Gold Issue 4

ISSUE 04 JUly 2011 PRICE €6.95

the international investment, business & finance magazine of cyprus

5 291 2 95 000577

00001 >

INTEGRATING ART INTO A WEALTH MANAGEMENT STRATEGY FROM ART LOVER TO ART INVESTOR MANAGING THOSE MILLION-DOLLAR DEALS THE WORLD’S MOST EXPENSIVE PAINTINGS

+ InterviewS TIM WARD ZACHARIAS IOANNIDES DAVID ULRICH Russia How much is its business worth to Cyprus?

CREATIVE ACCOUNTING The World’s Ten Biggest Financial Scandals

INTERVIEW Chiara Corazza Greater Paris Investment Agency

Plus:

MONEY / BUSINESS ECONOMY TAX & LEGAL LIFESTYLE / opinion

6 EDITORIAL 8 NEWS BRIEFING: GLOBAL 12 NEWS BRIEFING: LOCAL 14 COMMODITIES/FOREX WATCH

issue 04 july 2011

26

COVER STORY INVESTING IN ART 28 Integrating Art into a Wealth Management Strategy

30 Collector, Investor or Both?

31 The World’s Most Valuable Private

Art Collections

32 From Art Lover to Art Investor 34 Never Mind the Aesthetics, What Are

The Returns?

36 The Collector: Michael Zampelas 38 Corporate Art Collections in Cyprus 40 The Collector: Demetris Pierides

+ opinion The Debate: “Do the advantages of membership of the eurozone outweigh those of retaining a national currency in Europe?”

by Persella Ioannides (Yes) and Sritha Reddy (No) 21 The Alternative CEE Strategy: Default and Devalue

by Dr. Savvas Savouri

42

52

24

A New Era For Property Buyers

by Chris Hadjikyriacou 50 What Cyprus Can Learn From Luxembourg

by George Savvides

62

A Dog’s Life

by Peter Economides

98

FEATURES 42 | Creative Accounting and Earnings Management

56 | European Football Market Grows To €16.3 Billion

Ten of the world’s biggest financial scandals

Football proves recession resistant as the ‘Big Five’ Leagues achieve revenue growth

48 | Russia: Our multi-billion euro investor

58 | Back To The Future

How much is Russian business really worth to Cyprus?

52 | Going the Extra Mile

Interview with Elias Neocleous

4

the international investment, business & finance magazine of cyprus

Interview with Zachariades Ioannides

64 | The Real Life Ryan Bingham?

That’s Not Me! Management Guru David Ulrich speaks to Gold

70 74 82 86 92

{money} {business} {economy} {tax&legal} {lifestyle}

{july 2011}

issue 04

+ BOok reviews

70 74

{money}

70 A Holistic Approach to Investment Bank of Cyprus Group Markets

{business}

74 Fill ‘Em Up! Tim Ward on why banks should be doing more for SMEs 78 Learning to Delegate How a Virtual Personal Assistant can free you of those time-consuming tasks

80

BUSINESS: What You See Is What You Get: My Autobiography

by Alan Sugar ECONOMY: Too Big To Fail: Inside The Battle To Save Wall Street

by Andrew Ross Sorkin TAX&LEGAL: More Money Than God: Hedge Funds and the Making of the New Elite

by Sebastian Mallaby lifestyle: The Hare With Amber Eyes: A Hidden Inheritance

by Edmund de Waal

{economy}

80 Discussing the Crucial Issues The 2nd Limassol Economic Forum

79 85

91

96

82 Courting Global Investors for FDI What Cyprus could learn from the Greater Paris Investment Authority

86

92

{tax&legal}

{lifestyle}

94 Above and Beyond The sky’s the limit when it comes to airborne luxury

86 A Matter of Trust The Cyprus International Trust provides investors with security, tax saving opportunities and robust asset protection 88 A Life on the Ocean Wave Buying, registering, owning, maintaining and enjoying a yacht

the international investment, business & finance magazine of cyprus

69