The Market Issue 10 Twiggy by Market Publishing Ltd

INVESTMENTS

■

BUSINESS

■

ENTREPRENEURS

■

FINANCE

■

ENVIRONMENT

■

TECHNOLOGY ■ PSYCHOLOGY

Vintage Fashion

STEVE JOBS His philosophy

STYLISH INVESTMENT

& legacy…

The Frieze Fair

EXCLUSIVE

A design dynasty

Art for

art’s sake

Sebastian Conran

STOCK MARKET

Marc Quinn

The business at the core

INTERVIEW

PROPERTY

■

ART

■

WINE

■

MARKETING

■

TRAVEL

■

FASHION

■

HEALTH

■

ADVENTURE

9 772045 136006

October 2011

INCREASE PROFITS!

7 ways to

Display until 27/10/11

Acclaimed artist

£3.75

Ad_landscape_LP.indd 2-3

M A R R A K ECH

THE JE WE L OF M ARR AK EC H THE TIME IS GET TING CLOSER JAWHAR’S E X TR AORDINARY COLLEC TION OF 25 PRIVATE RESIDENCES GO ON SALE SOON. BE AUTIFULLY LOC ATED IN THE HISTORIC MENAR A DISTRIC T OF M ARR AKECH, MOROCCO’S ALLURING CIT Y OF THE DESERT. ONLY A FEW MINUTES AWAY FROM THE AIRPORT AND THE MEDINA . WITH INTERIORS BY CELEBR ATED FRENCH INTERIOR DESIGNER JACQUES GR ANGE AND GARDENS BY MEDITERR ANE AN SPECIAL STS JE AN MUS. RESIDENTS WILL HAVE PRIVILEGED ACCESS TO JAWHAR’S FIVE-STAR ALL-SUITE HOTEL, THE ‘SPOON’ GA STRONOMIC RESTAUR ANT BY AL AIN DUC A SSE, AND THE WELLNESS CENTRE BY MULTI-AWARD WINNING ESPA , WITH 8 -ELEMENTS PRE VENTATIVE HE ALTH CENTER BY DR. NADIA WOLF. THESE ARE THE FIRST HOMES E VER TO BE M ANAGED BY MONTE-C ARLO SBM, CRE ATOR OF UNIQUE MOMENTS. W W W. JAW H A R M A R R A K ECH.COM TELEPH O N E +212 524 388 310

27/05/2011 16:00

Welcome... to The Market … “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma — living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” Steve Jobs

As the world and the markets adjust to the recent stepping down of Steven Paul Jobs from his position as chief executive of Apple, on page 14 Saul Wordsworth reflects on his philosophy and legacy. A legacy that has brought us intuitive design and created devices that we touch and connect with emotionally. Steve Jobs has helped to create technology we cannot be without, beautiful tactile objects that form an emotional connection between the user and the machine. He has controlled technological development with an obsessive attention to detail and excellence. Sadly, he has not been able to exert this control over his own physical state and he has been dealing with severe health complications following the treatment of a rare form of pancreatic cancer in 2004 and a liver transplant in 2009. He leaves his company one of the most powerful technological forces on the planet, but it remains to be seen how Apple will fare without its figurehead. Jobs had become the physical embodiment of all things Apple. We believed his child-like enthusiasm and the feeling of magic and wonder he had for the devices. He and Apple became ‘one’ in the collective consciousness and Apple has now lost its physical personality. Another strong and current physical personality is the young adventurer Sarah Outen, who describes her own body as an engine. On 1 April 2011, Sarah set off on an epic journey right around the world, totally under her own steam, crossing two oceans and three continents on two boats and one bike! On page 20 Glyn Morris catches up with Sarah during her mammoth bike ride across China and finds out about her passion for challenges and

2 www.themarketmagazine.co.uk

adventure. When Glyn asks her how her body is faring after five months’ hard work, she replies: “I am currently soaked to the skin and a bit chilly round the edges after a day pedalling in the rain in China, camped high on a forested mountain. I am tired – physically and mentally and have picked up various minor infections recently. My legs are covered in mosquito bites, my back is stiff and my muscles are knotted and sore, but I am OK – I’m keeping it together.” She is pushing herself to her limit every day, but she is totally connected with her body; her mental and physical states are at one. A person who is clearly interested in our relationships with our physical bodies, is the celebrated artist Marc Quinn. On page 76 Becky Hunter questions Marc about his art, which has a preoccupation with the mutability of the body and the aspects that define human life, both spiritual and physical. Quinn’s sculpture, paintings and drawings often deal with the distanced relationship we have with our bodies. He has made art from blood and cultured DNA. He tells Becky: “I’m interested in what being a person in the world means, how we try to understand the world, how we interface with it, and with other people.” At The Market we can learn from each of these inspiring individuals, as we try to bridge the gap between the physical magazine and our readers. Each month we aim to create fascinating and informative articles that give our readership something unique. We try to remember that interested, intelligent real people are reading this magazine and we try not to write for experts. All of your suggestions and feedback are always gratefully received! m

October

Contact us at info@themarketmagazine.co.uk www.twitter.com/themarketmag Join our LinkedIn Group the Market magazine Download The Market magazine App at the Apple App store

Future Markets, Future Growth What’s your International Strategy? As many Western economies struggle with a fragile recovery the world is looking to the emerging economies for global growth. With the opportunities including gaining advantages through leading technologies and high quality products and services at affordable prices, can you afford not to align your business strategy to a changing world order? To find out how KPMG can work with your business, please contact: ian.gomes@kpmg.co.uk kpmg.co.uk/futuremarketsfuturegrowth

© 2011 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

October

contents 8

This month you could... Our pick of the best things to try, do or buy

Stop press Business news and recent events

Space invaders Body language expert, Carol Kinsey Goman Ph.D, explains how keeping your distance can help at work

Big facts Michelle Martensen investigates the eurozone debt crisis

Dream team The importance of team dynamics and how to improve them

Go digital The Marketâ&#x20AC;&#x2122;s guide to great digital marketing

Phil Olley Goal-setting and goal-getting, mission accomplished!

Business diary Events you canâ&#x20AC;&#x2122;t afford to miss this month

Bev James Business expert and columnist, Bev James on the benefits of self-discipline

Mind your Ps & Qs Simple steps to business planning and survival from financial guru Gill Fieldin

Business expert Seven successful ways to increase your business profits

Business advice The benefits of keeping it in the family

Employment Applying with LinkedIn

Entrepreneurs tax Lesley Stalker explains how to pay less

Steve Jobs As he steps down as CEO of Apple, we look at the philosophy and acheivements of this creative genius Sarah Outen Glyn Morris catches up with Sarah Outen, as she attempts to cycle and row her way around the globe, and asks about her adventures and what motivates her Vintage fashion Gucci, Pucci, Fiorucci. We look at the latest fashion trend that has opportunities for collectors and investors Literary treasures From works by Jane Austen to JK Rowling, Saul Wordsworth explores the investment potential of rare books and first editions Stock market Jessica Furseth gives common sense advice to new investors in the stock market Energy storage How do we store the power generated by renewables? Helen Campbell investigates some of the technological challenges facing us

4 www.themarketmagazine.co.uk

Julie Meyer …comments on the proposed banking reforms

Tech and gadget Our pick of the latest innovations for work, home or play

102

Property Lavish homes with £10m price tags. We investigate the London super prime market

108

Travel Taking the kids on holiday. We look at relaxing family-friendly breaks in the UK

110

Nutrition Are you what you eat?

112

Marc Quinn We interview the renowned artist Marc Quinn, on making art and being human

Fit 4 Business Fitness advice from Olympic rower and personal trainer Toby Garbett

114

Frieze Art Fair London Galleries and collectors descend on Regent’s Park for the must-see art event of the year

Fashion Rock that look. Sapphires, rubies, and emeralds bring jewel tones to this seasons’ fashions

118

Frieze Art Fair fund Working with artists, museums and benefactors, the fund that is bringing innovation to contemporary art

Annabel Giles... ...tells us about kids, Twitter and random acts of kindness

120

Real business The aspirations and inspirations of real people in business

Our pick of Frieze We choose six of the best from this year’s fair

122

Book reviews Gordon Ross reviews the latest books on business and culture

124

Global diary Our pick of the best events and auctions

128

Dave Trott Creative thinking and critique from our advertising guru

Wine Shaking off its dated image, sherry is now officially cool. Rebecca Gibb tells about sherry’s renaissance

Art and Design: London From street art to industrial design, we pick our selection of this month’s exhibitions and fairs Sebastian Conran He’s designed everything from pushchairs to saucepans. We meet the renowned product designer Sebastian Conran and find out what inspires him

www.themarketmagazine.co.uk

luxury is

par for the course with Golf by Small Luxury Hotels of the World™ Discover a bag full of challenges to tantalize the golfer in you. Golf courses in the heart of wine country, hidden in rolling countryside, blended into mature parkland, overlooking ocean waves...

Wald & Schlosshotel Friedrichsruhe, ZweiﬂingenFriedrichsruhe, Germany Relax body and mind in the huge surrounding parkland of this palatial country house, complete wth 27-hole golf course. After a challenging round, head to the spacious spa to relax before indulging in the gourmet restaurant, or, if you’re feeling virtuous, enjoy light wellness cuisine in the spa-restaurant.

Ashdown Park Hotel, East Sussex, England Sharpen up your short game and approach shots at this short but tricky 18-hole, par-3 golf course set within Ashdown Forest’s ancient woodlands. Activities galore plus an awardwinning spa await you at this superb country mansion.

Download the iPhone App www.slh.com

Palácio Estoril Hotel, Golf and Spa, Estoril, Portugal

Mount Juliet, County Kilkenny, Ireland

Surrounded by beautifully manicured gardens with magnificent sea views, this glamorous hotel offers elegant rooms and suites, an holistic spa and one of Portugal’s oldest 18 hole golf courses. Beginners can learn on the additional 9 hole course.

Experience Irish country life at its best at this magnificent 18th century Georgian Mansion, Ireland’s finest sporting estate, where you can follow in the footsteps of Tiger Woods and Ernie Else on the challenging Jack Nicklaus Signature course.

Château des Vigiers, Bergerac, France The grand 16th century château set amidst woods and vineyards of Bordeaux boasts a Donald Steele-designed 27-hole course with three different configurations of 18 holes.

