Mayfair
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global idEntity and unparallElEd luxury in london’s iconic borough
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ISSUE 01 AUTUMN 2014
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08 | CONTENTS
PROUDLY PUBLISHED BY EDITOR George Chapman CONTRIBUTING EDITOR Deborah Mills PROJECT MANAGER Adam Garwood DESIGNERS Laura Marshall Jonathan Lewis PUBLISHER Harry Owen THANKS TO BEDA Design, Bill Emrich, Jo Walsh and Gary Morrisroe
RUNWILD MEDIA GROUP
6th Floor, One Canada Square, Canary Wharf, London, E14 5AX 020 7987 4320 www.rwmg.co.uk Runwild Media Ltd. cannot accept responsibility for unsolicited submissions, manuscripts and photographs. While every care is taken, prices and details are subject to change and Runwild Media Ltd. takes no responsibility for omissions or errors. We reserve the right to publish and edit any letters. All rights reserved. DISTRIBUTION: Privée Magazine is distributed in Mayfair, St James’s and Belgravia as well as selected parts of Knightsbridge, Chelsea and Marylebone.
Members of the Professional Publishers Association
PRIVÉE | AUTUMN 2014
Contents
AUTUMN 2014 s ISSUE 001
12 • PROPERTY LAWYERS OF MAYFAIR Ensure your legal advice is up to scratch in the real estate market 16 • HIGHLAND FLING George Chapman discovers the joys of the Scottish Highlands in Aston Martin’s newest offerings 22 • YOU MIGHT KNOW WHO’S TALKING...BUT IS ANYONE LISTENING? Our Global Risk Mitigation Specialist exposes the hightech threats faced by today’s modern businesses 26 • FORM & FORECAST Results and expectations for the West’s foremost currencies in 2014 30 • MAYFAIR GEM Privée takes a look inside Mayfair’s grandest treasures, Thomas Goode 36 • ITALIAN JOE Joe Macari gives Privée an insight into one of the best kept secrets in the investment field
57 • RICHARD CORRIGAN Making dreams a reality with Michelin star Chef Richard Corrigan 62 • A TASTE OF CAVIAR Passion, beauty and high risk investment in the world of winning thoroughbreds
40 • POSTCARDS FROM THE PAST Taking a wander around Mayfair’s legendary streets through the ages
66 • EVERY MAN’S HOME IS HIS CASTLE Privée presents its readers with a unique investment opportunity on a grand scale
42 • PRIVÉE PROFESSIONAL Concierge guide to Office Privee’s member services
70 • PICKING YOUR MOMENT Professional investment solutions with an elegant approach
43 • PRIVÉE PRIVILEGE Obtain the most exclusive benefits Office Privée has to offer Privilege members 46 • AN INTERVIEW WITH JUDE PALMER Jude Palmer guides us through her trials and tribulations in modern photojournalism 50 • INSIDER KNOWLEDGE: DOMINIC CARR Stepping into the world of timepiece investment, and how to stay ahead of the game with Dominic Carr 54 • BUSINESS ADVISERS & ACCOUNTANTS Simmons Gainsford highlights the increasing challenges of capital gains tax
74 • THE FINE ART OF INVESTMENT Privée’s art critic advises careful consideration from old masterpieces to contemporary successes 76 • MIAMI HEAT Privée explores the culture, architecture and nightlife of Florida’s classiest vacation spot 78 • WEEKEND AWAY Have a glass of wine and let go in one of Bordeaux’s most glamorous getaway locations 80 • PRIVÉE PORTFOLIO: QUALITY FIRST Embracing the changing scenes of modern cinema in the UK film industry
Carr A
10 | EDITOR’S LETTER
NOTE FROM THE
EDITOR Welcome to the first edition of Privée – your exclusive guide to the finest in luxury lifestyle and investment. And where better to explore all the finer things in life than in London’s Mayfair, the epicentre for art, culture, fashion, food and commerce - where so many of the world’s most exceptional brands, businesses and residents call home. These are the elements that truly encompass ‘Mayfair chic’. However, this is not only an areaspecific phenomenon - it is an identity and a way of life that transcends many countries and cultures, and a testament to the global nature of this prime pocket of London. Within these pages, you will find Privée’s unparalleled diversity and in-depth knowledge across a raft of professional and lifestyle interests. Drawing on Office Privee’s wide range of professional service expertise, Privée’s specialists are able to deliver astute commentary on making
PRIVÉE | AUTUMN 2014
investments in luxury goods, from supercars to fine jewellery and watches, to priceless insight on collecting art, purchasing property, structuring deals, buying insurance and where to bank. This issue pays homage to a British icon Thomas Goode & Co., whose fine china, silverware and glassware have decorated the homes of the elite since 1827. Meanwhile, revered two-Michelin star chef Richard Corrigan shares his passion for food and his plans to expand his Mayfair business to Ireland. Motoring aficionados can also preview the revamped Aston Martin Vanquish and Rapide S while classic Ferrari expert Joe Macari offers a tour of his brand new showroom. The first of many, this carefully curated guide to London and Mayfair takes a closer look at the elements of business and culture that make up this exceptional city while bringing an understanding of Mayfair chic to a truly global audience.
Carr A4 ad_Valkyrie A4 ad 29/08/2014 09:20 Page 1
12 | BURLINGTONS LEGAL LLP
Property Lawyers of
WITH A UK AND INTERNATIONALLY FOCUSED CLIENT BASE DRAWN FROM COMMERCE, INDUSTRY AND THE PRIVATE SECTOR, WE FIND OUT WHY BURLINGTONS LEGAL LLP EXCELS ACROSS THE REAL ESTATE MARKET. WORDS: Fionan Foo – Real Estate Partner Burlingtons Legal LLP
A
ccording to HM Land Registry data, over 11,000 residential properties sold for above £1 million in England and Wales during 2013 - the largest number on record and almost a 25 per cent increase on the previous high set in 2007. These figures show the strength of prime properties amongst the backdrop of an overall market which is still in the process of recovery. Figures for the period January to April 2014 remain similarly buoyant and mark an improvement over comparable 2013 levels, led by Greater London where nearly 7 in every 10 transactions involving highend property takes place. The second quarter of 2014 has witnessed the residential property price growth cooling, as buyers and sellers take stock of the impact of the current and proposed tax changes on property ownership and investment. The real estate market has also felt the re-emergence of the so-called ‘ripple effect’ spreading outwards from London as the UK’s economic recovery takes hold.
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Within prime London, it comes as little surprise that the highest volume of sales occurs within the Royal Borough of Kensington and Chelsea, followed by the City of Westminster at average prices of £2.9 million and £2.5 million respectively, a 33 percent jump on transaction volumes from the previous year. Real estate is a market in which Burlingtons has a wealth of experience, representing private and corporate, United Kingdom resident and overseas Russian, Kazakh, Chinese and Middle Eastern clients on transactions involving some of London’s most prestigious and sought after prime freehold and leasehold properties. These include the likes of new build developments at Chelsea Creek, One Blackfriars and One Tower Bridge. As such, Burlingtons is experienced in advising on the various legal, title, landlord/tenant, planning, listed building and other matters which are more frequently encountered and specific to this particular sector.
Burlin
14 | BURLINGTONS LEGAL LLP
It is interesting to note that European buyers in London actually fell in 2013 and there were no Greek domiciled buyers for the first time in four years. Indeed, China replaced Greece as one of the ten largest groups of buyers in prime central London. Coupled with its varied and extensive language skills, (Russian, Chinese and Spanish speakers are located at the headquarters in central Mayfair) Burlingtons also has a wide network of well-established relationships with a number of highly reputable developers, estate agents, lending institutions and construction companies, allowing it to present our clients with a unique range of opportunities to purchase or invest in exclusive and off-market properties and real estate projects located around London, the United Kingdom and Europe. These opportunities include residential and commercial real estate deals, hotels, leisure and office accommodation as well as medical and care home opportunities. Burlingtons acts for investors, home offices and private clients as well as developers, banks and international families, providing a discreet and highly professional regulated service. The firm has a wealth of experience in the commercial sector, having worked on construction projects for hotel and leisure groups both in the UK and internationally as well as a variety of green projects in the property market where government incentives may be harnessed. Clients also include investment groups where, in a volatile commodity market, London residential property has come into its own as an investment class. The firm is witnessing investment in property transactions coming from non-traditional sources, particularly from overseas sources that are attracted by the UK opportunities and favourable exchange rates.
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Through its membership of Privée Professional, Burlingtons is often able to assist clients by putting them in direct contact with investment opportunities both in the UK and overseas, thus providing a network of connections, opportunities and investors to unlock finance. The year has also witnessed a string of European property IPO’s with the first half of 2014 seeing the highest volume for eight years with 4.6 billion euro of companies going public. Recently, there have been signs of investor fatigue with a series of
‘...the highest volume of sales occur within the Royal Borough of Kensington and Chelsea, followed by the City of Westminster at average prices of £2.9 million and £2.5 million respectively...’ cancellations across many sectors. Urban Exposure, the property development and investment company, withdrew its plans to float on the London Stock Exchange in August 2014 due to uncertainty and unease in the capital’s housing market. This followed Clipstone shelving its £140 million listing with investors and buyers being generally nervous over the 2015 UK general election and Labour’s strong rhetoric on the introduction of a mansion tax. Purchasing a residential property inevitably involves various ancillary costs, the most considerable of which is generally Stamp Duty Land Tax (“SDLT”). SDLT is charged at different rates and has different thresholds according to the type of property and transaction. In the case of a residential property costing between £1 million to £2 million, the applicable rate (provided
the buyer is not a ‘non-natural person’) would be five per cent. As of 20 March 2014, HM Revenue & Customs introduced a higher SDLT rate of 15 per cent on interests in residential property costing more than £500,000 purchased by certain ‘non-natural persons’, which include companies, partnerships and collective investment schemes. It is a measure that means individuals who would prefer not to purchase property in their own names (for example, to maintain a degree of privacy or anonymity) must be carefully advised to avoid being inadvertently caught by the 15 per cent rate. There are a limited set of exclusions to this higher rate of SDLT, such as for trustees of a settlement. The same exclusions would also apply in respect of liability to Annual Tax on Enveloped Dwellings and related Capital Gains Tax charges, both of which may otherwise be payable where residential property is held by a non-natural person. Burlingtons is experienced in dealing with such complex legislative and policy environments coupled with the need to put in place robust deal structures which provide a challenging legal and tax environment for real estate transactions. Its Mayfair-based real estate team provides specialist property advice with commercial and practical focus offering clients a genuine 360° professional, sophisticated and discreet capability. For more information or assistance on any legal property matters please contact Fionan Foo, Real Estate Partner at Burlingtons Legal LLP (Fionan.foo@ burlingtonsllp.com).
Burlingtons A4 ad artwork_Valkyrie A4 ad 29/08/2014 17:00 Page 1
More than just law.... Burlingtons is a boutique law firm based in the heart of Mayfair and is renowned for its professional culture, delivering work to the highest legal standards and building long-term relationships with its clients.
A Professionalism
A Trust
A Discretion
A Integrity
A Loyalty
A Independence
burlingtons legal llp:
38 Hertford Street, Mayfair, London W1J 7SG Telephone: +44 (0) 207 529 5420 Facsimile: +44 (0) 207 495 7450 DX: 82986 Mayfair Email: law@Burlingtonsllp.com www.burlingtonsllp.com
HIGHLAND Fling 16 | ASTON MARTIN RAPIDE S
FITTED WITH HI-TECH 8-SPEED AUTOMATIC TRANSMISSIONS AND A WHOLE HOST OF OTHER NEW UPDATES, GEORGE CHAPMAN HEADS TO THE WILDS OF SCOTLAND TO SAMPLE THE REVITALISED ASTON MARTIN VANQUISH AND RAPIDE S. WORDS: George Chapman
A
day’s driving Aston Martin’s updated V12-engined supertourers on some of the best roads in North West Scotland called for an equally memorable location. The gloriously restored Aldourie Castle, a private residence on the shores of Loch Ness complete with Scottish piper and butler, seemed to fit the bill perfectly. Fitted as standard with an all-new 8-speed Touchtronic III automatic gearbox as well as a host of other engineering developments, the 2015 two-door Vanquish and four-door Rapide S models are substantially faster, more dynamic, lighter and more efficient than ever before. The new transmission offers a shift speed far
PRIVÉE | AUTUMN 2014
quicker than any human can manage (130 milliseconds to be exact), featuring a wider selection of ratios that help to deliver better acceleration and higher top speeds. Incorporated into Aston Martin’s rear-mounted transaxle layout for the first time, this state-of the-art gearbox boasts an impressive 8kg weight saving over the 6-speed unit it replaces. Aston Martin has also introduced new paint colours, plus fresh wheel and interior options. Since its relaunch in 2012 as the successor to the DBS, the Vanquish GT’s muscular carbon-bodied styling and well-judged ride have attracted buyers looking for a stylish, mature offering in this segment. Parked in the car park at The Torridon Hotel
ASTON MARTIN RAPIDE S | 17
2015 ASTON MARTIN RAPIDE S
AUTUMN 2014 | PRIVﾃ右
18 | ASTON MARTIN RAPIDE S
near Achnasheen, a few hour’s drive from Inverness, the 2015 model, complete with new 10-spoke forged alloys, remains a mightily handsome beast. Producing 568bhp and a maximum of 630Nm, the 5.9-litre V12 Vanquish can now offer performance to match; the 0-60mph dash is dealt with in just 3.6 seconds - an improvement of half a second over last year’s model, whilst top speed also increases significantly from 183mph to 201mph. Leaving the Torridon Hotel, heading West on the brilliant A896, the Vanquish’s new found grunt and improved high-speed cornering ability can be unleashed. The V12 engine absolutely roars when provoked. The Ferrari F12, its natural rival, may be faster in a straight line, but the Aston’s engine and new 8-speed ‘box operate so harmoniously with one another, it’s
difficult to imagine a finer marriage of power and control. As you begin to relax at the controls relying on its fade-free ceramic brakes and composure over rough, twisty roads, the Vanquish works its way into your heart alongside the mysterious Torridon hills that have been awe-inspiring visitors of this part of Scotland for generations. And so to the Rapide S, a car that because of its four-door layout, is easily overlooked as a true driver’s car. Fitted with the new 8-speed unit and with power from the V12 upped to 552bhp, the Rapide S now lives up to the name. Capable of 0-60mph in just 4.2 seconds (down from 4.7 seconds) and a top speed of 203mph - flat out, it’s intriguingly 2mph faster than the Vanquish. Threading the 5 metre long four-door, four seat coupe along narrower roads surrounding sleepy Scottish towns and villages such as Cannich and Drumnadrochit, it’s easy to forget about the two full-size seats and 223-litre boot lurking behind you. As the road ahead empties of traffic, the Rapide S quickly transforms from tourer to sports car. Attempting to catch out the transmission changing up and down the ‘box carelessly, the system entertains as far as it sees necessary before matching the correct gear to road speed with frightening accuracy. Providing the driver with instant response at all times, it’s the ‘hewn from the same rock’
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feeling both motor and transmission install that leave you smitten. Many buyers will be in search of outright performance at this price point and Aston Martin has certainly answered its critics in that respect. What is perhaps more impressive is how well-matched the ageing but improved engine and chassis are to such an advanced transmission, which is highly positive news for the British maker. However, facing ever-tightening emissions standards and with the arrival of engines from Mercedes’ performance division AMG for the next generation of Aston Martin cars, it may soon be time to say farewell to one of the last, great V12 engines still in production. Until then, it’s time to enjoy these magnificent creations the way the maker intended – on the open roads of the Scottish Highlands.
