ISSUE 04 JUly 2011 PRICE €6.95
the international investment, business & finance magazine of cyprus
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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
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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
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A New Era For Property Buyers by Chris Hadjikyriacou 50 What Cyprus Can Learn From Luxembourg by George Savvides
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A Dog’s Life by Peter Economides
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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
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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
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{money} {business} {economy} {tax&legal} {lifestyle}
{july 2011}
issue 04
+ BOok reviews
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{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
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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
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82 Courting Global Investors for FDI What Cyprus could learn from the Greater Paris Investment Authority
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{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
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