Small Luxury Hotels of the World™ Over 520 hotels in more than 70 countries View all our special offers at www.slh.com

Experience another World

Boost

online sales… With the e-commerce industry in the UK now estimated to be worth more than £100 billion, this year’s E-commerce Expo should be a pre-requisite for anyone looking to maximise online sales. Now in its ﬁfth year, the show takes place from 11-12 October at Olympia Two in London. Register for free at www.ecommerceexpo.co.uk

Join

the literary set…

Our pick of the best things to try, do or buy...

This month you

A host of writers, celebrities (and celebrity writers) are ready to brush shoulders at this year’s Cheltenham Literature Festival, where more than 600 speakers will take to the stage. The list is as long as your arm, but just to whet your appetite, conﬁrmed appearances include Mariella Frostrup, David Walliams, Alistair Darling, Charley Boorman, Sebastian Faulks, Ben Fogle and Sir Ranulph Fiennes. With more than 500 events planned, it looks set to be a busy week for the Regency town. The festival runs from 7-16 October www.cheltenhamfestivals.com

could... British ﬁlm…

The 55th BFI London Film Festival opens on Wednesday 12 October with the European premiere of 360. Directed by Fernando Meirelles (City of God, The Constant Gardener, Blindness) with an original screenplay by Peter Morgan (The Queen, Frost/Nixon), the ﬁlm boasts an impressive cast that includes Sir Anthony Hopkins, Rachel Weisz and Jude Law. Described as a “modern and stylish kaleidoscope of interconnected love and relationships”, the 21st-century romance weaves its way through a series of beautiful locations from Vienna and Paris through to London, Bratislava, Rio, Denver and Phoenix as a series of consequences spring from one man’s decision – to remain faithful to his wife. This year’s festival runs from 12-27 October 2011. www.bﬁ.org.uk

8 www.themarketmagazine.co.uk

BFI; Getty Images

Support

Visit

Tokyo… The Jackie Chan movie, 1911, an epic about the founding of the Republic of China, has been named as the special opening film of the 24th Tokyo International Film Festival (TIFF). It will be screened alongside The Three Musketeers, which remains the official opener. At a cost of nearly $30 million, 1911 was ten years in the making. It stars Chan and is directed by Zhang Li (the cinematographer on Red Cliff). Brad Pitt’s new film Moneyball will close the festival. The screenings will be held from 22-30 October at Roppongi Hills and other venues across Tokyo. 1911 is set for general release on 5 November. www.tiff-jp.net. Jackie Chan in 1911 Courtesy of TIFF; Getty Images

Get behind your team…

Cook

in France…

Whichever team you’re rooting for, make sure you tune into the ﬁnal stages of the Rugby World Cup this month as it reaches its climax in New Zealand www.rugbyworldcup.com Michele Martensen

With 2012 marking the 100th anniversary of the sinking of the Titanic, CookInFrance has launched a themed course around some of the fateful ship’s menus at its Dordogne-based cookery school in France. The brainchild of British chef and CookInFrance owner, Jim Fisher, the Titanic courses, which begin this autumn, are already proving extremely popular (bookings are reported to be nearly full until the end of the year). While creating a ten-course banquet might seem a little daunting for some, organisers insist the course is suitable for all culinary abilities. www.cookinfrance.com

Please send all new product releases and high-resolution imagery to Michele Martensen. Email: info@themarketmagazine.co.uk www.themarketmagazine.co.uk

News Economic climate should not deter investment, says IFS An Institute for Fiscal Studies (IFS) report has warned that with China investing rapidly in skills and science, the UK must do the same. It says new evidence suggests Chinese inventors have the capacity to engage in research at the technology frontier. “Such trends have fuelled widespread concerns over Western economies’ ability to maintain their dominance in knowledge creation and high-skill employment.” However, it claims innovation is not a zero-sum game and the success of China need not be at the expense of the West. “The key challenge for the UK and other knowledge economies is to invest now in order to foster a highly skilled workforce that is able to both compete for and

Tech update Intel and Google recently announced they would partner to optimise new versions of the Android OS for smartphones and mobile devices using Intel chips. Intel CEO Paul Otellini demonstrated a smartphone with the upcoming Medfield chip running on Android during a keynote at the recent Intel Developer Conference. “This is a significant step forward to bring Intel phones to market,” Otellini said.

10 www.themarketmagazine.co.uk

engage collaboratively in tomorrow’s breakthroughs and that is flexible enough to adjust to changing conditions…”

UK living standards to fall for ‘years to come’ The UK is experiencing one of the worst decades for changes in living standards since “at least World War II”, according to a new study on the effects of the recession. The IFS report, commissioned and funded by the Fondazione Rodolfo Debenedetti, shows that as governments attempt to repair their public finances, household incomes look set to be squeezed for years to come.

Report authors Rachel Griffith and Helen Miller point to research prepared for the European Commission that concluded if recent trends in R&D continue then “in 2025 the US and Europe will have lost their scientific and technological supremacy for the benefit of Asia”.

In the most recent financial year (201011), earnings, state benefits and tax credits all fell in real terms in the UK. IFS researchers estimate that this is likely to have led to a fall in median net household income of 3.5%, the largest single-year drop since 1981, returning it to its 2003-04 level. Previous IFS research has already revealed the decline in average living standards looks set to continue until at least 2013-14.

The authors conclude: “The current economic climate should not prevent investment in our capacity for economic growth in the future. The impact of China’s rise will depend largely on whether we are with them at the technology frontier or onlookers from the sidelines. We should choose the former.”

IFS research economist and report contributor, Robert Joyce, said: “The economic downturn began more than three years ago. But, as in other developed countries, the most severe consequences on UK living standards have only just begun to be felt and will continue to be felt for years to come.”

A man from Berkshire has been jailed for 18 weeks for ‘trolling’, and has been given an order banning him from using social networking sites for five years. Sean Duffy, 25, mocked a deceased teenager who had jumped in front a train by posting insulting remarks on a page dedicated to her memory, and creating a YouTube parody of Thomas the Tank Engine with the deceased girl’s face in place of Thomas. Coverage from the Guardian explained that Duffy pleaded guilty to “two counts of sending malicious communications,” and added that he must tell police about any phones he buys that can provide Internet access.

A new camera system can spot lies just by inspecting our faces as we talk. The system uses video camera, a high-res thermal imaging sensor and a suite of algorithms. It successfully discriminates between truth and lies in about two-thirds of cases, said lead researcher Professor Hassan Ugail from Bradford University. “Emotions are revealed by eye movements, dilated pupils, biting or pressing lips together, wrinkling noses, breathing heavily, swallowing, blinking and facial asymmetry. And these are just the visible signs seen by the camera. Even swelling blood vessels around the eyes are a sign, the thermal sensor spots them too.”

In-brief The Mediterranean coast and the Balearic Islands were the most popular holiday destinations for Europeans this year, according to research by online travel agency eDreams. But, while Spanish and Italian holidaymakers tend to spend their summers on the islands of their own countries, English, French and German tourists opt to go abroad. This summer the top destination for both English couples and families was Lisbon, followed by Athens, Barcelona, Malaga and Milan. The French favoured Barcelona followed by Portugal, Morocco and Tunisia. Majorca was the top destination for Germans. Other hotspots included London and Istanbul.

Nearly three quarters (72%) of small business owners are unable to leave their work behind when they go on holiday, according to new research by Intuit, makers of financial management software. More than a third (35%) of small business owners worry about leaving their business behind, with 22% feeling more stressed during their first day back than before they left (the figure was even higher among 35-44 year olds at 29%). Women feel more anxious about their business than men – 43% of female small business owners worry about taking a break. SME owners in the retail and hospitality and leisure sectors worry about it the most.

The government has announced the locations of 11 new enterprise zones across UK cities, including Manchester, Birmingham, Merseyside and Newcastle. The initiative is designed to boost local growth and create more than 30,000 new jobs by 2015. For further details, visit www. communities.gov.uk.

Northerners are the biggest contributors to the UK holiday market, according to an online survey by SMS Survey and Marketing Services. Nearly half (47%) will take a UK holiday this year. This compares with 41% of people living in Wales and just 28% living in Greater London. Londoners are also the most likely to travel abroad (72%).

As we went to press, the IFS was due to launch its final volume of the Mirrlees Review, a collaborative project to identify the characteristics of a “good” 21st century tax system. It claims it will be the deepest and most far-reaching analysis of the UK tax system in more than 30 years, proposing radical tax reform. According to the IFS, the report will show how the current system is inefficient, overly complex and unfair. It will set out a range of proposals designed to improve productivity and increase welfare.

A loophole that allowed businesses to accelerate capital allowances claims for plant and machinery and obtain advantageous early tax relief has been closed. Closure of the loophole was originally proposed for April 2012, but the government said it was bringing it forward to avoid loss of revenue. Justine Greening, economic secretary to the Treasury, said: “By ending this loophole [now] we will preserve important revenue while maintaining a fair system of capital allowances to support business investment.”

People are being ripped off by firms overcharging them for replacement birth certificates, according to the Identity and Passport Service (IPS). It claims some businesses are charging more than three times the price of the General Register Office. It says customers could be charged up to £74.99 for an unofficial ‘express’ online service when the same service is £23.40 via the IPS. The IPS’s standard non-express service, meanwhile, is £9.25. For more information on how to obtain replacements go to www.directgov.gov.uk.

UK households throw away more than £5bn worth of food each year, according to a recent report by LG Electronics. It found more than half of us waste at least 10% of all the food we buy and a fifth of us waste more than 25%. People in Northern Ireland are the worst offenders, with a third saying they waste more than a quarter of all food bought. The Welsh waste less food than any other region, with only one in ten throwing away more than a quarter of their shop. Londoners, on the other hand, are third-worst offenders with just over 22% wasting more than a quarter of food purchases.

