Candyss13

THE MAGAZINE FROM CANDY & CANDY S/S 2013

The ART of DESIGN

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Today name Candy Candyis issynonymous synonymouswith Today the the name Candy & & Candy some of themost world’s most exquisite somewith of the world’s luxurious interiors,interiors, from homes fromofhomes in coveted global locales private jets, in some the world’s most coveted locales to to private jets, and commercial spaces.

Withhave a design yachts andyachts commercial spaces. Most people forgotten ethos that is driven by thethe½nest craftsmanship and the intricate attention to detail, fne crafsmanship and intricate attention detail, a Candy & the Candy the meticulous process thattotakes place behind scenes. designer is consistently of perfection, A Candy & Candy designer inis pursuit consistently in pursuit of striving fearlessly to improve and to challenge perfection, striving improvethemselves. and challenge Design is a constantly evolving process ensure so themselves.

Design is always changing and to developing the the impeccable balance of of that the the end end result result strikes can strike impeccable balance and functionality. formform and functionality.

www.candyandcandy.com

HIGH JEWELLERY COLLECTION

eLCoME

to thE latEst Edition of CANDY magazine

At Candy & Candy, we pride ourselves in setting new standards in delivering impeccable quality and uncompromising attention to detail. From the smallest specification to the largest venture, we deliver the ultimate in innovative and unique solutions, always pushing boundaries as we strive for perfection. A world-class company, we continue to drive prestigious and ground-breaking projects across the globe. In this issue of Candy magazine, we travel the planet, checking in with the elite Chinese who have become passionate about polo, the sport of kings; we talk to the sovereign of style, Giorgio Armani, about his international business and enduring appeal; we curate the ultimate in safari vacations for the most luxurious bespoke encounters with nature; we dazzle with the rarest of all precious stones – coloured diamonds – sourced from many countries; go travelling with the artist Tracey Emin; and take a sneak preview of prominent architects’ solutions to remarkable future living arrangements across the continents – and even on the moon.

We welcome you to the universe of Candy & Candy and hope you enjoy reading this issue.

NICHOLAS CANDY

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50 The magazine from Candy & Candy s/s 2013

The arT of design

Cover phoTography olaf wipperfÜrTh Colour reproduction by fmg (groupfmg.com).

Printed by Butler Tanner & Dennis (butlertanneranddennis.com).

All material © Show Media Ltd, except where stated. Reproduction in whole or in part without written permission is strictly prohibited.

PUBLiShed for Candy & Candy

By ShoW media LTd 1-2 Ravey street, London EC2A 4QP +44 20 3222 0101; showmedia.net editor Joanne Glasbey Creative director Ian Pendleton art director Jon Morgan managing editor Arabella Dickie Chief Copy editor Chris Madigan deputy Chief Copy editor Gill Wing Picture editor Juliette Hedoin Copy editors sarah Evans, Mary O’sullivan Contributing editor Maria Yacoob executive editor Peter Howarth advertising Julia Pasaron +44 20 8741 8967

NT NTS

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eye Candy Beautifully crafed

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Studio The Candy & Candy design

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Perfect manhattan The heady

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Chinese Chukkas How the Game

dials from the world’s oldest watchmaker; a pair of shotguns engraved to your own design; and Louboutin’s latest innovation: tattooed shoes

team collects references from the geniuses of Art Deco and Art Nouveau

cocktail of location (the Jazz Age Plaza Hotel), views (over Central Park) and attention to detail (Candy & Candy’s interior design) in one special apartment

of Kings has become the sport of choice for many of China’s new rich

46

masters of illusion The prop builders who make terrifying, deadly aliens but also ensure no animals are harmed in the making of many movies

50

Wild at heart The most thrilling

and luxurious safaris in Africa, the Indian subcontinent and the Arctic Circle

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drinking The Stars How a monk

discovered that some of his communion wine had turned fizzy and the legend of Dom Pérignon was born

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armani: The Legend It has been

an epic journey worthy of the films he loves – from the hardships of life in post-war Italy to adulation from Milan to Hollywood, Beijing and beyond

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Tomorrow’s World Architects with visionary designs for buildings and cities of the future – only as CGI at present, but perhaps not for long

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flights of fancy Coloured

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The artist’s muse Gowns that are

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directory selected products

diamonds are exceptionally beautiful and their rarity value increases as mines reach the end of their lifespans

masterpieces in their own right take their place in the hall of sculptures

and services, plus fashion and jewellery stockists details

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Personal Passions The artist Tracey Emin’s love of travel – despite the crocodile attacks

olaf Wipperfürth; andy barter; taj hotels/select collection

c

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GRe en

light

maverick founder of De GrisoGono fawaz Gruosi has never foLLowed trends or heLd back on GLamour, as this diamond and emeraLd neckLace iLLustrates

The Italian jeweller Fawaz Gruosi, president and founder of the de Grisogono brand, proud owner of 16 boutiques around the world, says he owes his success in the first place to his passion and curiosity. Throughout his long involvement in the jewellery and watchmaking business, he’s not been afraid to anticipate and play with trends – and ofen strays off the beaten track altogether.

Trusting his intuition, he claims to have restored the prestige of black diamonds some years ago when they were out of favour.

Fascinated by the stone, he dedicated a unique collection to it that was met with acclaim, and soon afer black diamond prices exploded on the precious stones market. He says he listens only to his inspiration, which he finds everywhere – including in nature, the source of this very decorative white diamond and emerald necklace from the de Grisogono High Jewellery collection.

Embellished with 1,352 white diamonds totalling 62.59 carats, and 1,433 emeralds of 53.63 carats, its organic shapes and scintillating light reflect vibrant beauty and voluptuous style. degrisogono.com WorDs Joanne GLasbeY

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Art & sole

chRiStian lOubOutin bRings His inteRest in tattoos to tHe less peRmanent canvas of His footWeaR Celebrated French shoe designer Christian Louboutin is so fascinated with the art of tattooing, he has incorporated the technique in his eponymous men’s boutiques in London, Paris, New York and Los Angeles. Instead of inks on skin, however, the Tattoo Parlours explore the use of bespoke embroidery to create designs on footwear, using either black and silver or other coloured threads, or fine beadwork combined with coloured threads to create a relief effect. Clients can explore the Tattoo Parlour during a private appointment with Louboutin's bespoke-service experts, and can integrate their own body tattoos into the shoe design, as well as commissioning a unique artwork with the in-house creative team. Over the course of three months, from the day the order is placed to its receipt by the customer, the shoes will have travelled through the expert hands of artisans in both Italy and India. christianlouboutin.com WORDS Hugh Whelan

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In 1839 Vacheron Constantin created several machines, among them the famous pantograph, a mechanical device which meant that for the first time in history principal watchmaking components could be reproduced with total precision, raising the quality of its timepieces once again. This invention carried the brand into the future and would revolutionise Swiss watchmaking.

Patrimony Traditionnelle World Time Calibre 2460WT Hallmark of Geneva, Pink gold case, Self-winding mechanical movement, indication of world time with day/night indicator, displaying 37 time zones.

Ref. 86060/000R-9640

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Faithful to the history for which it is renowned, Vacheron Constantin undertakes to maintain, repair and restore all watches it has produced since its foundation: a sign of excellence and confidence which still today gives the manufacture its reputation.

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Flower power veneRable watchmakeR Vacheron constantin’s floRal tRibute to victoRian botanical aRts

As the oldest watchmaker in the world, Vacheron Constantin knows all about the relationship between haute horology and the artistic crafs. Its Métiers d’Art collection recently introduced a stunning new opus called Florilège, a vibrant tribute to the delicacy of 19th-century botanical illustration. The botanist Robert John Thornton’s tome The Temple of Flora, published in 1799, was the inspiration for the precise interpretations of flowers that embellish the beautiful dials, which combine the crafs of enamelling, guillochage and gem-setting. The artwork, reproduced in guillochage engravings and cloisonné enamelling, blossoms into life in a profusion of colours and an illusion of depth and perspective. With a mechanical hand-wound calibre 4400 developed and manufactured by Vacheron Constantin, the trio of women’s watches is in a limited edition of 20 with the round-cut diamond bezel and five with the baguette-cut diamond bezel. These are truly collectors’ items, and an extraordinary way to wear art on your wrist. vacheron-constantin.com

WorDs Joanne Glasbey

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A RACING MACHINE ON THE WRIST

© Renaud Corlouer

RM 007

www.richardmille.com

Blown away The bespoke engRaving of a James Purdey & sons gun is an incRedibly inTRicaTe pRocess, wiTh some pieces Taking up To a yeaR To finish By making the decision to order a hand-crafed Purdey shotgun or rifle, you join an exclusive club – one that not only celebrates excellence in gun making, but that appreciates unrivalled aesthetic standards. The art of engraving guns was born out of function rather than form. By marking the metal of their rifles, early game hunters found that reflection off the surface was reduced, and therefore less easily spotted by even the most alert target. Purdeys come decorated with either ‘Fine Scroll’ or ‘Large Scroll’ engraving patterns, both beautiful. The latter is more regularly requested, but the former has become so synonymous with fine rifles and shotguns that it is widely known as ‘Purdey Scroll’. There is, of course, the option to have your Purdey engraved with your own design. You may care to have a piece by your favourite artist forever etched onto the gun, or perhaps you want to immortalise a particularly faithful shooting dog. Either way, Purdey’s bespoke engraving service turns a cold metal object into a thing of beauty. purdey.com Words charlie Teasdale

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DESIGNED BY

CANDY & CANDY FOR

ONE HYDE PARK SUPPLIED EXCLUSIVELY BY

BATHROOMS INTERNATIONAL

R ETAIL SHOW ROOM: 4 PONT STR EET LONDON SW1X 9EL TELEPHONE: +44 (0)20 7838 7788 FACSIMILE: +44 (0)20 7838 7789 W W W.BATHROOMSINT.COM

STUDIO

The CANDY & CANDY design Team on The influence of arTs nouveau & deco, and a ‘swell suiTe’ in nYc

Purveyors of rare automobiles 1955 Mercedes-Benz 300SL Gullwing

Showroom: Hogarth Roundabout • 109 Devonshire Road • Chiswick • London W4 2AN +44 (0)208 747 5930 www.landmarkcars.co.uk

Ø A r m A n d -A l b e r t r At e A u Designer and architect Rateau became the artistic director of Alavoine & Compagnie – one of the most important interior-design houses at the time.

His bohemian-chic aesthetic for couturier Jeanne Lanvin, as well as his surrealist and organic metal designs, offered an alternative to many of the more rigid Art Deco interiors of the same period.

twent i es t hirt hirtie ies s Candy & Candy’s design studio seLeCts major art nouveau and art deCo infLuenCes on Contemporary design

Ùrené lAlique

Ù e i l e e n G r Ay Neglected for much of her career, lacquer artist, furniture designer and architect Gray is now regarded as one of the most important creatives of her era.

Her masculine designs have a mid-to-late rather than early-20th century appearance.

The influential French glass designer, known for his intricate work in jewellery and interiors, set up his own design house in 1885 and created some of the most well-respected Art Nouveau pieces of the late-19th century. Widely acknowledged as one of the world’s greatest glassmakers, Lalique’s skills were not restricted to the creation of ornaments and jewellery, but extended to the embellishment of church interiors and cruise liners, too.

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Ù Sy r i e M a u g h a M A fashion icon and interior design trendsetter, Maugham created the simple, elegant look that was the starting point for what we now call Hollywood glamour. Her high-profile clientele meant her unique style became truly international and her blend of traditional detailing mixed with fun, almost surrealist furniture is evident in many of today’s designs.

Ù CoCo Chanel

George Barbier is renowned as one of the greatest French illustrators of the early 20th century. Perhaps best known for his exquisitely composed fashion plates, Barbier also designed intricate costumes for the theatre and ballet, as well as turning his skilled hand to jewellery (for Cartier, among others), glass and wallpaper design.

In addition to the vastly diverse aspects of his production, Barbier also worked successfully on several big brands’ advertising campaigns, including Renault’s.

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× george barbier

ReuteRs; massimo listRi/coRbis; peteR haRholdt/coRbis; photoshot; polaRis/eyevine; bouRnemouth news/Rex featuRes; the cecil beaton

Although Chanel was not widely known for interiors, her influence on the look of her Paris store – and the apartment above it – shows everything she touched was design gold and her genius was way ahead of its time. Her imaginative and experimental style is evident in the mixture of Western antiques and Oriental objets.

DGrosmangin/MMorazzani

www.adler.ch

GENÈVE . GSTAAD . LONDON . HONGKONG

erfect manhattan Candy & Candy’s dramatiC refashioning of the penthouse apartment at the top of new york’s iConiC plaza hotel taps into its former jazz age days WORDS maria yacoob

I n t h e s t I f l I n g h e at of midsummer Manhattan, Daisy Buchanan longed for a cool place to sip mint juleps. Her husband Tom directed their party off the scorching pavements, ushered them through the entrance to the Plaza, and took them upstairs to its finest suite. The young New York socialites were jaded from a decade of parties and decadence. Yet the Plaza never failed to impress. Listening to the jazz music drifing up from the ballroom below, the Buchanans, Jay Gatsby and Nick Carraway all laughed as Jordan Baker whispered in revered tones, ‘It’s a swell suite.’

F Scott Fitzgerald penned this visit to New York’s fabled hotel as a work of fiction. But The Great Gatsby drew heavily on Fitzgerald’s own adventures as a bright young thing in Twenties New York. His and Zelda’s long

nights of jazz and liquor served up in the Plaza’s Palm Court helped create the mythic status of the hotel.

When the European château-style building on the corner of Fifh Avenue and 59th Street was opened in 1907, at a cost of over $12m, it was New York’s most expensive construction. Its marble interiors and vaulted glass ceilings reached heights of splendour never before seen in the city. Its turrets signalled the heights of the Roaring Twenties, and they drew fast-living party crowds to the Plaza like moths to an all-night flame.

The Fitzgeralds and their contemporaries set the scene here for subsequent decades of famous guests, all of whom lived life to its finest excesses. Truman Capote, Liza Minnelli, The Beatles and Elizabeth Taylor have all entered through its hallowed doors to create a notable

slice of New York social history. Yet today, the most exciting chapter yet of the Plaza story has just begun.

The building’s most coveted private penthouse – 6,300sq f, with views over Central Park and Grand Army Plaza – is setting new records for real estate prices in NYC. And it is where Candy & Candy has chosen to make its mark on the US. In fact, Candy & Candy is stretching its design reach across the States, to the West Coast and to Florida’s finest city, Miami. But the New York Plaza apartment is America’s first opportunity to see how Candy & Candy marries a unique vision of modern luxury with the very best of British crafsmanship.

The three-floor apartment is the largest penthouse in the building. For a city where sightings of the sky are

ofen snatched only in between the tops of towering skyscrapers, the unadulterated stretch of intense blue that lights the apartment’s living spaces is a vista most New Yorkers never see.

Candy & Candy’s design team was thrilled to take on the project of designing and decorating the apartment.

But with such a historic space there came logistical challenges that tested their ingenuity as never before.

The small lif shafs of the old building meant large pieces of furniture couldn’t be taken up to the top floors. Yet Candy & Candy wanted the apartment to showcase the exquisite crafsmanship of Britain’s best furniture-makers. As a result, many pieces had to be built in the UK in sections, shipped to New York, hauled up to the penthouse piece by piece, then slotted together on site. The listed status of the building meant nothing on its exterior or overall framework could be touched – not the flooring on the veranda, not even the paintwork on the exterior window frames. And the differing layouts on each floor had its own quandary.

The designers could see the guest bedrooms on the lower floor had previously been a series of hotel rooms, while the top-floor master suite was just the same as it had been in former days. But at 2,800sq f, the main open-plan living area on the middle floor was bigger than the designers had ever encountered before. They wondered if they were working in the same space Gatsby and the Buchanans would have sat, a century before?

The designers divided the vast space – flanked by the kitchen, library, dining room and an informal living

The overall aesthetic is classic modern through Twentiesinspired chairs and other Art Deco-like accessories area – using existing columns, furniture, rugs and fabric palettes to denote different living areas. One wall is entirely dominated by jaw-dropping windows, which are huge, multi-panelled and slope at two different angles. But the wonderful light flooding in had a downside: it made it almost impossible to enjoy any screened entertainment. So the team engineered an inventive system of blinds, enabling the clients to take in the stunning skyscape, but also seclude themselves from it to watch a film.

In collaboration with the clients, the designers chose a base palette of subtle warm greys with splashes of aubergine. The neutral tones inside allow the apartment to take on both the blue of the sky and the ever-changing colours of Central Park: from the stark white of winter, through the vivid greens of spring and summer, to the rich oranges and browns of autumn.

The apartment’s overall aesthetic is classic-modern..

Echoes of the building’s history come to the fore through Twenties-inspired Ralph Lauren chairs and Art Deco-like accessories. There’s Candy & Candy’s modern take on a Chesterfield in the library, a vintage

previous page Open-plan formal reception overlooking Central Park, featuring a dovegrey palette with accents of aubergine and walnut finishes this page, from top The feature bar is made of graphic Silver Wave marble, with a bespoke twisted glass chandelier hanging over the room; the informal reception area has bespoke floor-to-ceiling walnut joinery and a silver travertine marble fireplace

With bulthaup b3 interior elements, you can showcase your creativity on a whole new stage. They break away from the conventionally rigid structures within drawers and pull-outs, and you can reorganize them as you wish, time and again.

