travelers, but time travelers, when they check in for an overnight stay, or even stop for lunch or dinner, at Kahn’s now-lavishly-restored estate. Known as OHEKA Castle Hotel & Estate, (the acronym created from Kahn’s full name), the palace beckons visitors to overnight in royal splendor within one of 32 guestrooms and suites “designed not just as hotel rooms but as if you are a guest at someone’s mansion,” explains director of marketing and design Nancy Melius.

“PEOPLE FEEL THE PRESENCE OF THOSE WHO HAVE BEEN BEFORE” — N A N C Y M E L I U S , D I R EC TO R O F M A R K E T I N G A N D D E SI G N , O H E K A

EQ.

WINTER 2021

FIRST IMPRESSIONS

The glamour envelopes visitors from the very moment they motor up the long driveway, past a row of beautiful topiaries and into the spectacular open courtyard. Feeling like they’ve been whisked to Europe, many gasp at their initial glimpses of the courtyard’s rose-filled French formal gardens, designed by no less than the Olmstead Brothers, sons of legendary landscape architect Frederick Law Olmstead. Lined with boxwoods and graced by a magnificent fountain and statuary, a perfect 10 reflecting pools adorn the setting. The mirror-like waters tempt visitors to snap pictures as they meander walking paths beside the twin rows of towering London planetrees.

equicapmag.com

HOSPITALIT Y

EQ.

WINTER 2021

equicapmag.com

HOSPITALIT Y

Parked out front, Aston Martin’s DB11 AMR, limited production, courtesy of real estate investor Sinai Sassouni. (Photo courtesy of Dan Wagner

An ideal way to begin your stay is with OHEKA’s Historic Mansion Tour, a one-hour guided tour of what is, after Asheville’s Biltmore, America’s second largest home. Available by reservation only, tours begin at 11 a.m. and wind through designated public areas of the estate and gardens. At noon, step into the posh, chandeliered dining room, where you’ll lunch in old world comfort and style. If weather permits, an outdoor piazza serves up lovely views along with OHEKA’s delectable fare. Should you seek an after-lunch libation, the stately bar invites you to savor wine, beer, spirits or specialty cocktails blended by resident sommelier Samantha Bellando. The intimate room is so evocative of Roaring ‘20s North Shore panache, it even offers what it calls “Gatsby Hours.”

UNFORGETTABLE MOMENTS

When it’s time to turn in for the evening, the exquisite guestrooms and suites never fail to leave guests enthralled. Bearing names that harken to Gilded Age elegance— among them Carnegie, Fairbanks and Whitney — these cozy spaces marry elegant décor, ﬁ ne furnishings, and such pampering touches as Molton Brown gift sets and Frette linens. As remarkable as is this one-of-a-kind setting, it’s the colorful 102-year-old history of the OHEKA Castle Hotel & Estate that inevitably leaves the most indelible impression on its awed visitors. Many can’t help thinking they’ve stepped into the pages of an F. Scott Fitzgerald classic. “People feel the presence of those who have been before,” Melius says. “They can touch and feel the past, and create their own Gatsby moment.” EQ.

(Photo courtesy of Richard Nowitz Photography)

EQ.

WINTER 2021

equicapmag.com

HOSPITALIT Y

DEVELOPMENT

EQ.

WINTER 2021

equicapmag.com

DEVELOPMENT

A Rockaway

(Main)Stay A MID-PANDEMIC GAMBLE IS PAYING OFF FOR THE COMMUNITY AND DEVELOPER

he Rockaway Hotel opened at the end of last summer, in the midst of the pandemic—quite a gamble knowing the Rockaways are a summer destination, and that COVID-19 has already greatly disrupted the city’s tourism industry.

@eqmagazine_

equicapmag.com

W R I T T EN BY

E MILY NONKO

I M AG ERY CO U R T E S Y O F

K YLE KNODELL

But, just a year after opening, the risk is paying off for an ambitious project that occupies a full block on Beach 108th Street, close to the city’s ferry landing, the ocean and the boardwalk. “We just thought Rockaway was ready for it,” says developer Jon Krasner, of 7G Realty | 7G Group. For its ﬁ rst summer in business, he adds, “Our occupancy was pretty full.” This project was several years in the making as the developers assembled enough property along the block to build a six-story, 84,000-square-foot hotel with 50 rooms. Given the long timeline, the developers made a key decision to connect with local residents and artists to build a supportive community during construction. “We used art as a bedrock of trust, and from there we started to ask the community what they needed,” says Michi Jigarjian, partner and chief social impact ofﬁcer for 7G.