XXXXXXXXXXXXX | 19
2015 ASTON MARTIN VANQUISH
2015 Aston Martin Rapide S Price: Engine: Power / Torque: Transmission:
From ﾂ｣147,950 5.9-litre V12 552bhp / 630Nm Eight-speed auto with electronic shift-by-wire 0-60mph: 4.2 seconds Top speed: 203 mph Economy / cO2: 21.9 mpg / 300 g/km
2015 Aston Martin Vanquish Price: Engine: Power / Torque: Transmission:
From ﾂ｣192,995 5.9-litre V12 568bhp / 630Nm Eight-speed auto with electronic shift-by-wire 0-60mph: 3.6 seconds Top speed: 201 mph Economy / cO2: 22.1 mpg / 298 g/km
AUTUMN 2014 | PRIVﾃ右
DPS_MClass_Kensginton&ChelseaMag_June2014.qxp_Layout 1 12/05/2014 16:50 Page 1
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22 | VALKYRIE
You might know who’s talking... ...but is anyone
listening?
EASE OF ACCESS TO LOW-COST ‘BUG’ TECHNOLOGY FROM ABROAD AND THE WIDESPREAD USE OF POWERFUL MOBILE PHONES IS EXPOSING UK INDIVIDUALS AND BUSINESSES TO NEW KINDS OF SECURITY RISKS, ADVISES OUR GLOBAL RISK MITIGATION SPECIALIST.
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VALKYRIE | 23
business operandi. Underlining the old adage that information is power, detailed knowledge of competing bids can make the difference in the success or failure of large international business transactions.
R
ecent press revelations regarding media phone hacking have spread paranoia through the celebrity community and left journalists scurrying for cover as sensational headlines alerted the public to the vulnerabilities of mobile phones. However, the real truth about the extent of eavesdropping infiltrating the high net worth community and commercial sectors with the advance of cheaper and more sophisticated equipment has largely been overlooked.
Timely warnings from government agencies about the risks of cyber-attacks emanating from highly sophisticated, well-funded criminal organisations have underlined the risk to the UK economy as more and more businesses are the subject of attacks designed to extort money or steal valuable intellectual property (IP). Many of these attacks go unreported due to the adverse effects on share price and customer confidence. Indeed, the recent tightening of data protection laws have left CEOs looking for help and support to close the huge technology gap that exists between old firewall technology operating in most UK companies and the new generation of attacks. Eavesdropping and the widespread use of cheap but very effective bugging devices has seen a huge increase over the last four years. SPI-Tech one of the country’s leading Technical Surveillance Counter Measure Inspections (TSCMI) teams (bug sweepers, essentially), has reported a 20 percent increase in detection of low-cost Chinese GSMbased units across all sectors of business in the UK over the last year alone. With the value of information rising in all areas - from football transfers to take over bids - it is hardly surprising that less scrupulous individuals and competitive organisations are deploying anonymous devices secured from the internet at prices as low as $30 that can transmit live information from anywhere in the world in seconds. Law firms have been under particular threat as the value of commercial settlements soars into the multi-millions and the flow of international capital into the UK brings with it new and often less morally-decent
Mobile phones pose one of the most significant threats to personal data and the flow of confidential business information. Powerful, modern-day smart phones have surpassed many desktop machines in use five years ago. With more computing power, the ability for sophisticated malware programmes to run undetected can be a huge invasion of privacy affecting both the user’s personal and business activities and bringing the fight up close and personal – as the device travels with us 24/7, never out of arms reach. New phones designed to combat this threat are being developed and amongst the world leaders in this field is the Valkyrie Sentinel phone that is derived from a UK government sponsored development. A direct descendant of the system in use today by the UK security services and foreign and commonwealth office, this system protects its users against the most common form of eavesdropping known as the ‘man in the middle’ attack. All mobile phones are designed to seek out and lock on to the strongest network signal available, operating seamlessly while a call is in progress. This means that, while on the move, phones move from one network base station to another maintaining a call through this process. If a rogue base station (the man in the middle) appears with more power than surrounding base stations, the phone will be attracted to it and the call and all data is now passing through this rogue base station - meaning the phone is now ‘captured’. The Valkyrie Sentinel phone constantly analyses the LAC or Local Area Codes of legitimate network base stations and instantly detects the rogue base station and when ‘captured’ alerts the user that the call is no longer secure. As a cornerstone defence in mobile security the Sentinel phone has no equal and forms a platform that other security layers such as encryption can be applied to. Adding further layers of technology that can scan phones for the presence of malware (typically introduced to a target mobile through email, Bluetooth or WiFi), Sentinel forms a highly secure unit protecting the user against the most sophisticated attacks.
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Valky
24 | VALKYRIE
Valkyrie is one of the leaders in its field and forms the bridge between government sponsored technology development and the commercial sector. It applies state-of-the-art defences developed alongside organisations like GCHQ through to commercial application in protecting a company’s critical data, IP and sensitive strategic planning information. Risk management is a key factor for all executives to consider and understanding the latest technology and the threats they pose to business is vital. As a knock-on effect, the number of highly technical consultancy services working in conjunction with private security teams has seen a huge increase in the UK over the last four years. Mike Moran, Valkyrie’s chairman recently reported, “We are seeing dramatic increases in enquiries relating to forward thinking in strategic risk management. Traditionally, UK companies were slow to understand the threat and were largely reactive following an attack of one kind or another. Cutting edge embedded security technology, to protect and control vital information at a company’s premises, was previously thought to be the reserve of huge multinationals and government agencies. Now most of our systems are within reach of SME’s operating in most sectors. Management are now thinking ahead and investing in systems capable of meeting the current threat which also have the ability to upgrade and keep pace with moving technology”. Utilising such advanced technology and as the only supplier of this equipment globally, the Sentinel phone is clearly a large feather in Valkyrie’s cap. The company’s Sentinel products also have a far wider application, however, ranging from zone defence through to the most advanced facial recognition systems and cyber security. The Sentinel Zone Defence is an embedded defence system which controls the use of all WiFi and GSM based devices in offices, dealing rooms and research facilities. A company’s security protocols can be enforced using this system which monitors all wireless activity in a given area and can not only detect unauthorised phones, tablets and computers to within a few feet, but will also dictate to devices which applications
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can be used at a given time in a specific location. This means that a company can disable a device’s camera, the ability to text or send data in controlled zones within its offices, protecting data rooms and research facilities. Mike Moran adds, “Zone Defence is another key product in our armoury and is typically installed after a comprehensive sweep, TSMI search, to ensure a clean and level playing field. Once installed, Zone Defence monitors and controls all mobile devices entering and leaving our client’s premises as well as controlling their use while on site. In simple terms if you have ten GSM devices coming in and only nine leaving, chances are someone has forgotten their phone or you have a bug! The Zone Defence will triangulate the device to a few feet and your security team can investigate. Handy for finding your lost mobile but essential for protecting valuable IP or confidential management discussions from prying eyes and ears.” He continues, “The system is equally effective against the latest generation of WiFi store-forward devices that record sound or images and then burst the information to a receiver unit at a designated time of day (usually in the middle of the night) when a vehicle can be drawn up within range of the device to download the captured data”. The cost of these sophisticated defences is not insignificant but the levels of protection that they afford can be measured against the huge financial loss and commercial impact of IP theft or insider knowledge. Even at a domestic level the risk to personal security, families or assets is significantly increased by information gathered through increasingly cheap but effective devices flooding in from China. Valkyrie uses the latest technologies to secure its client’s personal and business activities and is often called upon by other larger security and risk management organisations to deliver effective solutions designed for purpose that directly meet the client’s requirements. Without these defences or a clear understanding of the advance of eavesdropping equipment and the threat posed, companies and individuals should assume that many telephone conversations involve more than just the two people speaking.
‘M’ - Our Global Risk Mitigation Specialist ‘Individuals who are engaged in a business with critical data or a duty of care in data protection should have their offices regularly swept for devices and mobile phones monitored for malware by TSCMI professionals. The addition of embedded defences to counter future threats is also strongly recommended. What is most important however, is understanding the threat and how it can affect YOU and YOUR business.’
Valkyrie A4 ad 3_Valkyrie A4 ad 11/09/2014 18:45 Page 1
Valkyrie....
..... cutting edge technology.
When it comes to protecting your business, loved ones and most treasured assets – only the very best is good enough.....
Valkyrie Sentinel Technology E Anti-Tapping Mobile Phone E Secure network SIMS E Technical Countermeasures – bug sweeps E Embedded Technical Defences E State of the art security architecture E Deep due diligence E Forensic phone & IT analysis
Valkyrie 22 South Audley Street, Mayfair London W1K 2NY United Kingdom Telephone: +44 (0) 207 499 9323 Email: security@valkyrie.ch Website: www.valkyrie.ch
26 | GLOBAL REACH PARTNERS
Form & Forecast GLOBAL REACH PARTNERS ACT FOR CORPORATE BUSINESSES, PRIVATE CLIENTS AND HIGH NET WORTH INDIVIDUALS THE WORLD OVER; PROVIDING SOUND ADVICE AND ACCESS TO GLOBAL CURRENCIES AND INTERNATIONAL PAYMENT SERVICES.
B
ased on Bloomberg results this year the strongest performer of the G7 is the Japanese Yen at a 3.96 percent gain against a basket of currencies, closely followed by the British Pound at 3.58 percent. The US Dollar has edged higher by 0.11 percent while the Euro has struggled declining 0.25 percent after the geo-political turmoil and poor economic performance of the first half of the year. EUR/USD, the largest traded currency cross in the world has declined from its high of 1.3993 in May to the mid
PRIVÉE | AUTUMN 2014
1.29s, nearly a 7.5 percent decline in the cross. The first half of the year has revealed the current performance amongst the West’s three major currencies. The UK economy continued its great form of Q4 2013, the ECB finally faced up to its problems and the US continued to answer the many questions being asked of its economy. Euro Problems still remain and are growing in the Eurozone. The Euro has depreciated monumentally this year as
price pressures have plagued the single currency union for the first six months. Much of the discussion has surrounded the measures that the ECB will take to combat the mounting deflationary pressures leading several tier one banks predicting a cut in rates. The forecasts proved to be right and Mario Draghi and the ECB became the first developed economy to enter into the unchartered territory of negative deposit rates, with the main benchmark rate following suit and being slashed to 0.05 percent.
GLOBAL REACH PARTNERS| 27
Deflationary pressures were apparent throughout the first half of the year as inflation ticked lower month by month. The ECB had to act and moved accordingly to fight deflation or what Draghi declared “prolonged low inflation”. The ECB cut rates to unprecedented lows and unveiled measures to beef up lending for banks in the form of ABS (asset backed securities) dubbed light QE in order to revive inflation and boost it closer to the Bank’s target of just below 2 percent. Although the Eurozone’s performance has been less than desirable, one thing Draghi can be pleased with is the improving labour market of the single currency area. Eurozone unemployment continued to fall through the months of January to August falling below the 12 percent mark for the first time since March 2013 to 11.5 percent The positive readings are the only aspects that are providing some reassurance to policymakers that the recovery is slowly gaining traction. However there is still a long way to go. Global Reach Partners, who are at the forefront of foreign exchange and international payments, can help to mitigate and protect against downside risk of the Euro, providing up-to-date analysis and strategies to combat such Euro weakness.
month which led the Fed to discuss options for an eventual exit from monetary easing. In recent months the Fed has continued to reiterate that the “benchmark rate is likely to stay low for a considerable time after the bond buying programme ends,” thereby leading markets to believe that the US is unlikely to be the first G7 nation to raise interest rates.