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clockwise from left Spectacular views from Central Park of The Plaza; the formal dining area features a back-lit wine display with leather backing and bronze mirrored panels, alongside a bespoke walnut dining table with marble inlay; bronze detailing is showcased in the informal reception room.

Louis Vuitton trunk just off the main reception room, both beautifully offset by the original herringbone wood flooring. However, throughout the apartment, the emphasis is on contemporary luxury and the sheer size of the main floor gives it the feel of a New York lof apartment, albeit in a historic setting.

The designers clearly worked hard to put their practical expertise to the service of the clients’ desires.

The reception room sofas are raised to ensure those sitting on them are sufficiently elevated to take in views of the park below, and not just the sky. The dominant fabrics are velvet- and cotton-based – deluxe, yet durable enough to accommodate extra wear and tear from the clients’ dogs, and the baby they discovered they were expecting towards the end of the project.

The clients had purchased art from all over the world, which the designers had to incorporate into the apartment, both aesthetically and practically.

One such purchase was a large gold panel studded with thousands of white and gold buttons. Standing back, the buttons take on the shape of a bird in flight.

There was no wall space large enough to accommodate the work, so the team created sliding walnut doors to cover the plasma screen in the reception room and subsequently worked with engineers to incorporate the art into the new joinery, creating special tracking to accommodate the large weight of the panels.

In contrast to the abundance of light in the reception room, the intimate dining area suffered a lack of it.

To make the most of the existing light, the design team

Emphasis is on contemporary luxury and the sheer size of the main floor gives it the feel of a New York loft apartment, albeit in a historic setting

used reflective surfaces. The dining chairs have highly polished stainless-steel backs, the chandelier is sculpted from different metals, and the section between the wine shelves is mirror-backed. The wine storage also contains LED lighting.

Also within the dining room is another piece of art from the clients’ collection – an interactive panel that mimics the movements of passers-by in abstract patterns. One pattern looks like flowing water, another steam and the final one, ice. While some clients have a very hands-off approach to the design of their living space, here the Candy & Candy team were delighted to meet with them on a monthly basis, and enjoyed the close role they played in the reshaping of their apartment.

Moving up to the master suite on the top floor, the overall look becomes sofer and more feminine. The suite has its own private entrance, which leads to the master bedroom, a bar area, his-and-hers bathrooms and three vast walk-in wardrobes.

The master bedroom shares the downstairs palette of sof greys with aubergine accessories but, up here, upholstery plays a more prominent role – the panelled wall behind the master bed had to be built out to make the room noiseproof. The sof furnishings are offset by decorative crystal, both in the lighting and ornaments, and the sheer curtains allow sunlight to penetrate into the bedroom through floor-to-ceiling windows.

The windows stand on either side of French doors, which open out from the master bedroom on to a 12m-long roof terrace with a breakfast table and chairs, an ottoman, a love seat, and two parallel lounges.

So there’s a choice of seating, but just one view: arguably the best in the whole of New York.

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Until the CUltUral revolUtion, the Middle KingdoM had a long and illUstrioUs history of polo.

Herbert Spencer reports on the sport’s revival with the CoUntry’s new eConoMiC elite

C h i n a’ s l a s t e m p e r o r , Pu Yi of the Qing Dynasty, abdicated in 1912, ending four millennia of royal rule in the country. So for 100 years successive republics have had no royalty and no aristocracy. Why then is polo, for centuries considered the ‘game of kings’ in the East and West, making a 21st-century comeback in the People’s Republic of China?

To put it quite simply, it is the PRC’s ‘new aristocracy’, its nouveau riche in an expanding economy, that is taking to polo like Peking duck takes to pancakes. The country now has well over one million dollar millionaires and is second only to the USA in its number of billionaires.

These super-wealthy individuals and many

other Chinese well on the way to joining their ranks have money to spend on luxury homes, smart cars, expensive watches, fine wines, and all the privileges enjoyed by well-heeled Westerners, including pursuits such as yachting, golf and polo, as playing or social members of clubs.

Polo is the world’s oldest team sport, conceived by the horsemen of Central Asia some 3,000 years ago. It became a favourite pastime of kings and emperors from Byzantium and Persia to Japan, ofen played to hone the skills of the cavalry. As royal court life declined, the game continued in remote regions of India until the English ‘discovered’ it and took it west in the mid-19th century. Today, polo is

established in some 50 countries around the world, played by men and women from all walks of life, from wealthy pro-am team-owners to equestrians of modest means who take up the sport. Polo enjoys the highest social profile of all sports, making it a favourite among purveyors of luxury goods and services who sponsor events – and a perfect draw for wealthy, image-conscious individuals in China.

Polo has a rich cultural history in China, having reached there from Persia by way of the Silk Road during the Han Dynasty (206BCE–220CE). The game, then known as jiju in China, became especially popular in the imperial courts of the Tang Dynasty (618–907CE). All 16 Tang rulers were enthusiastic supporters, some played jiju themselves and many high officials had polo grounds in their gardens. Paintings and terracotta figures from the period, show women as well as men playing.

The game continued into the Liao, Jin, Yuan and Ming dynasties. In later periods and afer World War II, polo was played by horsemen of Inner Mongolia and was included in the annual China National Games as late as the Fifies, but Mao’s Cultural Revolution from 1966 to 1976 put a stop to the sport.

The return of polo to modern China began early in the 21st century with establishment of clubs near the capital, Beijing, and Shanghai.

In 2004, Chinese architect turned property developer Xia Yang built the Sunny Times Polo Club, 60 kilometres north of Beijing near the Great Wall of China. Mr Xia, who had been involved in racehorse training, said he was inspired to take up polo afer watching a video of the Prince of Wales playing the sport.

‘In the West, polo is said to be an aristocrats’ sport,’ Xia says. ‘We don’t have aristocrats in China, but we do have a lot of people who have become very rich very quickly. I want to encourage them to behave like gentlemen, and playing polo is part of that.’

Sunny Times has one polo ground, stabling and a modern ‘manor’ with guest rooms for members. Its main annual event is the Beijing International Polo Open tournament, played by Xia and fellow Chinese club members, supported by players from abroad.

Events at Sunny Times’ grounds look for all the world like those in England, with guests gathering in marquees along the sidelines to sip champagne as they watch the action. As elsewhere in the world, the social scene around polo is unparalleled. At the end of the prestigious British Polo Day at Sunny Times last year, owner Xia laid on a gala dinner for 400 at the nearby Great Wall.

Meanwhile, in 2006, British-born Steve Wyatt and his Chinese wife Hua Huicong, both polo players, established the Nine

previous page A painting adapted and modernised from a 15th-century Chinese silk scroll commissioned by the Sunny Times Polo Club this page, from top President of Sunny Times Polo Club, Xia Yang; the polo ground at Sunny Times.

The prestigious FIP Snow Polo World Cup, held at the Tianjin Goldin Metropolitan Polo Club

‘A lot of people have become very rich, very quickly. I want them to behave like gentlemen – polo is part of that’ Dragons Hill Polo Club about an hour’s drive south of Shanghai. It is part of the Nine Dragons Hill coastal resort that includes a luxury hotel, golf course and yachting marina. The club is situated between the beach and the green hills that give the resort its name. It has a large, colonnaded clubhouse, two polo grounds and stabling for 160 ponies. Pro-am polo at Nine Dragon Hills is ‘low-goal’, ie, newly taught Chinese players from Shanghai are joined by foreign professionals on teams.

In October 2010, financier Liu Shilai, grandson of a former PRC vice-premier,

Until pianist Kathryn Stott helps Yo-Yo Ma bring out the best in a composition, she will not rest. (Berlin, 2011.)

What can your client advisor learn about chemistry from Kathryn Stott?

Kathryn Stott knows every nuance of Yo-Yo Ma’s playing style.

She can anticipate the slightest change in his tempo.

Sense the subtlest alteration in the pressure he applies to his bow.

The result is perfect harmony.

We aim to achieve the same working harmony with our clients.

To recognise your entrepreneurial spirit, and understand the challenges and opportunities you face.

Responding with the advice and insights that can help you better manage your portfolio.

To be your trusted advisors in tune with your goals and ambitions.

Until then ...

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opened the Tang Polo Club near Beijing International Airport. Mr Liu, who has trained in Argentina and played there and in England, is currently China’s top player with a one-goal handicap awarded by the Hurlingham Polo Association.

Tang’s 350 acres on the banks of the Wenyu River has two polo grounds, stabling for more than 100 ponies and a boutique hotel with 14 rooms and suites for visiting players. Other facilities include a swimming pool and tennis courts.

There are some 20 Chinese nationals, aged 15 to 50, among Tang’s playing members. Eight compete in tournaments and the rest are still learning the game.

The club’s premier event is the China Open for the Royal Salute Gold Cup. So that was the state of Chinese polo until November 2010. Then Pan Sutong, CEO of Hong Kong’s Goldin Group, opened the Tianjin Goldin Metropolitan Polo Club, a lavish establishment that far outstrips the other Chinese clubs in cost.

Goldin is currently engaged in a megascale development in the city of Tianjin, half an hour south of Beijing by bullet train. Scheduled for completion in 2015, the development includes a central business district with an exhibition centre, theatre and upmarket shopping malls, as well as office towers, dominated by the Goldin Finance 117 skyscraper, which, when completed, at 597m, will be one of the world’s tallest buildings.

A residential and recreational area, Fortune Heights, includes luxury villas and apartment blocks, parks and the polo club as its centrepiece.

Goldin says the club has cost US$400m to build. It has the world’s biggest polo ‘clubhouse’: the Tianjin Goldin Metropolitan Polo Club hotel.

The massive, neo-classic building has 167 rooms and suites, 14 restaurants and bars, a spa and gym and a grand ballroom that can seat 1,000 guests at gala dinners. Rack rates, heavily discounted for members, range from 3,000 yuan (around £320) (for a deluxe twin to 159,000 yuan (around £17,000) for the presidential suite.

The Metropolitan’s polo facilities include two tournament grounds and a practice field; outdoor and indoor arenas; state-of-the-art stabling for more than 200 ponies; and a riding and polo school for members and their children.

Membership fees at the Metropolitan are high compared with those at clubs elsewhere. A Platinum joining fee is one million yuan (around £106,000) with 18,000 yuan (around £1,900) in annual dues, allowing only players under instruction to ride in the two arenas and to stable two horses. The Solitaire membership is two million yuan (£212,000) with 30,000 yuan (£3,200) in annual dues, for players in tournaments

this pagE The 167-room Tianjin Goldin Metropolitan Polo Club Hotel, in addition to two tournament-standard polo grounds, a practice field and stabling for more than 200 ponies, also has 14 restaurants and bars and a 1,000-guestcapacity ballroom

with stabling for six ponies. For patrons fielding professional teams, restricted to 10 members, membership is a whopping 20 million yuan (£2,126,000) and 120,000 yuan (£12,750) a year in dues.

Compare this with membership at the prestigious Guards Polo Club in the UK, with a playing member joining fee of £22,000 and £5,850 annual dues.

The Metropolitan declines to reveal how many members it has signed up, but admits it still has no players of Chinese nationality as the other clubs have.

While China’s other clubs have concentrated on grassroots development, the Metropolitan has gone for the big international events with foreign teams and players. Winters are cold in Tianjin but it rarely snows, so every year the club brings in snow machines to create an artificial playing surface for its FIP Snow Polo World Cup, contested by national teams from up to 10 countries. Last year’s

Fortune Heights Super Nations Cup – this one a grass tournament – was played between England, Argentina, the USA and a ‘Hong Kong China’ team of miscellaneous foreign players.

Events at the four polo clubs in the People’s Republic of China are attracting ever-larger crowds of the country’s image-conscious economic ‘aristocracy’.

Government officials, mindful of the glorious ancient history of the game in China, are also in attendance. Firms offering luxury goods and services – fashion, jewellery and watch brands such as Cartier and Piaget; car manufacturers; champagne houses; financial and banking services – are being attracted as sponsors.

It has been estimated that there are only 100 or so Chinese nationals currently playing polo but, with support like this, it should not be long before the People’s Republic gains rather greater international prominence in the sport.

white house biRdcage oR bouncy haLLway, if it can be imagined, movie-makeRs ReLy on seamLess to make it. james medd visits the ReaLity-twisting hQ

T h e r e a r e T h r e e bays at Seamless Industries’ headquarters in West London. In one, vast sheets of metal and wood are being shaped and cut amid the howl of electrical saws. In the next are rows of tables where white-coated men and women are intently rubbing, painting, scraping and manipulating a bizarre range of items. There are textured stone paving slabs, Art Deco-style models of swimming figures, a gorilla head in latex and a skeleton. In the third bay, anything could be going on. We’re not allowed in there.

‘No one passes through there without signing a non-disclosure agreement,’ says Catherine Thomas, managing director. Seamless makes props for some of the biggest films to hit the screens. Aliens, Captain America, Inception and various Bond and Batman movies all made the impossible seem real with their help. Which means there can’t be any spoilers. ‘We’re a secret of lots of people,’ says Thomas. ‘We tend to keep things low-key.’

All the same, everywhere you look there are familiar objects. In the office, a ‘facehugger’ from Aliens hangs over one of the vases that contained alien DNA in its prequel, Prometheus. Co-founder Lee Craik opens this up to show the ampoule of alien DNA inside. ‘In the scene, you can see 850 of these, but only 40 of them 46

47

are the real pots,’ he says. ‘The rest are produced in a material called biscuit foam that’s very hard and very light so the stage crew can move them easily.’ This is standard. For Captain America, Seamless made one version of the superhero’s shield in fibreglass with built-in magnets so he could throw it onto his back, then another in flexible plastic so it could be thrown like a Frisbee but still bounce.

Much of Seamless’s work is to ensure actors can perform what might once have been stunt work without risking an injury that would put the whole film in jeopardy. ‘There’s been a big change with HD and IMAX – you can’t get away with the painting backdrop any more,’ explains Craik, who has been making film props for 23 of his 42 years. ‘There’s still lots of work done in post-production, but the best scenes are the ones you see for real.’ In recent years, they created a bathroom of sof plastic for a fight to the death in The Bourne Ultimatum and an entire bouncy hallway for the amazing scene in Inception where characters walk up walls. ‘Everything from exit signs to doors was made out of flexible materials of different density dependent on how close the camera was going to be.’

About 90 per cent of Seamless’s articles are made by hand. Each member of the team of around 35 has to have about eight different specialities each, says Craik. They’re recruited from many areas – joiners and car-sprayers as well as art-college graduates – and trained on the job: ‘Some of the metalwork we do 48

‘With HD, you can’t get away with a painted backdrop.

There’s still work done in postproduction, but the best scenes are the ones you see for real’ takes three years’ practice before you can do it without ruining it – any mistake and it’s in the bin.’

Many of the articles produced take reference from historical items, for which they will ofen take moulds of the original objects. (‘We have a very good relationship with museums,’ says Craik, a little mysteriously.) Some is anatomical, such as the clay and flock-surface models that meant no animals were harmed in the making of Ridley Scott’s Gladiator, or their work on human body parts for Saving Private Ryan. For the horrific Normandy Landings scenes, they created severed arms and legs, built up in synthetic materials.

Knowing which material can perform which task is one of their specialities: how to mock up a piano that won’t capsize a boat for Mamma Mia!, for example, or to rust a 68f bat symbol for the premiere of Batman Begins. For Tim Burton’s Dark Shadows, they expended enormous time and effort on an octopus-tentacle chandelier in plastic resin, only to receive an 11th-hour call from the studio saying they wanted it in sugar glass

so it could shatter. This is typical, says Thomas: ‘The demands in film are about timeframes. You’ll get a message on Friday at 5pm that they want something that’s never been done before to arrive in Budapest on Monday morning – nearly every weekend.’

Seamless also work their magic for private clients in interior design. Their experimental approach and attention to detail have created unique finishes and concepts – for example, the team created a wood-effect rubber floor directly inspired by the company’s work on Inception. Interior design was Catherine Thomas’s background, while Lee Craik has seen this world become as rewarding as film. ‘When we got involved in interior design about seven years ago,’ he says, ‘we noticed that people were really starting to get creative again. It’s how it was when architects were building the great houses – they designed everything from the walls to the objects inside it, and that’s happening again.’

One project even combined both sides of the business.

Seamless were commissioned by John Teall for Roland Emmerich, director of Independence Day and Godzilla, to turn his London house into an art gallery, creating a series of deliberately provocative installations. These included dioramas of the deaths of President Kennedy and Princess Diana, a birdcage shaped like the White House, a scale model of an Iraqi prison camp and a lifesize Pope John Paul II reading his own obituary under the stairs. As with all Seamless’s work, you can’t believe what you’re seeing.

All stAr

previous page A birdcage in the form of the White House for Roland Emmerich clockwise, from top left The hallway scene from Inception; a fierce bull built for a planned movie of the Gilgamesh legend; Chris Evans with the Captain America shield; a ‘bronze’ statue from National Treasure: Book of Secrets

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AT close encounters with astonishing, sometimes dangerous or endangered animals, fine dining under a starlit sky, riding the plains on horseback‌ safari is your next big adventure

photograph courtesy of robin pope safaris, robinpopesafaris.net

words ian belcher

I t ’ s n o t a s a fa r I for the faint-hearted. As exotic, sweeping and diverse as the African wilderness, it begins in Botswana’s Okavango Delta, taking guests across the elaborate web of water by elephant, canoe and helicopter and staying in specially built tree houses alongside pods of hippo. It floats on by hot-air balloon, watching zebra migrate across the Makgadikgadi – one of the world’s largest saltpans – before joining a unique gathering of San Bushmen elders.