The Intellectual Property Office and Crown Prosecution Service have joined forces to give prosecutors a new tool to help them tackle intellectual property crime. The move is in line with the recently published Hargreaves review of intellectual property and growth and the government’s IP crime strategy, which highlighted a need for a more integrated approach with partners to enforce IP rights. More than 350 prosecutors from the CPS are currently receiving specialist training.

www.themarketmagazine.co.uk

Big Facts

EUROZONE

DEBT CRISIS Where is it all heading? By Michele Martensen

Fact 1

Fears that Europe is heading for a Lehman-like collapse intensiﬁed in September as two of France’s biggest banks – Société Générale and Crédit Agricole – were downgraded by ratings agency Moody’s. French banks have the greatest exposure to Greek debt so would suffer the biggest immediate impact of a Greek sovereign default. Amid the chaos, the European Central Bank, US Federal Reserve, Bank of England, Bank of Japan and Swiss National Bank all waded in with emergency loans to prop up the system. The markets rallied. But it’s widely acknowledged to be just another short-term ﬁx.

Fact 2

Most analysts agree it’s only a matter of time before the markets get spooked again. That’s because Greece – like many others – has borrowed too much and, stuck in recession, is unlikely to ever be able to repay. If the contagion spreads to other highly indebted countries such as Portugal, Ireland and Italy the result will be a freezing up of credit as banks stop lending to each other. According to a report by Eurostat, 14 out of the European Union’s 27 member countries had public debt exceeding 60% of their gross domestic product (GDP) at the end of 2010, including the UK at 80%. Both Greece and Italy had debt exceeding 100% of GDP.

Fact 3

The International Monetary Fund (IMF) predicts Greek debt will grow to close to 158% of GDP by 2012. It estimates UK government debt (as a percent of GDP) will reach more than 83% this year, rising to nearly 86.5% in 2012 and above 87% in 2013. The ﬁgures show the

12 www.themarketmagazine.co.uk

highest European debtors in 2011 will be Greece with a 152% government-debtto-GDP ratio, followed by Italy (120%), Ireland (114%), Belgium (97%), Portugal (90%), France (87%) and the UK (83%). Outside Europe, US public debt looks set to be around 99.5% of GDP this year, rising to nearly 103% in 2012.

Fact 4

The interconnectedness of world banks and markets mean any fallout from the eurozone crisis will be felt globally. US banks alone are said to hold around $900 billion worth of euro debt. The presence of US Treasury Secretary Timothy Geithner at the September crisis meeting of European finance ministers in Poland shows how fearful world leaders are. With a number of governments effectively broke, most market-watchers believe banks will eventually have to make huge writedowns. While the UK attempts to inflate or print its way out of debt – confiscating wealth through financial tools such as quantitative easing – some believe eurozone policymakers will resort to even more desperate measures.

Fact 5

As MoneyWeek editor John Stepek notes: “The eurozone can’t print money to buy its own debt, like Britain and the US. The scale of austerity required to pay back the debts seems sure to cripple any economy attempting it. And writing off the debts would hurt the banks that everyone – unfathomably – is so keen to protect.” A more extreme option, says Stepek, is ‘forced borrowing’, where states force taxpayers to lend to their government. “Inflation is used to rob citizens and investors on the quiet. It usually works because human beings are wired in such a way that we find dealing with ‘nominal’ returns a lot easier than ‘real’ [after inflation] returns, so we often forget we’re being robbed. What’s worrying is when governments feel that circumstances are so extreme that they can start ripping up the rulebook, and confiscate wealth by increasingly obvious means… The problem is, when governments start looking desperate, you don’t know what they’re going to do next. This is one of the main reasons why markets are so jittery. Nothing is safe.”

www.twsteeluk.com

The long

GOODBYE As Steve Jobs finally stands down from Apple, Saul Wordsworth considers his philosophy and his legacy

n August 2008, Bloomberg mistakenly published an obituary of Apple chief executive, Steve Jobs. Jobs responded by quoting Mark Twain’s oft-cited refrain: “Reports of my death are greatly exaggerated.” Fast forward to August of this year and in a letter addressed to the Apple board of directors and the Apple community, Jobs stated: “I have always said that if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.” Lost in the understandable sadness and speculation about the future of the company is the concept of an Apple ‘community’. How many other organisations could be said to have created a band of devotees on such a scale? There are hundreds of millions of Apple aficionados throughout the world, all borne of Jobs’ creativity, passion, good taste, force of personality and vision. The demonstration of a new Apple product, always fronted

www.themarketmagazine.co.uk

by its enthusiastic CEO in trademark black turtleneck, blue jeans and scruffy trainers, has increasingly held the aura of a magic show, pushing the boundaries of what a human can conceive, making Jobs himself seem like a cross between a conjuror and a rock star. “There’s an old Wayne Gretzky quote that I love,” said Jobs. “‘I skate to where the puck is going to be, not where it has been.’ And we’ve always tried to do that at Apple. Since the very, very beginning. And we always will.” PhilOsOPhY Charismatic, tyrannical, brilliant beyond compare, it could be argued that Jobs has influenced our culture more than any other human being in the past 30 years. It is not merely a technological achievement. In the same way that the development of the motorcar altered the way human beings lived, so this college dropout from Silicon Valley turned computing into the most personal, direct and pleasurable experience it could be,

Rex Features

“I have always said that if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come” www.themarketmagazine.co.uk

making computers as easy to use as telephones and turning telephones into high-functioning computers. “Steve Jobs has always understood that as human beings our first relationship with anything is an emotional one,” said Stephen Fry, personal friend and renowned technophile. “Architects recognise this. Jobs understood that computers are like buildings; people visit them every day. People log on and spend their lives inside an operating system and he thought they should be smooth and beautiful in the same way a building can be charming and delightful and a place you want to revisit. He saw that a device that sits in your hand and connects you to people isn’t just a sum of its functions, it’s something that should make you smile, that you should cradle, love, have an emotional relationship with. And if people think that’s pretentious, then the success of Apple is proof of how wrong they are.” BACKGROUND The unusual slant that Jobs brought to the personal computing market can be traced back to his early years. Adopted at birth, the young Jobs was indeed a college dropout, albeit one who hung around for a further 18 months and ‘dropped in’ on what he regarded as the ‘interesting’ courses. This led him to take classes in calligraphy, “knowing nothing would come of them”, only for this to inspire what he calls, “the beautiful calligraphy of the first personal computer by Apple – and since Windows just copied the Mac it’s likely no personal computer would be like this were it not for those classes”. During this period he slept on floors, cashed in empty coke

“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life” bottles, experimented with LSD, travelled to India and converted to Buddhism. In 1976, Jobs’ formation of Apple with local computer whizz Steve Wozniak led to success. Shares in the company were so sought after that by the time it ﬂoated four years later it became the biggest stock market launch since Ford in 1956. Yet his perfectionism combined with a lack of business awareness led to boardroom clashes and he was ousted from his own company in 1985. Not lingering long to lick his wounds Jobs founded Pixar – later to become synonymous with brilliant animation – along with NeXT, a quality computer workstation ﬁrm. Eleven years later Apple bought NeXT, acquiring not only the OS X software that has

underpinned every product Apple has made since, but Jobs himself. Jobs set about cancelling projects he deemed wasteful before hauling Apple back to, and beyond, its glory days with ﬁrst the iMac then a series of increasingly aweinspiring innovations such as the iPod, iPhone and iPad, thereby ring-fencing for Apple the crucial modern markets of computing, online music and mobile devices. DESIGN “The Macintosh turned out so well,” Jobs once said, “because the people working on it were musicians, artists, poets and historians who also happened to be excellent computer scientists.” Whether this is true or not, the value of an Apple product to the consumer lies in the coming together of science and art. Therein lies the heart of Jobs’ vision.

❞

Steve Jobs is the embodiment of the American dream. Barack Obama

He proves conclusively that passion, taste and belief are more important than a hard business head. Stephen Fry

Steve Jobs would be the entrepreneur I most admire. He’s the greatest comeback artist as well; he’s been down and out and fought his way back, creating a brilliant global company. Everything he does is real class. Richard Branson

He’s a perfectionist micro-manager and will accept absolutely no compromise to his vision. The flipside is that you end up building something extraordinary. Our team ended up building elegant and refined software we didn’t believe we were capable of building. Being part of that was career defining – he brings out the best in people. Apple is a company founded in his image. Dan Crow, former senior apple engineer

“Steve Jobs has an artists’ eye as well as a deﬁnition of what great engineering is”

“Steve Jobs has an artists’ eye as well as a deﬁnition of what great engineering is,” said chairman of Google, Eric Schmidt, recently. Apple’s combination of cuttingedge electronics, intuitive operation and aesthetic beauty has created unparalleled brand loyalty, together with a mythical status bestowed upon its founder. From the eye-catching translucent casing of the iMac to the silver sliver of the MacBook Air, all Apple products have a visual ‘wow’ factor. Meanwhile, the personal relationship Jobs wished to embody between man and machine is personiﬁed in everything from his early adoption of the mouse to the use of ‘pinch’ on the iPhone and iPad, a system that takes personal involvement to new heights. All of these elements allied to a staggering attention to detail and hands-on approach made Jobs a

❞

formidable boss, and one with grand ambition.

“Do you want to spend the rest of your life selling sugar water,” he said to John Sculley, then CEO of Pepsi, when trying to persuade him to join Apple, “or do you want to change the world?” LEGACY Jobs remains synonymous with Apple, in particular its recent transformation into the undisputed market leader. The almost child-like excitement he showed for his own products was infectious and his anti-corporate persona proved popular – he was recently voted the most admired entrepreneur among teenagers worldwide. While company shares fell by 4.1% upon his departure (ofﬁcially to become chairman of the ﬁrm), they have since stabilised. Jobs leaves Apple

www.themarketmagazine.co.uk

Rex Features

“Steve Jobs has always understood that as human beings our ﬁrst relationship with anything is an emotional one”

in astonishingly robust shape with a war chest of £48bn, enough to buy Tesco and BT, or go some way towards fixing the British economy. How long the company can remain an extension of his brilliant personality remains to be seen. As Dan Crow, former senior apple engineer and longstanding colleague of Jobs put it: “Even when Steve isn’t personally involved in a product, his philosophy is so well understood in the company that it pervades everything Apple does. It’s hard to see how that influence can remain at the level it is now because Steve is such a personality, and his influence is a very powerful tool in the company that is used to maintain standards.” What we do know is he leaves behind Jony Ive, the British designer with whom he devised Apple’s most eye-catching products, along with Tim Cook, the former chief operating officer who has been embedded at Apple for more than a decade and now takes over as CEO.

www.themarketmagazine.co.uk

The world of computing and beyond wish him good health but it seems this is the one area of his life where he has lacked the Midas touch. Most admit he is unlikely to make a return, though few doubt he will continue to exert as much inﬂuence as he can, while he can. Like most geniuses, Jobs could be difﬁcult, sometimes unpleasant, occasionally impossible. Nor does Apple possess an unimpeachable record, with conditions at some of its factories in China regularly called into question and a scaling back of its philanthropic work under Jobs. But his legacy will be an overwhelming powerful one, that of a man with a unique ability to anticipate trends, who helped create a portfolio of products that changed the world.