The US economy evidently struggled in Q1 following the extreme cold snap that hit the states from December 2013 US to April 2014. Record low temperatures Across the pond the story has been caused by a southward shift of the relatively similar in terms of interest rate North Polar Vortex hit the US with expectations. Yellen started her term as heavy snowfall and an extreme arctic the new Fed Chair by continuing to taper cold front. The unprecedented cold the QE program by $10B and led the weather slowed down manufacturing markets to believe that the bond buying and brought a halt to many construction programme will finish by December projects whilst putting a 2014. The hawkish dampener on consumer tone from Yellen in her The Euro has depreciated spending. US GDP first press conference bore witness to the Q1 signalled that the Fed monumentally this as first quarter are likely to raise interest year as price pressures slowdown growth fell to -2.9 percent rates by the middle of have plagued the single after further downward 2015, six months after revisions to the advanced tapering has finished. currency union and preliminary readings. The thought that interest The negative growth was rates could rise six the US’s most severe quarter since the months after QE has ended has helped first three months of 2009, when the and hindered the Greenback over the last economy was reeling from the financial few months with the release of various crisis. contradictory statements from the Fed throughout H1. UK Back in August 2013, the Bank of England As the year has unfolded, quantitative introduced forward guidance giving a easing tapered consistently month after
clear indication that interest rates would not increase until the unemployment rate declined to 7 percent, a 0.8 percent drop at the time. Looking ahead to Q1 2014, the jobless rate stood at 7.1 percent, a much faster decline than the BoE expected. BoE Governor Carney’s historic view on the situation had investors believing that the distant rate hike would come sometime in 2014. He then went on to note that the benchmark was merely an objective and not an automatic ‘trigger’. Carney also suggested that the actual decision on a rate rise would be made using a multitude of indicators – including inflation. Towards the end of Q2 2014 we saw Sterling break key psychological levels against the Euro and Dollar. Once again this is partly attributed to Mark Carney’s change in tone and his calculated and thoroughly analysed market
AUTUMN 2014 | PRIVÉE
28 | GLOBAL REACH PARTNERS
rhetoric over the BoE’s interest rate plans. Carney’s changing rhetoric and stance even resulted in one market commentator comparing his behaviour to that of an unreliable boyfriend. The net result is a market adjustment to expectations of a potential rate hike from Q1 2015 to Q4 2014. Carney has continued to state that wage inflation and CPI remain below the Central Bank’s 2 percent target. Inflation has gone on to cool throughout the first half of the year, helping to relieve some pressure on Mark Carney into making the decision on whether or not the economy can handle a rate rise in the near future. Global Reach Partners acts for corporate businesses, private clients and high net worth individuals. We at Global Reach Partners have a team of experts that provide foreign exchange strategies for many clients across a wide range of sectors, specialising in executing FX transactions and with access to over 10 major and local market currencies. Institutional Forecasts Reviewing the most recent forecasts, it is abundantly clear that we are in a still in a period of uncertainty. GBPUSD Focusing on the Q4 forecast we are seeing a high prediction of 1.75 and a low of 1.60, both from well-respected institutions. In total, 58 contributors have made predictions on Bloomberg with the average forecast being 1.68 and standard deviation either side coming in at 1.60 and 1.75. EURUSD The forecasts are skewed to the downside on EURUSD. Only five out of the 60 forecasters predict that EURUSD will be above 1.35. Looking at the high and low institutional forecasts we see
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The unprecedented cold weather slowed down manufacturing and brought a halt to many construction projects whilst putting a dampener on consumer spending 1.36 and 1.26. The average for Q4 on EURUSD is 1.31. GBPEUR The majority of forecasts are to the upside with a high prediction of 1.33. 52 analysts have updated their forecasts with only two calling it sub 1.25 at the end of Q4. There are still plenty of question marks for the second half of 2014. Sterling appears to be on the clearest path with the simple question ringing in Carney’s ear “when will the BoE raise rates?” This market view will keep Sterling elevated and towards the top end of the range since 2009. The Euro will continue to struggle due to an anaemic recovery, worrying levels of inflation, geopolitical concerns and a resulting ultra-loose stance from the ECB. Meanwhile, the US Dollar could be the wildcard for the second half of the year. Should positive economic data continue don’t be surprised if we see the topic of an interest rate hike shoot to the top of the agenda which could result in Dollar strength.
The market still has many unanswered questions, how will this translate into the currency markets? What appears to be clear is that there is light at the end of the tunnel and we are set to return to a more normalised policy over the next few years. Will the second half of 2014 be the catalyst for this? If you would like to discuss how we can assist with your companies foreign exchange requirements please e-mail us directly at: info@globalreach-partners.com
STEWART BLAKE Managing Director Global Reach Partners info@globalreach-partners.com CONTACT US T: +44 (0)20 3465 8200
30 | THOMAS GOODE
Mayfair Gem BOASTING A HISTORY TO RIVAL ANY MAYFAIR BUSINESS AND AS A LONDON LANDMARK IN ITS OWN RIGHT, THOMAS GOODE IS RECOGNISED AS THE MOST FAMOUS CHINA, GLASS AND SILVERWARE SHOP IN THE WORLD. GEORGE CHAPMAN EXPLORES A SOUTH AUDLEY STREET INSTITUTION.
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THOMAS GOODE | 31
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rner: hit the 1941.
32 | THOMAS GOODE
S
porting costume de rigueur of top hat and tails, Thomas Goode’s building manager, Jim Gill joined the firm on July 25th 1960, a day he remembers fondly, “I was interviewed by the boss back then, Bill Goode. I applied for the role of Junior as they were offering better pay than in the City - £4.10s a week. After the interview, he insisted on covering my bus fare home”. In 1827, Thomas Goode first established a china business at 15 Mill Street, Hanover Square, London W1. In 1845, the business moved to its present premises in South Audley Street. The building’s upstairs office space has had its fair share of famous tenants over the years, including SAS-founder Sir David Sterling, later of ‘Television International Enterprises’. “Not many people know that David Sterling brought The Muppets and Thomas the Tank Engine to UK television screens. A brilliant man,” says Jim. “The Countess of Wessex also rented an office and today, Office Privée have their HQ here.” Thomas Goode holds the finest collections of classical and contemporary china, porcelain and glass tableware of the day. From the grandest for formal occasions to attractive and unusual ranges for informal living and entertaining, there is also a wide range of silver, cutlery, antiques, gifts and objet d’art. The twelve showrooms of the South Audley Street
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galleries were opened on 1st March, 1876 and were considered to be the greatest of their kind. This important building is now an iconic landmark in Mayfair. Over 135 years later, many of the building’s unusual features still remain. One is the mechanical front door - which opens automatically under the weight of a person standing on the platform. This very rare piece of Victorian design is believed to be the only working example still in use in the world. Jim continues, “One of my favourite jobs, back in the day, was to take the order from Buckingham Palace, they always gave you a whisky as you left. A gentleman named Harry Dawkins was responsible for ordering gifts and Christmas presents back then. He wore a bowler hat and always carried an umbrella. They were great times.” A Royal Warrant holder since 1863 and with impeccable service of the utmost importance, Thomas Goode
THOMAS GOODE | 33
‘...One of my favourite jobs, back in the day, was to take the order from Buckingham Palace, they always gave you a whiskey as you left...’ and its longstanding staff are justifiably proud of their reputation as the world’s finest china, glass and silverware shop. Elegant cabinets contain superb china and procelein collections from Meissen, Dresden, KPM, Herend, Richard Ginori, Bernadaud and silverware from Puiforcat, C. J. Vanders and Robbe & Berking. Throughout the shop hang Baccarat and St Louis chandeliers and brilliantly lit displays showing fine handcut crystal and stylish glass. Crystal from the master craftsmen of the Waterford factory can be seen alongside glasses and crystal objects from Moser, Lalique, Baccarat, St Louis and Murano. According to Jim, the company has seen some very famous customers come and go over the years, “Alec Guinness used to visit very often. He was no different to how he comes across in films. Tina Turner is a good customer too, she’s a lovely lady who always cuddles the staff.” Two items that arrived at Thomas Goode long before Jim are the two huge Minton elephants that sit, pride of place in
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34 | THOMAS GOODE
the shop window. Commissioned for the 1889 Exposición Universal, or World’s Fair, in Paris (the same year the Eiffel Tower was opened to the public), one has been recently embarked on a world tour as part of a celebration of English workmanship. “As a sign of respect, all the boys in the Goode family of the time had ‘Minton’ as their middle name,” Jim casually mentions. In November 1941, Thomas Goode very nearly came to an abrupt end. During WWII, a 550lb bomb came through one of the glass canopies, penetrating the floor, landing in the basement. Jim recounts the story, “It fell onto a stack of wooden china storage boxes, which must have broken its fall because it never exploded. If it had, the whole building would have no doubt been flattened. Thomas Goode probably wouldn’t have recovered after that. A miracle really.” Jim adds, “The next bomb in the same raid exploded several hundred yards away outside the gunmaker Purdey’s, the marble columns still wear the shrapnel scars.” Today, Jim spends a large portion of his time satisfying large overseas orders, destined for the Middle East and China. “Middle Eastern customers love our more elaborate pieces,” he says. “It’s quite amazing really as we don’t advertise, they find us.” Foreign custom is not a new thing for Thomas Goode, the company’s founders were operating abroad in the late 19th Century. Overseas marketing was clearly something William J. Goode was rather good at, a point proven by a highly detailed travel journal and accompanying sales ledger of a business trip to Russia, way back in 1878. Examining the book and inspecting the glorious tribute to the assassinated Russian King, Alexander II in 1881, “That was slightly before my time,” Jim remarks.
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www.thomasgoode.com 19 South Audley Street, London, W1K 2BN3
Tel +44 (0) 20 7499 2823
36 | MACARI FERRARI
Italian Boy - Joe Macari BASED ON THE CONTENTS OF HIS RECENTLY-OPENED, 19,000SQ FT WANDSWORTH SHOWROOM AND HIS COMPANY’S OFFICIAL FERRARI & MASERATI SERVICE AND AFTERSALES STATUS, IT SHOULD COME AS NO SURPRISE THAT JOE MACARI IS EUROPE’S LARGEST OFFICIAL CLASSIC FERRARI RESTORATION BUSINESS. GEORGE CHAPMAN MEETS A MAN WITH HIS FINGER ON THE PRANCING HORSE’S PULSE.
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MACARI FERRARI | 37
“I
’m an Italian boy - Ferraris and Maseratis are the ultimate cars.” Joe’s passion for exotic machinery, the legendary Italian brands in particular, was very clearly installed from a very early age. Walking around the Joe Macari Showroom, the quality and range of classic and modern, racing and supercars on display is stunning; a more exquisite selection of Ferraris you will not have seen. If you know your 250 Californias from your LaFerraris, 360 Stradales or 365 GTCs, you’ll be in heaven. “The new showroom caters solely for the sales side of my business. We offer a range of classic and performance cars to suit a wide range of tastes. We also hold some fantastic events here too.”
A quick tour of the showroom leads us to an upstairs bar area complete with balcony and several glass-topped tables built using various surplus Ferrari engines. Proudly independent, Joe stresses that versatility is key to his company’s success, “Although I offer predominantly high-quality used Ferraris for sale, the flexibility of being able to sell a Lamborghini Miura or Bugatti Veyron for example, is very important – not just for me but also for my clients.”
“I’m much more comfortable in the workshop,” he says. “The classic car market was historically one of the best kept secrets in the investment field. With the growth of internet and social media most secrets get discovered, buyers are now discovering that they can buy a car and get pleasure from using it with their family with the bonus of an uplift in value along the way. “The strongest marque by far is and always will be Ferrari.”
An experienced racing driver and having competed at the prestigious Le Mans 24HR, Joe has been concentrating on business in recent times, focusing on classic car sales and restoration.
With demand for useable classic Ferraris higher than ever, Joe feels that the relative shortage of classic four-seat Ferraris in the market, makes them the best investment in today’s market.
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rner: hit the 1941.
Joe M
38 | MACARI FERRARI
“Pretty cars always do well but Ferrari didn’t build many 4-seater or 2+2 cars in the sixties or early seventies, so if you’re looking for a tip on what to buy now, the 250 GTE, 330 and 365 ranges make a lot of sense.” He continues, “Lots of people don’t know they exist. With around 300bhp, the later models are good to drive and come with power steering and air conditioning.” “Models that have recently seen a very strong rise in value include the rarer 250 Lusso, 250 SWB and of course, the 250 California. You could buy a 250 SWB for around £2m five years ago, today they are fetching in the region of £6m. An even more historic price movement includes the 250 SWB California Spyder, the closed headlight model. In 2006 these cars would trade between $5m and $6m USD, today would be in excess of $15m. Quizzed on whether condition or provenance is more important, “Provenance is more important, every time. It pays to be cautious, but provenance is king when it comes to classics.” Likening the classic car industry to the property market, Joe advises investing in a ‘blue-chip’ area, where there will always be demand. “Ferrari introduced the Classiche Certification programme in the last ten years which has proved to be a huge success. Cars have to go through a rigorous inspection, they are then documented and certified.” “There is a perception that there is a bubble, with prices getting higher and higher, but as with fine art there is a finite number of cars produced and they
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“Provenance is more important, every time. It pays to be cautious, but provenance is king when it comes to classics.” are not making any more! “Some models have gone up too fast and every now and then the market will be corrected.” A tour of Joe’s service and restoration premises is not complete without a look inside one of the dyno rooms. On this occasion, a Ferrari V12 from a 330 GT is being prepared for testing. Joe will undertake most work and advise clients on what is the best route to take - from minor bodywork to a full, ground-up restoration. According to Joe, some buyers prefer to leave the bodywork in original condition, fully restoring the mechanical workings underneath. “There are several schools of thought in what to buy, original and untouched, mechanically sound with some patina
on the coachwork, or fully restored and ready for modern road conditions. I personally prefer the latter and so do most collectors as auctions results show – this way you get to enjoy the car on today’s roads and have the potential uplift.” The ‘modern day classics’, as Joe refers to them, include the 288 GTO, F40, F50 and Enzo have each seen impressive price rises in the past ten years, “Built in limited numbers and with greater usability, prices can only go one way, especially once the Chinese enter the market.” Honourably, Joe saves his best advice until last. “The main thing is to buy what makes you smile and the future value should be secondary. Visit several well-established dealers with good reputations and decide which one would be the most comfortable to work with and allow them to do the upkeep and servicing involved along the way. It then becomes fun as you work together.” www.joemacari.com
Joe Macari ad_Layout 1 12/09/2014 10:11 Page 1
As an Official Ferrari Service & Repairer, Joe Macari is part of a select network that ensures Ferrari ownership remains a truly unique and rewarding experience. Our service department offers Ferrari owners very competitive menu pricing on annual and mileage servicing. We also offer repairs under warranty including Ferrari power Warranties, diagnostics and auto electronics, classic car restoration and certification, genuine parts and accessories and even race car preparation and track support. Joe Macari is able to satisfy all servicing requirements from the current Ferrari range through to cherished older models and classics. For further information, contact the aftersales team on +44 (0)208 877 0157
Joe Macari Servicing The Kimber Centre 54 Kimber Road London SW18 4PP Telephone: +44 (0)208 877 0157 london-joemacariservicing.ferraridealers.com
All trademarks and copyrights are exclusively rights of Ferrari S.p.A.