And that’s just the entrée. Flying west to Namibia’s dramatic Skeleton Coast, there’s a 4x4 exploration of the surf-lashed dunes that are home to desert elephant, lion, seal and walrus, with a Michelin-starred chef and masseur flown in to each night’s one-off luxury encampments.

And the best is yet to come: a private banquet alongside the Victoria Falls’ mile-wide curtain of white water, where the Zambian gods may serve a lunar rainbow through the spray, before a night under the stars in a cast-ironframed bed, placed at a unique vantage point above the mesmerising torrent – a final call of the wild before a week on an Indian Ocean paradise island.

As safaris go, the company with the unusual name, Based on a True Story (basedonatruestory.co.uk), just doesn’t do ordinary. It has helicoptered guests into Rwanda’s Virunga National Park for a private meeting with Guhonda, the world’s largest alpha silverback gorilla, and staged a mock battle involving 200 Zulus.

The trips, planned afer months of reconnaissance and documented in a journal shot by National Geographicaccredited photographers, can cost several million pounds. ‘We’re highly creative,’ stresses owner Niel Fox, ‘We’re not expensive.’

Of course, top-notch safaris needn’t be quite so bespoke or pre-planned. Based on a True Story is merely one dish in a smörgasbord of wildlife experiences that offers more choice than ever, from natural encounters – sleeping alongside elephants, walking with polar bears, floating up to lions – to style of travel, from helicopter to horseback to hot-air balloon. And the dazzling choice is currently expanding, with a rash of superlative new lodges and camps. Segera (segera.com) on Kenya’s Laikipia Plateau is one of the most striking, its six timber-and-thatch villas curated with art from the collection of owner Jochen Zeitz, Puma’s CEO, who also provided the sculptures laced through its botanical garden. Further south, Silvio Rech and Lesley Carstens, the visionary architects behind North Island and Little Vumbura, have created Zambia’s first ‘wildly luxurious’ sustainable camp. Chinzombo (normancarrsafaris.com), meanwhile, opening this June, sits on a bend in the Luangwa River, with six Modernist steel-framed villas decorated with leather, reed and canvas that appear to float harmoniously over the landscape.

The experience stays small, perfectly formed and highly exclusive in the Okavango Delta’s Jao Concession, where Little Tubu (wilderness-safaris.com), another June

PreVioUs PAGe Elephants in Zambia clockwise from left Tracking the elusive Bengal tiger in India; in Singita in the Seychelles, Faru Faru’s pool looks out over a watering hole, allowing a view of any chance wildlife visitors; travelling by elephant between Taj’s luxurious lodges in the Pench and Kahna National Parks

A top-notch safari ofers a smörgasbord of wildlife experiences – sleeping alongside elephants, walking with polar bears or floating up to lions launch, has just three tents offering glorious widescreen views across a seasonal floodplain visited by elephant, Burchell’s zebra and red lechwe antelope.

The Four Seasons offering is larger. Much larger.

The group brings its renowned service to sub-Saharan Africa for the first time in the shape of the Serengeti Safari Lodge (fourseasons.com/serengeti) with 60 rooms, 12 suites and five villas. All gaze out across the central region of the Tanzanian park, with a spa complex and infinity pool directly above a watering hole. And then there’s the August re-opening of Odzala Kokoua (odzala-kokoua.com) in the Congo Basin rainforest, and its formidable range of new options – the comfortable thatched lodges come with fine French food, bellowing gorillas, red river hogs and bongo leopards.

You could base yourself in just one location and enjoy glorious game-viewing, but a truly memorable trip will ofen mix landscapes and wildlife. Few do it with more heart-pumping panache than the Kenyan heli-safari offered by the Select Collection (selecttravel.se).

Whirring off from Solio Lodge, home to a successful rhino-breeding programme, it buzzes the snow-kissed

clockwise from left Masai warriors demonstrate traditional fire-making skills in Kenya; horse-riding across the Grumeti reserve in Tanzania; breakfast with a vista of open plains offers an experience evoking Out of Africa

peak of 5,199m Mount Kenya, breaking off for a highaltitude fly-fishing excursion, before soaring over the Western Highlands and dropping into the otherwise inaccessible Suguta Valley. With stops for spectacular game drives and nights at remote lodges, including Desert Rose, 1,676m up on the slopes of Mount Nyiru, it provides an eye-popping perspective of the Elbarta plains, dotted with Grevy’s Zebra, and iconic Lake Turkana, before touching down in the otherworldly Nabuyatom Crater and sacred Mount Samburu.

Mirus Journeys (mirusjourneys.com) offers a superb private light-plane safari linking three of Botswana’s finest camps. That means Mombo on the northern tip of Chief’s Island in the Moremi Reserve, with possibly the best big-game viewing in Africa; Kings Pool, overlooking the Linyanti River on the western edge of Chobe National Park, with its huge elephant population; and wonderful Abu Camp in the Okavango Delta, with its own herd of elephants. As well as riding them, walking with them and participating in their bathing, you can sleep alongside them on a raised ‘star bed’. Hell, you’re almost one of the herd. The camps are owned by conservationists Wilderness Safaris (wilderness-safaris.com) and you can arrange guiding by its environmental officer, Map Ives, who has an encyclopaedic knowledge of African wildlife.

Closer to the ground, but without actually touching down, you can indulge in the safari experience in India, too. Travelling by elephant and staying in Taj’s coolly elegant lodges in Pench and Kahna National Parks, guests track the elusive Bengal tiger and enjoy first-rate birdwatching in the rolling hills and teak forests of Madhya Pradesh. The Select Collection packages the whole thing up with a stay in the sumptuous Falaknuma Palace high above Hyderabad, with its Venetian chandeliers and replica of the Windsor Castle library.

But, for a lighter, more nimble safari ride, turn to one of Africa’s most legendary names. Singita (singita.com) offers multi-day horse rides across its Grumeti reserves in Tanzania’s Serengeti. Cantering among giraffe, wildebeest and lion on horseback, you’ll move from the Edwardian manor-house vibe of Sasakwa Lodge to contemporary riverside Faru Faru and the heritage splendour of Sabora Camp. Its canvas tents come with antique travel chests, Persian rugs and silk curtains, and supper mixes local organic produce with vintage wine beneath acacia trees dripping with lanterns.

You could, of course, opt for a less buttock-numbing introduction to Singita. Scott Dunn (scottdunn.com) adds

From top Indisputably the king of the African savannah; giraffe-spotting in Kenya; one of Singita’s super-luxe villas on the Seychelles’ North Island; Hudson Bay, the only place on earth you can walk with polar bears; one of the must-see Big Five: rhino

the refined yet unpretentious Serengeti House – an exclusive-use, eight-person hillside retreat with infinity pool, tennis court and exquisite views of the game-rich plains – to the Seychelles’ most peachy accommodation.

Villa 11 on North Island is 750 sq m of understated opulence layered above a pristine beach, with a circular horizon pool, cinema lounge and sunken chill-out sala – small wonder it reportedly hosted Prince William and Kate Middleton’s top-secret honeymoon.

The blend of safari and sea is a tried-and-tested classic, but it’s far from the only way to mix decadent relaxation and brilliant game-viewing. Kenya’s beautiful Moroccanstyle Sasaab Lodge (tamimiea.com) includes a spa built into cliffs above the Ewaso Nyiro river. As therapists slather on locally produced essential oils to soothe sun-exposed skin, guests watch lion and giraffe in the Samburu Reserve. It’s a similar story at Royal Malewane (royalmalewane.com) in South Africa’s Kruger Lowveld region, where striking design and decadent pampering are enjoyed alongside the services of one of the country’s top guides, Juan Pinto. As lodge director and head ranger, he has guided the likes of Elton John and Nicolas Sarkozy to see the Big Five.

Another renowned safari figure with experience of A-list clients is Geoffrey Kent, founder and executive chairman of tour operator Abercrombie & Kent.

His favourite camp is Swala (sanctuaryretreats.com ) in Tanzania’s Tarangire National Park, where, along with viewing elephant on the fringe of the Gurusi wetlands and watching the widescreen natural drama of the Ngorongoro Crater, you can participate in the pioneering community conservation project that has recently established a school in nearby Mamire village. It’s an example of increasingly popular safaris offering wildlife and wilderness that are also a positive force for good.

To experience a thrilling safari adventure that makes a serious difference, travel to Kenya with Abercrombie & Kent (abercrombiekent.co.uk). Its two-centre trip starts in Lewa Downs, the famous black-rhino sanctuary and animal/habitat conservancy that has become a role model for community-based conservation. Its 62,000 acres are home to 10 per cent of the country’s black rhino and the planet’s largest single population of Grevy’s zebra. From there, you transfer to Ol Pejeta, another haven for rhino, which offers access to Sweetwaters Chimpanzee Sanctuary, the 42 inhabitants of which have been rescued from traumatic conflicts on the continent.

There is an intoxicating range of options. Few places on earth offer Africa’s vast open space, massive skies and abundant game. But if you don’t mind sacrificing the burning sun, there’s an outstanding competitor in the northern hemisphere. Churchill Wild (churchillwild.com) offers extreme wildlife encounters at its three remote fly-in eco lodges along the western shore of Hudson Bay in Canada. Its Big Five are beluga whales, wolves, eagles, giant trout and polar bears – this is the only place on earth you can walk with the world’s largest land carnivore.

The guides are brilliant, the food splendid and you may well catch the heavenly theatrics of the aurora borealis – a spectacle that Africa, for all its myriad charms, will never ever stage.

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whether he discovered champagne by accident or set out to make it, dom pĂŠrignon is the favourite hoLy man of many a drinker, says neiL davey illustration alex trochurt

L e g e n d h a s i t that on 4 August 1693 the vintner and Benedictine monk Dom Pierre Pérignon first discovered champagne afer drinking from a bottle of wine that had re-fermented, producing bubbles. Afer tasting the sparkling wine, he exclaimed, ‘I am drinking the stars!’ However questionable the truth of this story, we know that Pierre Pérignon was indeed a monk and cellar master who dedicated 47 years of his life to inventing and perfecting wine-making techniques while living at the Abbey of Hautvillers in north-eastern France.

The abbey is located – not by accident – at the crossroads between Reims, the city where French kings were crowned, and Troyes, capital of fairs and markets.

Situated on elevated ground overlooking the valley, the village of Hautvillers is protected by the Forest of Reims and the River Marne. It was on these slopes leading to the river that the vines were originally planted and thrived.

Appropriately, the abbey has always had a reputation for creativity and hospitality. From the ninth to the 11th centuries, monks perfected a refined art of illuminated manuscripts recognised for their originality, creating an artistic current – the School of Reims – in the process.

The abbey was also exemplary in its observance of the Rules of the Order and its welcome of pilgrims and the sick, maintaining both an infirmary and an almshouse.

Such hospitable elements also had the advantage of keeping the monks in contact with the outside world.

The Benedictine motto, Ora et Labora (pray and work), which provides the foundation of monastic life, has been mirrored since the Middle Ages in the architectural organisation of the Abbey of Saint-Pierre d’Hautvillers. At the centre is the abbey church, while around the cloister are the buildings dedicated to daily life, such as the scriptorium, where the monks studied and copied sacred texts, and the monastery library, where they conversed. It is now used for discovering and tasting Dom Pérignon champagne – ‘a more secular communion’, as the Dom Pérignon official history charmingly calls it.

It was, of course, the aforementioned labora around the abbey that provided the source of its fame to this day. The monks raised livestock and cultivated the vines of Hautvillers, Ay, Champillon and Cumières. The resulting wine, as one would assume, was taken at Mass but was also important for cooking, caring for the sick and welcoming pilgrims. Any surplus was sold: the monastery’s resources – land rents, gifs, tithes, various rights and tenant farms – were indispensable to the smooth running of the community.

And then, in May 1668, the pragmatic 29-year-old Dom Pierre Pérignon was named cellarer and procurator of the monastery. His aim was to modernise the abbey and enlarge its vineyards to ensure revenues: by the time of his death in 1715, the community’s 11 hectares of land had grown to 25, the largest vineyard in Champagne.

From the 13th century, Hautvillers wine had garnered a reputation for quality. In the 17th century, at a time when the court of Louis XIV was distinctive for its excellence, inventiveness and remarkable crafsmen, and, aware that the Hautvillers terroir could transcend itself, Dom Pierre Pérignon set out to make the wine

‘As I walk here, treading this ground, inspiration comes to me. My sole ambition is to stay faithful to the path laid down by Dom Pierre Pérignon’

extraordinary. And with hard work and invention – arguably another paradox – he transformed its cultivation and blending, securing the abbey’s future and his own reputation, when the results became known as ‘Father Pérignon’s wine’.

Dom Pierre Pérignon’s 47 years of experimenting and innovation paved the way for his successors and one suspects he would most certainly have approved of the consideration and creativity of the brand’s current chef de cave, Richard Geoffroy who, earlier this year in Istanbul, revealed Dom Pérignon’s latest vintage: the Dom Pérignon Rosé Vintage 2002.

The combination of the city on the Bosphorus and the wine from Hautvillers may not seem the most obvious manner in which to reveal what is perhaps one of the finest rosé vintages of all time, but then Dom Pérignon is rarely obvious. This is, afer all, the champagne house that has previously joined artistic forces with esoteric film director David Lynch to photograph and design limited-edition boxes and labels for the previous vintages, Dom Pérignon 2003 and Dom Pérignon Rosé 2000. That particular collaboration took place because both parties share trust in the power of creation. ‘It is a process of tuning in and then, through experimentation, getting something that expresses the essential nature,’ is how Lynch expressed it at the time.

And Istanbul? That collaboration took place for similar reasons. It’s a city where East meets West, where old meets new, and is thus the perfect setting to reveal a wine that Geoffroy describes as ‘paradoxical’.

‘Dom Pérignon Rosé is more paradoxical than the blanc,’ explains Geoffroy, ‘because – in addition to the complexity of the assemblage – there is the difficulty of incorporating the red wine, which can create an imbalance in favour of the black grapes. This presents an exciting challenge as we hover on the razor’s edge.’

The paradoxes don’t end there. Dom Pérignon declares that the source of its creative force is the tension between tradition and modernity that brings out the best in each. In the case of the Dom Pérignon Rosé Vintage 2002, Geoffroy also had to balance this sense of tradition with the considerable gifs of Mother Nature: 2002 was blessed with golden light and an Indian summer, which arrived afer the rain and allowed the grapes to mature to an unexpected level.

He describes the challenge that faced him as ‘flirting with excess without succumbing to it’.

It’s a challenge that Pierre Pérignon would no doubt have appreciated – a desire to experiment, to push the boundaries of his creation ever further, yet remain true to the wine and the history of this remarkable brand.

‘The Abbey of Hautvillers is essential to my work,’ says Geoffroy. ‘This is where it all began: the story of the Champagne region and that of Dom Pérignon are intimately related. To work here means a lot. It is both light-hearted and solemn. The magic of the place allows my vision to soar. The legacy of Hautvillers is spiritual rather than technical. As I walk here, treading this ground, inspiration comes to me. My sole ambition is to stay faithful to the path laid down by Dom Pierre Pérignon since the very beginning.’

Armani THE

legend celebrated for his subtle empathy with celebrities, his elegant creations and his singular insight, the eminent designer was also one of the first to launch in china, writes peter howarth

59

below, from left The stylish interiors of the Armani Hotel Milan and in Dubai; Best Actress nominee Jessica Chastain dressed by Giorgio Armani at the 2013 Oscars ceremony overleaf Armani’s dramatic fashion show, held in Beijing, May 2012

‘A r m a n i wa s t h e v i s i o n a ry who foresaw an explosive synergy between Hollywood and fashion,’ said Armani fan and movie star Samuel L Jackson a decade ago, when the Italian designer was awarded the inaugural Rodeo Drive Walk of Style Award in Beverly Hills – a fashion-industry version of the Walk of Fame on Hollywood Boulevard. ‘I dig this quote from him: “Life is the movie, but my clothes are the costumes”,’ he added.

I was at that glitzy awards ceremony and, to this day, I can recall tributes from the great and the good of Tinseltown to the Milanese maestro. Robert De Niro: ‘I salute you as a true artist.’ Martin Scorsese: ‘You are more cinematic than Fellini.’ Richard Gere: ‘I am proud to be your friend and salute you for bringing elegance to the bright lights of Hollywood.’

Since then it’s been business as usual when it comes to dressing movie stars for the man who is arguably the world’s most famous fashion designer. At the 2013 Oscars, those wearing tuxedos or gowns bearing an Armani label included De Niro, George Clooney, Richard Gere, Liam Neeson, Paul Rudd, Anne Hathaway, Naomi Watts, Suraj Sharma, Jessica Chastain and young Quvenzhané Wallis. And Jackson, of course, still rocking the Armani look in a maroon velvet shawl-collared dinner jacket.