“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life,” said Jobs at his Stanford commencement speech in 2005. “Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.” m This article was written on a MacBook Pro

Harrods Corporate Service provides complimentary gifting ideas for all your business needs.

Banqueting Gifts for Her Concierge Gift Cards Gifts & Stationery Festive Hampers Food & Wine Gifts for Him Personal Shopping

Our dedicated team helps you select from more than 330 departments. From tailor-made hampers and vintage wines to gift cards and in-store experiences, whatever your budget or brief, weâ&#x20AC;&#x2122;ll find the perfect present.

corporate.service@harrods.com +44 (0) 20 7225 5994

Adventure

Sarah Outen

UNDER HER

OWN STEAM On 1 April 2011 Sarah set off from Tower Bridge, London, and headed east. Her destination – London, via the world. Fuelled by her incredible willpower, she is propelling herself across the seas and channels by kayak, over three continents by bicycle, and across two oceans by open rowing boat. Glyn Morris catches up with Sarah during her mammoth bike ride across China...

he idea for your current adventure came to you while you were rowing the Indian Ocean. Where did the idea to row the Indian Ocean come from? Ocean rowing first leapt on to my horizon in late 2005. I was in my second year at Oxford, a keen rower, and I received an email one day with ‘Ocean rowing races’ in the subject header. I was captivated immediately – I love oceans and I love rowing, so it seemed like a very exciting equation. Ocean plus rowing equals adventure, I thought! I had no fixed plan for post-graduation at that point. I had suffered a knee injury that had led to termination of my Army scholarship, which would otherwise have led me to Sandhurst for officer training. After some research, I set my mind on taking a crew across the Indian Ocean – it is the forgotten ocean out of the ‘Big Three’ and I didn’t even consider going solo. A few months later, in June

www.themarketmagazine.co.uk

2006, my father died suddenly. I decided that my row would take on a bigger meaning for me now, and decided that I would row solo in a fundraising voyage dedicated to his memory. It was as much a journey of grieving and healing as it was about adventure. The row itself was the culmination of three years’ planning and preparation, so I used it as a real focus for getting through my grief.

the Atlantic with a crew to learn about the open ocean, big waves and weather systems; I had also rowed most of the way round Gran Canaria with a Hungarian ocean rower. I did some technical, medical and safety courses, read books about other ocean rows and prepared physically and mentally – I ﬁgured that the rest of the practical stuff I would learn at sea.

You were the ﬁrst woman and the fourth person ever to accomplish this. How much experience did you have before you left? Some might think that it wasn’t much, but I had as much experience on the ocean as I could get before setting off – not all of it in a rowing boat. I had decided that alongside getting practical time at sea, technical experience and so on, the most important thing would be getting my head into the right place. The year before the row I sailed across

In the end, I even had a failed attempt that saw me row a 400-mile loop out of and back to Fremantle – because of a strong adverse current, contrary winds and an electrical issue. That ten days proved to be a brilliant introduction to the row ahead. With hindsight, I am so glad it happened that way. Can you describe what it’s like being alone in an open boat in the middle of a vast ocean? If I had to pick just one word to describe

At times, it is terrifying out there, but for the most part it is wonderful. The energy of life on the ocean is tangible when you are that close to the water

Photos from Sarah's Flickr Page: Above ÂŠ David Tett

www.themarketmagazine.co.uk

it, I would use ‘humbling’. And if I was allowed a few more I would throw in exhilarating, magical, refreshing, relentless, special, sublime, surreal, challenging, repetitive, exhausting and very salty. At times it is terrifying out there, but for the most part it is wonderful. The energy of life on the ocean is tangible when you are that close to the water. You become oceanic – a beast of the waves, living out your day according to the rhythms of the sun and the actions of the weather systems. Yet at the same time, you are continually shown that mankind is nothing and nature is everything – the raw power of the atmosphere and the waves is incredible and humbling. I loved the simplicity of it all – both in terms of my situation (alone, far from help, with finite resources on board and generally no big decisions to make) and also my tasks (row west, stay safe and keep happy). The time and space to just ‘be’ was special, and a real contrast compared with the busy life I lead back home. I loved it and am excited to be going back out to sea next year. The Pacific will be even more challenging than the Indian, so I expect to be humbled again and again out there.

www.themarketmagazine.co.uk

Rarely will a dream come to fruition without making some sacrifices and rarely is everything in all areas of your life perfectly pointing towards ‘the right time’ Having capsized many times, can you describe what happened at the end of your voyage? I landed in Mauritius 124 days after setting out from Australia’s shores, though it was rather more exciting than we had hoped for. In fact, my crashlanding onto the reef, which protects the west side of the island, nearly killed me. My boat Dippers was capsized three times by huge breakers on my way in – easily the most terrifying moments of my life. Thankfully, I managed to get inside the cabin just as the third wave was rolling us, so I was protected somewhat

as the waves battered her onto the reef where she came to rest in shallow water. It was dark by this time and although I could see where I needed to be, it would have involved leaving Dippers and wading through water to get there – not a safe option. I set off flares in the hope that someone would see them and come and help. First a helicopter came out but in the end my weatherman and some locals picked me up. We floated and heaved her off the reef and then towed her back to the pier where I knew my Mum and brother and some friends were waiting. Ricardo, my weatherman, said there were about 20 people, which made me nervous, as I hadn’t seen anyone for four months. So you can imagine the complete shock that I had when we pulled alongside and 200 people came into view. I couldn’t stop grinning – it was a brilliant and emotional moment. I was so happy. Firstly, to actually be alive but also to have that first hug with my Mum and my brother, and to have reached some level of peace with my Dad’s death. That said, I was sad to be leaving Dippers and the ocean behind, too.

Jude Edginton

You not only financed the trip, but you raised £30,000 for arthritis charities. Would you say you had a good head for business? I have certainly learned a lot about business through expeditioning, especially in putting together the Indian row – it was a fast-paced and gruelling apprenticeship, and it has been especially satisfying to put the lessons I learned into my current expedition planning. I’m learning all the time, however, I think it’s a school you never graduate from. Many people have dreams; few manage to make them happen. What do you think was the catalyst that turned yours into reality? The most important thing is that I said: “I am going to do this’’, and I declared that it would happen in 2009. Immediately, I had named the goal and made it time-specific, and very quickly all the people who knew me knew that this was my plan. Once you have done this then it’s a case of working out how you are going to get there, in spite of the obstacles. I think the reason too many people let their dreams go by the wayside, is simply that they don’t look at how they might overcome the obstacles

that stand in between their present time and turning it into a reality, and ultimately they don’t commit. Rarely will a dream come to fruition without making some sacrifices, and rarely is everything in all areas of your life perfectly pointing towards ‘the right time’. Sometimes you just have to go for it and you will find out that now can be the right time. I saw my Dad suffer with rheumatoid arthritis and was very aware from an early age that there were many things he couldn’t do as a result of this. As a teenager I really started to appreciate the impact this had on him and how lucky my brothers and I were to be healthy. When he died in 2006, aged just 53, it reinforced the notion that life and time are precious and that, if you want to do something, only you can make it happen. Now is the best time because you don’t know what might happen tomorrow. Looking back at your childhood, are there any indications you would be following this way of life? I have always loved being outside, exploring and travelling, but I don’t think there was anything that pointed towards me heading off on major solo expeditions

or indeed doing so professionally. I started kayaking and sailing as I bounded in to my teenage years and I started expeditioning through the Duke of Edinburgh’s Award. At 17 I was awarded an army scholarship, whereby I would go to Sandhurst for officer training and a commission after university, so that was my plan in my late teens. I don’t think my Mum is too surprised by it all, but I don’t think she would have predicted it ten years ago. Now she knows not to predict! Being a very positive person with a joyous outlook doesn’t make you immune to misfortune; you experienced its painful bite with the death of your father. What is your way of ensuring a negative situation has a positive outcome? Sometimes it can be a real battle and often to get to the positive I have to journey via a bit of wallowing or raging. But reframing things in a positive light, or at least putting the negative energy to one side and moving forwards again, is absolutely necessary on expedition, especially solo ones. If I didn’t do this then there is a danger of falling into a black hole that is very difficult to climb

www.themarketmagazine.co.uk

out of. I think it all comes from seeing my Dad’s approach to his arthritis – when his body was failing and he was in pain 24 hours a day, his attitude was the only thing he could control. It was inspiring and still drives me today. Humour is a great tool as well – if you can laugh at yourself when you are cold and wet and scared out at sea by yourself, then the situation is immediately better than a moment before. You are becoming well-known for your inspirational speaking. Who inspires you, who are your heroes? Lots of people inspire me in different ways. My parents inspire me, even after Dad’s death. Their tenacity, loyalty, humour and support of our dreams has been remarkable. Ellen MacArthur’s story inspired me as a teenager and her life and work still do today. My friend, Kristin Hallenga, is a huge inspiration daily, too. She was diagnosed with stage IV metatstatic breast cancer at the age of 23 after a series of misdiagnoses. There is no stage V. Along with her twin sister she has founded ‘ Coppafeel! ‘ a breast cancer awareness charity aimed at reducing the incidence of late diagnoses. You said ‘I am a big believer that if you have to do something to survive you will do it’. How important is self-confidence and self-belief in your life? Without it I wouldn’t be where I am today, that’s for sure. I remember Kate Adie came to our school to deliver the prize giving speech when I was 15 and she said ‘Girls, all you need is education, poise and confidence’. The confidence bit flounders some times, like anyone, but whether I am in a boardroom negotiating a six-figure sum for sponsorship or delivering a session to a hall of delegates or hundreds of discerning teenagers, or whizzing down remote lanes in the Far East on my bike, I need to have a sense in myself that I can take on the task in front of me. In your current project ‘London to London: via the world’ you are circling the entire globe solo using human power alone. Is it living up to your expectations? I hardly had headspace to imagine what