WINTER 2021

EQ.

DEVELOPMENT

One of The Rockaway Hotel’s 50 guest rooms, each spacious suite invites guests to enjoy a leisurely and luxurious stay at this urban beach escape. BOT TOM: Locally sourced art from residents and students is on display throughout the hotel. OPPOSITE: Margie’s, the hotel’s restaurant draws not just guests but residents with its fare, live music, and holiday events.

“THERE’S A SOUL TO THE HOTEL THAT PEOPLE CAN FEEL WHEN THEY’RE THERE”

—M I C H I J I G A R J I A N , PA R T N ER A N D C H I EF S O C I A L I M PAC T O F F I C ER F O R 7G

EQ.

WINTER 2021

equicapmag.com

DEVELOPMENT

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

DEVELOPMENT

Surrounded by loungers and cabanas, guests wishing to stay on-site can enjoy the luxurious heated pool and fresh air.

EQ.

WINTER 2021

equicapmag.com

DEVELOPMENT

A communit y art project with a nearby school grew into partnerships with local artists — many of whom have artwork displayed throughout the hotel. Additional programs were also created, including a swim initiative which provides free swim lessons to local children, and a six-week job training called Hospitality Way. Ar t remains a focal point at the hotel, according to Jigarjian. Tom Sachs, who lives on the Rockaway Peninsula, created a moon rock box and a large painting of the lunar lander for the hotel. New York artist Ivan Forde debuted his first large-scale public work on the facade, a 90-foot-long mural characterizing Rockaway’s history through an underwater seascape of literary characters alongside local fish and birds. On top of the unique art and community programming, the hotel boasts 16,000 square feet of outdoor space, a cafe, restaurant, spa, roof deck and t wo ballroom-esque event spaces. Because the offerings are so diverse, the developers believe it’s positioned them well for the city’s unique culture, energy, and demand moving forward. “We came up with a new playbook and were confident it would work,” as Krasner put it. He notes that the hotel has attracted not only tourists, but also New Yorkers seeking a staycation, travelers fl ying through nearby JFK airport, and even residents from Long Island. Rockaway locals have flocked to the in-house restaurant, Margie’s. Equicap has financed some of 7G’s prior projects and “my expectations were not only met, but exceeded,” says Daniel Hilper t, founder and managing director of the firm. “Equicap has arranged debt and equity for hospitality since 2002 and has seen several business cycles — the pandemic left a deep imprint on NYC and it will be felt by the hospitality industry for several years to come,” he adds. “Jon Krasner and his partners have succeeded in delivering a competitive product in the middle of the pandemic.” As New York City continues to open back up, the developers have big plans for the future. “We’ll be bringing in more events, brands, music, DJs, art, communit y engagement,” K rasner says. Jiga r jia n w ill cont inue to oversee the swim initiative, job training and a future partnership with Campaign Against Hunger to build a 2.5-acre urban farm in the neighborhood. “There’s a soul to the hotel that people can feel when they’re there,” she says. For Krasner, he notes, “We want to represent the rebuilding of New York.” EQ.

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

ART

USING THE PAST

TO SHAPE A FUTURE M A R IA K R E YN ’ S N E W E S T PE R M A N E NT I N S TA LL ATI O N I N LO N DO N

W R I T T EN BY

APR IL R ICHON JACOBS

EQ.

WINTER 2021

equicapmag.com

PHOTOGRAPHY COURTESY OF LIZZIE BROOKS.

ART

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

ART

The artist herself. PHOTOGRAPHY COURTESY OF JORDAN OWEN.

EQ.