‘I've been a movie fan all my life,’ says Giorgio Armani today, in his spacious and ambiently lit apartment in Milan, by way of explanation of his popularity with those in the movie business. ‘I grew up in the small town of Piacenza, and I used to go into the big city of Milan to watch the latest films from Hollywood. It was a way of escaping the grim reality of post-World War II life.’

To the young Giorgio, the stars of the screen were glamorous and otherworldly, and afer an initial fascination with US Westerns, he fell for idols like Gary Cooper and Marlene Dietrich, before developing a taste for the work of Italian neorealist directors such as Rossellini, Visconti and De Sica.

It’s a passion that has endured, though he feels that stars are not necessarily what they used to be. ‘These days you do one or two films and you’re a movie star, but then you might disappear. I think you need to do 20 films before you are the real thing.

One who is most definitely the genuine article is the designer’s friend Cate Blanchett. ‘Cate looks like Carole Lombard, the actress from the Thirties,’ says Armani.

‘She, too, had a beautiful, sophisticated look – and the way she moved…’

In fact, the designer was so taken with Blanchett that he became the patron of the Sydney Theatre Company, which she has run since 2008 as co-artistic director with her husband, the playwright, screenwriter and director Andrew Upton.

For her part, Blanchett knows why she thinks Armani is so successful: ‘He has worked in architecture, design, opera, theatre. He has worked with [architect] Tadao

Ando, [avant-garde stage director and playwright] Robert Wilson, Bono and Scorsese. He is the ultimate Renaissance man.’

It is this rounded talent that, in my opinion, lies at the root of Giorgio Armani’s global status. There are many things about this designer’s story that are remarkable, but perhaps foremost among them is the way in which he foresaw – and developed – the idea of the modern fashion designer as an of arbiter of style across many different disciplines, from fragrances to sunglasses, from leather goods to interiors. There is Armani furniture (Armani/Casa) and collections of Armani watches, flower arrangements and even chocolates. There have been TVs and mobile phones designed by Armani, and a car (a Mercedes-Benz CLK-Class). There are Armani cafés, restaurants and nightclubs. The first Armani Hotel opened in Dubai in 2010, in Burj Khalifa, the world’s tallest building, and the second opened in Milan a year later, in an imposing 1937 building in the centre of the city that was originally designed by Enrico A Griffini.

What enables him to extend his empire in such a diverse way is a passionately held belief in his own artistic vision. ‘I have a very clear idea as to what my aesthetic is. Armani is about elegance and timeless style, never about transient trends. It is about quality and crafsmanship – eternal values. It was my mother

who taught me that if you wish to create beauty, only do what is necessary and no more. That is a lesson I have never forgotten.’

Giorgio Armani was a child of World War II and experienced considerable hardship. He once told me how, as a seven-year-old, he and his friends were caught in the blast of an unexploded shell they were playing with in the street. The kid standing next to him was killed and he was himself burned from head to foot. He was blind for over a week and spent 25 days in hospital in a vat of alcohol to soothe his skin. As he told me the tale, he rolled up his trouser leg to show me the scar he still bears from where the metal buckle of his sandal was seared into his flesh.

That sort of experience can affect a man. Maybe it is because he knows what it is like to be poor and hungry – afer the US occupation of Italy, his mother used to go foraging for food and smuggle it back home under her dress, pretending she was pregnant – that he has always been so driven in his work, and has striven so hard for success.

Afer studying medicine at the University of Milan and a stint in the army, Armani decided to follow a new career and got himself a job as a window dresser in Milan’s premier department store, La Rinascente. This led to work as a buyer at the store, and then as a freelance

designer, where he worked for, among others, Nino Cerruti. But in 1975, encouraged by Sergio Galeotti, an architect friend who had became his business partner, Armani set up his own label. Soon he and Galeotti were making waves, and the designer was pioneering a sexy, relaxed look for men and women.

The breakthrough came in the early Eighties and, fittingly for a movie fan, it came care of a film. The Armani look was brought to the world’s attention via Paul Schrader’s slick American Gigolo, in which Richard Gere and Lauren Hutton wore the designer’s manifestly unstructured clothes. (There’s a particularly famous scene where Gere’s character lays out his wardrobe on his bed – it has acquired legendary status in the fashion world.) The designer’s signature of sof tailoring

caught on with a generation who wanted to wear clothes that were stylish but also comfortable. Men and women delighted in the fact they could look chic and smart – where previously tailoring had been restrictive and uncomfortable, now, thanks to Armani, they could enjoy the freedom afforded by new, fluid fabrics and a manufacturing technique that aimed to engineer garments so they felt like a second skin.

Fashion’s modern era had arrived. And with it Armani’s reputation as an innovator and pioneer. Soon he became the designer associated with Hollywood. Since American Gigolo, he has dressed actors and actresses both on screen and off – people like Leonardo DiCaprio, Anjelica Huston, Julia Roberts, Michelle Pfeiffer, Sophia Loren, Asia Argento, Charlize Theron, Zhang Ziyi and Isabelle 61

CloCkwise from below An 18th century French chaise; the Art Deco-inspired Porte Suite; the 18th century-inspired Terrace Suite

Huppert. He’s done the suits for Russell Crowe’s Australian rugby league team, the South Sydney Rabbitohs, and also has wardrobe credits for around 200 blockbusters and cult movies, including Shaf, The Untouchables, Ocean’s 12 and 13, and The Dark Knight. Once, when Sean Connery’s bags were lost on a trip to Italy, Armani’s Rome store opened late so 007 could restock his wardrobe.

These days, Armani is still dressing film stars, but more importantly, he’s still pioneering, still experimenting and still innovating. Apart from the different products he’s designing, he’s also acutely aware of global trends.

One of the first designers to go into China – he opened his first store there way back in 1998, in Beijing, long before it was fashionable for luxury-goods brands to venture there – he recently visited the country to bring his couture collection to the attention of this rapidly growing market.

‘I first became interested in China through my work many years ago,’ he explains, ‘but because it was essentially closed to the West at that time, my image of the country was formed from books and artworks, and in particular, from films. My countryman Bernardo Bertolucci’s epic, The Last Emperor, in particular made a great impression on me.’ He says that, on visiting

the country, he soon discovered he had been somewhat naïve – the reality simply could not live up to his fantasy.

But he likes China and he likes the Chinese. ‘I was talking to students at the Academy of Arts & Design at Tsinghua University and I was asked why, in spite of my success, I lead such a simple life, away from the spotlight. I replied that I like simplicity because I have had to work hard for

I have had to work hard for my success. I respect the work ethic and I see it in the Chinese people that success. I respect the work ethic, and I see it in China. Everywhere I found people willing to work hard – even the models I was casting for my show there were incredibly polite and professional.’

The occasion was a great success: around 1,000 people made their way to an enormous disused industrial water tank in the 798 Art District – among them actress Michelle Yeoh and Tan Yuanyuan, the principal dancer with the San Francisco Ballet. Aferwards, Mary J Blige performed. What the show revealed is that Armani

understands his audience. Whomever he dresses – supermodels in couture, movie stars on and off screen, or simply his customers all over the world – he has a sureness of touch that makes people feel they are in safe hands. That is the Armani magic. You will never look bad in Armani. Because he understands how to make everyone look elegant.

There’s a great example of this from the designer’s history on the red carpet. Afer Jodie Foster was voted ‘Worst Dressed’ at the 1989 Academy Awards for the outfit she wore when she won the Oscar for The Accused, Armani took her under his wing the following year, put her in a copper-coloured tuxedo and got her voted ‘Best Dressed’. She said of her fitting with him, ‘It was like being directed by Visconti… a moment with a master.’ The Italian cinephile certainly appreciated the comparison with the director of Death In Venice and The Leopard.

Today, with revenues of £1.6bn, and some 750 stores around the world, the Armani Group is in good shape.

And at its helm sits a movie fan from Piacenza who has come on a long journey, but who is still energetically looking for his next opportunity. And waiting for the next request for help with a red-carpet outfit. armani.com

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not since the space age plans of the fifties have architects put so much thought into the homes of the future. But, this time, will these dreams Be realised?

WORDS Jonathan Bell 64

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A r c h i t e c t u r a l f u t u r i s m has never been so audacious. As we become ever more visually conscious, the ability of architects to inspire through the power of the image alone has almost usurped the experience of visiting a physical building. Great swathes of the planet have been enveloped in these architectural hypotheticals, garnering plaudits, investment and good old-fashioned eyeballs as emerging economies vie to outdo each other with the biggest, best and shiniest visions of the very near future.

Occasionally, these grand plans come to fruition – witness the enormous number of signature towers, opera houses and galleries that have been erected in China in the past 10 years, or the scale and structural audacity of Dubai’s Burj Khalifa. But, more ofen than not, such futurism never leaves the page, surviving merely as a suite of sumptuous renders or fly-throughs, buildings that have foundations only in our imagination.

For the modern architect, these visionary schemes have a bigger purpose beyond visual titillation; these are the forms and ideas that underpin how we see the world of tomorrow. Unsurprisingly, we are more suspicious of quick-fix futurism in the modern age.

Back in the Fifies and Sixties, the Space Age seemed to be within grasp. Futuristic design took its cue from spaceships and jets, poised to blast off into a nuclear-powered, highly automated future. From our current vantage point, this retro-futurism is fascinating in its naivety. Could today’s architectural visions be similarly wide of the mark?

The near future is such a fertile ground for speculation – and technology is marching on at such a pace – that what was once spectacle for spectacle’s sake is rapidly evolving into bona fide research. Architects and their collaborators are devising new forms, new archetypes 66

previous page and this page Foster + Partners’ vision for habitation on the moon. This proposal for a sort of Moonbase Beta has been developed in association with the European Space Agency

For the modern architect, these schemes have a purpose beyond visual titillation; these are the forms that underpin how we see the world of tomorrow

and new communities in the virtual realm as a way of honing their skills, kick-starting debate and – last but not least – encouraging new buildings to actually happen.

Foster + Partners is no stranger to the grand speculative scheme. Although the London-based mega-practice typically creates dozens of major projects around the world every year – airports, infrastructure, hotels, high-rises, concert halls and countless office blocks – Lord Foster’s firm has had a firm basis in futurist thinking since it was founded in 1967. One of Foster’s early mentors was the American architect, inventor and technological philosopher Buckminster Fuller, a man whose life work remains influential today. Foster – and his fellow student and initial partner Richard Rogers – imbibed all of Fuller’s

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VYONIX/FOSTER _+ PARTNERS

clockwise from above Foster + Partners’ design for Virgin Galactic’s shimmering Spaceport One in New Mexico; Belgian architect Vincent Callebaut’s Lilypad scheme – ‘a floating ecopolis for climate refugees’; how Lilypads would look off the coast at Monte Carlo

wisdom wholesale, ensuring both their respective firms retained a sharp edge of speculative design despite the corporate sheen.

Foster’s futurism has manifested itself in unbuilt schemes such as the Millennium Tower in London and the Thames Hub island airport and transport interchange to the east of the capital. It’s also been the reason Foster grabbed such jobs as his proposals for Astana in Kazakhstan and Virgin Galactic’s shimmering Spaceport One in New Mexico – the Dan Dare dreams of adolescence finally coming good. Now the firm has gone one further, from a launch pad up into space itself, with designs for a moon base hewn from shaped chunks of compressed dust and rock. The premise couldn’t be more timely, combining a fast-emerging technology – 3D printing – with the increased public appetite for space exploration.

Foster’s proposal was developed in conjunction with the European Space Agency ESA, giving it a veneer of authenticity that no amount of Fifies sci-fi inspiration could keep in check. The fundamental principles – a theoretical look at how moon dust could be combined with 3D-printing technology to make chunky, meteoriteshielding building blocks – are perhaps decades from realisation. Technologies such as 3D printing are all the rage in design circles, as the enormous potential of small-scale, ultra-complex manufacturing makes itself felt. A daily deluge of conceptual ideas – cars, clothes, houses, tools, furniture and more – flows off the internet, while the physical technology itself is ever more efficient and user-friendly. Add 3D printing to moon missions, and you get a double whammy of visionary thinking and a guaranteed way of getting things talked about.

Coming back to earth, but still staying in the realm of floating, ethereal visions, is the Aerotel concept from Russian studio Asadov Architects. Perhaps even more dependent on as yet unproven tech than the Foster moonblocks, the Aerotel proposal is a floating island, raised up above its watery site like a giant sea creature.

Architect Alexander Asadov intended the scheme to highlight rising water levels and the design challenge posed by global warming. Floating architecture is another field brimming with concepts, as the freedom from site and context gives architects imaginative free rein.

The Aerotel throws in a few familiar tropes from tomorrow’s world, with stately airships docking with the ring-shaped upper structure, verdant winter gardens, upscale restaurants and hotel rooms with stunning

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clockwise, from left Another Vincent Callebaut plan – this one for a housing project in Port-au-Prince, Haiti; and his Asian Cairns ‘farmscrapers’ proposal for Shenzhen, China

The project is designed to show what could be possible thanks to the intersection of nature, technology and a sustainable approach to living views. The visionary Belgian article Vincent Callebaut has also broached this genre with his Lilypad scheme for a ‘floating ecopolis for climate refugees’ resembling a manta ray. Rendered with cinematic levels of verve, the Lilypad is a man-made outcrop of curvaceous apartments and enclosed gardens.

Perhaps there was a point in recent time, during a more economically optimistic age, when the engineering challenges of such a scheme would have tempted a real-world client. As it is, Callebaut does not have a bulging portfolio of built works. Instead, the 35-year-old specialises in dramatic visual provocations, designs that appear at first to be elaborate flights of fancy but are actually fully functional suggestions for new ways of ordering cities.

His most recent project, Asian Cairns, is proposed for a site in Shenzhen, China. A series of glass tower blocks is designed to resemble stacked cairns of pebbles – perhaps referencing the landscape artist Andy Goldsworthy. Each is designated as a ‘farmscraper’, with the nooks and crannies formed from the interlocking pebble-like forms acting as balconies and terraces for growing trees and crops.

It’s a visionary scheme, for sure, but not entirely unbuildable. A decade ago, we would have had a right to be more cynical about the apparent green-washing of such vast developments. But given that Stefano Boeri’s Bosco Verticale – ‘vertical forest’ – is nearing completion in Milan, the splicing of city with nature will ultimately be realised in some form or another.

Callebaut’s studio writes of an ‘architectural philosophy 70

that transforms cities into ecosystems, quarters into forests and buildings into mature trees, changing thus each constraint into opportunity and each waste into renewable natural resources!’

Unlike Asadov and Callebaut, the LAVA Architecture studio has first-hand experience of turning a dramatic vision into reality. The firm – the Laboratory for Visual Architecture – rose to global prominence with its design for the Watercube, the stunning indoor pool for the Beijing 2008 Olympics. Now a popular waterpark, the Watercube was the first salvo in a career that continues to explore the limits of organic architecture.

A LAVA project typically begins with a grand structural flourish, into which technology and innovation are poured, with function shaping the form of the building, just as water shapes the landscape.

Domestic design projects feature heavily in the studio’s portfolio, from the playful Plastic House concept through to the new Home of the Future, developed for Chinese furniture retailer Red Star Maccalline in Beijing. Built atop the roof of a mall, this ‘Home of the Future’ has obvious precedents from decades of earlier trade shows and expos.

The project has obvious associations with its surroundings – a country in the throes of perpetual reinvention – and is designed to showcase the house as a technological stage set, with myriad arrangements of interlocking living spaces, showing what could be possible thanks to the intersection of nature, technology and a sustainable approach to living.

Self-sufficient in terms of both food generation and the recycling of water, the concept is unashamedly modern, with a utopian belief in the transformative power of technology.

There’s something idealistic about all these architectural explorations, making them not only visually stunning but also inherently critical about our current modes of doing things and the challenges that might result from unchecked pollution, rampant climate change, etc.

Architecture, particularly Modernism, has always had a strong progressive undercurrent; the movement

originated in inter-war Europe with the intention of using it to create the best kind of built environment for everyone. This new techno-utopianism is not nearly so class-conscious. Instead, it seeks to elevate technology to a new, critical role at the heart of society.

Nevertheless, futurism works best when there’s a bit of soul behind it, a sense of purpose and identity that lets dramatic forms and ideas seep into the mainstream.

The work of Foster, Asadov, LAVA and Callebaut isn’t unique in its approach – they are joined by countless other designers – but it does symbolise a shif towards a more visible futurism. For every major architectural project that emerges from the world’s capital cities, be it the bold façades of London’s One Hyde Park or the stacked slabs of the Interlace in Singapore, there have been imaginative precedents, visionary designs that helped pave the way towards a new architecture.

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flights of

f ancy as dEmand outstrIps suppLy, rarE CoLourEd dIamonds arE rEaLLy takIng off

words and styling Jessica diamond PhotograPhy andy Barter

A s t h e wo r l d economy went into free fall at the end of 2008, an extraordinary event occurred at Christie’s in London: the Wittelsbach Blue, 35.56 carats of Fancy Deep Blue diamond, sold for $23.4 million – at the time the highest price ever paid for a diamond at auction.

Aside from its historical importance as a stone traceable back to 1664 and King Philip IV of Spain, the WittelsbachGraff, as it was renamed afer the successful bidder Laurence Graff, cemented a trend that has been quietly building. A gemmological ‘perfect storm’ of converging factors has made coloured diamonds the most desired gems in the world. And the phenomenon shows no sign of slowing down, with prices having doubled in the past five years as demand far outweighs supply.