www.themarketmagazine.co.uk

it would be like before I went away as I was so busy planning and training and pulling it all together, but I certainly couldn’t have predicted how it would turn out. Every day is full of surprises and adventures, and I have met some wonderful people and been shown generosity and kindness that will stay with me forever. I am really enjoying travelling through different countries and landscapes and, as is often heard, the more I see of the world the more I want to see. There is still so much more to come, too – I can’t wait and am still as full of enthusiasm for the journey ahead as I was when I set out from London. One thing I hadn’t appreciated before setting out was everything that goes alongside the straight task of travelling – all the organisation and forward planning of the next stage, management and communications. Even though I have a team at home, it is such a complex expedition that often my input is needed as well. So it is testing me in all sorts of ways and will be keeping me busy for a while yet. I love it. Your body is your engine. After five months’ hard work, what sort of state are you in? And what effect has the different types of food (your fuel) had on you? I am currently soaked to the skin and a bit chilly round the edges after a day pedalling in the rain in China, camped high on a forested mountain. I am tired – physically and mentally and have picked up various minor infections recently. My legs are covered in mosquito bites, my back is stiff and my muscles are knotted and sore, but I am OK – I’m keeping it together. The food so far on this journey has been an adventure in itself. At times it is a real mission just to find enough calories, and at others a challenge to stomach whatever is on offer. China has been brilliant for the latter – all sorts of new foods and plenty that we wouldn’t even consider eating at home. I don’t think there are many parts of sheep that I haven’t eaten now! It has certainly been an eye-opener and made me realise how much food is wasted and how we take the huge variety for granted. I’ve had my fair share of traveller’s tum along the way

and a dose of food poisoning in the Czech Republic, but nothing that has knocked me out for more than a couple of days. It’s a good job really as I have a pretty tough schedule to make it to the Russian coast before the weather closes in. After spending all this time on a bike, how do you think you will adapt to months of rowing? Thankfully, I have four months in between the two phases where I will be static in Japan, waiting out the winter. My aim will be to recover both mind and body and start preparing both for the ocean crossing, which will begin with the optimal weather window in spring 2012. My body has held out pretty well so far though I have some tight spots and stiffness here and there – especially in my legs and back. I am sure my sports therapist back home would have a field day if I let him loose on my quads. The start of any expedition is always a shock to the system – it takes time for mind and body to adapt to spending most of your waking day doing one task in an extreme environment. It drove me mad for the first couple of weeks on the Indian Ocean – that settling in period. But now I know to expect it, so it should be easier to deal with. Your journey so far, across Europe and Asia, has taken you through a large part of our planet’s backyard. As a biologist and environmentalist, what sort of condition do you think we’re in? I am an optimist by nature, but all this time in the saddle pedalling thousands of miles across countries at both ends of the development spectrum, and in landscapes both remote and urban, I am more worried about the state of our planet than I was before. I have seen all sorts of sad things – water pollution and mismanagement, vast landscapes scarred by open-cast mining, and river plains choked with factories belching out fumes. The number of vehicles on the road has surprised me too and it has been sad to see that even in the most remote areas there is litter and human damage. On the other hand, I have seen some great examples of renewable energy and

wildlife conservation, though the more I pedal, the more I realise that this is just a tiny act in comparison to the size of the problems we face. We have too many people, using too many resources, and destroying ecosystems and wiping out species along the way. What changes would you like to see? Technologies for renewable power need to be rolled out on a much wider scale, resource use needs to be cut dramatically and, somehow, we need to quell the ballooning population if we are to move towards a sustainable future.

Every day is full of surprises and adventures, and I have met some wonderful people and been shown generosity and kindness that will stay with me forever Specifically, I would like to see better management and protection of water sources and increased use of solar and wind power right across the world. Modern technology has enabled you to broadcast your adventures directly into homes and classrooms as they happen. What feedback have you been getting from the school kids? The feedback has been great, both on the phone with live calls and then through the website, too. I love receiving questions and messages from them, especially those asking me for advice on their own plans or telling me about how they are following the journey at school. You stated that in the future you would like to be involved in education. What would you like to teach, to whom, and where? I don’t know the details yet – only that I love working with children and young people and that one day I shall return to

education in some way. When the time is right and the opportunity presents itself, I shall head back in. For now, my work is a little bit like being a teacher without being tied to a classroom, and I like that. Your book A Dip in the Ocean covering your Indian Ocean voyage has recently been published, and has already sold more than 5,000 copies. How did you find writing it? And are you contemplating future publications? Finding a publisher willing to take me on was as difficult as the ocean itself. Eventually, in May 2010 I hooked a deal, but with less than a year to go until I started this journey, time was tighter than tight. It also fell at the busiest time for my speaking period and as the advance was so tiny there was no way I could just sit back and write. Just finding the time to write was a challenge, and I wrote most of it at odd hours of the night or in small pockets on train journeys. That said, I loved it and I am really hoping that I will be able to write another about this journey too. Hopefully, I can block out a period of time where I can retreat to a cottage somewhere quiet and just write. Following your voyage, you were made a fellow of the Royal Geographical Society. This year you were awarded an MBE for your services to rowing, conservation, and charity. For someone so young, how does being recognised in such a way make you feel? It feels good, if not a bit surreal. I hope to go to the Palace when I get home in a couple of years. For now, as I head east on my bike, scruffy and tired, it feels like a whole world away. Although it’s still early days, has this trip inspired any future adventures? It certainly has but I’m keeping quiet for now – there’s a long way to go yet. m To keep up to date with Sarah visit www.sarahouten.com Or follow her on Twitter @sarahouten By Glyn Morris

www.themarketmagazine.co.uk

Investment

A Vintage Flair Angelina Jolie wearing vintage Versace at Salt ﬁlm premiere

Left: Balenciaga couture from 1962. Sold for £5,760. Image courtesy of Kerry Taylor Auctions

82 www.themarketmagazine.co.uk

Masatoshi Okauchi/Rex Features

Angelina Jolie and Anne Hathaway are among stars often opting for vintage couture for Hollywood premieres Right: Yves Saint Laurent Mondrian dress, from the Autumn-Winter 1965 collection. Sold for £32,400. Image courtesy of Kerry Taylor Auctions

It is happening on the red carpet and the high street alike: looking backwards is the ultimate way to be fashion forward. The vintage fashion trend is gathering pace, whether it means buying to wear, or securing a couture treasure as a ﬁnancial investment

ur love for vintage fashion is in full bloom, whether it is actors gliding up the red carpet in 1980s Valentino, or fashionistas strutting down the high street in retrofabulous 1950s frocks. A good piece of vintage clothing is an expression of individuality, and one that often comes at a discount to buying a new designer item. On the other hand, auction houses are fetching increasingly higher prices for the most exclusive pieces, meaning there is also a growing investment case for vintage fashion. “The trend for celebrities to prefer vintage couture has brought the idea to the watching public at every red carpet event,” says Pat Frost, director of fashion and textiles at auctioneers Christie’s. “Fashion has, and will always be, inﬂuenced by the fashions of the past.” Angelina Jolie and Anne Hathaway are among stars often opting for vintage couture for Hollywood premieres, while Kate Moss and Lily Allen both drew heavily on the past during their lacedripping weddings earlier this year. For a different expression of the vintage trend, Alexa Chung is among starlets often seen stepping out in funky 1980s frayed shirts and battered denim. While their interpretation may be different, the conclusion remains the same: the past is the place to look for inspiration. Collectors’ treasures For the most exclusive garments, the growing popularity of vintage fashion means prices at auction are rising. Sales can breach the six-ﬁgure mark if collectors get particularly excited. “At the top end, you see individual pieces going for more than £10,000,” says Kerry Taylor, founder of vintage fashion specialist Kerry Taylor Auctions. Taylor’s customers are often museums or private collections, but she also sells to wealthy individuals or stars looking to make a splash at their next event.

“We had a vintage Yves Saint Laurent dress from his Mondrian collection in a recent auction, and it sold for £27,000. We had a museum vying with a lady wishing to buy it to wear,” says Taylor. She lists Chanel, Paul Poiret, Madeleine Vionnet, Balenciaga, Charles James and Christian Dior among the most collectable names, “but recently we have seen a lot of interest in Japanese designers too, such as Yohji Yamamoto”. Taylor started her career at Sotheby’s and continues to act as a textile consultant for the auction house. Now recognised as one of the UK’s foremost experts on vintage fashion, she offers a free valuation service, and will take on items priced as low as £100 if they draw her interest. “At the lower end of the market there is excellent value for money. You can spend less money than you would in Prada and buy something like a 1930s bias-cut evening gown instead.”

“At the top end, you see individual pieces regularly going for more than £10,000” Buy what you love While wearing your 1960s ‘Space Age’ Cardin dress would certainly turn heads at the party, be warned: the investment value of a piece like this is just a winesplash away from junk status. “We always advise to buy what you love, rather than buying purely for investment,” says Frost at Christie’s. “Wearing vintage couture will damage it. If looking to buy for investment, condition is crucial, as well as no alterations. It must be totally original.” Christie’s fashion sales have included pieces ranging from “Frederick Worth in the 1880s, [when he made] gowns for the dollar princesses disembarking in Paris

Above: Sonia Rykiel colour block dress, from the 1970s. Sold for £552. Image courtesy of Kerry Taylor Auctions

www.themarketmagazine.co.uk

Evening dress designed by Charles Worth (1928)

at the start of their European tour”, up to the 1990s; “we sold a Jean Paul Gaultier cone-breasted evening gown belonging to Anna Piaggi to the Metropolitan Museum”.

to wait 20 years before it is worth more than you paid. However, no one knew that Alexander McQueen would die so tragically young, so his clothes are already valuable,” says Frost.

While exclusive haute couture fetches the biggest prices, there is also a signiﬁcant market for good condition prêt-a-porter pieces from popular designers.

The celebrity factor is not to be sniffed at; Kate Middleton’s infamous sheer mesh dress sold for £65,000, despite being made by an unknown designer. “Put an item into historical context and you can double its value,” says Taylor, who last year sold the black taffeta dress worn by Princess Diana at her ﬁrst ofﬁcial engagement for £192,000.