40 | POSTCARDS FROM THE PAST
Postcards past from the
M
ayfair has always been a place for the famous and fashionable to gather, from its iconic hotels, art and antique galleries, restaurants, shops and world-class properties. It is a place that has truly stood the test of time, becoming a destination for people all around the world who have a penchant for the finer things in life. But Mayfair’s illustrious history is one of its most fascinating elements, as it took its name from a rambunctious fair that took place in Shepherd Market in the late 17th Century, named the May Fair. The fair, had a notorious reputation for disorderly behaviour and, eventually was closed. But, by the early 1700s, Mayfair became a new suburb for the ultra-rich, and terraced town houses began to line its streets. From here onwards, Mayfair’s history has been shaped by the arrival of high society, and remains one of the most revered parts of London, and indeed the world, for its rich mixture of culture, heritage and luxury.
CLARIDGE’S
Claridge’s began as a single house hotel until William and Marianne Claridge bought the five adjoining buildings and opened it in 1856 as the hotel we know today; the hotel has since been a favourite of royalty and high
BERKELEY SQUARE
The muse of a popular song from the 1930s by Eric Maschwitz and Manning Sherwin, the leafy, tree-lined Berkeley Square began developing fashionable town houses in 1738, and traditional businesses such as a wax chandler, woollen draper and an apothecary were located here.
MOUNT STREET
In the 1720s, Mount Street was the largest road owned by the Grosvenor Estate and has since become one of London’s most prestigious residential and shopping areas. With London’s oldest butcher shop Allens of Mayfair, The Connaught and rich red brick terracotta façades, Mount Street’s history is still ever-present.
ANNABEL’S
Founded in 1963 by legendary entrepreneur Mark Birley, and named after his wife, it was the country’s first of its kind: a Members-only nightclub that catered to an exclusive clientele. Frank Sinatra was among the first to join and, since then, its illustrious clientele has included representatives of the British Royal Family – among them HM The Queen, HRH The Prince of Wales, HRH The Duke of Cambridge; heads of state, such as Richard Nixon; and legends of the music and film industry including Jack Nicholson, and the Rolling Stones.
PARK LANE
Originally Park Lane began as a muddy country path on the western boundary of Mayfair, but with its westward views over Hyde Park, it soon became a fashionable place to reside. Through the late 19th and early 20th Century, the street was built up with some of the largest privately owned mansions in London such as Grosvenor House, Brook House and Dorchester House (now known as The Dorchester).
PRIVÉE | AUTUMN 2014
SHEPHERD MARKET
Developed in the 1730s, the space comprised paved alleyways, a duck pond and a two-storey market which was topped with a theatre. The marketplace retains its village-like feel to this day, where it has a variety of boutique shops, restaurants and Victorian pubs.
POSTCARDS FROM THE PAST | 41
BOND STREET
Since its foundation in the 1700s, Bond Street has been the ultimate shopping destination. During the 18th Century it was awash with top-hatted shoppers and a wealth of horse-drawn congestion visiting the corsetieres and diamond merchants.
SAVILE ROW
Gentlemen’s tailoring has been synonymous with Savile Row since the 19th Century. The street is renowned for its bespoke suits, and attracts the custom of royalty and esteemed celebrities for their sartorial requests.
BURLINGTON ARCADE
Originally commissioned by Lord George Cavendish, the Burlington Arcade was the first of its kind. The covered promenade of shops was opened in 1819 and protected by the Beadles, who are still employed there today.
ROYAL ACADEMY OF ARTS
The last surviving building of Piccadilly’s great palatial mansions from the 1660s, Burlington House was bought by the government in 1854 and the Royal Academy of Arts was granted the lease. The Royal Academy had originally been founded by George III to promote the ‘arts of design’.
THE RITZ LONDON
This hotel on Piccadilly has always been a magnet for the famed and stylish; Nöel Coward wrote songs here, Winston Churchill hosted summit meetings with Eisenhower, and Tallulah Bankhead famously sipped champagne from her slipper during a press conference.
CLOCKWISE FROM TOP-RIGHT: NEW BOND STREET BY GRAFTON STREET, C.1890. IMAGE COURTESY OF BRIAN GIRLING, AUTHOR OF MAYFAIR THROUGH TIME, AMBERLEY PUBLISHING LTD; THE BURLINGTON ARCADE C.1905 (IMAGE COURTESY OF MAYFAIR THROUGH TIME BY BRIAN GIRLING, AMBERLEY PUBLISHING LTD.); ROYAL ACADEMY OF ARTS STEEL-ENGRAVING BY J.CLEGHORN AFTER A DRAWING BY T.H. SHEPHERD FOR HIS ‘LONDON AND ITS ENVIRONS IN THE NINETEENTH CENTURY’ LONDON 1829-31 9 X 15.4CM (©ROYAL ACADEMY OF ARTS, LONDON); THE RITZ EXTERIOR IN 1906. PHOTO COURTESY OF THE RITZ LONDON; CLARIDGE’S, IMAGE COURTESY OF CLARIDGE’S; SHEPHERD MARKET C.1905. IMAGES COURTESY OF BRIAN GIRLING, AUTHOR OF MAYFAIR THROUGH TIME, AMBERLEY PUBLISHING LTD.
AUTUMN 2014 | PRIVÉE
PrivĂŠe Professional
CHARTERED ACCOUNTANTS
SOLICITORS
Simmons Gainsford LLP 7/10 Chandos Street Cavendish Square London W1G 9DQ United Kingdom Tel: +44 (0)20 7744 9000 Email: mail@sgllp.co.uk
Burlingtons Legal LLP 38 Hertford Street Mayfair London W1J 7SG United Kingdom Tel: +44 (0)20 7529 5420 Email: law@burlingtonsllp.com
FOREIGN EXCHANGE
TRUST AND
Global Reach Partners 4 Coleman Street London EC2R 5AR United Kingdom Tel: +44 (0)20 3465 8200 Email: info@globalreach-partners.com
CORPORATE SERVICES
SECURITY SERVICES Valkyrie GB Limited 22 South Audley Street Mayfair, London, W1K 2NY United Kingdom Tel: +44 (0)20 7493 0500. Email: security@valkyrie.ch
Lancaster Trustees Limited PO Box 260 2nd Floor West Wing Dovey Court Admiral Park St Peters Port Guernsey Channel Islands GY1 4ll Tel: +44 (0) 1481 727 240 Email: trust@lancastertrustees.com
Privée Privilege Welcome to Privée Privilege. Privée is pleased to invite its readers to Privée Privilege, a discreet Privilege card for our discerning and affluent customers and corporate audiences. No matter where you are located across the globe our valued Privée Privilege Card holders will be entitled to obtain a range of Privée Privilege membership benefits which include: • Special offers on luxury goods and services which will be featured in the Privée magazine; • A 5% discount on the provision of professional services such as legal advice, accountancy and tax planning for our individual clients and corporate Privée Privilege members on production of the Privée Privilege card to your chosen professional service provider; • Selected discounts on the provision of other services such as foreign exchange transactions and insurance requirements supplied through our Privée Privilege members; and • Access to our Mayfair headquarters where our corporate and private clients can host confidential meetings in a protected and secure environment presented at the highest level of taste and style. Individual and corporate Privée Privilege membership is welcomed into this judicious and discreet fellowship with individual annual membership rates starting from as little as £150 per person for individuals and £500 for corporate clients. If you wish to apply for Privée Privilege membership please email excellence@officeprivee.com or alternatively visit our website at www.officeprivee.com and register online. We will then send your Privée Privilege card to you in the post and you can start to take advantage of the many benefits that Privée membership provides to its discerning members.
‘1% of all revenues generated from the Privée Privilege card will be donated to the Victory Charitable Foundation.’
Bentleys spread_DPS 05/09/2014 10:47 Page 1
Bentle
BESPOKE JEWELLERY
Bentleys spread_DPS 05/09/2014 10:47 Page 2
By Appointment Only 22 South Audley Street Mayfair, London W1K 2NY
www.bentleys.co bespoke@bentleys.co +44(0)207 493 0520
46 | JUDE PALMER INTERVIEW
AN
INTERVIEW WITH
JUDE PALMER PRIVﾃ右 | AUTUMN 2014
JUDE PALMER INTERVIEW | 47
‘I focused on subjects that meant something to me, that resonated in my heart and in my gut. I don’t believe you can take a meaningful image without that...’
W
e all love photographs. They have played a major role in my life, through childhood, love, marriage, motherhood and my career. Photographs also have a huge impact on my children. My life as a child was challenging. I led a nomadic existence well into my teens and suffered abuse along the way. I remember grabbing six photographs of my childhood during the traumatic event of my mother abandoning me at the age of nine. The photos are still with me and they are my only record of my childhood other than memories. I have no connection with any family members at all, so these photographs are as important to me as they are to my children.
I picked a camera up in a serious way five years ago. I was entranced and captivated by Magnum photographers such as Henri Cartier-Bresson, Eve Arnold, and Robert Capa. I vowed I would one day become one and so started my journey into photojournalism.
Moving on through life, using work as an anchor, I eventually became an intellectual property consultant working in television! A far cry from my early life. It was tough, I made mistakes, but there were two things I held true. Firstly, my sense of right and wrong - justice and truth is everything to me. The other being my moral compass. These things have kept me from leading a far more damaged life, given my background.
The Tour de France was coming to Yorkshire. To Harrogate, my hometown. Yorkshire won the right to host it because of a very gritty determined clever Yorkshire man called Gary Verity. I was thrilled because I love sport, I ride a bike, I love how Yorkshire had won and I loved this race. It was a race full of history and human drama. A race of supreme endurance and sacrifice. Things that resonated with me in a big way.
I focused on subjects that meant something to me, that resonated in my heart and in my gut. I don’t believe you can take a meaningful image without that. Dementia, homeless people, theatre and sport all featured. I began to exhibit and had some images published. I was successfully accepted onto a Magnum course and that really was the validation I needed to think yes, I can do this!
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48 | JUDE PALMER INTERVIEW
Could I, an unknown photojournalist get this ultimate gig? The organisation that was due to host the Tour de France, Welcome to Yorkshire ran a series of roadshows to explain how it would all work. I attended the first one and collared the Head of Communications at the end. I immediately asked her if I could photograph the event. Naïve I know, but I believe naivety can get you a long way. As expected, she said, “Join the queue, send an email.” Next, I went to the Harrogate roadshow and approached her again. This time I simply asked her for a coffee to explain my idea. If it was useless at least she had a coffee and had only lost 10 minutes of her life. She agreed, and the rest is history. There was a lot of legal wrangle with the organisers but after three months I became official behind-the-scenes photographer for the Yorkshire Grand Départ 2014. I don’t think it ever sunk in to be honest. I look back now and it all still seems quite surreal. I have met some truly amazing people stars of the cycling world that I was just in awe of. To think I have photographed the third largest sporting event in the world still takes my breath away. I was honoured and privileged to be a part of such an amazing and unique event. I learnt many things; how to battle with other press photographers in the press scrum. I called it a ‘gladiatorial photographic experience’. I learnt the etiquette of dealing with these huge sporting stars. I learnt I couldn’t shoot everything and be everywhere no matter how superhuman I think I am. I learnt to deal with the media and to use it to my
advantage. I learnt to be confident and trust my talent in terms of being a woman working in a male dominated sport. I learnt that close is never close enough for any image. I learnt more about myself as I was tested many times. I was close to giving up on a few occasions, I felt I was just not good enough. The Tour de France has transformed my life and my career in a very profound way. But it’s that kind of race, it does that to people. Now I have the task of compiling a photographic journal of the year and curating a series of exhibitions. I have been lucky enough to have had some major sponsorship, receiving support from Leica, which has blown me away. Leica is an iconic brand and one that I dearly love. It does seem bizarre this life I have lead. There are many things I have left out; I could fill pages with my story. I have had many dramas and I hesitate when I say this, but it seems more than most. I’m not sure I can articulate what has got me through it all. Best not to analyse too much. Just accept and live in the moment. That is all that matters. I am excited about the future and my next adventures, covering woman’s cycling and the work of Help for Heroes. I dedicate this piece to all photojournalists in the world who risk their lives, and share their soul, to bring to the world their images. Images that move us in some way, images that have changed the world. www.judephotoagency.com
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HERVE LEGER LONDON BOUTIQUE 29 LOWNDES STREET LONDON SW1X 9HX T +44 20 7201 2594
50 | DOMINIC CARR
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INSIDER KNOWLEDGE
Dominic
CARR DOMINIC CARR ESTABLISHED CARR DIAMONDS WITH A GOAL TO DELIVER EXCEPTIONAL VALUE COMBINED WITH UNCOMPROMISING QUALITY TO AN EVER-INCREASING NUMBER OF CLIENTS. TODAY THE COMPANY CONTINUES TO EMBRACE THIS APPROACH, TREATING EVERY CUSTOMER WITH RESPECT AND MATCHING EACH PURCHASE TO THE CUSTOMER’S EXACT REQUIREMENT. PRIVÉE HEARS FROM THE MAN HIMSELF ABOUT HIS ILLUSTRIOUS CAREER AND WHAT IT MEANS TO HIM TO BE AHEAD OF THE GAME.