So what makes coloured or Fancy diamonds so covetable? Firstly, their rarity – only 1 in 10,000 polished diamonds is Fancy in colour (meaning it falls outside the Gemological Institute of America’s colour range of D to Z, D being pure white, Z being a pale beige).

The Fancy spectrum ranges from the sofest of yellows and blush pinks through to intense greens and the rarest ruby reds. These colours were formed millions of years ago under extreme geological conditions deep beneath the earth’s crust – high pressure and heat for pinks, the addition of nitrogen for yellows, atoms of boron for

blues and exposure to natural radiation for greens (not that unscrupulous dealers haven’t tried to fake them, with stories of greens being passed off as genuine afer exposure to radiation at nuclear power stations).

And as mines start to deplete and reach the end of their lifespan – it’s thought Tiffany & Co have another five years from the Ellendale yellow diamond mine in Australia, and the Argyle mine, also in Australia, will run out of pinks in around seven years – so world supply has flattened out and prices have soared.

Into this perfect cocktail comes the rise of the individual buyer, as high-net-worth customers, particularly from the emerging Asian markets, now outnumber dealers at auctions, drawn to a tangible, guaranteed investment. There is a particular appetite for yellow diamonds, the old imperial colour of China.

And, of course, who can resist their extraordinary beauty? Patently not Mr Graff, who, in March 2013, unveiled an astonishingly beautiful $100m brooch set with a central Fancy Deep Blue of more than 20 carats forming the body of a peacock surrounded by an impressive spray of whites, pinks, oranges, yellows and greens to represent its tail feathers. With the world’s insatiable appetite for these rarest of stones, it seems unlikely it will remain in his possession for long.

From top Pink gold flower ring with

pink diamonds and an Intense green radiant-cut diamond; platinum ring with two pear-shaped Vivid orange diamonds; platinum ring with white diamonds and a central green diamond, all LEVIEV

‘Hestia’ white gold bracelet set with white and yellow diamonds, CARTIER

‘Rainbow’ white gold cuff set with 31 natural-coloured pear-shaped diamonds, ‘G’ LONDON

below From leFt Platinum ring

set with a brown-yellow pear-shaped diamond and baguette diamond shoulders, GRAFF. Platinum ring set with a Natural Fancy Intense Blue marquise-cut diamond and two white diamonds, MOUSSAIEFF. ‘Firebird’ platinum and yellow gold necklace set with yellow and white diamonds, BOODLES

this page, from top White gold cuff set with 20 Fancy Yellow diamonds and diamonds, AVAKIAN. Platinum and yellow gold ring set with a radiant-cut yellow diamond and two emerald-cut white diamonds, HARRY WINSTON opposite, from left Pink gold ring set with a Fancy Pink pear-shaped diamond, two half-moon-cut diamonds and diamonds, ADLER. ‘Cherry Blossom’ white, yellow and pink gold necklace set with pink, yellow and white diamonds, RITZ FINE JEWELLERY

Photographer’s assistant Chris Jelly Prop stylist Mark Griffiths stoCkists details on paGe 95

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Beaded dress with bow belt, Ralph & Russo.

Diamond ring, gRaff

The ArTisT's Muse

inspiRe genius – oR at the veRy least, admiRing glances – in a sculptuRal gown and some show- stopping jewels PhotograPhy olaf wipperfürth FaShIoN EDItor michelle duguid

THIS PAGE Silk dress with embellished bodice, GiorGio ArmAni. Round and pear-shaped diamond chandelier earrings; pear-shaped diamond wave bracelet; and diamond rings (right and lef hand), all GrAff OPPOSITE Silk-chiffon and lace dress, ALbertA ferretti. Pearl and diamond tassel earrings and white gold flower ring, both CArtier

Printed silk dress, AlexAnder McQueen. Yellow and white diamond earrings, necklace and ring (right hand), all GrAff. Diamond ring (lef hand), HArry Winston

THIS PAGE Beaded dress, Nicholas oakwell couture. Earrings in white gold set with diamonds, and 'Green Envy' white gold and carbon necklace set with a heart-shaped emerald and diamonds, both adler OPPOSITE Embellished silk and mesh dress, temperley loNdoN. Yellow diamond ring (right hand), Graff.

Sapphire and diamond ring (lef hand) and earrings in white gold set with emeralds and diamonds, both adler

OppOsite Beaded silk dress, AzzAro. White diamond earrings, bracelet and necklace, all HArry Winston tHis pAGe Silk dress, Gucci. Diamond earrings and bracelet, both Boodles

Silk and ostrich-feather gown, Nicholas oakwell couture.

Pear-shaped diamond earrings, Graff. White diamond bracelets, both harry wiNstoN Stylist's assistant Grace Joel Hair Maarit Niemela Make-up Alex Babsky Digital assistant Oliver Bampfylde Lighting assistants Robert Self, Michael Williams Model Alicia at Models One The shoot took place at Aynhoe Park, Oxfordshire; aynhoepark.co.uk StOckiStS detAilS ON pAGe 95

richard mille Since the first regatta in 2010, watchmaker Richard Mille has been a partner of Les Voiles de St Barth. With 53 yachts in six classes ranging from 9m to 23m, this year’s race programme has attracted sailors from around the world, who will take to the sea, from 8 to 13 April, in the sublime surroundings of the Caribbean. Richard Mille Europe’s CEO, Peter Harrison will be participating for the first time, flying his own colours at the helm of his Jolt 2 custom yacht.

Richard Mille will be presenting an RM 028 Titanium diving watch to the winner of this exciting event. Sailing has been at the heart of Richard Mille’s design for many years, with a selection of sailing watches such as the RM 028 Les Voiles de Saint Barth. Launched at the same time as the regatta in 2010, this is a high-performance, water-resistant timepiece, with a 47mm case, embodies a complex range of expertise. richardmille.com

crème de la mer

 B oV e t Bovet watches were some of the most treasured luxury objects of the 19th century and the watchmaker has maintained a tradition of decorative arts, alongside the continued excellence of its movements. At the same time, the company has fostered a commitment to fundraising. For the second consecutive year, Bovet has joined forces with filmmaker Paul Haggis’ social justice foundation to organise the Bovet 1822 & Artists for Peace and Justice Evening at the Sunset Tower Hotel in Los Angeles. It included a display of the new Bovet 1822 collection, along with a selection of its historic timepieces from the private collections of the owner of Bovet, Pascal Raffy, and the Bovet archive. The setting was brought to life by the music of Jackson Browne, while a film noir theme created a nostalgic Forties mood. Despite the evening’s entertainment, the guests were focused on the cause, coordinating a programme of education, health and dignity on behalf of the children of Haiti – it turned out to be one of their most successful fundraisers to date, raising over $600,000. bovet.com 94

It took 12 years and thousands of experiments to formulate the restorative potion that is Crème de la Mer. Now, afer 40 years at the top of beauty editors’ lists, the luxury skincare brand has produced its first in-sun collection, Soleil de la Mer. This range of nourishing lotions helps give a glowing complexion and anti-ageing benefits, while delivering high-performance SPF protection. It contains the Golden Algae Ferment, formulated with laminaria ochroleuca, marine peptides and a sea of botanicals, which help to renew the look of the skin during and afer time spent in the sun, while supporting the skin’s natural collagen.

The formula provides targeted delivery of Restorative Waters™ while enhancing its activity. Deconstructed Waters™ carry positively and negatively charged waters to the surface, driving the potent ingredients directly into the skin to help discernibly improve its look. cremedelamer.com

 V i a r e g g i o S u p e r yac h t S Viareggio’s Stella Maris 72m flagship superyacht is one of only four in the world to have obtained a certification for its Eurocopter EC 135 helipad. Although it is the smallest superyacht with this accreditation, the Stella Maris makes no compromise on security and safety, with newly updated guidelines on safety during take-off and landing as well as tightened passenger safety guidelines from the UK Marine and Coastguard Agency. The helipad blends security and versatility to create a multifunctional area, the décor of which is a continuation of the interior design. Once the helicopter has lef, the pad can be used as a sundeck, complete with chaise longue and pouffe. Alternatively, at night the deck makes a spectacular location for dinners, with customisable ambient lighting. Viarregio is also the first European shipyard to sign the Wood Forever Pact, driving forward its commitment to sustainability. vsy.it

 Breguet

BurgeSS

Breguet has been associated with innovative watchmaking since its conception in 1775. The company has sought to improve the accuracy of time measurement, with some of the world’s most important inventions in timepieces, such as the ‘pare-chute’ shock absorber and the raised terminal curve balance spring. Breguet’s ability to push boundaries in horology, blending aesthetics with mechanics, has produced some of the world’s most stunning watches.

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95

taking fliGht the Artist trAcey emin remembers roAdside cooking on the drive to istAnbul And surviving nile river crocodiles

Where in the world do you feel most at home?

That’s a really difficult question to answer. I could be a smartarse and say, ‘in the air’ or ‘in the Concorde Room at Heathrow’, as I spend so much time out of the UK. I have two houses – one in Spitalfields, London, and the other in the South of France – and I’ve recently acquired an apartment in Miami.

But strangely, even though I spend a lot of time in France and love it very much, I’ve never once referred to it as home, whereas that’s what I already call the new place in America. In truth, home is my house in Spitalfields, where my cat Docket lives – I rarely get homesick, but when I do, I ofen cry and have an overwhelming need to be with him.

Where have you never been but always wanted to go?

When I’m old, I’d like to go on a mega-trip visiting as many volcanoes as possible, both active and dormant.

I’d like to stand on the lip and shout the names of everyone I’ve ever loved into the crater. So, Vesuvius, Krakatoa, Etna – I’m saving them all till then.

Plane, train or boat – how do you like to get where you’re going?

Oh, God! How I’d like to say boat or train – my friend Scott and I have been saying for years, ‘Let’s go to New York on the Queen Mary this time.’ But it’s always a mad dash to City Airport and taking my favourite flight to New York via Shannon.

Is it better to travel than to arrive?

I really wish I could just click my fingers and be with the people I love or at the places I need to be. I suffer from mild OCD – though those who know me may contest that!

– so packing is a major issue. I travel so much, I like to travel with the minimum. I get totally stressed out when I go on a trip to visit different continents with different climates. I’ve tried buying clothes when I’m there and having things sent to me en route. Neither works.

96

Courtesy traCey emin studio

What are your earliest memories of travelling?

Driving to Istanbul with my dad. We’d stop on the roadside and he’d cook us all breakfast – fried eggs and bacon – on a tiny Calor gas stove. The journey would take four days and it was very exciting because we’d have to go through the Communist bloc.

How has travel influenced your work?

All the places I’ve been have broadened my horizons.

Understanding different cultures and just generally being more worldly really does matter in everyday life.

Some of my greatest experiences have been when

We were surrounded by around 100 hippos and 30 crocodiles.

The crocs got under the boat and whipped their tails, jerking it up and down visiting Uganda – I funded the building of a library there, for children between the ages of 11 and 15.

The things I’ve seen have really opened my eyes.

What has been your most memorable trip?

Floating down the Nile in Uganda on a really tiny boat.

This was very definitely not a tourist trip. We were travelling to the Livingstone Falls and there were four of us – plus two bottles of champagne, one of white wine, some water and no corkscrew or glasses. We were surrounded by about 100 hippos and, on every bank, at least 30 giant crocodiles, which on seeing us, slid into the water, got under the boat and whipped their tails, jerking it up and down. I went to the front, curled up into the smallest ball I could and prayed.

You’ve exhibited all over the world – where is your favourite place to show your work?

I recently had a show in Argentina in a very beautiful museum, and, afer that, in Rome and São Paulo.

I refer to it as my Catholic tour. It’s brilliant having parts of you dotted all over the world. For the entire

month of February, I had digital images of my neon works displayed in Times Square in New York for three minutes every night before midnight. That was pretty mind-blowing. But, more than anywhere, showing in London – or Margate, where I grew up – gives me a massive thrill.

If you could choose anyone from history with whom to travel, who would it be?

My mum doesn’t fly – she hasn’t flown since 1958, when she got caught in a thunderstorm flying over West Africa. It suddenly occurred to me when I was in New York this week how much she’d like certain aspects of America, so I’d like to travel there with her. Ideally, we’d both be aged about 35 and I’d like her to be accompanied

by Omar Sharif and I would have Daphne du Maurier.

Do you read when you travel, and if so, what?

My friends have a running joke that I’ve been reading the same book for two years. They say, ‘Are you pretending to read again, Tracey?’ because I ofen get through just 10 or 15 pages on the plane before I drif off to sleep. At the moment, I’m reading Graham Greene’s The Quiet American.

Where are you off to next?

Dublin, to Trinity College, to receive the Burke Medal for Outstanding Contribution to Public Discourse through the Arts. So far this year, I’ve only been in the UK for two weeks.

Tracey Emin has two exhibitions in the US this year: I Followed You to the Sun at the Lehmann Maupin Gallery, New York, from 2 May to 8 June, and Angel Without You at the Museum of Contemporary Art North Miami, from December to March 2014

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savills.co.uk

A detailed analysis of the residential Global Prime Sector

WELCOME... . . . to the launch issue of the Candy Global Prime Sector Report, sponsored by Deutsche Asset & Wealth Management with exclusive property research from Savills. Inside, we focus on ultra-high-net-worth individuals (UHNWIs) around the world, who are set to grow and enjoy greater fortunes over the next five years. As our research reveals, ultra-prime residential property in the premier cities of London, New York, Hong Kong and Singapore remains close to their hearts and this continuing appetite for such investment is expected to exert even greater influence over global property markets.

Nicholas Candy, CEO, Candy & Candy

CONTENTS

SALES WITH AN EQUIVALENT VALUE OF £10M 350 300 250 SALES

04. Growing Interest Our panel of experts debates the future for UHNWIs and prime property around the world.

200 150 100 50

07. All In The Numbers

0

What are the true costs for overseas buyers and sellers?

2007

2008

LONDON

08. City Focus In-depth reports on our four global cities.

2009

2010

NEW YORK

2011

HONG KONG

2012 SINGAPORE

Source: Savills Research

NUMBER OF UHNWIs WITH ASSETS OVER $30M

LONDON

NEW YORK

HONG KONG

SINGAPORE

16. At Your Leisure What does the future look like for fashionable UHNWI boltholes?

18. Global Investment How Deutsche Asset & Wealth Management can help UHNWIs make the most of their wealth.

NUMBER OF UHNWIs

80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 NORTH AMERICA

EUROPE

2012

ASIA

LATIN AMERICA

MIDDLE EAST

OCEANA

AFRICA

2017 forecast

Source: Wealth-X

The GPS Report is produced by Candy & Candy. All information correct at time of going to press. All rights reserved. Articles may not be reproduced without written permission from Candy & Candy. Opinions expressed are those of the author and not Candy & Candy. While every care is taken in compiling the content, neither the publisher, nor Deutsche Asset & Wealth Management, nor Savills UK Ltd assumes responsibility for effects arising from this publication.

Investment advice: The information and opinions expressed in this magazine do not constitute professional advice and should not be relied upon. Speci½c advice relating to your individual circumstances should be obtained.

02

THE CANDY GPS REPORT

The continued growth in the number of ultra-high-net-worth individuals around the world has fuelled a demand for ultra-prime residential properties in the global cities of London, New York, Hong Kong and Singapore

IT IS ESTIMATED BY Wealth-X, a firm that tracks the wealth of the most affluent, that there are just under 190,000 ultra-high-net-worth individuals (UHNWIs) in the world, enough people to fill the 2012 London Olympic Stadium 2.3 times. Each has net assets of more than $30m and their combined total wealth stands at almost $26 trillion, which would buy all the real estate in the UK more than three times over.

Since 2008, private money has sought “safe havens” in the form of real assets for the preservation of wealth. One such safe haven has been prime real estate in key global cities.

In this report, we look at the prime housing markets of the four cities at the forefront of global private wealth flows.

Two are from the “new world” — Hong Kong and Singapore — and two from the “old world” — London and New York. These are cities that, together, witnessed more than 300 residential real estate transactions in 2012 where the price was over £10 million. Together, the value of those transactions exceeded £6.6 billion. In London alone, £2.3 billion of £10 million plus transactions took place in 2012, a figure 18% higher than five years ago — despite the impact of the intervening credit crunch.

WHERE IN THE WORLD North America is home to over one third of the UHNWI population and New York has the highest share of this figure, accounting for around one in eight UNHWIs in the US. Residential property here currently looks good value compared to other world cities as it suffered from the price falls experienced throughout the

US – despite the fact that occupier demand, evidenced by rental growth, has been strong since 2009. The global purchaser interest now pointing at New York is providing opportunities for an expansion of its ultra-prime condominium market.

In terms of transactions worth over £10 million, London is a bigger market than New York and has broader international appeal, with buyers arriving from every corner of the globe.

This is reflected in the fact that 32% of its UHNWI population is not UK domiciled. Here, new build property plays a critical role in both meeting and defining the property demands of a growing pool of global UHNWIs. Developments such as One Hyde Park: The Residences at Mandarin Oriental, London set new standards not only in terms of design, finish and facilities but also, with its link to the Mandarin Oriental, the service offered to owners.