When considering what to buy, investors should look for items that are in optimal condition, that have not been altered in any way, and preferably garments stemming from the designers’ peak era. “The important years will vary according to designer. If you buy today’s collections off the runway, you will probably have

28 www.themarketmagazine.co.uk

Leather treats Changing trends, and the fragile nature of many fabrics, mean buying fashion as an investment does not come without an

element of risk. Still, if done right, Taylor argues that vintage fashion can certainly be a cash-making venture: “Take the YSL Mondrian dress I sold for £27,000 in March: I sold that very same dress in 1991 for £2,000. That was a great investment for the owner,” says Taylor. Asked if this case is an exception, she asserts that it is not: “If you are buying excellent pieces you cannot go wrong, because there is a ﬁnite supply.” Those who are still worried about moths eroding their investments may want to consider buying a vintage handbag instead; bags and luggage from classic brands such as Hermès and Yves Saint Laurent fetch good prices at auction and are less susceptible to damage. Last

Roger-Viollet/Rex Features

Chloé, from 1983. Sold for £480. Image courtesy of Kerry Taylor Auctions

year Christie’s sold a cherry red alligator Hermès Birkin bag for a record £49,250. At the lower end of the price spectrum, buying vintage leather may mean getting your hands on a bargain. “Buying a designer bag at auction is a good way to bypass waiting lists for exclusive handbags, as these can stretch up to several years,” says Claire Browne, costume and textiles specialist at Bonhams auction house. In addition to selling leather and clothing, Bonhams has a large vintage lace section, selling items such as fans and linens, meaning there are several categories to choose from for investors interested in vintage. The buyers’ market is international, says Browne, who estimates a third of her customers to be international. “The Chinese market is strong right now, but we also see interest from US and Japan. UK buyers focus more on antiques, while the fashion interest often comes from further aﬁeld.” High-street vintage As few of us have the stomach to risk ruining a museum-grade dress by wearing it, a vintage shop catering for more moderate budgets may well be the primary port of call when looking for something to wear.

This is the advice given by Juliet Andrew-Orji, a vintage-lover who grew up next to London’s Portobello Market; she watched it grow from a local favourite for quirky finds to a fashion destination frequented by stylists and celebrities. Earlier this year, Andrew-Orji took the plunge and opened her own vintage shop, Abigail’s Closet, where she sells carefully selected finds. “The more experienced vintage fans tend to love fashion from the 1920s and 1930s, as this is hard to find in good, wearable condition,” says Andrew-Orji. “A safer era for those just getting into vintage is the 1960s and 1970s; especially the latter is a decade with so much

Sharok Hatami/Rex Features

An overﬂowing second-hand shop comes with the hope of yielding the ultimate bargain, but chances are it will cost you hours of digging through piles of stock. Instead it may be worthwhile to go to a more upmarket vintage shop, where only the best items will be displayed.

Chanel Fashion: 1960s

“If you are buying excellent pieces you cannot go wrong, because there is a ﬁnite supply” www.themarketmagazine.co.uk

diversity that it has something for everyone.” While vintage fashion tends to attract people looking for an individual expression, the rising number of celebrities adopting the trend has brought it into the mainstream, says Andrew-Orji. “In the past six years it has been picking up. This means prices at the markets have changed too – it used to be so cheap!” Early bird special The hard core of vintage aﬁcionados know that the ultimate bargains are reserved for those who put in the legwork: hit the markets well before the dawn chorus, roll up your sleeves and start digging. One of the UK’s best hunting grounds for vintage buffs is Sunbury Antiques Market, which kicks off at 6.30am every other Tuesday. Located at Kempton Park racecourse in Middlesex, 800 market stalls cater to your every vintage whim at this fair, which was established by Sue Cruttenden in 1979 and is now being run by her son Edward. “The trend of celebs mixing and matching with vintage has been a real kick for us. Lots of people come to Kempton looking for vintage pieces

to wear. We also regularly get buyers looking to stock their shops,” says Edward Cruttenden. The vast market space does not separate its wares into sections; a move Cruttenden says is deliberate, as they want to encourage people to walk around. “People come from all over Europe to trade at Kempton. It is such a buzz – at 6.30am the doors open and by 1pm it is all over. We get the little old ladies from down the road, we get the celebs, and we get the Brick Lane shop owners coming to buy stock.” Cruttenden is keen to protect the privacy of his customers, the celebrities as well as the buyers and stylists who get up at 4am to drive out to Middlesex to source stock from favourite sellers. This is why he does not allow cameras: “You will certainly not see us on [BBC’s] ‘Flog It’.” While shoppers can get great prices at Sunbury, much of the attraction of the market lies in buying the goods straight from the source. “You get to buy things directly from the guy who cleaned out an old house and drove everything to Kempton. […] You can ﬁnd some classic pieces here,” says Cruttenden, whose advice to buyers is to let their hearts get the ﬁnal vote when deciding what to buy: “If you love it, then go for it.” m By Jessica Furseth

Five great vintage hunting grounds ■ Sunbury Antiques Market, Kempton

racecourse, Middlesex Browse more than 800 stalls every other Tuesday morning at this stylists’ favourite destination. One of the UK’s largest and longest-running vintage fairs. ■ Hammersmith Vintage Fair, Hammersmith Town Hall, London Taking place every ﬁve to six weeks, it attracts more than 100 vintage clothing dealers from the UK and abroad. Stocks fashion, accessories, shoes and fabrics. ■ Frock Me!, Chelsea Town Hall,

London and Brighton Corn Exchange Established in the mid-1990s, this fashion fair runs several times a year in London and Brighton. Attracts vintage dealers from around the country. ■ London Vintage Bridal Fair, Olympia Hilton Hotel, London Launched last year, this fair specialises in all things wedding: original vintage bridal gowns, plus accessories and clothing for bridesmaids and mothers. ■ Judy’s Affordable Vintage Fair,

nationwide Founded by ex-Selfridges personal shopper Judy Berger, this fair sells handpicked vintage or re-worked fashion in 30 cities from Southampton to St Andrews.

Hermès Birkin bags going on sale at Christie’s on 16 November 2011. From left: gold leather Kelly bag, red leather Birkin bag, tri-colour red gold and brown Birkin bag. Price estimates between £3,000 and £6,000. Image courtesy of Christie’s

Last year, Christie’s sold a cherry red alligator Hermès Birkin bag for a record £49,250 30 www.themarketmagazine.co.uk

Hermès Birkin bags. Image courtesy of Christie’s

S tratt o n S t r e e t , london , w1 J 8lt + 4 4 (0) 2 0 7 769 404 1 the mayfai rh ot el.co.uk

Literary Treasures Saul Wordsworth explores the investment potential of rare books and ﬁrst editions…

or many of us, books are a comforting presence. They enrich our lives and remind us of former intellectual and artistic excursions. They are also an extension of ourselves, a reinforcement of who we are. A few of them – though not many – are worth a fortune. The presumption that ‘old’ equals ‘valuable’ is well wide of the mark. Instead, the key lies in understanding the market. A few antiquarian books and some new volumes are much sought after and highly investable.

A few antiquarian books and some new volumes are much sought after and highly investable 32 www.themarketmagazine.co.uk

“Rather than having your money tucked away unseen, investing in books gives you immediate pleasure, while providing that enticement of speculation for the future,” says David Waters, founder of DB Waters Rare Books, one of the UK’s leading modern first book dealers. Specialising in the likes of Philip Pulman, Stephenie Meyer and JK Rowling, Waters has established a successful business based on the sale of modern first editions. “I think people are very motivated today to collect extremely recent fiction,

not least because of the Harry Potter phenomenon. Take Stephenie Meyer’s Twilight series, which has transferred well to cinema. The ﬁnal book, Breaking Dawn, was published in the UK in 2008 including 1,000 signed limited editions. Each of these could have been picked up for £14.99. In good condition, each is now worth upwards of £500. For me romance lies in buying modern ﬁction rather than old classics. This where the dreams lie and where the speculative element creeps in.” Investing in old classics is perhaps the more familiar form of book collecting, bringing with it associations of dustiness and tweed jackets. Margaret Ford, though neither dusty nor tweed-wearing, is head of books and manuscripts for Christie’s in London. “Although it can be slightly subject to fashion, the books with staying power are the classics, ones that have in some way changed the course of human history. The Darwins, Einsteins and Newtons all fall into this category. In terms of literature Shakespeare and Jane Austen feature prominently. Special copies of any of these send hearts racing. Even

in the world of the printed book where by deﬁnition the object is a multiple, a special binding, interesting provenance or annotation can make a book unique, thereby contributing to its value. Adam Smith’s Wealth of Nations (1776) has seen some prices upwards of £150,000 in the past three years, in part because it is an important economics book from a period of economic turbulence, but also because particular copies have a unique 18th-century binding.”

Over time ﬁrst-edition books tend to appreciate in value at a greater rate than inﬂation

Modern and ancient collectibles are clearly two ends of a spectrum. What unites them – and anything collectible in between – is their classic status, either as modern favourites or as titles that are so embedded in the mindset of contemporary culture that practically everyone has heard of them. “Books such as Catcher in the Rye or To Kill A Mocking Bird are highly sought after, as are many books that appear on school curriculums,” says Waters. “A UK version of Catcher, which is scarcer than the US print and also has a more appealing dust jacket, is worth £1,500 in good condition. Other books that may not be regarded as literary classics but remain hugely popular include Douglas Adams’ The Hitchhikers Guide to the Galaxy, which will fetch £350 for a good condition ﬁrst edition.”

FIRST EDITIONS While there is no such thing as a surefire investment, over time first-edition books tend to appreciate in value at a greater rate than inflation. In book collecting, first editions are everything; second editions and beyond are almost worthless by comparison.