WINTER 2021

equicapmag.com

ART

rooklyn-based painter Maria Kreyn reflects on her epic cycle of paintings for the newly restored Drury Lane Theatre in London, commissioned by Andrew Lloyd Weber with the works of Shakespeare as its theme. follow us on

@eqmagazine_

equicapmag.com

“MARIA, LET’S DO SHAKESPEARE; I ’ d l i k e y ou t o m a k e t h i s w or k dangerous and apocalyptic — with your soul on the line.” Such was the directive issued by none other than A ndrew Lloyd Weber to the ar tist Maria Kreyn, in a request that would leave most artists weak in the knees. Not so with Kreyn, who spent the better part of the pandemic lockdown doing a deep dive into the complete works of Shakespeare. She even worked with the acclaimed British scholar Trevor Nunn, who is said to be the only person alive to have directed all 39 of Shakespeare’s plays. Kreyn’s epic cycle of paintings is now complete, with all eight of these lush, breathtaking paintings recently installed in London’s Drury Lane Theatre. The project was part of a three-year long, $82 million renovation overseen by Andrew Lloyd Weber, who purchased the venue 44 years ago. Maria Kreyn paints with the Old Masters in mind, creating work on a massive scale rendered in sumptuous jewel tones that highlight the emotional intensity of her softly-painted figures, who are often nude or partially draped in silky fabrics. Her work was a natural ﬁt for Lloyd Weber, who reached out to Kreyn after seeing her work in Vanity Fair. When he initially phoned her studio, she didn’t quite believe it was him at ﬁ rst. But eventually the two fell into a natural collaboration. She recounts, “I came out to London and I saw it when it was just a construction site, very raw, very bare bones. It was really exciting — you could tell that something utterly extraordinary was going to happen.” Love, madness, tragedy, ecstasy, despair — how does an artist convey the greatest themes of the human condition? Much of what Kreyn is able to express in her paintings, which are largely realist but executed with a soft, dripping brush, comes from the merest gesture. An outstretched hand or a graceful twist of the wrist can elicit desire, longing or even madness.

WINTER 2021

EQ.

ART

EQ.

WINTER 2021

equicapmag.com

Paying homage to Goya’s Colossus, represented by Prospero in this piece harkening to The Tempest’s Act I, Scene 2 . PHOTOGRAPHY COURTESY OF PHILIP VILE.

ART

@eqmagazine_

equicapmag.com

Kreyn even paints herself into her own work, using her own nude body as model. “It’s literally about finding the articulation and the gestures and the choreography,” Kreyn explains. “It’s kind of like a director’s project, but I’m not coming up with a play, I’m coming up with one ‘snap’ or one image that gives the emotional thrust of the whole play at large as I felt it.” Kreyn herself is somewhat of a renegade. As the child of Russian émigré parents (her mother is a classical pianist), she studied philosophy and math at the University of Chicago, but left after two years. She never participated in a traditional MFA painting program, but chose instead to apprentice with a European painter in Norway. Her paintings reach deep into the archives of art history — you will find aspects of Goya and Zurburán in her work, and a bit of Bacon’s melting, dissolving forms. In tackling Shakespeare, Kreyn found universal themes that continue to resonate, especially in the present day. For her latest body of work, Kreyn has a mped up t hose big t hemes, zooming out into great walls of clouds and pouring torrents of rain. These new paintings pay homage to The Tempest but have eliminated the human figure altogether, choosing instead to revel in the tumultuous glory of the weather in all its mercurial moods. She elaborates, “It’s the type of work that I’ve been wanting to do for a really long time. Rather than focusing on the human form directly, I’ve been thinking about the human experience and the human drama from a different vantage point, where you don’t even see the humans anymore.” Despite their ties to Art Histor y, Kreyn’s paintings are resolutely contemporary. They speak to a certain present zeitgeist. “When you’re making work, the idea is you want to be constantly challenged beyond what you think you can accomplish,” she remarked. “These paintings are a conversation with Shakespeare, not an illustration. It’s this deep dive into the human condition and psyche — into the big themes of life that still capture us centuries later.” EQ.

WINTER 2021

EQ.

Chasing Memory II, Oil on Panel, 18" x 24", 2019. PHOTOGRAPHY COURTESY OF THE ARTIST.

ART

EQ.

WINTER 2021

equicapmag.com

Chasing Memory III, Oil on Panel, 18" x 24", 2019. PHOTOGRAPHY COURTESY OF THE ARTIST.

ART

@eqmagazine_

equicapmag.com

WINTER 2021

EQ.