As a generator and store of wealth, Asia is rising fast. Over the next five years its UHNWI population is expected to grow by 50% more than North America and the wealth of that population is expected to overtake that of Europe. All eyes may be on China, but as things currently stand the markets of Hong Kong and Singapore combined have an UHNWI population more than twice that of Beijing.

THE COST OF OWNERSHIP The rapid rise in wealth generation in the region means that five year price growth in the prime residential markets of Hong Kong and Singapore has dwarfed that of the two “old world” cities. The price of the very best property has increased by over

150% in each. Such rapid price growth has caused their governments to raise transactional taxes as a means to cool the markets.

Indeed, taxation is a hot issue amongst all of these cities. New York has a long-established annual property tax, equating to around 2% of property value, and London has raised its levels of stamp duty and clamped down on offshore corporate ownership. In addition, a continued debate in the UK over the merits of a “mansion tax” brings an element of caution to the market, at least in the short term.

DRIVING GROWTH The fundamentals of demand for ultra-prime properties in all four cities still looks strong. Globally, the UHNWI population is expected to grow in the next five years by around 20% and their wealth by 30%. The search for safe stores of wealth will continue and may be accompanied by an increasingly energetic search for income too.

Prime real estate in these global cities performs on both counts.

We believe these four cities will see their ultra-prime housing markets grow in the next five years. This growth will be both organic, as the areas considered prime and ultra-prime expand, and also incremental as new, ultra-prime stock is built to expand the currently very low numbers of new product. The 300 sales seen in 2012 are expected to grow to 400 a year by 2017 and their total value is expected to grow from £6.6 billion to £8.4 billion.

Yolande Barnes Director, World Research, Savills

SPONSORED BY DEUTSCHE BANK

03

GROWING INTEREST What does the future hold for UHNWIs around the world and what effect will this have on global prime property in our four key cities? We asked our panel of experts from Candy & Candy, Deutsche Bank and Savills to give us their views

50,000 UHNWIs WITH ASSETS OVER

$100,000,000 Source: Wealth-X

IF MONEY MAKES the world go round, the globe is spinning faster.

As the world economies strengthen and markets recover, the international super-rich, who not only survived the recession but also prospered during the economic downturn, are set to enjoy even greater fortunes in the next five years.

With large chunks of that money being invested in top global real estate, their wealth, already changing the shape of the best homes in top cities such as London, New York, Hong Kong and Singapore is expected to exert even greater influence over property markets as the allure of bricks and mortar grows.

A recent report by Wealth-X, a firm that provides intelligence on the ultrawealthy globally, estimated that 187,380 ultra-high-net-worth international individuals, with assets over $30 million, control a combined fortune of almost $26 trillion. The lion’s share of that wealth — over $18 trillion — is in the hands of an even smaller group of just under 50,000 people worth more than $100 million. But it is those right at the top of the pecking order, the billionaires, that are growing in numbers and wealth. The number of billionaires rose by almost 10% over the past year and their wealth increased by 14%.

“Wealth creation is going into another giant leap,” said Salman Mahdi, Managing Director & Head of Key Clients Relationship Management & Corporate Finance Partnership, Deutsche Bank. “The numbers are

huge.” At a round table debate on global wealth hosted by Candy & Candy and atended by Deutsche Bank and Savills, Mahdi explained: “We see global wealth growing by more than 4-4.5% per annum over the next five years. I’m talking about global wealth increasing from say about $122 trillion to $150 trillion.”

Much of that wealth is being generated in emerging markets — from mining in Africa and central Asia to the new tech belt between China and South Korea. Citing the BCG Global Wealth Report 2012, Mahdi said: “If you look at pockets of private wealth creation, Asia is racing ahead at 11% per annum. Russian and Eastern Europe are growing at around 9% per annum as is Latin America.” There is also substantial money coming from Silicon Valley on the west coast of America.

But if new wealth is being made in new growing economies, it is being spent in the “old world” — much of it on tried and tested hard assets such as real estate.

Yolande Barnes, Director, World Research, Savills, traces the trend back to 2008 following the collapse of Lehman Brothers. “We saw a flight from equities and conventional investments towards safe haven assets such as gold and very high quality real estate,” Barnes explained. “In the right jurisdiction, property is seen as a legally safe investment that will still exist in the real world whatever happens in the financial markets.”

Jim Reid, Global Head of Fundamental Credit Strategy, Deutsche Bank,

PREDICTED 5 YEAR GLOBAL WEALTH INCREASE

$150 trillion 2017

2016

2015

2014

2013

$122 trillion Source: The Boston Consulting Group

187,380 UHNWIs WITH ASSETS OVER

$30,000,000 Source: Wealth-X

04

THE CANDY GPS REPORT

THE PANEL “Location is critical – a property doesn’t have to be the biggest, but it has to be in the best place.”

Nicholas Candy

“The number of billionaries rose by almost 10% over the past year and their wealth increased by 14%.”

CEO, Candy & Candy

“Wealth creation is going into another giant leap, and the numbers are huge.”

Salman Mahdi Managing Director & Head of Key Clients Relationship Management & Corporate Finance Partnership, Deutsche Bank

“Low base rates have made real estate very attractive to investors.”

Jim Reid Global Head of Fundamental Credit Strategy, Deutsche Bank

“We detect an appetite in the East for investment for income beyond the kind of purchases we have seen so far.”

Yolande Barnes Director, World Research, Savills

“UHNWIs want to have their hub office in London because they can come and go with ease.”

Jonathan Hewlett Director, Head of London Residential, Savills

believes that the movement of capital from volatile equities to solid real estate, which gathered pace at the start of the recession, was inadvertently exacerbated by governments’ atempts to prevent economic collapse.

Reid explains that by keeping base rates low in order to prevent economic meltdown, central banks have unintentionally made real estate very atractive to investors. Given the finite number of homes in any property market, high-end house prices have risen during a period when you would normally expect them to fall.

“We have this bizarre situation where capitalism is fiercely making a comeback but sponsored by the state across the world,” said Reid. “The system that failed us in 2008 and 2009 has been brought back to life by interventions from central banks and politicians.”

The effect has been particularly noticeable in London. Figures from Savills show that the cost of a home in prime central London has risen by 25% over the last five years. The UK’s capital also sees more deals on homes worth £100 million ($151 million), than anywhere else in the world. The UK’s stable economy, strong legal system and respected financial institutions such as the London Stock Exchange (LSE) are all part of the atraction. Mahdi said: “The London Stock Exchange is seen today as an unparalleled listing venue for companies specifically in the energy, natural resource and commodity segment. The LSE has a long track

SPONSORED BY DEUTSCHE BANK

05

yield investment. I detect an appetite in the East for investment for income beyond the kind of purchases we have seen so far.”

Whether the flow of new wealth to the safe haven of London continues is a mater of debate. Concerns are mounting that political talk about increasing taxation on real estate will take the shine off property investment.

The UK’s coalition government has already raised stamp duty land tax on properties over £2 million and targeted buyers who purchase properties through a company for tax purposes.

Although tax changes have so far failed to have an impact on the buying habits of UHNWIs, there are fears that manoeuvres by the leading parties will put off investors down the line. The Labour Party’s recent plans to revive the Liberal Democrat’s abandoned “mansion tax” policy, whereby owners of homes worth £2 million plus have to pay an annual levy, has already ruffled feathers. As Hewlet put it: “It’s not a problem at the moment, but it could be the nearer we get to the next general election.”

Yet the UK government is not the only regime seeking to fill its depleted coffers. Buying in London remains atractive compared with many other top cities around the world not only in terms of taxation but also in price. The weakness of sterling has made prime London property look inexpensive in a global context and Savills forecasts that prices in prime central London are set to grow by almost 24% over the next five years.

Candy is optimistic: “You will never go wrong in the long-term if you buy in the best locations. A property doesn’t have to be the biggest but it has to be in the best place.” And the best place so far has been central London.

Susan Emmett Director, Savills Research

06

THE CANDY GPS REPORT

Hong Kong

Singapore

DISTRIBUTION OF WEALTH AMONGST UHNWIs 90,000

9,000

80,000

8,000

70,000

7,000

60,000

6,000

50,000

5,000

40,000

4,000

30,000

3,000

20,000

2,000

10,000

1,000

0

0

$30 - 49M

$50 - 99M

NUMBER

$100 - 249M

$250 - 499M

$500 - 999M

$1BN+

WEALTH US $BN

Source: Wealth-X

GEOGRAPHICAL DISTRIBUTION OF UHNWIs

NORTH AMERICA 35%

EUROPE 29%

ASIA 23%

LATIN AMERICA 8%

MIDDLE EAST 2%

OCEANA 2%

AFRICA 1% Source: Wealth-X

WEALTH US $BN

record of being able to bring these companies to market.”

Yet beyond the world of finance, lifestyle plays a huge part in drawing people to London. Jonathan Hewlet, Director, Head of London Residential, Savills, said: “I am told by most of my clients that we sit in the best time zone because you can go east and west. This is where UHNWIs want to have their hub office because they can come and go with ease.”

Unlike the overseas investors from previous eras such as the Middle Eastern buyers in the early 1980s or the Hong Kong buyers in the 1990s, many of today’s wealthy foreign purchasers have family in mind. “Security and education play a huge part in the London market.

Many people buy in London so that their children can atend schools in the UK,” said Hewlet.

A trophy property in one of the city’s best postcodes is ofen at the top of the shopping list for wealthy global citizens.

Over 30 nationalities have now bought at One Hyde Park, for instance. Nicholas Candy, CEO of Candy & Candy, the interior design house behind the luxury scheme, said: “Whether they are from India, China, Hong Kong, Singapore, Geneva or New York, they all love London. Some of them will rent. Some of them will stay in hotels. But now more and more are buying.”

What they are buying is also diversifying. Following the first wave of buyers seeking security from more turbulent economies and political regimes, there is a trend among the international super-rich who are beginning to look further out of town for investment opportunities. And the decline in value of sterling has served only to increase the atraction of UK homes to foreign buyers. Barnes said: “The super wealthy are now fully invested in conventional safe havens.

But there is an increasing interest in

New York

NUMBER of UHNWIs

London

We compare the real costs to buy, occupy and sell a £10 million property in each of our four key cities

COST OF BUYING (7.1%)

COST OF SELLING (0.6%)

COST OF BUYING (24.7%)

COST OF SELLING (1.2%) *

£710,910

£59,000

£2,454,034

£104,000

Stamp duty (7% on individuals): £700,000 Legal fees (0.1%): £9,000 Agency fees (paid by vendor): N/A Land registry fees (0.0%): £910 Building survey (0.0%): £1,000

Legal fees (0.1%): £9,000 Agency fees (0.5%): £50,000

Stamp duty (8.5%): £850,000 Legal fees (0.2%): £4,000 Agency fees - paid by both purchaser and vendor (1.0%): £100,000 Land registration fee (0%): £34 Stamp duty for foreign buyers (15%): £1,500,000

Legal fees (0.2%): £4,000 Agency fees - paid by both purchaser and vendor (1%): £100,000

COST OF OCCUPATION 5 YEARS (0.1%)

COST OF OCCUPATION 5 YEARS (0.6%)

£10,791

£62,857

Annual council tax: £2,158

8% of ratable annual market value: £12,571

LONDON

HONG KONG

NEW YORK

SINGAPORE

COST OF BUYING (1.4%)

COST OF SELLING (7.4%)

COST OF BUYING (18%)

COST OF SELLING (1%) **

£142,847

£739,949

£1,804,041

£100,000

New York state mansion tax (1%): £100,000 Legal fees (0.1%): £6,313 Agency fees (paid by vendor): N/A Title insurance, assumes a condo (0.4%): £35,398 Managing agent fees (0.0%): £1,136

Seller’s real estate transfer tax (1.8%): £182,500 Legal fees (0.1%): £6,313 Agency fees (5.5%): £550,000 Managing agent closing fees (0.0%): £1,136

Stamp duty (2.9%): £294,544 Legal fees (0.1%): £9,497 Agency fees - paid by vendor: N/A Additional buyers stamp duty for overseas buyers (15%): £1,500,000

Agency fees (1%): £100,000

COST OF OCCUPATION 5 YEARS (9.3%)

COST OF OCCUPATION 5 YEARS (0.8%)

£934,200

£79,888

Annual property tax: £186,840

Annual property tax: £8,299

Source: Savills Research, Withers, Khattar Wong *Assumes a 5 year hold, for sales within three years, the following charges on the value of the property apply: i) 20% if the property has been held for six months or less. ii)15% if the property has been held for more than six months but for12 months or less. iii) 10% if the property has been held for more than 12 months but for 36 months or less. **Assumes 5 year hold, but for sales within 4 years, Seller’s Stamp Duty applies, levied on the property value, at the following rates: i)16% if the property has been held for a year or less. ii)12% if the property has been held for more than a year but less than 2 years. iii) 8% if the property has been held for more than 2 years but less than 3 years. vi) 4% if the property has been held for more than 3 years but less than 4 years.

SPONSORED BY DEUTSCHE BANK

07

LONDON INTERNATIONAL LEADER

POPULATION MILLION

The fundamentals of demand for ultra-prime property in central London are strong for the future so long as London remains a global financial and business centre OF ALL THE world cities, London has the most mature and, correspondingly, the broadest and deepest super-prime housing market. In 2012, more than 400 properties worth over £5 million changed hands. Together they had a value in excess of £4.1 billion.

UK nationals typically account for around 45% of all buyers across the whole of the prime market of central London, but this falls dramatically in the higher price brackets and newly built schemes of over £5 million.

We estimate that in the past decade some £23 billion of bonus money generated in the capital’s financial and insurance sectors has been invested in the housing markets of London, but in the past five years the prime and ultraprime markets have been much more dependent on international money.

These buyers come from a broad range of nationalities across Western Europe, Eastern Europe and the CIS, the Middle East, North Africa and Asia. Though North American buyers remain a relative rarity, they are a strong source of demand for rental property contributing to a diverse international demand profile.

SAFE HAVEN INVESTMENT In the post credit crunch environment, overseas buyers have been atracted to an established “safe haven” market that is transparent and stable, with good title and a compelling lifestyle. Although investors were initially atracted by discounted values and weak sterling afer 2007, more recent demand has been underpinned by strong market fundamentals and wealth preservation credentials, which has continued to atract investment from an expanding pool of UHNWIs. This demand has contributed to strong price growth, though not at the levels witnessed in Asia. Across all of the subsectors that make up the prime housing markets of central London, prices are some 24% above the levels seen at the

last market peak, immediately before the credit crunch.

Some £7 billion has been invested in properties worth more than £10 million since the first quarter of 2009, which is when the market botomed out in the wake of the financial crisis. This caused even stronger price growth in the ultraprime market. Here, prices are some 36% above levels seen at the previous zenith in the third quarter of 2007.

MEETING A SUPPLY GAP Despite the size of this market relative to that of other cities, stock remains relatively constrained. The tradeable pool of existing ultra-prime stock in the core neighbourhoods of Knightsbridge, Belgravia, Kensington, Chelsea and Mayfair, which accounts for around three quarters of the ultra-prime market, has a tendency to shrink as it goes into overseas ownership. This is because new overseas owners hold property for longer periods than current UK owners, thereby reducing the numbers of units available and traded each year.

This has presented an opportunity for developers to meet a supply gap.

In doing so they set new standards for the provision of accommodation to the global elite and unlock the potential of locations both within and on the fringes of the core prime market. In 2012, around one in six of the properties sold for more than £5 million were newly built. This figure rises to one in four for properties over £10 million.

Despite a short-term shortage of new build product, there is a strong pipeline of prime new build developments that will accommodate further expansion of the sector. We expect this expansion to be accompanied by an increase in high value areas beyond the core part of central London. Already we have seen a growth of £5 million plus transactions into areas such as St John’s Wood, Noting Hill and Bayswater — a trend which we expect to see increase over the next five to 10 years.

8.0 AREA SQ MILES

607

HIGHEST SALE PRICE *PER SQ FOOT

PRIME CENTRAL RENT PCM

KENSINGTON PALACE GARDENS, 2008

FOR CEO PROPERTY

£8,500

£19,650

(US$13,700)

(US$31,700)

* Dec 2012 exchange rate

* Dec 2012 exchange rate

Source: Savills World Cities Review

5 YEAR % PRICE GROWTH 2007 - 2012

24%

THE CANDY GPS REPORT

310m 270m 265m 245m

310m / 87 floors Source: Savills Research

08

HIGHEST PLACE TO LIVE THE SHARD

PRICE MOVEMENTS OF BILLIONAIRE AND CEO PROPERTIES IN US$

250

STRONG DEMAND As we look forward, we believe the fundamentals of demand for ultraprime property will be strong, though perhaps less assured in the now fully valued market than it was. The extent to which the market can capitalise on the forecast increase in global wealth depends on it retaining an edge in the global arena. London must remain a global financial and business centre and provide a competitive tax environment that encourages international investment in prime real estate. Given our expectations that price growth will total more than 25% over the next five years, we expect that the £4.1 billion per annum currently invested in super-prime stock could rise to £5.1 billion by 2017.