As a rule of thumb a signed copy of a collectible book doubles its value

“First editions are absolutely key,” says Ford. “A lot of authors who go onto become famous will have small print runs for first editions of their early works. Fewer first editions means more cachet and greater value.” An example of this is Harry Potter and the Philosopher’s Stone, the first in the series. Published in 1997 with a print run of only 500, a mint condition copy – there are very few – can fetch £30,000.

www.themarketmagazine.co.uk

Above: Isaac Newton (1643-1727) Philosophiae naturalis principia mathematica London: W. & J. Innys, 1727 Small 4° (238 x 194mm) Estimate: £2,000-£4,000 Price realised: £6,000 © Christie’s Images Limited 2011

Above: Albert Einstein(1879-1955). Autograph letter signed (‘A.E.’) to his friend Paul Habicht, Old Lyme, Connecticut, 5 August 1935, in German, two pages, 8vo, envelope; together with four diagrams of electrical circuits and switching systems, possibly in Einstein’s hand, on two fragments 120 x 100mm and 50 x 120mm. Estimate: £7,000-£10,000 Price realised: £15,600 © Christie’s Images Limited 2011

Above: J.K. ROWLING A set of the ﬁrst six Harry Potter novels, comprising Harry Potter and The Philosopher’s Stone (London, 2000), Harry Potter and the Chamber of Secrets (London, 1998), Harry Potter and the Prisoner of Azkaban (London, 1999), Harry Potter and the Goblet of Fire (London, 2000), Harry Potter and the Order of the Phoenix (London, 2003, FIRST EDITION), and Harry Potter and the Half-Blood Prince (London, 2005, FIRST EDITION), reprints, except the last two which are ﬁrst editions. Six volumes, 8° Estimate: £1,500-£2,000 Price realised: £5,250 © Christie’s Images Limited 2011

Determining a first edition is far from straight forward. On the copyright page you will usually find a string of numbers (1 2 3 4 5 6 etc), which indicate the edition number. Mostly if the number 1 is featured you have a first edition in your hands, while a second edition will show 2 3 4 5 6 etc, with ‘1’ gone. However, some publishing houses use letters, while others employ methods unique to themselves. A few will even change the dust jacket mid-stream but continue to label the book a first edition. A serious collector would only ever be interested in what is termed a ‘first state’ dust jacket. “First editions can be a minefield and research is vital,” says Waters. “You must communicate with the publishers or look online to check you have the right edition.”

34 www.themarketmagazine.co.uk

SIGNATURE As a rule of thumb, a signed copy of a collectible book doubles its value. If it contains a personal message, for instance author to parent, the value will be further increased. A signed copy of Catcher in the Rye by renowned recluse JD Salinger would be worth more again. To illustrate, a signed copy of the Breaking Dawn UK print run might be valued at £500-plus but an unsigned copy would struggle to make one tenth of that amount. “There can be a huge difference between signed and unsigned,” says Waters. “Sometimes it can be difﬁcult to establish provenance. Provenance is especially crucial for the Rowling market since there are so many forgeries. We sold a signed copy of Goblet of Fire, the fourth in the Harry Potter series. The reason it fetched £950 was because it had with it what the industry calls a ‘Harrods golden ticket provenance card’, a gold-coloured card that was issued by Harrods during a particular Potter event that included

Waters, who leans towards the modern end of modern, recommends collecting a mix of something exciting and new to take a punt on, “while going back and buying ‘older’ books such as Birdsong (Sebastian Faulks, 1993) or Remains of the Day (Kazou Ishiguro, 1989) – stalwarts that have proved themselves to be modern classics”.

RESOURCES AND CONDITION

Above and right: Adam Smith (1723-90) An Inquiry into the Nature and Causes of the Wealth of Nations. London: for W. Strahan and T. Cadell, 1776. Estimate: £50,000-£80,000 Price realised: £102,000 © Christie’s Images Limited 2011

Adam Smith Wealth of Nations (1776) has seen some prices upwards of £150,000 in the past three years... an author book signing. The more astute collectors retained the card with the book. Without the ticket it would be a very tough sell, especially in the current economic climate.” Often a lack of ephemera does make the business of buying and selling signed ﬁrst editions problematic, especially as many authors employ a fairly elementary signature. One way round the problem, as we have seen, is signed limited editions, which provide built-in authenticity. Another salient example is Japanese author Haruki Murakami, who generally signs to a bookplate, which is then glued onto the inside cover, numbered and authenticated by the publishing house. “Murakami is extremely trendy and his method of signing is highly desirable,” says Waters. “There is a good chance he will win the Nobel Prize for Literature and that will further his level of collectability.”

BUILDING A COLLECTION When building any kind of collection the key is always to follow your heart. Investing in what you perceive to be a bargain won’t bring you the same pleasure as owning books by authors or on subjects that interest. Although the perceived ‘classics’ will always be worth the most money, there are all kinds of genres and sub-genres with thousands of interested parties. Or as Ford puts it: “Don’t collect civil war books just because you think there’s a market, if what you’re really interested in is the history of bee-keeping.” If it is antiquarian books that interest you, Ford is quick to point out that even though Christie’s also deals with the ‘crème de la crème’, its smaller-scale auctions often feature items for as little as £300. Browsing second-hand bookshops or even visiting pre-sale auction views may help you decide your area of particular interest.

Once you have decided upon an area or author, the homework begins. Go online and compare prices. Resources such as www.abebooks.co.uk and www.alibris. co.uk are both there as guides, as is eBay. There are also many books about book collecting. Try to buy from trustworthy sources. Be wary of dealers who appear to be selling a bargain. The chances are it is not what it appears. When investing in contemporary authors, ﬁnd out where they are next signing. This DIY approach helps you get ahead of the game. Read the literary pages and attend literary festivals as a means of gauging how hot – and thus collectible – a new author is likely to become. Finally, buy as close to mint as you can – or as Ford puts it, “condition, condition, condition”.

LAST WORDS The greatest return on investment will always lie with contemporary books as they illustrate the highest gamble. Of course, this is rare, else we would all be diving into Waterstones on a daily basis, but with an understanding of the market, good instincts and a plethora of signatures, it can be done. If it is the antiquated market that interests you, huge returns are available to those with money to invest. A copy of Hartmann Schedel’s Nurembourg Chronicle (1493), one of the earliest printed books, was sold by Sotheby’s New York for $240,000 in 1992, only to be resold by the London ofﬁce last year for £450,000. “You’ve got to be precise in picking the winners,” says Waters. “Your best bet is to cream off items with good provenance and that are intrinsically rare. If you pick your way with real care, you can make some very interesting and spectacular successes. It is not without its dangers, but nor is it without its fun.” m

www.themarketmagazine.co.uk

Investment fundamentals: The business at the core

By Jessica Furseth

At first glance, the stock market may look daunting, but the good news is that there is a real life business at the heart of your investment. Taking a moment to understand what makes it tick will go a long way to helping you ride out stock market volatility

Good old common sense will always be your best investment tool

36 www.themarketmagazine.co.uk

n appetite for adventure is often the driving force when investors take matters into their own hands on the stock market. After all, buying shares is not just an investment; it means putting your money behind real businesses and making their success your own. But the stock market can look daunting to new investors, with its own set of rules, acronyms and quirks. Share price movements may seem arbitrary: a company announces poor results with large write-offs and restructuring, so why is the stock rising? New investors will need some schooling before risking their hard-earned cash on the market, a mechanism prone to jitters and even hysterics. But once the fluster has passed, it is usually the companies’ fundamental performance that will get the last word. This is why some good old common sense will always be your best investment tool. Risk tolerance Hearing about an exciting company from a friend, or reading about it in a magazine, will often be what tempts new investors to first dip their toes in the stock market waters. This could work out fine, but there is no guarantee the company being discussed over the water cooler will give you what you want from an investment. “You need to be careful not to be drawn into the flavour of the month,” said Tim Whitehead, investment manager at Redmayne-Bentley stockbrokers. “The press may be talking about the attractions of China, or about ecofriendly energy generation, but you need to take a step back and think about what you are trying to achieve with your investment.” This is because the fun-sounding green energy group from the newspaper may well be a start-up, ripe with promise but years away from generating any profits. This sort of boom-or-bust investment is not for everyone. Consider how much risk you are willing to take on, and how long you are happy to wait before seeing results. While not as thrilling as Falkland Islands miners, investors may find their

objectives are better met by buying into a utility or telecoms group with a solid record for dividend growth. Real-life experience Still, investors will often want to invest in something they find interesting, be it gold mining, drugs development, clothing brands or technology.

Financial statements from listed companies are accessible for anyone to read on the London Stock Exchange website...

“For first-time investors, it is a good idea to trust your own experience,” said Mike Jeremy, head of equity research at stockbrokers Daniel Stewart. “Say you see people around you using the internet on their mobile phones, but getting frustrated with the lack of capacity, then you could consider investing in a company offering solutions to this problem.” Within the technology arena, Jeremy identifies four key areas with particular momentum: the growth of smartphones; social media and how it is affecting advertising spending; the blending of internet virtual content and broadcast television; capacity, in terms of hosted services, data centres and bandwidth improvements for the mobile internet. Each industry will have its own activity hotpots, so once you have found a company with exposure to a growth area you can start drilling down into the specifics of the business. A growth trend will, to some extent, benefit all the companies operating in that area; for instance, an increase in global trading could result in a bump in the share price for any company dealing in logistics, ports or transportation software. But as investment guru Warren Buffett so aptly said: “It is only when the tide goes out that you learn who has been swimming naked.” The company’s earnings need to match up to the expectations on results day, so make sure your chosen business has the chops to take advantage of the favourable macro conditions. Drilling into the fundamentals Do-it-yourself investors will find an overwhelming amount of technical data available for each stock. Much of this is readily available on the internet, but serious traders may find it is worth paying for a bells-and-whistles data

www.themarketmagazine.co.uk

package that lets them mine through statistics to ﬁnd undervalued gems. While it is certainly worthwhile to learn the most common acronyms, beginners should take a step back from the numbers and start with the basics: what does the company do, and how well does it do it? “Take the technology industry, where companies are often deeply embedded in a certain product or idea. Consider, does their technology answer the needs of the market? Is the new technology good enough to overcome an entrenched interest?” said Jeremy. One example of this is the development of data storage. Remember the ﬂoppy

disc? It went the way of the dodo as we got CD-Roms and rewritable discs, which since gave way to today’s USB sticks. These are already starting to lose ground to online remote storage. Each of these innovations met the needs of the market of their time, as people want to transport increasingly larger chunks of data. If a company comes up with a solution at a good price, old allegiances will fall away. Follow the money An equally important question to ask is how the company is translating its good ideas into cash. Even if the company has not yet reached proﬁtability, look for signs that things are moving in that direction, such as product development or new customer contracts.