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totally agree with the saying, ‘You can tell a lot about a man by the watch and shoes he wears’. The items we furnish ourselves with provide a function, but can also provide us with a great deal of pleasure. I’ve been fortunate to be part of the luxury watch market since 1986, so feel I’ve completed my apprenticeship and qualified enough to offer some valuable advice to the budding collector. Collecting watches has and always will be high on the list of many people’s pastimes. Well-informed clients can enjoy this hobby and in many cases make a solid investment for the future - there’s not many other useable luxury products you can say that about - apart from perhaps the recent spike in
vintage car prices due to the Capital Gains Tax exemption. Watches are a very popular investment due to their size and portability, the question most people ask is, which model and from what brand? There are many brands to choose from and maybe fifty or so models in each brand. Making the choice can sometimes be influenced by the time of year, who’s wearing what in magazines or which manufacturer is spending the most on advertising. Sometimes, a choice is made depending on a buyer’s mood that particular day. The first questions I always ask a new client are: When do you want to wear the watch and what else have you in your collection?
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52 | DOMINIC CARR
Watches are a very popular investment due to their size and portability, the question most people ask is, which model and from what brand?
When I was a teenager, the thought of owning a Rolex watch was something I aspired to and I think this is still the go-to brand for many people. Rolex is one of the most globally recognizable watch brands and with this kudos, both demand and residual values remain high, with no sign of slowing down. When I first started selling Rolex, the steel Daytona, featuring an out-sourced Zenith movement known as El Primero was the ‘waiting list’ watch retailing for around £1,000. Today, an unworn example that has been well looked after and not worn is worth close to £15,000. The steel Sports range have and always will hold value the best; Daytona, Submariner and the GMT - in that order. The Datejust range generally sells second hand for 50-60% of the current replacement price where the Sports models remain close to list. This makes the Sports range the best choice new. Even the superseded models now fetch the same price of the current range. I regularly buy back watches I previously sold for far higher prices than I retailed for the first time round. The same watches circulate time and time again in similar circles and clients usually offer watches back to me first. ‘Caveat emptor’ meaning, ‘let the buyer beware’, is my best advice. Over the last 5 years, new unknown dealers appear on the internet or in a high street shop somewhere in the suburbs, claiming to have all the latest and greatest watches in store or
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on line, with £1m pounds worth of stock for sale. There’s maybe 10 specialist watch dealers in the UK that I’ve known over the years so where all these people spring up from, I don’t know. How can buyers tell a good watch from a bad one? Many sellers offer a ‘watch only’ or ‘watch and box’ stating that the all-important original warranty was lost in a house-move or similar. All the boxes are generic and can be bought online so I would definitely stay well clear of a watch without provenance. You wouldn’t buy a car from your local car dealer without the V5 document, would you? I’m not saying all watches that are offered for sale without papers or warranty cards are to be ignored, sometimes the cards or paperwork have been genuinely lost, but why buy something with your hard earned money that is incomplete? You could be buying someone else’s problem. Most reputable dealers would not touch a modern watch without full history as there very hard to resell. The correct boxes, swing tags, dial and warranty papers could sometimes account for 30-40% of the watches value. Try calling a BMW dealer and offer them a 3 Series without a V5. These watches may appear cheap on the face of it but if it seems cheap it’s cheap for a reason. There are not many cheap watches available to the public, as most of them have been offered to the trade first. Buy the correct model complete from a reputable dealer, preferably from a reputable shop.
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If the shop has bought it then you can generally take comfort in that. Many of the amateur dealers known as ‘bedroom dealers’ borrow stock or use internet images on their own, often sophisticated websites and offer these goods for sale using them as ‘hooks’. Money is requested up front and then they disappear or use a replica watch to fill the order if you’re lucky. We once had a perfect condition Pepsi GMT in our shop at the Andaz Hotel in the City which we were retailing for £4,995. A new client viewed the watch and then said he was going to view another from a competitor. A few hours later my Sales Manager Ish Ahmet called me to see if we could reduce the price to £4,250 as the client had supposedly viewed the exact same watch elsewhere. Our watch was 10 years old and as perfect as the day it left Rolex in Genève. I declined, as the trade value for perfect Pepsi GMT models is about what the competitor was offering. I decided to keep my perfect watch and wait for the right owner to appreciate what it is. Surprisingly, the man revisited the shop wanting to show us his new watch. “What do you think?” he said. Feeling slightly wrong-footed and not wanting to spoil his day I started to look, curious to see why it was priced at £4,250. The box was wrong, the tags missing, the bezel worn, crystal chipped, baggy bracelet, crumpled paperwork, marked inner bezel etc. I wouldn’t have paid £3,000 for it, so again, buy a perfect watch for the right price and not a cheap example. The perfect pieces appreciate and the imperfect depreciate. There’s fewer and fewer 10-15 year old Rolex Sports watches totally complete now as they have been discontinued for five years. They’ve also doubled in value over the last 3 to 4 years. Audemars Piguet or ‘AP’ as it’s known, is a very strong brand that is seen as a step-up from Rolex in many people’s eyes, especially the steel equivalents. The Offshore range has been updated recently and the company now offer a 42mm and a 44mm case in standard range. They sell very well pre-owned for around £10,000 with a retail price of £18,500. The rose gold model retail values were reduced by 20% last year making this more affordable to many. Preowned rubber clad models sell well from £17-£20,000. What to wear? Most of our clients wear suits to work… My advice would be to try to have at least three
watches in your collection, one for office wear, one for Fridays and a sports / holiday watch. Most importantly it’s imperative to get to know reputable dealers and ask their opinion on what is the best thing to do regarding getting the most from your watch budget. Ask them how much the new watches cost and what’s the real price when new, some brands trade 10% from RRPs and some as low as 45%, so unless you know your market ask your watch dealer. If new models can be bought with a 35% saving the secondhand value maybe half of that, so tread carefully. Shopping online for such an important purchase is a no go from me, especially a second hand watch. How can you tell the condition or enjoy the moment buy pressing ‘Buy it now’ from some spurious website. What’s happened to loyalty these days? Get a good deal naturally, I say. For me, buying anything from a privately owned business that cares and needs your custom is well worth it. All of our previously enjoyed watches are sent to our trained and respected watch technician with 25 years of experience. He refurbishes and if needs be services our watches before they are offered for sale from our boutique in the City of London. We also offer a comprehensive 12-month, no-quibble warranty for total piece of mind. Anyone wishing to start, add or change their collection should get in touch with myself or one of my colleagues for an informal chat in our shop or offices in the City or Mayfair. Let us know what you have in your collection, make sure it is properly insured and valued by us as we are members of the National Association of Goldsmiths and a known, reputable dealer. Our valuations are respected and valid.
From left to right 1: Rolex Paul Newman Daytona in stainless steel, £75k • 2: Chopard Mille Miglia in steel, £2,500 • 3: Audemars Piguet Royal Oak Off shore in rose gold ceramic bezel, £30k • 4: Lange & Sohne Time Zone in 18ct rose gold, £25k • 5: Rolex Sky Dweller annual calendar in white gold, £30k
AUTUMN 2014 | PRIVÉE
Business Advisers & Accountants Simmons Gainsford LLP Chartered Accountants
Part of the Simmons Gainsford Group
WORDS: Steven Strauss - Managing Partner Simmons Gainsford LLP
In 2013 and 2014 UK Government has enacted legislation targeting UK properties held through offshore vehicles significantly worsening the historically favourable tax regime for such property. This has highlighted new challenges for taxpayers dealing with Annual Tax on Enveloped Dwellings (ATED) and the changes to capital gains tax for enveloped property. An Enveloped Dwelling is a property owned by a ‘non-natural person’, loosely speaking a company, a partnership with a corporate partner, or a collective investment scheme. To be within the current scope of the ATED charge the dwelling must have been worth at least £2m on 1st April 2012 or when acquired if later. This £2m limit is per dwelling, not per building, so a block of six flats each worth £1m would not be within ATED, but if the flats were knocked together to form a flat worth £2m and a flat of £4m then both of the new flats would be subject to the ATED charge.
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The ATED charges (see summary below) are expected to increase annually in line with the Consumer Prices Index (CPI). Where a property is held for less than a whole fiscal year the ATED charge is reduced proportionately. Value of Property
ATED 14/15
£2m - £5m
£15,400
>£5m - £10m
£35,900
>£10m - £20m
£71,850
>£20m
£143,750
From 1st April 2015 the ATED threshold will reduce to £1m. The charge for 2015/16 on properties worth £1-£2m will be £7,000 adjusted for CPI inflation. From 1st April 2016 the ATED threshold will reduce to £500k. The charge for 2015/16 on properties worth £500,000£1m will be £3,500 adjusted for CPI inflation.
The ATED property must be valued when acquired or, if held on 1st April 2012, as of 1st April 2012. A valuation lasts for 5 years barring a major change to the property (such as a change from residential to commercial use, or a significant refurbishment/extension). Properties that are used for the relevant purpose are exempt, these include property development, rental or trading businesses, charities, farmhouses and publicly owned/diplomatic properties. There are exceptions where accommodation is provided to a connected person. Even where a property is exempt, the owner must still file an ATED return for it, as the exemption must be claimed each year. Where a single non-natural person owns multiple properties they can file an ATED return covering multiple properties. Where a property is subject to an ATED charge, it is also likely to be subject to a capital gains tax charge if it is sold, part sold or an option to buy the property is
SIMMONS GAINSFORD LLP | 55
granted. Gains are taxed at 28%, but only on the element of the gain arising post-April 2013 and only for periods during which the property was subject to the ATED charge. Whilst the details are not yet final, expect to see capital gains tax to be extended to all UK residential properties regardless of the jurisdiction in which the owner is tax resident from 6th April 2015. There remains the possibility of a ‘mansion tax’ should there be a change of Government following the General Election to be held in May 2015. Historically, planning for the acquisition of a high value residential property by families who may not have been UK residents would almost universally have involved a structure including an offshore company. The principal reasons for which, were not to protect against the main taxes arising being UK capital gains tax or inheritance tax, but for confidentiality.
the annual cost of an ATED charge is far more preferable to a potentially much higher inheritance tax charge inheritance tax is levied on UK assets at 40% regardless of the residence and domicile status of the deceased. For other, perhaps younger families where a possible inheritance tax charge may be considered to be more remote the liability may be better covered with life assurance. What is however clear following these tax changes is that there is no longer a ‘one size fits all’ approach to property tax planning and each individual will have to be advised according to their particular circumstances and needs.
STEVEN STRAUSS Managing Partner Simmons Gainsford LLP steven.strauss@sgllp.co.uk CONTACT US London T: +44 (0)20 7447 9000 F: +44 (0)20 7447 9001 Uckfield T: +44 (0)18 2574 6888 F: +44 (0)18 2574 6899 Email: mail@sgllp.co.uk
Whilst these changes have negated the capital gains tax benefit, for some,
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CHARTERED ACCOUNTANTS Simmons Gainsford LLP (SG) is a leading advisory and chartered accountancy firm based in central London. It delivers proactive advice to national and international clients, from owner managed businesses to PLCs. SG offers a range of multi-disciplinary services tailored to the needs of individuals and businesses seeking financial success and security. Clients benefit from the experience of a highly trained and skilled workforce which offers expert advice on: • Assurance and Compliance • Tax Mitigation and Planning • Strategic and Financial Planning • Corporate Finance and Business Consultancy • Inward and Outward Investment Each client has a dedicated relationship partner, who will act as a focus for all the services provided and will ensure that the client’s interests are always at the forefront for any work performed.
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Our teams work closely together to ensure joined up thinking in relation to all of a business’s affairs, including the interaction with the private affairs of business owners. International Coverage With an office in Gibraltar, plus dedicated teams covering Ireland, Russia and the Far East, the firm is perfectly placed to deliver bespoke service packages to meet the complex challenges of all clients. Over the years, SG has also assisted many inward investment clients who are expanding out of their home country into the UK and Europe. mail@sgllp.co.uk www.sgllp.co.uk
LONDON 7/10 Chandos Street Cavendish Square, London W1G 9DQ +44 (0)20 7447 9000 SUSSEX 52 New Town, Uckfield East Sussex, TN22 5DE +44 (0)1825 746888 GIBRALTAR Suite 4, 2nd Floor, 9 Cooperage Lane, Gibraltar +350 2005 9753
mail@sgllp.co.uk www.sgllp.co.uk
11/09/2014 19:38
RICHARD CORRIGAN | 57
Richard
Corrigan THE TWO MICHELIN STAR CHEF TALKS ABOUT HIS LOVE FOR VIRGINIA PARK LODGE IN CAVAN ISLAND AND HIS FUTURE PLANS FOR EXPANSION.