AVERAGE ACROSS 4 CITIES

INDEX (2005=100)

225 200 175 150 125 100 75 50 DEC 05

DEC 06

DEC 07

DEC 08

LONDON BILLIONAIRE

DEC 09

DEC 10

DEC 11

DEC 12

LONDON CEO

Source: Savills Research

CENTRAL LONDON BUYER PROFILES

100%

AFRICA

PROPORTION OF BUYERS

90%

NORTH AMERICA

80% LATIN AMERICA 70% CHINA & PACIFIC ASIA

60% 50%

SOUTH ASIAN SUB CONTINENT

40%

N. AFRICA AND THE MIDDLE EAST

30%

E. EUROPE & CIS

20% W. EUROPE INC NORDIC

TAXING TIMES In the UK, much as in other countries, the taxation of high value property has been the source of considerable political debate in an age of national austerity. In 2012, stamp duty rates were increased and provisions introduced to prevent properties from being shielded from the UK tax system. The market responded by a slowing in price growth and a fall in transactions in the price bands between £2-£5 million. Yet still the debate over taxation continues, with two of the main political parties touting the idea of a “mansion tax”, perpetuating the myth that high value property makes an insufficient contribution to the overall tax take. In reality, during 2011-12 £1 million plus sales, which accounted for under 2% of the UK housing market, generated 26% of all stamp duty land tax receipts from residential property — some £1.11 billion. The two London boroughs of the City and Westminster and Kensington and Chelsea delivered £550 million of stamp duty receipt, a sum broadly equivalent to the aggregate receipts from Scotland, Wales and the three regions in the North of England put together.

10% UK

0 PRIME CENTRAL LONDON

NEW BUILD SALES OVER £5M

Lucian Cook Director, UK Residential Research, Savills

Source: Savills Research

SPONSORED BY DEUTSCHE BANK

09

NEW YORK BUYING OPPORTUNITY

POPULATION MILLION

Investors looking for income as well as capital growth see the Big Apple increasingly as a good value play, especially if they also see a potential for US economic recovery NEW YORK IS undoubtedly one of the richest residential markets in the USA, commanding the highest prices per square foot of any US state. It is the premier world city of the Americas: a hub for global business and finance, an international cultural capital, and it regularly exchanges places with London at the top of global city rankings.

Its global pull means that New York atracts significant numbers of wealthy overseas buyers and the city has seen increasing investor interest over the last year as it looks particularly good value next to other global centres. Before 2007, it would regularly occupy a top three position with some of the most expensive real estate. It is now ranked seventh for prime and ultra-prime property. And, while the price of world billionaire properties has doubled since 2005 in the top 10 world cities, New York has seen total growth of only 47% in the same time period. Consequently, Asian wealth and other “new world” city inhabitants are increasingly seeing the “Big Apple” as a value play – especially if they also see a potential for US economic recovery.

FOREIGN EXCHANGE It is hardly surprising that more overseas buyers have been seen over the last 18 months in the top tiers of the New York market. These include Chinese, Russians, and Eastern Europeans.

Unlike cities in most of the rest of the globe, wealthy Latin Americans are also a growing force in New York. It has been one of the first cities to see these buyers in volume outside of the more established haunts such as Miami.

Argentineans, Mexicans and Peruvians have all been present at the higher price points.

The buying habits of the Chinese in New York echo those in Europe, purchasing property for their student children at the lower tiers of the prime markets ($1 to $2 million), with investment in mind. Many of these

buyers are “testing the water” and intend to make bigger ticket purchases in future. They are, however, not entirely absent from the upper tiers of the prime markets.

RECORD BREAKING New York residential property has seen a number of records broken by overseas buyers, with values exceeding $10,000 per square foot. The $88 million record set at Central Park West was a sale to a Russian buyer. International buyers are seeking trophy assets, taking advantage of safe-haven credentials and a weak US dollar. New York has been the greatest beneficiary of this buying power to date.

New York’s prime markets are concentrated in Manhatan, the best known of which are the Upper East Side and Upper West Sides, bordering Central Park. Both are well established, the Upper East Side known for its large, classic New York apartments, atracting “old money”, while the Upper West Side is a more family friendly, accessible alternative. Like many world cities though, the areas considered “prime” in New York city have expanded over the years and offer a much greater variety of lifestyles than might have been the case 30 years ago. Even parts of Brooklyn are now considered prime, as are downtown neighbourhoods such as Tribeca.

New York’s prime residential market is dominated by cooperatives and condominiums. The condominium market has outperformed since the downturn and during the latest recovery.

This is because it is, effectively, the only type of apartment building that is freely available to foreign buyers and is in relatively short supply compared to co-ops. This out-performance of condos in New York is further evidence that overseas buyers are driving price recovery in “old world” global cities.

It is these overseas buyers who have helped plug the gap lef by the former, Wall Street bonus reliant, domestic purchasers in the prime markets.

8.3 AREA SQ MILES

469

HIGHEST SALE PRICE *PER SQ FOOT

PRIME CENTRAL RENT PCM

15 CENTRAL PARK WEST, 2011

FOR CEO PROPERTY

£8,100

£16,800

(US$13,000)

(US$27,100)

* Dec 2012 exchange rate

* Dec 2012 exchange rate

Source: Savills World Cities Review

5 YEAR % PRICE GROWTH 2007 - 2012

-1.0%

THE CANDY GPS REPORT

310m 270m 265m 245m

265m / 76 floors Source: Savills Research

10

HIGHEST PLACE TO LIVE 8 SPRUCE STREET

“International buyers are seeking trophy assets, taking advantage of safe-haven credentials and a weak US dollar.

New York has been the greatest beneficiary of this buying power to date.”

PRICE MOVEMENTS OF BILLIONAIRE AND CEO PROPERTIES IN US$

250

AVERAGE ACROSS 4 CITIES

225 INDEX (2005=100)

200 175 150 125 100 75 50 DEC 05

DEC 06

DEC 07

DEC 08

DEC 09

NEW YORK BILLIONAIRE

DEC 10

DEC 11

DEC 12

NEW YORK CEO

Source: Savills Research

AVERAGE PRICE PER SQ FT FOR 4 BED+ CO-OPS IN MANHATTAN $3,000 $2,500 $2,000 $1,500 $1,000 $500

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SET FOR CAPITAL GROWTH Like many “old world” cities, New York is a supply constrained market, and the new condominium inventory — of which there had been a shortage in the immediate afermath of the market downturn – has traded well recently. New York is a rental city, and rents continue to rise. Some 69% of properties are renter-occupied.

As interest rates fall to record lows, occupiers are increasingly looking to the sales market as a more affordable alternative. Consequently, prime yields are high, at 6.6%. This means that New York is also uniquely well-placed against other, generally low-yielding, global cities to atract investors looking for income as well as those looking for capital growth and/or a safe haven store of wealth.

We expect prime New York capital values to continue growing in excess of their former peaks, so long as the US economy and stock markets continue to recover, and we have pencilled in around 25% over the next three years.

The highest growth is likely to be seen in condominiums and houses rather than in co-ops.

EAST SIDE

WEST SIDE

DOWNTOWN

Yolande Barnes Director, World Research, Savills

Source: Miller Samuel

SPONSORED BY DEUTSCHE BANK

11

HONG KONG RECORD BREAKING DEMAND

POPULATION MILLION

This is the interface for mainland China and the demand from cash-rich buyers has buoyed all sectors of the market with the demand for trophy assets setting global records HONG KONG’S RISE since 1997 to become a key global financial centre, has been meteoric. So too has occupier demand and buyer confidence in the city’s residential real estate.

Consequently, price growth has also been spectacular, despite experiencing a temporary knock by the global banking crisis of 2008. This price growth has been marked across all sectors, but it is particularly strong for ultra-prime property, which is both limited in supply and a “must have” for newly wealthy billionaires from the mainland.

Cash-rich buyers have buoyed all sectors of the market. While genuine occupier demand, evidenced by rental increases, is strong, demand for the purchase of trophy assets is stronger still. There is huge demand for investment properties from the Chinese mainland, coupled with restricted supply so rental growth has not kept pace with capital growth – even though leasing supply is limited. Yields have fallen significantly since the end of 2008 and currently stand at 2% gross for prime properties. This is low even by the standards of prime markets in other world cities.

OVERWHELMING DEMAND Despite atempts to introduce cooling measures, strong interest in traditional areas means that luxury prices in Mid-Levels, Southside and The Peak continued to outperform other markets.

The extreme scarcity of prime houses on The Peak (there are fewer than 100 detached residences) is perhaps an exaggerated caricature of the fundamental problem affecting all world class cities; there are just not enough of the most desirable properties to go round.

Overwhelming demand for property at the very top of the market is seting global records, but it has undoubtedly been dealt a blow by the recent announcement of punitive stamp duty levels, particularly for overseas residents and those holding property for shorter periods of time. Capital values in Hong Kong remain buoyed by strong demand for real assets, despite very modest growth in underlying rental values.

Government intervention and the tight availability of mortgage loans in 2011 resulted in short-lived price falls. The Hong Kong residential market then saw something of a rebound in the first half of 2012. We may see the same thing result from the new cooling measures.

Hong Kong shows how the weight of money (in this case from mainland China as well as wealth generated in the city) comes to bear on a limited geography.

Alongside Singapore, and to a much greater extent, Hong Kong illustrates the dizzying heights that some Asia Pacific markets have reached. Hong Kong is the most expensive city in the world for prime real estate.

DIZZYING HEIGHTS This makes stable, “old world” European and North American cities look very good value – especially to Hong Kong residents and investors but also to other new world buyers. The stamp duty measures also serve to preserve London’s relative value — despite hikes there, and the threat of a “mansion tax.”

7.1 AREA SQ MILES

426

HIGHEST SALE PRICE *PER SQ FT

PRIME CENTRAL RENT PCM

DEEP WATER BAY ROAD 2011

FOR CEO PROPERTY

£8,200

£12,200

(US$13,100)

(US$19,700)

* Dec 2012 exchange rate

* Dec 2012 exchange rate

Source: Savills World Cities Review

5 YEAR % PRICE GROWTH 2007 - 2012

39%

HIGHEST PLACE TO LIVE THE CULLINAN 310m 270m 265m 245m

270m / 68 floors Source: Savills Research

12

THE CANDY GPS REPORT

“The weight of money from China has established Hong Kong’s residential real estate as the most expensive in the world.”

PRICE MOVEMENTS OF BILLIONAIRE AND CEO PROPERTIES IN US$ 300

AVERAGE ACROSS 4 CITIES

275 250

INDEX (2005=100)

225

COOLING THE MARKET Hong Kong has introduced a number of measures to cool its residential markets, with new taxes specifically targeting overseas buyers. It is the weight of money from these markets — most notably China — that has established Hong Kong’s residential real estate as the most expensive in the world.

200 175 150 125 100 75 50 DEC 05

DEC 06

DEC 07

DEC 08

DEC 09

HONG KONG BILLIONAIRE

DEC 10

DEC 11

DEC 12

HONG KONG CEO

Source: Savills Research

LUXURY APARTMENT PRICE GROWTH

This marks the ninth round of cooling measures the Hong Kong government has implemented since 2009, and to date, markets have proved to be resistant. The rate of price growth has moderated and volumes have fallen to a degree, but wider adverse effects have been limited. A low interest rate environment, ample liquidity, and limited availability of stock, has continued to put pressure on prices; fundamentals that will continue to sustain the market going forward.

200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% MID LEVELS

POKFULAM

2002-2007

THE PEAK

2007-2012

HAPPY VALLEY / JARDINES LOOKOUT

The city’s most recent measure has been to introduce a 15% stamp duty on overseas buyers. This is on top of a stamp duty that ranges from 1.5% on properties under HK$2 million to 8.5% on properties valued over HK$21.7 million. The city also penalises those selling within three years with further duties. These charges range from 10% for properties held for more than 12 months but less than 36 months, to 20% for properties held for under six months.

SOUTHSIDE / SHOUSON HILLS

Simon Smith Director, Research & Consultancy, Savills Hong Kong

Source: Savills Research

SPONSORED BY DEUTSCHE BANK

13

SINGAPORE STRONG FUNDAMENTALS

POPULATION MILLION

A strong fully priced market buoyed by a strong economy and one of the highest home ownership rates in the world makes Singapore a firm favourite with overseas buyers SINGAPORE IS PERHAPS the most cosmopolitan world city in Asia. Its established residential market and strategic position makes it a firm favourite with buyers from all over that global region. Nearly a third (31%) of all home buyers in the city during 2011 were foreign, double the number seen a decade ago.

Singapore’s overseas market is dominated by Asian buyers, who are atracted by a familiar language and culture. Malaysians, Indonesians and Indians are all active in Singapore, but the group driving sales at present are the Chinese. The number of Chinese buyers has tripled since 2007, as they seek to diversify their investments abroad. As in London, they are relatively small ticket purchasers – almost half of Chinese buyers focus on lower priced units, typically less than $800,000.

Singapore’s introduction of increased Additional Buyers’ Stamp Duty in a market already feeling the heat of the challenging economic environment is likely to cool some of this demand.

Nonetheless, the city’s position as a growing global centre for finance and business will underpin international investment in the long term.

STRONG GROWTH Singapore’s residential property prices have shown strong growth of 115% since 2005 and were barely dented by the 2008 downturn, reflecting the continued ascendancy of Singapore as a world-class city. Annualised growth in residential prices is currently running at 16%. These have grown by 39% since 2009 and seem to be amply supported by the fundamentals of supply and demand, as illustrated by a similar growth in rental levels, which are not subject to speculative investment.

Ultra-prime property in the city has risen by 232% since 2005, puting it high even in the “new world” league of billionaire destinations. In fact, Singapore’s stands out as a property

market in the new emerging economies which, although increasingly expensive and having shown high growth, can be described as fully priced rather than potentially over valued. Yields are slightly lower than in the “old world” cities, but much higher than in Hong Kong and Shanghai.

Capital and rental value price growth increased by 3.5% in the first half of 2012 and -0.1% in the second. This compares to 15% and 9% respectively in the previous year. It appears that government atempts to cool the markets by increasing supply may be working. Like Hong Kong, Singapore has increased property taxes, especially for overseas buyers and this has had a significant dampening effect, particularly on volumes at the top end of the market.

BOOMING REGION Singapore has seen high levels of development activity in recent years, deliberately engineered by the government to boost supply and suppress capital value growth. It appears to have worked in as much as capital values have not grown out of kilter with rental income. Singapore’s rental yields are high by “new world” standards. But the strong economy and ever increasing international purchasers from a booming Asia region, coupled with naturally restricted land supply in such a small state and, at the very top of the market, extremely limited stock, has led to big price rises.

The mainstream market remains strong, buoyed by a strong economy, growing wages and one of the highest home ownership rates in the world. This should prevent any more significant slowdown in the short to medium term. The city state’s open door policy towards top end foreign economic contributors, who traditionally gravitate towards prime districts, means rental demand is high. Investor demand is also strong because Singapore has the highest concentration of millionaire

5.3 AREA SQ MILES

273

HIGHEST SALE PRICE *PER SQ FOOT

PRIME CENTRAL RENT PCM

THE MARQ ON PATERSON HILL, 2011

FOR CEO PROPERTY

£3,500

£9,800

(US$5,600)

(US$15,800)

* Dec 2012 exchange rate

* Dec 2012 exchange rate

Source: Savills World Cities Review

5 YEAR % PRICE GROWTH 2007 - 2012

94%

THE CANDY GPS REPORT

310m 270m 265m 245m

245m / 70 floors Source: Savills Research

14

HIGHEST PLACE TO LIVE THE SAIL

“Singapore’s overseas market is domainted by Asian buyers, who are attracted by a familiar language and culture.”

PRICE MOVEMENTS OF BILLIONAIRE AND CEO PROPERTIES IN US$

450

AVERAGE ACROSS 4 CITIES

INDEX (2005=100)

400 350 300 250 200 150 100 50 DEC 05

DEC 06

DEC 07

DEC 08

SINGAPORE BILLIONAIRE

DEC 09

DEC 10

DEC 11

SINGAPORE CEO

Source: Savills Research

TOP OVERSEAS BUYER GROUPS

CHINA MALAYSIA INDONESIA INDIA OTHER

Source: Savills Research

DEC 12

households in the world (16% with $1 million plus), and their capacity to buy residential property is high. There is therefore a good balance between rental demand and supply.

The rental market has suffered only inasmuch as expatriate housing budgets have shrunk due to multinational companies’ cost-cuting measures.

But this will be ameliorated, in the longer term, by high levels of immigration, which the Singapore government continues to encourage.

ECONOMIC PERFORMANCE Singapore shows how the economic performance of a city and its ability to atract residents from overseas can have a significant impact on real estate markets. That fundamental underlying demand trumps all other atempts at market control, so the fortunes of the city’s real estate market are likely to be tied to the economic strength and diversity of the local economy, as well as the global nature of commerce and the different nationalities it can atract.

The other thing that Singapore illustrates, along with Hong Kong, is the absolute pricing levels that these cities have reached. They are on a par with “old world” cities and significantly above even New York. This makes North American and European cities look very good value to Asian eyes.

Paul Tostevin Associate, World Research, Savills

SPONSORED BY DEUTSCHE BANK

15

LEISURE PROPERTIES A spacious leisure property for the family can ease the pace of city living, but it is a discretionary purchase. Post credit crunch price growth in this market has lagged behind that of the cities, but not for much longer

SHOULD YOU SET a calendar by the migrating habits of the super wealthy, the year would look something like this: December is the time to jet off to the Caribbean with a visit to Barbados, St Barths or possibly the Bahamas.