ART

BUYING IS THE NEW LIKING

N F T S A N D TH E R IS E O F TH E E X TR E M E LY O N LI N E A R T CO LLEC TO R W R I T T EN BY

APR IL R ICHON JACOBS

ART

$ 69 , 0 0 0 , 0 0 0

➔

BEEPLE (b. 1981), E VERYDAYS: THE FIRST 5000 DAY, that sold at Christie’s for $69MM in March 2021. Imager y cour tesy of Christie’s Images LTD. 2021.

hat are NFTs and what do they mean for the future of the art market? Are they a passing fad or a major market disruptor? Do they have the staying power to go the distance? Join us as we attempt to parse out the meaning behind the multi-million-dollar NFT market and its implications for the future of art collecting.

What are NFTs, anyway? An NFT is a unique “non-fungible token” that lives on a blockchain. A blockchain is a “digital ledger” that keeps track of the NFT and can be accessed through the owner’s digital wallet. Although the very first NFTs were minted on Bitcoin, now a lot of NFT trading happens on the Ethereum network. If you want to buy an NFT, you need to open a digital wallet so that you can make purchases and eventually access the NFT you buy. Once you purchase the NFT using your digital wallet, you become indelibly linked to that token as its owner, and the transaction gets recorded on the blockchain. Each NFT is identiﬁed by a series of numbers that serves as its “TokenID.” Copy-paste any TokenID into Ethereum’s network and you’ll find the current owner and all previous owners since its creation and the price at which it changed hands. This is the exciting and most-hyped aspect of NFTs, as their transactions are fully transparent and will be stored indefinitely on the blockchain. Patricia Pernes, General Counsel for Bonhams, NY, recently explained that “NFTs make transacting in digital art more accessible,” calling them an “inﬂection point.” Buying an NFT gives access to an elite group of like-minded, tech-savvy people who can be described as forward-thinking, radical and extremely online. Some of the earliest NFTs — like CryptoPunks — were designed in a limited edition, so

equicapmag.com

there is scarcity built in to the model. The art itself is deliberately weird, amateurish and kind of outsider or “populist” — as if to demonstrate that this is a different kind of art for a different kind of art collector. Consider the CryptoPunks — a collection of 10,000 unique avat ars developed by Larva Labs in 2017. Each CryptoPunk is a 24x24 pixel icon featuring a different character generated by an algorithm. Initially, the CryptoPunks were given out for free. Now, all 10,000 have been claimed, and collectors are trading them for millions. In May, Christie’s offered 9 of the earliest CryptoPunks in its 21st Century Evening Sale at an estimate of $7–9 million. They sold for $16,962,500 (with buyers premium). This was a sale made in real US Dollars rather than ETH or Bitcoin. In the second half of 2021, over $700 million worth of CryptoPunks have been bought and sold, with Jay-Z, Snoop Dog and Cleveland Browns wide receiver Odell Beckham, Jr. making major purchases and using their CryptoPunk avatar as their Twitter profile. The tech entrepreneur Gary Vaynerchuck owns 59 CryptoPunks. In many ways, NFTs are becoming another status symbol for the luxury collector, and because the sale can be tracked by the TokenID, the purchase offers a higher level of elite online visibility. Golden State Warriors player Stephen Curry paid 55 ETH (or about $180,000) for his Bored Ape avatar earlier this August, which he uses as his Twitter proﬁle.

WINTER 2021

EQ.

$4,340,000

$24,393,000

IMAGE CREDIT: SHUTTERSTOCK.

$525,000

EQ.

WINTER 2021

equicapmag.com

1) Property from the collection of Mr. Shawn Yue, Larva Labs (Est. 2005), CryptoPunk 9997, Price realized: HKD 33,850,000 (USD ~4.34MM). Imagery courtesy of Christie’s Images LTD. 2021. 2) Yuga Labs (Est. 2021), Bored Ape Kennel-Collage, sold as part of collection of 101 Bored Ape Yacht Club NFTs, Price realized for collection: USD 24,393,000. Imagery courtesy of Sotheby’s. 3) LARVA LABS (Est. 2005), 9 Cryptopunks: 2, 532, 58, 30, 635, 602, 768, 603, and 757, Price realized: $16,962,500. Imagery courtesy of Christie’s Images LTD. 2021. 4) Property from the collection of Mr. Shawn Yue, Yuga Labs (Est. 2021), Bored Ape Yacht Club #8746, Price realized: HKD 9,610,000 (USD ~1.23MM). Imagery courtesy of Christie’s Images LTD. 2021. 5) Andy Warhol (1928–1987), Untitled (Self-Portrait), Executed circa 1985 and minted in 021. Price realized: $870,000. Imagery courtesy of Christie’s Images LTD. 2021. 6) Andy Warhol (1928-1987), Untitled (Flower), Executed circa 1985 and minted in 021. Price realized: $525,000. Imagery courtesy of Christie’s Images LTD. 2021.