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19:38
58 | RICHARD CORRIGAN
C
hef Richard Corrigan fell in love with the Virginia Park Lodge in Cavan when he himself got married there almost 30 years ago. He’s now busy renovating the 18th Century former American hospitality school, set to become a new addition to the Richard Corrigan Restaurant group. Over the years he kept his keen eye on the estate and only last year his dream become a reality when he bought the former hunting lodge of Lord Headfort – a 100acre estate comprising the Lodge, pleasure gardens, apple orchards, walled gardens, a deer park, meadows, lake side golf course and Bective Court, mews apartments previously used as staff quarters. “It was the only place I wanted to hold my wedding reception. There were much finer establishments elsewhere, but the food here was always a cut above everywhere else – a seafood cocktail, shoulder of lamb and a beautiful glass of red wine, I remember it so clearly,” he says. Richard’s career has spanned Ireland, the Netherlands and England. In his time he has opened numerous restaurants, gained two Michelin stars, is the author
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of three cook books, compiled in-flight menus for Concord, cooked for the Her Royal Highness, the Queen, twice and was crowned winner of The Great British Menu four consecutive times. Richard is now Chef Patron of Bentley’s Oyster Bar & Grill off Piccadilly, Corrigan’s Mayfair and Bentley’s Sea Grill at the internationally renowned Harrods Knightsbridge. Richard is one of the most established and well known Irish chefs in the UK and beyond. Corrigan has cooked all his life and he is a vehement supporter of British and Irish produce and small independent suppliers, as well as the Chef ’s Alliance chief spokesman for the Slow Food movement. His passion for food started on his parents’ family farm in the bog land of County Meath. ”I remember my mother’s hands wrestling with the bread dough, she was an incredible cook. My Dad and I used to be up at the crack of dawn harvesting vegetables for lunch. We killed, salted and cured all of our own pigs, so there was always plenty of pork and gammon. It was hard work. “Best of all, my mother was a fantastic poacher. I used to go fishing on the lakes
too, we were massively self-sufficient. Freshly poached wild brown trout or salmon was a regular Sunday treat – mind you, that sounds grand but our family had very little and mother did a great job of feeding the family with my six brothers and sisters.”
RICHARD CORRIGAN | 59
From its inception the lodge was a botanical marvel with Lord Headfort’s personal collection of plants and trees from around the globe. A major contributor to the Royal Horticultural Society with seedlings cultivated in Ireland and added to the Botanical Collection in Kew Gardens in London. The fourth Marquis became president of the Royal Horticultural Society of Ireland from 1915-45. In November 30th 1939 the crown awarded the Marques of Headfort, the prestigious ‘Victoria Medal of Honour’ for his contributions, to horticulture. In its 400 years of history, it has only had three owners and Richard considers himself very lucky to be the fourth. He says his intentions were never a hotel but rather a ‘hometel’. “It’s a cross between a country house and efficiencies of a great hotel with a real sense of your own home and your own staff. I want my guests to feel it’s their very own home, whether they’re here for a weekend hosting a private party, a corporate weekend or their own very special wedding.”
‘His undeniable love for the countryside and his passion for food started on his parents’ family farm in the bog land of County Meath’
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60 | RICHARD CORRIGAN
Today, the grounds of Virginia Park Lodge and deer park are generously divided between forestry with scenic pedestrian walkways, a 9 hole golf course and extensive walks and agricultural land along the banks of the renowned fishing lake of Lough Ramor in the heart of the picturesque town of Virginia. Virginia town and its location along the N3 route also acts as the main gateway to the Lakelands of Cavan, a popular and scenic area and quite undiscovered triangle of beautiful Ireland. Corrigan tells us of his long-term vision for the house as he comes near to the end of his first phase of renovation, “We’ve just had our first wedding here since it’s been in our hands, the teams have worked hard to restore it back to
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its former glory but we haven’t played around too much with the traditional aesthetics of the building. The next phase promotes the idea of self-sufficiency. The lodge was built around this idea and still today it’s still a very current concept. We hopefully will be able to achieve this once more. Our walled garden with the assistance of poly-tunnels will produce enough food to maintain the house and also supply our London restaurants with produce such as vegetables, soft fruits, herbs and spices - the veg bills are just incredibly high!” The kitchen gardens, named the Gooseberry Gardens and Farms, have been lovingly brought back to life by a team of Ireland’s finest gardeners and, as one would suspect, a lot of good, old
fashioned graft. Nature is very fair with all; there is no getting around the hard work on the land before reaping any rewards. But there are no signs of slowing down the pace for Richard, well not in London anyway, “There’s certainly another project in my London team, I won’t talk about it too prematurely but the market is certainly strong at the moment. For now we’ll hold fire and go in when the time is right.” In a future phase Richard hopes to introduce animals back to the lodge, chickens, lamb, pork and deer which had a thriving population in the 20th Century. “What could be more Irish than producing your own ‘collar and cabbage’ in the same spot?” he says.
W
e strive to create truly lasting memories for our guests, through exquisite cuisine made with the finest ingredients, beautiful wines and hospitality of an uncompromising standard.
28 UPPER GROSVENOR STREET, WIK 7EH TEL: 020 7499 9943 reservations@corrigansmayfair.com
11-15 SWALLOW STREET, WIB 4DG TEL: 020 7734 4756 reservations@bentleys.org
COUNTY CAVAN, IRELAND TEL: +353 49 854 6100 info@virginiaparklodge.com
62 | ECLIPSE EQUINE
A taste of
Caviar
WHY RACING AND BREEDING THOROUGHBRED HORSES IS GROWING AS A PASSION FOR THOSE WITH AN EYE FOR BEAUTY AND AN APPETITE FOR RISK. WORDS: Daniel Cook - Managing Director of Eclipse Equine
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ECLIPSE EQUINE | 63
I
n 2008, six friends in Australia formed a syndicate to buy a racehorse that was allegedly “built like a bulldozer”. While this was seemingly an unusual description for a thoroughbred racehorse, the horse’s trainer, Peter Moody, saw her quality and potential and persuaded each member of the syndicate to contribute AU$35,000 towards her acquisition. It would be unsurprising if more than one of their spouses did not raise a red flag on investing such a significant sum on a racehorse bearing in mind the old adage that the fastest way to make a small fortune in horse racing is to start with a large one. However, those concerns were allayed and the syndicate went on to acquire the horse that they affectionately named “Nelly”. In April 2013, Nelly retired from the track after an astonishing 25 consecutive wins (including 15 Group One (top tier) races). She won more than AU$8.5 million for her owners and, during her racing career, over AU$45 million
had been bet on her. A heroine and national treasure in her home country, Nelly went on to become the only horse ever to grace the front cover of Vogue magazine. Internationally, she was ranked the number two-rated racehorse in the world, but under her more famous racing name of “Black Caviar”. With her racing career behind her, Black Caviar has now moved into the lucrative world of breeding where, with such extraordinary genes, she has become a much sought-after broodmare and has been valued by some at nearly AU$60 million. So while Black Caviar may have been “built like a bulldozer”, in the words of BBC racing correspondent Frankie Keogh, she had also “performed like a ballerina.” Achieving such extraordinary financial success with a racehorse is rare. Not every horse can be a Black Caviar in the same way as not every sprint athlete can be a Usain Bolt. In 2011, the British Horseracing Authority published statistics that there were 8,636 horses-intraining in the UK. As in any sport,
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Coun
64 | ECLIPSE EQUINE
those horses were entered for multiple races during the course of the year and so there were 59,592 entries in nearly 1,450 fixtures, each with their eyes on a total prize pool of £62.4 million. The top 10 horses took home £5.93 million; the remaining £56.47 million was shared by a few of the remaining 8,626 horses as well as some overseas competitors. So with the odds apparently so low at making a financial success from racing, why does owning a racehorse remain so popular among the wealthy who invest hundreds of millions of pounds into bloodstock around the world every year? Because horses are an investment of passion. For some, the passion is racing itself and, much like motor racing or power boat racing, they are prepared to pay for the pride of owning a highperformance thoroughbred racehorse, to watch it compete at world-class events, to be surrounded by the history, the adrenaline and the glamour of the sport and for the chance of standing in the winner’s circle, being feted by the media and other owners and the crowds. For others, the passion is the beauty of the animal itself. Much like admiring great works of art there is a desire to own a great racehorse and to breed from it, to find ways to create incredible progeny that will, in their turn, become champion racers and champion breeders: to be the discoverer of a great genetic line of horses much as being the sponsor of a great artist’s works. Breeding successful racehorses can be a lucrative business and considerable sums are invested in studying the genetics of winning thoroughbreds. For example, the world’s number one rated racehorse in 2011 and 2012, Frankel, is currently and conservatively valued at £125 million. He began racing at the age of two and over the next two years he went on to win 14 races (including an unsurpassed nine Group One victories) and a total prize money of £2.9 million for his owner Khalid bin Abdullah al-Saud. On Valentine’s Day 2013, Frankel began his new career at stud, covering 133 mares in his first year, of whom 126 went on to carry foals. Not only a successful thoroughbred racehorse himself, with a great talent and great conformation, he also has an impressive pedigree: his sire (father), Galileo, won six out of eight Group One races and has proven himself to be one of the greatest thoroughbred stallions in the world. All these attributes combined have resulted in Frankel being charged out at £125,000 each time he covers a mare that goes on
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to carry a foal. In his first year, he earned £15.75 million...and there is likely to be in excess of 10 years of breeding left in him. So if one is interested in becoming involved in these exciting, high-risk, but potentially lucrative investments of passion, how is it possible? An independent equine advisor will explain that there are many different ways, from individual ownership of racehorses and breeding horses to membership of a syndicate where friends and family each take a share in the ownership and training of a horse or a portfolio of horses. Depending on the type of horse owned and the structure of ownership, there are also tax benefits. For example, in the UK, no Capital Gains Tax is paid on winnings or the sales value of a horse, while breeding horses can be acquired using the Enterprise Investment Scheme. If you choose to acquire, race and sell a horse - or to breed horses - there is strong and growing demand for Britishbred racehorses from the Middle East, Asia (Hong Kong, Singapore and Japan), Australia and the USA: in 2011-12, the British Horseracing Association registered the sale and export of 3,633 racehorses from Britain and Ireland to overseas owners, a number that has increased consistently since 2007.
For others, the passion is the beauty of the animal itself. Much like admiring great works of art there is a desire to own a great racehorse
Demand is also unlikely to decrease in the near future. With an eye to Asia, Hong Kong already has an established racing scene, with the Hong Kong Jockey Club turning over more than $12.1 billion in 2012-13. Horse racing was legalised in the Peoples’ Republic of China in 2008 and within three years the country recorded the second highest number of racehorses in the world after the USA. To date, the Chinese government has awarded permits to create five world class racetracks on the mainland. This includes the $2 billion Equine Culture City in Tianjin which has two racetracks and will house some 3,000 horses and where racing is due to start later this year (the Year of the Horse). So with continuing demand for quality young stock and for tried racehorses, and with a worldwide increase in popularity in this, the Sport of Kings, horses have come into their own as investments of passion.
DANIEL COOK Managing Director
Eclipse Equine acquires and manages horses for clients around the world. For further information please contact Daniel on daniel.cook@ eclipseequine.com
Country Life ad_Layout 1 08/09/2014 15:05 Page 1
66 | OFFICE PRIVÉE REAL ESTATE
Every Man’s Home is his
Castle WORDS: Andrew J Butler – Director of Office Privée Real Estate
This evocative phrase is generally taken to mean that we all enjoy equal rights and comfort in our own home. Irrespective of the domestic architectural style and size, our home is our own territory and kingdom, as though it were an impregnable castle. Whilst modern architecture favours perfectly symmetrical two storey homes and apartment blocks,
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there is nothing like the fairytale of living in a grandiose medieval building, reflecting the original source of inspiration, power and wealth. Office Privée Real Estate specialises in selling quality exclusive homes around the world and we are therefore proud to present to you the unique opportunity to purchase your own, truly majestic castle.
OFFICE PRIVÉE REAL ESTATE | 67
Kirby Knowle Castle, North Yorkshire, England This outstanding home is a ‘jewel in the crown’ of Yorkshire’s Golden Triangle, steeped in history and once the home of the Earl of Northumberland. This Grade II listed Georgian mansion is built around the remains of a medieval castle designed by Sir Roger Lascelles. Standing on high ground, Kirby Knowle enjoys breathtaking and commanding views across the Vale of York. Set in 37 acres of both formal in informal grounds with stables and paddocks, the impressive accommodation boasts nine bedrooms, imposing reception rooms, a
one bedroom staff flat and a separate, three bedroom cottage. An ideal main residence or beautiful retreat from the hustle and bustle of city life, yet easily accessible from York, Harrogate and Leeds. Thirsk station is only 5 miles away, providing a direct connection to London’s Kings Cross Station, in less than 2.5 hrs. Price: POA
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OP R
68 | OFFICE PRIVÉE REAL ESTATE
The Castle Of
Two Popes Castello Sismano, Umbria, Italy Castello Sismano was described, in the 1322 historic archive of Todi, as ‘a castle of ‘twenty one fires’ and was considered one of the main fortresses in the region that guarded the City of Todi. In 1254, Sismano was extensively damaged in the ferocious battles between Guelfi and Ghibellini, and the feuds between Todi, Florence, Narni and Spoleto. In 1289, Caetani Cardinal bought the Castle for 8500 gold florins; he later became Pope with the name of Bonifacio VIII and his coat of arms is preserved in the borgo until this day. The Commune of Todi had jurisdiction on Sismano until December 1383 when the Pope Urbano VI conceded it to the Attii Family who owned it in phases until the end of 1500. This family’s coat of arms also exists within the castle walls. In the second half of the XI century and as a result of a massacre commanded by the Attii family at the nearby Castle of Casigliano, the family’s properties were confiscated by the Pope. They were awarded to the Cesi Family and in April 1607, Bartolomeo Corsini bought the estate of Sismano, which today is owned by an heir of the same family.