Sun would be followed with a spot of skiing in St Moritz, Switzerland. Then it’s down to the French Riviera for the summer months or for those who prefer a more secluded break — a palazzo by Lake Como, Italy. That’s assuming you are based in Europe. Asian expats, for example, are more likely to head to Phuket for sun and sand.

MIXED PERFORMANCE Yet while the appeal of fashionable boltholes remains strong as places to visit, UHNWIs are opting for homes in big cities rather than leisure destinations when it comes to buying property. Their preference, dictated by a post credit crunch mindset and a need to remain close to centres of business, means that price growth in world leisure property has lagged behind price growth in cities.

Savills figures show that the gulf between the value of a city property and a leisure property has been widening since 2008. While city prices have risen strongly, the value of leisure property is still below its December 2007 peak. Values only stand 34% higher than they did in June 2005.

Some places have suffered more than others. In France, the threat of higher taxation reduced activity and suppressed prices. The Savills ultraprime index shows that while prices in Paris fell 8% last year, values of UHNWI properties on the Riviera are down by 10%.

AT A PREMIUM There may be fewer buyers in the market for leisure property, but those who are still looking for a holiday home want the very best. Around Lake Como, for example, most enquiries are for homes right on the lake. Properties away from the lake are more likely to stick, especially homes that have not been modernised.

The desire to be near water is not a European phenomenon. The highest prices in Barbados are found on the west coast of the Island. Buyers want either to be by the beach or to be able to enjoy sea views. Hence, although achieved prices are still lagging behind asking prices in most places, the biggest gap is found for properties that are inland and have no ocean views. Buyers are equally demanding in the Alps and continue to seek out quality resorts with access to the pistes and within a reasonable distance from an airport or train station. The ideal home at the very top end would have a home spa, all the gadgetry and mountain views.

STRONG PROSPECTS French resorts have suffered from uncertainty surrounding fiscal tightening, while Switzerland continues to atract a global high-net-worth audience both as investors and as expats living and working in the country. Demand for Alpine property is becoming increasingly diverse with growing interest coming from Eastern Europe and Asia.

Savills expects values in leisure destinations to catch up with prices in global capitals over the next five years as UHNWIs become fully invested in cities and seek new markets.

THE GULF BETWEEN THE VALUE OF A CITY PROPERTY AND A LEISURE PROPERTY HAS BEEN WIDENING SINCE 2008. WHILE CITY PRICES HAVE RISEN STRONGLY, THE VALUE OF LEISURE PROPERTY IS STILL BELOW ITS DECEMBER 2007 PEAK Source: Savills Research

% GROWTH OF LEISURE PROPERTY SINCE 2005

34 growth 2013 2012 2011 2010 2009 2008 2007 2006 2005

Source: Savills Research

SAVILLS EXPECTS VALUES IN LEISURE DESTINATIONS TO CATCH UP WITH PRICES IN GLOBAL CAPITALS OVER THE NEXT FIVE YEARS AS UHNWIs BECOME FULLY INVESTED IN CITIES AND SEEK NEW MARKETS Source: Savills Research

16

THE CANDY GPS REPORT

SPONSORED BY DEUTSCHE BANK

17

Deutsche Asset & Wealth Management

Beyond the norm

Adjusting to your ever-changing needs

A crucial lesson of recent years has been that successful investment and wealth preservation demands a willingness to look beyond long-established norms. What was effective in the past might not be effective any more. At Deutsche Bank Asset & Wealth Management we recognise we have to be every bit as imaginative, innovative and inspired in managing wealth as our clients were in creating it.

A common misconception is that wealth eliminates the need to borrow. Ultra high net worth individuals often need to access credit to meet an unexpected expenditure or to participate in an investment opportunity. We recognise that the ability to access liquidity with speed is more crucial than ever to shrewd investment and here again accepted norms are no longer adequate.

We harness the strength of one of the world’s largest and most prestigious financial institutions to help ultra high net worth individuals and their families. We aim to satisfy their unique and characteristically complex needs by combining global expertise and reach with a truly personalised service that goes far beyond the norm.

“Deutsche Bank is constantly expanding its range of lending facilities to provide ultra high net worth clients with maximum flexibility,” says Michael Darriba, UK Head of Loan & Deposit Products at Deutsche Asset & Wealth Management. “We regularly lend against traditional banking assets such as diversified investment portfolios, but can also lend against other assets to meet the needs of our clients. We are often asked to consider lending on residential and commercial properties located around the world and also have the ability to consider other assets such as private aircraft and, on occasion, art collections.

Our “value add” is our ability to quickly understand the unique needs and requirements of our clients in order to structure tailor made solutions.”

Ahead of the curve around the world Many banks have responded to the changing face of global growth. Few have anticipated it. Deutsche Bank has an arguably unrivalled presence in emerging economies, such as China, India and Indonesia, and resource-rich nations and regions, such as Russia, Australia and Latin America.

Salman Mahdi, Managing Director, Head of Key Clients & Relationship Management at Deutsche Asset & Wealth Management says: “We have invested in these areas for years and are deeply embedded in their economies, giving our investment managers and their clients a compelling advantage.”

We also acknowledge that ultra high net worth individuals have complex needs. Mahdi adds: “Many people like to deal with the same institution they have come to trust for all their transactions. Our one bank ethos allows seamless access to the full range of Deutsche Bank services around the world. This includes corporate banking and finance, securities, mergers and acquisitions, wealth planning and family governance advice.”

From our Global Investment Committee to you Starting with the House View provided by our Global Investment Committee and culminating in the highly personalised service delivered by our Relationship Managers, our investment process is designed to be dynamic and flexible at every stage. Global bank firepower and boutique agility make for a compelling combination.

Contact us if you, too, appreciate the need to go beyond the norm. Call Dan Cefai on +44 (0) 20 7541 7107 or email dan.cefai@db.com.

Investments are subject to investment risk, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested. The value of investment can fall as well as rise and you might not get back the amount originally invested at any point in time.

If the value of assets held as collateral for a loan reduce in value, additional assets will have to be provided as collateral or to reduce the amount of the loan. If it is not possible to provide additional collateral or to repay the loan at the end of the term, some or all of the assets held as collateral may be sold to reduce or repay the loan.

Worldwide strength has never been this personal.

Innovative sevices tailored to your needs.

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and authorised and subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request. Š March 2013 Deutsche Bank AG London, Winchester House, 1 Great Winchester Street, London EC2N 2DB.

“Prime real estate has provided a safe haven for private money since 2008 and this trend is set to grow over the next five years.�

Nicholas Candy, CEO, Candy & Candy

SHOWCASING THE VERY FINEST PROPERTIES CURRENTLY ON THE MARKET IN SOME OF THE WORLD’S MOST EXCLUSIVE ADDRESSES, CANDY ESTATES BRINGS YOU THE BEST OF THE BEST. Candy magazine introduces Candy Estates, a feature dedicated to luxury real estate. All properties presented on the following pages share the two ingredients that are essential to any astute real estate investment: prime location and exquisite interior design. Luxury interior design house, Candy & Candy, which has long been associated with some of the world’s most sumptuous design projects, has designed the interiors of all featured properties. Candy & Candy’s ethos is driven by the pursuit of perfection and extreme atention to detail. This, paired with these unique properties, ensures the globe’s finest homes in terms of location, quality and design.

THE PENTHOUSE 1-3 Arlington Street is located within an iconic London landmark in St James.

The Wolseley cafÊ-restaurant occupies the ground floor of the building, on the corner of Piccadilly and Arlington Street and adjacent to the world renowned Ritz Hotel. This five bedroom duplex penthouse apartment is interior designed by Candy & Candy and spans the fifh and sixth floors together with an extensive roof terrace. Unparalleled 360 degree views across London can be enjoyed from the roof terrace, incorporating Buckingham Palace, The Shard, Green Park, The Palace of Westminster and Big Ben. ACCOMMODATION Entrance hall, upper atrium & corridor, formal reception (including games area, library, informal seating area and bar), formal dining room, kitchen, chef’s kitchen, media room, study, powder room, master bedroom with dressing room and en-suite bathroom, 4 guest bedrooms all with en-suite bathrooms, gymnasium and spa, two roof terraces with stunning 360 degree views over London, internal lif, separate staff accommodation with utility room and 24 hour concierge.

FLOOR Fifh, sixth and roof terrace GROSS TOTAL AREA 8,922 sq f / 829 sq m TENURE Leasehold 999 years from 24th June 1998 PRICE On application

WINDSOR PARK HALL is a beautiful mansion house set within seven acres of private landscaped gardens on the edge of Windsor Great Park, just 23 miles from central London. Its stunning neoclassical architecture epitomises traditional English country style with its unique combination of considered contemporary design, carefully planned layout and unrivalled quality. Windsor Park Hall provides a unique opportunity to live in a magnificent English country seting, surrounded by the most luxurious of interiors and landscape.

ACCOMMODATION Grand reception hall, 50 sq f drawing room, dining room, large family kitchen, siting room, library, study, ballroom, cinema, bowling alley, indoor swimming pool, gymnasium, spa with steam room and sauna, master bedroom with en-suite bathroom and his & her dressing rooms, 7 further bedroom suites, 6 bay garage, 2 bedroom staff accommodation, 3 bedroom staff cotage, formal landscaped gardens, extensive grounds, helipad and hard surface tennis court.

GROSS TOTAL AREA 29,160 sq f / 2,709 sq m LAND 7.03 acres / 2.84 hectares TENURE Freehold PRICE On application

Located within a conservation area and with architecture by Foster + Partners and interior design by Candy & Candy, 21 CHESHAM PLACE is the first and possibly the last boutique development of its kind in Belgravia. The first and second floor apartment is one of just six luxurious apartments within the development, boasting privileged views over one of Belgravia’s finest private gardens. Contemporary in style, 21 Chesham Place retains the charm and elegance of traditional Belgravia.

ACCOMMODATION Double-height entrance hall and formal reception / dining room, kitchen / breakfast room, pantry, informal reception room, study, master bedroom suite with his & her dressing rooms and his & her en-suite bathrooms, 4 guest bedrooms with en-suite bathrooms, balconies / terraces to all principal bedrooms and reception rooms, 3 car parking spaces within secure underground car park, 24 hour concierge and security.

FLOOR First and second GROSS TOTAL AREA 8,368 sq f / 777 sq m TENURE Share of Freehold PRICE On application

43 PARK MANSIONS is a recently refurbished two / three* bedroom apartment, located on the fourth floor of a stunning period mansion block. The property boasts and exceptional location; at the heart of Knightsbridge and with magnificent views over Hyde Park and provides the perfect contemporary London residence. Overall, the apartment is rich with natural light and the bright, elegant interiors are an exact reflection of this. *currently designed as a two bedroom apartment with the third bedroom being used as a study that could easily be altered to incorporate three bedrooms.

ACCOMMODATION Entrance hall, kitchen, dining area, reception room, master bedroom, dressing area and en-suite bathroom, guest bedroom with en-suite bathroom, study/bedroom three, shower room, lifs and 24 hour porterage.

FLOOR Fourth GROSS TOTAL AREA 1,729 sq f / 161 sq m TENURE 250 years from 24th June 2002 PRICE On application

APARTMENTS A.06.2 & A.06.3 ONE HYDE PARK, LONDON SW1 APARTMENTS A.06.2 & A.06.3 present a unique opportunity to purchase half a floor plate at One Hyde Park. These two sixth floor apartments can be purchased to be kept as two separate apartments or be combined to create either a four or five bedroom apartment.

The apartments are positioned on the highest floor of One Hyde Park, directly underneath one of the penthouses and enjoy far-reaching views over Knightsbridge.

ACCOMMODATION Apartment A.06.2 - Entrance hall, reception room, kitchen, dining area, master bedroom with en-suite bathroom, 2 guest bedrooms with en-suite bathrooms, powder room and balcony.

Apartment A.06.3 - Entrance hall, reception room, kitchen, dining area, bedroom with en-suite bathroom and powder room.

FLOOR Sixth GROSS TOTAL AREA Up to 4,573 sq f / 425 sq m PRICE On application

APARTMENT A.04.2 ONE HYDE PARK, LONDON SW1 APARTMENT A.04.2 is a three bedroom lateral apartment located on the fourth floor at One Hyde Park. A city-facing apartment, the interior design of A.04.2 is inspired by its unique location between the nature and serenity of Hyde Park and the glamour and sophistication of Knightsbridge. The apartment enjoys direct lif access to the extensive facilities and amenities provided by the leisure area and spa of the residences.

ACCOMMODATION Entrance hall, reception room, dining room, kitchen, master bedroom with en-suite bathroom, 2 guest bedrooms with en-suite bathrooms, powder room and balcony.

FLOOR Sixth GROSS TOTAL AREA 3,453 sq f / 321 sq m PRICE On application

APARTMENT B.04.2 ONE HYDE PARK, LONDON SW1 APARTMENT B.04.2 is a dark palete, city-facing apartment that embraces London’s traditional eyre and elegance. Incorporating three bedrooms and a lateral style, this apartment is located on the fourth floor of One Hyde Park.

The development’s unique range of facilities and amenities is directly accessible via lif access from just outside the apartment.

ACCOMMODATION Entrance hall, reception room, dining room, kitchen, master bedroom with en-suite bathroom, 2 guest bedrooms with en-suite bathrooms, powder room and balcony.

FLOOR Fourth GROSS TOTAL AREA 3,253 sq f / 302 sq m PRICE On application

APARTMENT B.01.3 ONE HYDE PARK, LONDON SW1 APARTMENT B.01.3 is located on the first and ground floors of One Hyde Park, amidst Hyde Park’s 350 acre expanse of Royal parkland. This duplex style apartment is the only park-facing one remaining in the residences. A terrace, which is accessed via electronic sliding doors, provides facilities for al fresco dining and for the magnificent park views to be enjoyed at all times. The stylish interiors have been inspired by the old-world glamour associated with the 1920s era.

ACCOMMODATION Entrance hall, reception room, dining area, kitchen, master bedroom with en-suite bathroom, bedroom two with en-suite bathroom, powder room and terrace.

FLOOR Ground and first GROSS TOTAL AREA 1,953 sq f / 181 sq m PRICE On application

COMING TO THE MARKET SOON...

Viewings upon completion only

CONNAUGHT PLACE MARBLE ARCH, W2

CADOGAN SQUARE KNIGHTSBRIDGE, SW1

CHEVAL HOUSE KNIGHTSBRIDGE, SW7

Connaught Place is a duplex penthouse boasting uninterrupted views over Hyde Park. The penthouse is ideally situated close to the amenities and atractions of Oxford Street whilst simultaneously enjoying the tranquility of Hyde Park. Connaught Place will be completed at the end of April 2013.

This apartment in Cadogan Square is ideally situated near to Sloane Street, the King’s Road and Knightsbridge. Due to complete in May 2013, this beautiful two bedroom apartment features a unique view onto Cadogan Square’s private gardens.

Scheduled to complete in May 2013, Cheval House is located on Montpelier Walk in Knightsbridge.

This stunning penthouse apartment is set within a traditional building with feature glass atriums and will enjoy expansive views over some of London’s most iconic landmarks.

EATON SQUARE BELGRAVIA, SW1

EATON SQUARE BELGRAVIA, SW1

ABBOTS HOUSE KENSINGTON, W14

This Eaton Square apartment overlooks the spacious Eaton Square Gardens and is located minutes from the prestigious areas of Sloane Square, the King’s Road and Knightsbridge. Set to complete in August 2013, the apartment presents an impressive lateral space.

This charming house is located within a magnificent Grade II listed building at the heart of Belgravia.

Eaton Square is widely considered to be one of the grandest 19th century squares in London, surrounded

by Belgrave Square, Chester Square, Lower Belgrave Street and South Eaton Place.

This penthouse apartment on the seventh and eighth floors is located just off High Street Kensington. The apartment benefits from a private swimming pool, two stunning roof terraces and underground car parking.

Please contact our sales team should you wish to make an appointment to view any of the featured properties: Kalina Boyadjiew Tel: +44 (0)20 7590 2345 Email: sales@candyandcandy.com

www.candyandcandy.com IMPORTANT NOTICE:The property details and other information contained in this publication have been prepared in good faith by Candy & Candy but are not intended to, and do not constitute, an offer, a contract or create any contractual relationship. No description or information of any kind provided by Candy & Candy, whether written or oral, contained in this publication or elsewhere (“Information”) may be relied upon as a statement of representation, warranty or fact. Neither Candy & Candy or its agents make any representation or warranty as to the accuracy or completeness of the Information and accordingly all Information is given entirely without liability on the part of Candy & Candy and its agents to any prospective tenant or their advisers, agents and representatives.Any plans or photos shown are indicative and cannot be guaranteed to represent the complete interiors/exteriors of the property.Any areas, measurements or distances given are approximate only. It is not possible to scale from any drawings.Any reference to alterations to or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained.These matters must be independently veri½ed by prospective tenants and their advisers, agents and representatives.All prospective tenants must satisfy themselves by inspection or otherwise as to the correctness and validity of any Information given. Nothing in this publication is intended and nor shall it be construed as an attempt by Candy & Candy or its agents to exclude or limit their liability for any liability which cannot be excluded or limited under applicable laws, including liability for fraudulent misrepresentation or for death or personal injury caused by negligence. All properties included within the feature are owned by subsidiaries of the CPC Group. © 2013 All rights are reserved.

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