$ 1 6 ,9 6 2 , 5 0 0

$870,000

$1,230,000

@eqmagazine_

equicapmag.com

WINTER 2021

A BLOCKCHAIN IS A “DIGITAL LEDGER” THAT KEEPS TRACK OF THE NFT AND CAN BE ACCESSED THROUGH THE OWNER’S DIGITAL WALLET

EQ.

ART

$375,000 ➔ Like the Cr yptoPunks, the Bored Ape Yacht Club is a collection of 10,000 unique NFTs available for purchase. The name pokes fun at people who got rich quick in crypto and some of the apes sport ascots and yachting caps. Like the CryptoPunks, they are made with a deliberately tongue-in-cheek irony that is equal parts weird, off-putting and yet somehow charmingly cute. Also like the CryptoPunks, the Bored Apes are selling for multiple millions this year. Over the summer, 101 of the Bored Ape NFTs resold for $24.4 million at Sotheby’s. In October, Sotheby’s sold a single Bored Ape for $3.4 million. The NFT community tend to be some of the most outspoken in the world. Their abiding faith in an open-sourced, decentralized “Web3.0” of the future is perhaps the most interesting aspect of NFT collecting. According to Patricia Pernes, the t ypical NFT collector is “tech-conversant and inquisitive,” and likely an “early(ish) crypto adopter who beneﬁted from growth in that space.” The future of NFT trading will be largely determined by the strength of t he cr y pto ma rket, as so ma ny NFTs are traded in ETH or Bitcoin. But the consensus seems to be that the technology enabling the minting, buying and selling of NFTs could beneﬁt collectors of traditional “tangible” artwork as well as the artists who make it. Certainly the development of online platforms like Ethereum and OpenSea.io (an open-source marketplace for NFTs) could revolutionize the future of the art market. For instance, some NFTs have a built-in feature that automatically alots 10% of the item’s resale back to the artist who created it. Certainly greater transparency would be a boon for collectors looking to make sense of who’s buying what, especially as auction houses offer works for sale that are guaranteed by a third-party backer that often sells on a single, irrevocable bid (t he v a lue of wh ich r em a i n s undisclosed by the auction house). Perhaps the future is already here — and the next generation of collectors have already revealed themselves. If that’s the case, we’re stuck with the Punks, the Apes and the memes, as well as the irreverence, glee and “wonk” that comes with them. EQ.

FEWOCiOUS (b. 2003), Year 5, Age 18, I Taught Myself How to Fly, Executed in 2021. Sold for $375,000. Imager y cour tesy of Christie’s Images LTD. 2021. BELOW: FEWOCiOUS (b. 2003), Year 3, Age 16 — When A Child Feels Lost, Executed in 2021. Sold for $437,500. Imager y cour tesy of Christie’s Images LTD. 2021

$ 4 3 7, 5 0 0 ➔ 54

EQ.

WINTER 2021

equicapmag.com

ART

WHAT ARE NFTS ANYWAY? And how are they shaking up the art market?

We sat down with Patricia Pernes, General Counsel for Bonhams, New York, to discuss the multi-million-dollar NFT market and its impact on the future of art collecting. A P R I L R I C H O N J A C O B S ( A R J ) : Ever yone’s t alking about NFTs! What are they, if you could explain them in a few words? PATRICIA PERNES (PP): An NFT (non-fungible token)

is a line of code that is created (minted) through a smart contract (a series of self-executing protocols), which assigns ownership and manages the transferability of the NFT. NFTs exist on a blockchain — a public ledger that allows anyone to verify the NFT’s attributes and transaction history. An NFT may also reference or link to a digital asset, such as a digital work of art. While most digital items can be endlessly reproduced and easily altered, each NFT has a unique digital signature, meaning it is one of a kind, so the token proves that the referenced or linked copy of the digital file is the original. The NFT acts as a passport or a deed, conveying access or other rights (including potentially ownership, depending on the manner or terms pursuant to which the NFT sold) to the referenced digital asset. ARJ: Why would a collector purchase an NFT versus a

traditional “tangible” object like a painting or sculpture? What is the appeal? PP: FTs can be used in connection with anything digital: static, dynamic, or generative works of visual art, video clips, music, players in an interactive game — or the game, an AI, digital sneakers or furniture for VR environments; the possibilities abound. Much of the current excitement is around using NFTs in connection with digital art because it’s a framework that provides a more practical way to establish authenticity and designate ownership. NFTs make transacting in digital art more accessible, which is an inflection point for this medium.