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Approached via a medieval borgo through impressive gates, this imposing castle has more than 40 rooms, including bathrooms and ancillary rooms arranged over 4 floors. Sympathetic development and refurbishment is required in most areas, although some general structural work has been undertaken. There is a nine suite bed and breakfast accommodation in the adjoining medieval buildings together with a charming restaurant, art gallery and function room. The castle is surrounded by splendid terracing enjoying panoramic views and also has a medieval dive outdoor swimming pool. Set in 50 hectares (125 acres approx) with some Poggi Holiday villas. There is an option to purchase of a further 400 hectares with nine derelict farmhouses. Umbria is treasured for its landscapes, traditions, history, artistic legacy and influence on culture. It is therefore highly sought after by both national and international visitors not least for its superb vistas, olive groves and vineyards. Perugia is the capital of the area which also has its own airport with frequent flights to the UK. Price: POA
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Office Privée Real Estate Operating from its headquarters in the heart of Mayfair, London, Office Privée PLC’s Real Estate division provides a first class service to international clients seeking to divest or acquire prime residential or commercial properties, both on and off the market. With offices spanning four continents, Office Privée provides a comprehensive international property advisory service. Our global network delivers discrete, turnkey solutions for clients wishing to buy or sell properties for their personal use or investment purposes. Our Real Estate division can also assist in: • SpeciAliSt property SeArch ServiceS tAilored to the client’S exAct requirementS • • property mAnAgement ServiceS • • interior And exterior deSign And conStruction to the higheSt StAndArdS with Some oF the moSt FAmouS nAmeS in interior And exterior deSign • • SurveyS And vAluAtion • • legAl, tAx And Accounting work through our regulAted network pArtner • • Full Security SurveyS • • perSonAl introductionS to internAtionAl BAnking And FinAnciAl inStitutionS For A rAnge oF property FinAncing productS • From finding that luxury apartment or unique country estate through to buying or selling castles, chateaux, wine estates, equestrian centres, spas, hotels, casinos or development opportunities - The Office Privée Real Estate team delivers professional and discrete services in all property related matters and through the Office Privée network offer support at all stages of the transaction coming together to deliver a turnkey world class solution. For further information contact Andrew Butler on: andrew.butler@officeprivee.com. Telephone: +44 (0) 207 409 1888 Facsimile: +44 (0) 207 409 1887 Office Privée Plc, 22 South Audley Street, Mayfair London W1K 2NY
Office Privée Real Estate Services Limited is regulated by the UK Property Ombudsman.
Office Privée Real Estate Services is led by Andrew Butler FNAEA who has worked in the real estate market for over 20 years. Andrew and his team deliver exceptional levels of service to all clients based on trust and detailed knowledge of their exact requirement’s combined with expert knowledge of the UK and International property markets. “Properties of distinction, like our clients, require special understanding and protection. “
70 | BANKING
Pickingyour
moment
PRIVﾃ右 | AUTUMN 2014
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TRISTAN ELBRICK, A LEADING LONDON ADVISER TO FAMILY OFFICES AND ULTRA HIGH NET WORTH CLIENTS, DISCUSSES A UNIQUE APPROACH TO SECURITIES-BASED LENDING. WHILE PRIVATE BANKS AND WEALTH MANAGERS OFFER VERY LIMITED FINANCE AGAINST QUOTED SHARES, SPECIALIST PROVIDER EQUITIES FIRST (LONDON) LIMITED (‘EFH’) OFFERS A PROVEN SOLUTION FOR PROFESSIONAL INVESTORS. Release value in quoted securities but keep the upside How do you pick the right moment to sell a share? You want liquidity but are reluctant to sell when you expect the share price to increase – is that a familiar scenario? This is a common challenge for Professional Investors, and one for which Equities First (London) Limited (‘EFH’) is uniquely positioned to assist. An extraordinarily elegant solution We know that the moment a Professional Investor requires liquidity from their shares rarely coincides with the ideal moment to sell a quoted investment. It is a classic dilemma: how to maintain exposure to a quoted shareholding, while achieving liquidity now - for any purpose; and to do that without triggering an immediate tax charge. The EFH solution is not a conventional margin loan with its attendant risks. Instead we approach the entire opportunity from a different angle. EFH provides an extraordinarily elegant solution, offering asset recourse finance – the single asset being the publicly listed shares the Investor already holds. EFH can fund a full range of stocks globally- from the very liquid and ‘blue chip’, right down to those with daily trading volumes of $50,000 equivalent. Keeping the cake - and eating it An asset formerly held for capital gain, can now facilitate liquidity and give the Investor upside, too. We call this ‘keeping the cake, and eating it’. How it works In practice, EFH buys the Investor’s shares but agrees that at the end of a fixed period it will sell the shares back at
exactly the same price as it bought them from you. The twist is that if the shares go down in value the only recourse we have is to the shares the Investor has already sold to us – there is no “margin call” and no risk that the Investor may have to put other assets at risk. If, at the end of the fixed period the share price is above the price at which the shares were sold to EFH, the Investor can buy them back and keep any profit (and could even re-finance the same shares with EFH for another fixed term). The arrangements are struck at a fair discount to market price (but this only ever counts as a “cost” if the value of the shares falls below the discount), with a modest arrangement fee and competitive interest rate. The EFH solution is tailored to the local market of the Professional Investor and ensures flexibility and efficiency in the delivery of funds. The smart investor’s hedge EFH provides very flexible solutions
that are not available from traditional banks. Its non-recourse facilities provide its clients with an effective hedge against any potential fall in share price, while simultaneously allowing the client to capture all the upside in the share. The advantage of this facility Why would a Professional Investor want to use the EFH facility? Over 12 years of its focused and successful work, EFH has identified three trends in the use of its services. These are: • • their investment portfolio; and • other objectives, while retaining the upside in their shareholdings. typically looking to increase their position in a stock. They commonly perceive that the stock is undervalued by the market. Using the liquidity generated via an EFH facility, additional stock can be bought at relatively low cost, for a fixed term. This often reduces the average cost of a stock holding (‘averaging down’), while increasing the client’s exposure to the stock’s future performance. aware that they are “overweight” in a stock, but may be emotionally committed to the stock or convinced of its latent value but want to diversify into other assets. Such clients apply the proceeds of an EFH facility to broaden their investment portfolio, without completing an outright sale of an existing position to finance that new exposure. EFH has met many examples of this requirement, and is able to support any choice of new investment in this way- whether it be private or publicly quoted. The final category, clients with other objectives, is a broad one. EFH is able to assist clients in meeting a range of specific financial goals using its liquidity facilities. A few examples of these would include: reducing the cost of financing for a private jet; financing the purchase of a property;
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72 | BANKING
EFH’s focus is on using specialist skills to enable financial flexibility and change. In every case EFH focuses on putting the Professional Investor’s needs first, and supporting their lead advisers.
releasing funds to meet a philanthropic aim; paying for a family event such as marriage, divorce, or settlement of assets on a younger generation; and release of liquidity from a trust for beneficiaries, while avoiding an outright sale of equity. Investment advice EFH does not provide investment advice to any of its clients, who are all Professional Investors. Because of this we frequently work hand-in-hand with appointed advisers, who maintain the close advisory relationship with their client. EFH’s focus is on using specialist skills to enable financial flexibility and change. In every case EFH focuses on putting the Professional Investor’s needs first, and supporting their lead advisers. Is it safe? EFH focuses exclusively on the business of securities-based lending, and its consistent track record in arranging and completing successful facilities places it amongst the leaders in shareholder finance. We are completely un-leveraged as a business. To date over 700 facilities have been arranged, with a perfect track-record in funding loans and returning stock that is due to the borrower. We have organised both private and publicly announced facilities in the UK and elsewhere, and are able to provide liquidity to each Professional Investor from $250 thousand to $200 million. EFH is becoming recognised worldwide as a leading source of alternative working capital for businesses and Professional Investors. As a pioneer in securities-based lending, EFH has developed exclusive advantages over
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conventional margin loans, which make it the number one choice for Professional Investors. Our local representation in Europe, Middle East, Asia and North America, together with our ability to transact on most major markets internationally, gives us a unique global footprint in securitiesbased lending. EFH offers Professional Investors a fast and very straightforward transaction: to illustrate this, within twenty-four hours of contacting us, we produce a guaranteed term sheet for the client – with loan-tovalues as high as 80 per cent. Straightforward process for the Professional Investor EFH calculates each client’s specific loan value from the three-day average of the relevant stock’s price. What’s the bottom line? People who choose to use an EFH facility will usually receive funding in under two weeks. EFH offers other exclusive advantages over conventional margin loans. Most notably, EFH is able to provide loan-to-value amounts as high as 80 per cent of collateral value, as well as fixed interest rate terms of 3 to 4.5 per cent and with a typical annual fixed cost of capital between 2 and 4.5 per cent. No matter the size or complexity of the loan, Equities First Holdings has the flexibility, resources, and expert service to help Professional Investors realise their financial goals quickly and efficiently. We welcome enquiries from Professional Investors and Regulated Advisers who are considering financing options.
telbrick@equitiesfirst.com
T: +44 (0)203 747 3269 OR Solicitor, Burlingtons Legal LLP T: +44 (0)207 529 5420 Equities First (London) Limited (‘EFH’) is authorised and regulated Authority (Register Number 605564).
Consistent and exceptional levels of service with complete discretion Managing Director: Simon Graham. Email: simon@lancastertrustees.com Tel: +44 (0) 1481 727240 PO Box 260, 2nd Floor, West Wing, Dorey Court, Admiral Park, St Peter Port, Guernsey, Channel Islands, GY1 4LL
www.lancastertrustees.com
74 | THE FINE ART OF INVESTMENT
The
Fine Investment art of
CALLING ALL LOVEJOYS AND TINKERS. BUYING ART WITH AN EYE TO ITS INVESTMENT POTENTIAL REQUIRES CAREFUL CONSIDERATION. ARTIST LYDIA MILLS HIGHLIGHTS THE IMPORTANCE OF DOING YOUR HOMEWORK AND THE RISKS OF ‘FLIPPING IT QUICKLY’ IN TODAY’S BURGEONING ART AND ANTIQUE MARKET. WORDS: Lydia Mills - Art Critic
T
he Affordable Art Fair returns to Battersea Park in south London from October 23-26, with art for sale between £100 and £5,000. Founder Will Ramsay advises art investors to look for “art that moves you, that evokes an emotion” and recommends holding on to a piece of art for at least five to 10 years. The headline observation of The European Fine Art Foundation (TEFAF) annual report on the international art and antiques market was that the global market has reached almost £40 billion and is continuing to grow. Total sales are now close to historical highs on the back of 8% year-on-year growth. Taking into account public auctions and estimated private sales this represents an increase of 63% since the financial crisis in 2009. Moreover, there is significant demand spread across China as well as Europe and The United States. This represents an increasing recognition of art as a viable means of alternative investment, compounded by the adoption of coherent and sophisticated online presences on the part of auction houses. These trends were highlighted in a recent study by JP Morgan’s Kyle Sommer which found that art prices fluctuate independently from more usual investments such as US share prices, bonds and property funds. The volatility of art over the last 25 years was found to be lower than that
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of US and international equities as well as commodities. The performance of the Mei Moses World All Art Index, which tracks art prices across genres, has nearly matched the Standard & Poor’s 500 over the past 50 years and has beaten the index over the last decade. However, investing in art requires careful consideration and will not necessarily provide big returns. Art remains an unpredictable investment, subject to changes in trends and fashion. The message from art insiders is to buy something you like, rather than purely look at it for its investment potential. Galleries, art fairs and auctions are good places to investigate the market and discover the type of art you prefer. Will Ramsay, also of Will’s Art Warehouse and international contemporary art hub PULSE, offers some valuable advice: “It certainly doesn’t work trying to flip it quickly. As a collector you lose respect from galleries and dealers if you do that. It’s much better to hold onto it, not only to help develop the artist but also so you can enjoy it.” Such optimistic sentiments should not, however, obscure the inevitable risks in any investment. The critical guideline for buying art cannot be repeated too often: art that is valuable is art that is rare. Unfortunately, authenticity does not guarantee the rarity of a piece or
its importance in the art world. But how can you know whether your auction find is a rare commodity? As with any investment, research is key. Artnet, Blouin Sales or Saatchi Online allow you to shop for art by price, style or size and can provide a quick insight into the desirability of a given piece. Contemporary and modern art dominate the market with a staggering 70 percent share. While old masterpieces may appear a more stable investment, contemporary and modern art offers a significantly greater opportunity for profit. The most expensive piece of art ever sold, for example, was a Francis Bacon triptych of Lucian Freud for more than £89m last year. A critical lesson is therefore to always be aware that the art market is in fact made up of many smaller markets and sectors which, whilst interlinked, all follow their own fashions and trends. So, when you’re ready to hit the galleries and invest in the future of art, go in with your eyes wide open. Gallery owners will tell you that buying art is an emotional decision, but it really can be far more than that. Moving beyond such an understanding can yield significant returns for the astute buyer.
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Research living artists who catch your eye. Learn about their education, their commissions and their exhibits. Graduates in fine art are particularly ones to watch – aspiring artists with the drive for success. Lucien Smith is an excellent example of this – a few years ago he was a total unknown, now he stars in the top lots with works selling for five times their pre-sale estimate. With a little effort, you may unearth the next Rothko or stumble across a future masterpiece.
LYDIA MILLS Art Critic Lydia Mills is a History of Art graduate from Cambridge University and is currently completing her MPhil in Modern Art. She has been exhibiting internationally since she was 16 and has been commissioned by numerous patrons including interior designers and property tycoons Candy & Candy.