NFTs bring a novel and dynamic dimension to art and collecting. Bonhams is currently offering the first NFTs for ballet. World-famous ballerina Natalia Osipova, the principal dancer at The Royal Ballet in London, has performed three

@eqmagazine_

pieces, which, through NFTs, are crystallized as unique works that can be owned and collected. ARJ: Can you paint us a picture of a typical NFT collector? Who are they, where do they live and are they young and tech-savvy? PP: Certainly tech-conversant and inquisitive. Likely an early(ish) crypto adopter who has benefited from growth in the space and is now exploring art and collecting. While most transactions occur via blockchain based NFT platforms, auction houses are expanding the reach of NFTs to “off-chain” collectors, so the picture of the “typical” collector is morphing. ARJ: Do NFTs have to be purchased with crypto currency?

If so, does Bonhams accept crypto? PP: Many NFT art platforms require payment in crypto,

however some have opened up the NFT marketplace to a broader user base by accepting payment in crypto or fiat (normal, government issues currency), at the buyer’s election. Bonhams takes the latter approach, allowing buyers of NFTs to choose their preferred form of payment — fiat (payable in the currency of the saleroom conduction the auction) or crypto (currently ETH). ARJ: Can you make any projections about how NFTs will be part of the future of art collecting? Are they here to stay or are they a passing fad? PP: NFTs are here to stay, especially for digital art and

collectibles. They are a milestone for artists and collectors and have been embraced for their practicality and potential. I anticipate further technical refinement and increasingly sophisticated application as a growing number of artists, performers and creators leverage NFTs to reach and connect with a broader audience and to administer their commercial rights.

equicapmag.com

WINTER 2021

EQ.

THE OPPORTUNITIES OF

A LIFETIME

37 GEORGICA ROAD E

A S T

T O

AD GEORGICA ESTATES

NEW CONSTRUCTION

Located in the Georgica Estate section of East Hampton Village, this luxurious gated 9,312 sqf t estate of fers so much more than just it’s prime location. With 9 bedrooms, 8 full, and 2 half bathrooms- this new construction easily surpasses everyday expectations. The open layout of the main level combined with double -height ceilings, an abundance of oversized windows and sliding glass doors enables the natural light to flow throughout. The large gourmet chef ’s kitchen, with integrated appliances and a waterfalledge countertop island, presents a modernized sophistication without compromising capabilit y. The breakfast area, kitchen island seating, and formal dining room with the connected 99-bottle wine room allows functionalit y for all occasions. The upper level features the master suite, with a private terrace and outdoor wood-burning fireplace, an additional junior master suite, three guest suites, and laundry room. The fully finished lower level presents a media room, wet bar/concession area, gym, guest suite, t wo staf f bedrooms and t wo full bathrooms. Outdoor activities are nearly endless with; the tennis court, heated gunite pool with spa, pool house, outdoor terrace areas, and extensive yet beautifully manicured yard. WebID 1902403

$13,900,000

300 MURRAY PLACE S

AD QUIET

MURRAY COMPOUND

NEW CONSTRUCTION

This brand new +/- 8,500 sqf t estate is roughly 1,000 f t from the ocean with private deeded access, this propert y presents 7 bedrooms, 9.5 bathrooms, double height ceilings, a movie theater, gym, heated gunite inground pool, and pool house.! WebID 1962037

$19,995,000

JAMES GIUGLIANO 631-456-3567 JAMESG@NESTSEEKERS.COM © 2021 Nest Seekers International. All rights reserved. Licensed Real Estate Broker NY, NJ, FL, CA, CT. Nest Seekers International fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.

T O

R E A L

E S TAT E

F I NA NC E .

dhilpert@m-equicap.com