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76 | TRAVEL
Miami Heat
GO WHERE THE CHAMPAGNE FLOWS AND THE ART ALWAYS ENTICES – FLORIDA’S PLAYGROUND FOR THE RICH. WORDS: Kate Racovolis
S
ometimes, visiting perpetually sunny Miami can feel like travelling back in time. Its iconic Ocean Drive for example, lined with Art Deco buildings (also home to the elaborate and famed Versace mansion) harks back to a golden Gatsby-esque era. However, in a place where sunshine and palm trees abound, Miami is a city with its focus firmly on the new and exciting; among the grand heritage you’ll see ever-rising condominiums, never-ending
incandescent nightlife, world-renowned cultural attractions and a thriving business district. While Miami is one of the top destinations for party-goers, the popularity of its art and cultural offerings has quickly turned the city into the place to see and be seen for art dealers as well as buyers and editors from around the world. The annual Art Basel, which took place in December last year, drew a star-studded
crowd; Elle Macpherson, Cindy Crawford, Eva Longoria and Kevin Spacey were all among the cast of A-list attendees. Galleries from across North America, Europe, Asia and Africa brought their best modern and contemporary collections to show across all artistic mediums, from films to impressive large-scale sculptures. If you know the right people, you can brush shoulders with the likes of Tracey Emin, who hosted a party there this year, or Gerard Butler who hosted a soirée for
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There is a seemingly infinite selection of hotels to choose from in Miami but the Betsy Hotel on Ocean Drive, South Beach, gets my vote. Set among a graceful, relaxed setting right on the beach, all that separates guests from the water here is a strip of lush greenery in Lummus Park. For shopping, Bal Harbour can’t be Proving that small can be topped. It’s pegged as an beautiful, the hotel’s 61 outdoor shopping mall ‘You can brush spacious rooms make for a but is actually much peaceful and private stay. Its more glamorous than shoulders with the rooms, this label would imply. likes of Tracey Emin beach-house-style Filled with a roll call of all in fresh off-whites with and Gerard Butler’ pastel-accented interiors, are renowned luxury brands embued with the tropical (Saint Laurent, Graff, ambience for which people Balenciaga – you get come to this city. Don’t miss the hearty the idea), this is a retail therapy seeker’s American ‘popovers’ from its restaurant, dream. After exploring, choose from a BLT Steak and drinks on The Deck. smorgasbord of world-class eateries, from the familiar flavours from home such as Nobu, or a place with just as much opulence, such as the modern steakhouse Prime One Twelve. The utterly chic Scarpetta at the Hotel Fontainebleau, designed with a hint of David Collins Studio’s iconic light blue interiors, is also an unmissable place to enjoy authentic Italian fare. Dom Pérignon at the W South Beach. Although you’ll almost certainly leave feeling bleary-eyed and/or with a slightly depleted wallet (but art to fill your walls), it’s an attraction that is worth the trip.
The art offerings are also not to be missed. Indeed, guests are able to attend interesting local events that you wouldn’t easily find at luxury hotels, including art exhibitions, poetry readings and book signings, adding an unexpected dimension to your stay. All of these combined have earned the hotel its title as ‘the intelligent hotel’ and when describing The Betsy experience, its owner’s father (Pulitzer Prize finalist, Hyam Plutzik) summed it up perfectly when he said: ‘Expect no more. This is happiness!’
CLOCKWISE FROM LEFT: HOTEL EXTERIOR; SUN DECK; VIEW FROM SUN DECK; LOBBY, ALL AT THE BETSY HOTEL
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78 | TRAVEL
Weekend Away …Le Saint-James, Bordeaux WORDS: Gemma Knight
I
t rather belies my chosen profession, but it’s nevertheless rather difficult to put a place like this into words. With Bordeaux laid out in all its splendour below, Le Saint-James is a transformed 18th century farmhouse nestled in the rustic, balmy village of Bouliac – a place as famed for its popularity as a post-war country retreat as its enduringly exquisite food and wine. The farmhouse was modernised and enlarged by Jean Nouvel in 1989, now boasting 18 guest rooms spread over four pavilions which connect to the original glass-walled building, each designed to be reminiscent of the old tobacco-drying barns which were once dotted throughout the region. The pavilions’ exteriors are chipped and rusty, but this is all part of the charm and intended to add to their authenticity – a word, it seems, quite at the heart of the ethos here. The guest rooms and huge dining area are open and light-filled, built specifically so that you feel as though you are out of doors amidst the rolling vineyards
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surrounding the property, their sweet, sharp smell constantly filling the air inside and out. Authentic, too, are the gourmet dining options on offer, prepared by none other than Michelin-starred chef Nicolas Magie and a perfect nod to the hearty, provincial fare of yesteryear with a contemporary twist (think green asparagus
‘As famed for its popularity as a post-war country retreat as its enduringly exquisite food and wine’ with fresh morels and milk calf grilled on a wood fire). And if that’s not authentic enough, you can even eat in the village’s traditional French bistro, nestled in the heart of narrow, cobbled Bouliac, filled with hospitable Gallic waiters and flanked by its very own Romanesque church. Slightly less on the authentic side are the stunning suites, one of which features
a private terrace and Jacuzzi, while another boasts a real Harley Davidson propped up and gleaming in a spotless corner – though the unexpected pang of modernity is a sumptuously satisfying contradiction to say the least. Even a long weekend is enough to soak up a thoroughly gratifying swig of this sun-drenched little oasis, with cooking classes (for which the hotel is famed), wine tasting, and even picnics on pinasse boats in the exclusive Arcachon Bay on hand to help guests indulge, immerse and truly unwind. The one incongruous element is the name. ‘Le Saint-James’ comes from one of historic downtown Bordeaux’s most famous streets, and here it is impossible to feel anything but a million miles from the urban world, old or new. Perhaps a frightening thought if, like me, you are a dyed-in-the-wool urbanite, but trust me; have a glass of wine and let go. It’s bliss. saintjames-bouliac.com
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When it comes to global business does your right hand know what the left hand is doing?
A Do you have problems getting your lawyers to work with your accountants and understand the complexities of your offshore structures? A Do you struggle to ensure that your bankers are working seamlessly alongside your own legal and accounting team? A Do you get frustrated at the lack of communication between your professionals and feel that they don’t grasp your global vision? A Do you spend hours trying to bring these independent professionals together and all pulling in the same direction?
You may struggle with all of the above - but our clients don’t! Office Privée PLC is a 360 degree professional service provider that brings highly skilled specialist capabilities together under one roof, face to face working with you to realise your objectives, quickly and easily. Office Privée PLC collaborates with our clients to develop a plan that integrates their strengths with those of the Office Privée professionals, to provide a confidential and effective service focused on delivery and cemented by success. By fully integrating all these professional services seamlessly every element of our team knows what part they need to play and how their specialist discipline will need to interact with the other skill sets in the group to deliver our clients’ objectives.
Whether it’s buying a house, a merger or acquisition, cross border oil and gas transactions through to complex international structuring and tax advice, Office Privée PLC can provide a turnkey first class solution, executed efficiently through 360 degree communication and detailed knowledge of the plan at every level. • • • • •
Legal Services Tax & Accounting Offshore Structures Foreign Exchange Fiduciary Services
• Security and Risk Mitigation • Real Estate • Equine Division • Fine Art Division
For a confidential and discreet discussion about any of your business or personal matters please do not hesitate to contact excellence@officeprivee.com and one of our professional team members will contact you by return.
360 0 fully integrated, regulated professional services
Office Privée Plc | 22 South Audley Street | Mayfair | London W1K 2NY | Telephone: +44 (0) 207 409 1888 | Facsimile: +44 (0) 207 409 1887 excellence@officeprivee.com | www.officeprivee.com
80 | PRIVÉE PORTFOLIO
PRIVÉE PORTFOLIO
Quality First
AFTER YEARS OF RISING COST AND WANING INTEREST, CINEMA IS CHANGING - AND CONSUMERS ARE READY TO EMBRACE THIS CHANGE.
T
he first half of the year has revealed the current performance amongst the west’s three major currencies. The UK economy continued its great form of Q4 2013, the ECB finally faced up to its problems and the US continued to answer the many questions being asked of its economy. Decades ago, a majority of films focused primarily on thoughtful plots and complex characters. However, recently, there has been a proliferation of movies with big stars and budgets, many of which offer little more than action and cliché. This ‘easy win’ approach to cinema has made it increasingly difficult to get new projects by up and coming talent off the ground in the UK. Studios often prefer to work with pre-sold franchises, reboots of existing films people already know about, and comic book sagas with an in-built fan base - Spiderman and Batman being prime examples.
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Whilst this has created much profit over embracing these new products - and the the last decade, the glory days of sequels new ways to watch them. and reboots seem to be ending, with such The emergence of cable, satellite and films now costing more and earning less on-demand platforms has led to highly than they once did. Executives are also becoming more open to fresh ideas and successful shows such as Game of Thrones approaches, with and True Detective, which have been both critical and this even evident in Hollywood - a ‘The truth is that many commercial hits. This is, in no small measure, because recent example being actors of great talent the minds behind these Godzilla. Whilst are prepared to work admittedly another shows have been afforded the freedom to create reboot, the progress on lower budget films themes and characters made in terms of because of the artistic which the audience can directorship is telling. merit and enjoyment of invest in, written, directed When Godzilla was remade in 1998, it was and portrayed by emerging a challenging role’ under the direction of talent. Viewers want fresh material, not a continuation established Hollywood of the status quo - and this doesn’t just director Roland Emmerich. The modern relate to television. version was helmed by Gareth Edwards, a relatively unknown independent filmmaker. It surely won’t be long before studios begin There currently seems to be three working with new concepts and stories as main areas of the British cinema scene; firstly, an overabundance of low budget well as fresh talent because consumers are
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gangster films (pale imitations of films that - at the time of release - were groundbreaking, such as “Lock Stock and Two Smoking Barrels”) and B-movie style horror films, both of which have become common due to their wide saleability. These are not usually major cinema releases, instead aimed more at the global independent market.
Secondly, there are films by the BFI, BBC and FilmFour such as “Shame,” “Philomena“ and “Filth”, that can attract major film names and investment from established funding sources like the National Lottery. These can do relatively well at the box office and rely on talent, high production values and often a quirky emphasis on “Britishness”
to succeed. The third route is the kitchen sink drama; films focusing on realism and a gritty documentary style aesthetic which can lack saleability due to their modest style of production and pacing. Some of these films can be quite excellent - for example “Tyrannosaur” - but many of them struggle to be acknowledged by today’s market. Generally, to get your movie sold, it either has to be a genre film like those mentioned previously, or boast widely recognised actors. The problem is that, although many of these actors thrive on the challenging roles present in more thoughtful and emotive films, scripts do not even reach them for consideration because of the budget range or production. The truth is that many actors of great talent are prepared to work on lower budget films because of the artistic merit and enjoyment of a challenging role; the obstacle is the initial outreach.
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82 | PRIVÉE PORTFOLIO
The greatest problem British cinema faces is that there seem to be so few options; aspiring filmmakers are told they need to make something in a specific genre in order to get noticed and anything else isn’t worth trying The greatest problem British cinema faces is that there seem to be so few options; aspiring filmmakers are told they need to make something in a specific genre in order to get noticed and anything else isn’t worth trying. The result is the never-ending procession of gangster and horror movies made on a shoestring budget (which shows - and does nothing to raise standards within our cinema industry) by people desperately trying to get noticed, whilst the bigger names gravitate towards the ‘safety’ of the BBC and FilmFour productions. What is frustrating as a filmmaker is that the bold cinematic films Britain used to be renowned for are rarely seen anymore. Gone are the days of British epics such as “Lawrence of Arabia” and “Brief Encounter” - but people do still want to see that kind of film. Sadly, creators are increasingly reliant on crowd funding or private investment to get them made. There is hope for British cinema, but we need to echo how America looks at films, reward the bold
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ideas and fresh talent, and trust that if a film has a strong story that people can relate to, it will find an audience. Sometimes filmmakers go out and do it themselves, such as in the case of the aforementioned Gareth Edwards, who made “Monsters” on a tiny budget and built up a cult following because of its quality. For those who have not seen the film, it was not a formulaic monster horror film - it’s a well thought out road movie, with great characters and locations, which thrills and engages the viewer throughout. This film is proof that if you have a strong, well-thought out idea, cinema can come to life and create truly memorable moments. In order to see our cinema industry flourish once again, we need more
people like Edwards - as well as more people willing to shake off the current status quo and invest both time and money into helping developing talent realise their potential. Dom Lenoir is a British director who began his career making shorts and low budget features. He has recently formed production company Firefly Features alongside writer Ross Owen Williams, a businessman turned professional wordsmith, and producer Patricia Rybarcyzk, who is currently working on the Martin Scorsese-backed “Tomorrow” and has worked with distributors such as Universal and Anchor Bay. They currently have five feature films in development, including a cinematic ensemble drama, a wintery crime thriller addressing the subject of degenerative disease and euthanasia, a WW2 spy thriller, a neo-noir drama epic, and an otherworldly comedy confronting the ultra politically correct modern era. For anybody who would like to discuss any of these projects, enquiries are welcomed at info@fireflyfeatures.co.uk.
RM 58-01 TOURBILLON WORLD TIMER JEAN TODT LIMITED EDITION Manual winding tourbillon movement Power reserve: circa 10 days Baseplate and bridges in grade 5 titanium Universal 24-hour time display New multiple time zone adjustment mechanism Free sprung balance with variable inertia Barrel pawl with progressive recoil Improved time-setting system Balance wheel: Glucydur, with 2 arms and 4 setting screws, moment of inertia 10mg.cm², angle of lift 53° Frequency: 21,600 vph (3Hz) Spline screws in grade 5 titanium for the bridges and case Torque limiting crown Anglage and polishing by hand Limited edition of 35 pieces