When the average dividend yield of the overall market is 3.3%, chances are a company that pays 10% is diverting too much cash away from growth and is due a correction

For more mature companies, the ideal each year is bringing an increase in profits. Looking at the historic figures will provide some reassurance, but of most useful will be the forward estimates based on analysts’ expectations. These are available from premium trading packages. This kind of information will help you determine if a company is be cheap because earnings are expected to decline, or you may find a company looking expensive today, but cheap on a forward view. Still, nothing beats reading the actual financial statement to get the full picture. Reported earnings can be distorted by accounting practices, so look at the cash flow report to glean a true insight into the company’s health. The wording of the outlook statement will also require some scrutiny; any reference to ‘end-market uncertainty’ is a warning sign. Listed companies are required by law to update the market if their performance is likely to be different than what is generally expected, so if a company is telling you it is struggling, you should believe it. Financial statements from listed companies are accessible for anyone to read on the London Stock Exchange website, but especially the bigger companies will have informative investors’ sections on their homepages. These often include fancy presentations, which can be a good way to get a quick insight into the company’s key issues, starting with basics such as growth by divisions and earnings according to end markets. Some companies will even include overviews of their weaknesses, as experienced executives know it is usually best to own up to bad news

“It is only when the tide goes out that you learn who has been swimming naked.” Warren Buffett

so it is out of the way, diverting focus to the improvement plan. This is why share prices rise when companies issue seemingly terrible results with write-offs and restructuring: now there is a plan, and the market hates nothing more than uncertainty. Red ﬂags As any ﬁrst-timer, a rookie investor will make mistakes. It is easy to get caught up in excitement surrounding a stock, especially if the share price keeps rising. While the market tends to eventually correct itself, it is also a forward-looking mechanism, which is why we get things such as price bubbles.

company’s key shareholders – big names are usually a good sign. “If something is too good to be true, it probably is,” said Redmayne-Bentley’s Whitehead. “Say a company has a 10% dividend yield, is that return justiﬁed? Probably not.” When the average dividend yield of the overall market is 3.3%, chances are a company that pays 10% is diverting too much cash away from growth and is due a correction.

“I always look at the quality of the management team,” said Daniel Stewart’s Jeremy. “Consider how much the management is paying itself, especially if it is a company with thin proﬁts or a loss-making start-up. Of course, you have to make up your own mind here, but for me, very high salaries is a warning sign.”

Back to basics While the hopes and fears of the market will play around with a company’s day-to-day share price, gaining an understanding of the business fundamentals should protect investors from the biggest clangers. A quick look at the cash balance means picking up whether that clever-sounding social marketing outﬁt is six months away from running out of money; a glance at a company’s earnings over the past ﬁve years lets you know if they are on a healthy trajectory.

Instead, Jeremy likes to see directors of start-ups demonstrating their commitment by taking moderate salaries, leaving maximum cash with the company as it grows. Another tip from Jeremy is to check the identities of the

If a stock is cheap, there is usually a reason, but if you understand the ﬁrm’s strengths and weaknesses you have a chance of catching the signs of changes ahead. Once this translates into improved earnings, the share price will follow. m

www.themarketmagazine.co.uk

Environment

Energy

storage

the ultimate battery Energy may be available from an increasingly large number of different sources, but the same conundrum applies to all – storage. Successful, effective energy storage is crucial to equalise supply and demand and avoid shortages and imbalances that can lead to damaging price shocks

nergy storage is particularly important in renewables. The ability to take advantage of the wind when it’s blowing, the sun when it’s shining, or waves when they are crashing, use what we need and store the remainder until we need it, is one of the most pressing questions in the energy sphere today. The wind and the sun might be free, but the technology needed to harness them isn’t, and storage and energy transfer add substantially to the overall cost. In fact, it is widely acknowledged that if the storage challenge could be solved, it could well be the last piece in the jigsaw that would allow renewables to wrestle a serious market share from, or even to supplant, fossil fuels. Scientists are investing huge resources into the issue, and yet a large-scale, economic solution continues to elude the energy sector. The beneﬁts of the cleaner energy from renewable sources are clear, but many renewables present a problem: how to ensure frequency regulation. Intermittency is the name of the game when it comes to energy sources such

40 www.themarketmagazine.co.uk

as the wind and sun, and the natural changes associated with the ebb and flow of the wind and sun mean great difficulty in regulating supply and avoiding sudden drops, or surges, in energy. An intermittent problem Fossil-fuelled power stations are able to regulate supply because the raw fuel is either stored in a tank (oil), fed through a pipeline operated by a valve (gas), or is sitting in a convenient pile (coal). The wind blows only when meteorological conditions dictate, and obviously only one half of the globe can have sunlight at any one time. Yet, when the sun has gone down and the wind turbines are standing still, we still need light and power. ‘Buffering’ renewable energy with fossil fuels to counter this irregularity and instability negates the green credentials of the renewable energy in the first place. At the same time, there is little point, financial or otherwise, in producing energy we don’t need and can’t store. “A network of strategically located bulk storage facilities is the most economical and efficient means of bringing more renewable energy to more people more

of the time,” said Jason Makansi, executive director of US lobbying group Coalition to Advance Renewable Energy through Bulk Storage (CAREBS). “Storage is neither ‘generation’ nor ‘transmission’ but helps to optimise both.” Various solutions exist, but all of them require substantial investment in research and development to reach anywhere near the scale of applicability needed to provide economic and sustainable energy storage. So crucial is the issue to the whole question of energy security, the US government energy department, with ambitious clean energy targets in its sights, has pledged $200m worth of grants for successful large-scale energy storage projects. More than 100 applications are reported to have been logged so far.

INDUSTRY EXPERTS BELIEVE A TIME MAY COME THAT SEES RENEWABLE ENERGY PRODUCTION PROJECTS REQUIRED TO HAVE A STORAGE SOLUTION IN PLACE ALONGSIDE THE SOURCE...

One common energy storage technology already in use is pumped storage hydroelectricity, which sees offpeak electricity used to pump water up to reservoirs constructed at a higher elevation, before the water is then released at peak demand times and the energy recaptured. This method proved particularly popular in the US some 40 years ago, when nuclear energy saw substantial growth and the technology was used to capture otherwise wasted energy from reactors that produce power non-stop. Views on nuclear energy have, of course, since shifted dramatically and environmental concerns and geographical limitations mean the technology doesn’t demonstrate much potential for growth. However, the Ffestiniog pumped storage system in North Wales is one example of its application, and its four turbines can produce up to 360MW of power in less than a minute. Arguably one of the most interesting potential solutions is compressed air energy storage (CAES). Electricity

www.themarketmagazine.co.uk

THE WIND AND THE SUN MIGHT BE FREE, BUT THE TECHNOLOGY NEEDED TO HARNESS THEM ISN’T, AND STORAGE AND ENERGY TRANSFER ADDS SUBSTANTIALLY TO THE OVERALL COST

produced offpeak from wind, and also possibly solar, is used to compress air at high pressures and then force it into a cavern deep underground. These can be one of a variety of geological formations including caverns, salt caverns, or natural underground aquifers. At peak times, the air is released, heated and used to power electricitygenerating turbines. One drawback is that it is usually natural gas that is used to do the heating, and this, of course, produces emissions, albeit less harmful than those from oil. The technique also requires suitable geological formations to be present and this is not always the case. Two plants are in operation round the world; one in Alabama, US, and the other in Germany, with a handful of additional projects underway. In ﬂywheel energy storage (FES), it’s the momentum that does the work. A

rotor accelerates to a very high speed and maintains that speed through rotational energy, even once the source has been turned off, the energy being stored in the increased momentum of the wheel. The power source is usually electricity, but mechanical sources are under development, and acceleration, and therefore stored power production, can be very fast, with systems achieving speeds of more than 50,000rpm in some applications. The technology has high potential to help ‘buffer’ sun intermittency in solar applications and help prevent voltage disruptions to the grid. Effective storage would give utilities the ability to store energy produced in a time of low demand and introduce it to the grid at peak time, for a higher price. This particularly applies to energy, wind for example, produced at night, when demand is considerably lower. Industry experts believe that a time may come that sees renewable energy production projects required to have a storage solution in place alongside the source otherwise renewables, while not meaningless, will never be able to play more than a token role, perhaps a maximum market share of a third, in the global energy future. m By Helen Campbell

“A NETWORK OF STRATEGICALLY LOCATED BULK STORAGE FACILITIES IS THE MOST ECONOMICAL AND EFFICIENT MEANS OF BRINGING MORE RENEWABLE ENERGY TO MORE PEOPLE MORE OF THE TIME”

42 www.themarketmagazine.co.uk

EARN A iNg REtuRNS OF 8% Sustainable Returns from Sustainable Agriculture

Maize plantation Ghana Our newest investment opportunity is a natural progression from our success with our Biofuel investment. We have now secured 10,000 hectares in the Volta region of Ghana – for the cultivation of Maize. Although Maize can be used for Biofuel, it is also the world’s most widely used food staple which is our primary market. We will be growing a hybrid variety which matures in just 4 months – providing two harvests a year so you can see a return on investment in just 12 months.

Working with our scientific team we will ensure that we farm in a fully sustainable manner, not only providing a stable income for investors but also helping the local economy and the local people. The United Nations Food & Agriculture Organisation has predicted that by 2030 Maize prices will have risen by 90%. Take advantage of this agricultural investment. Invest with Greenleaf Global for your future and the future of our world.

Call us on +44 (0)20 3167 2360 Email: info@greenleaf-global.com www.greenleaf-global.com

Business

Space

Invaders As a consultant and professional speaker, I often travel by myself and frequently dine alone. This affords me the opportunity to combine two of my favourite pastimes: eating great food and people watching...

ne night at dinner in an oceanside resort, I noticed a man and a woman seated across the room. It was a beautiful image and it caught my attention. The couple sat in silhouette, framed by a large picture window, while the setting sun turned the background shades of yellow, orange, magenta and deep purple.

Carol Kinsey Goman, Ph.D, is an executive coach, author and keynote speaker who addresses organisations, government, and business audiences around the world. She is the author of THE SILENT LANGUAGE OF LEADERS: How Body Language Can Help – or Hurt – How You Lead. For more information, contact Carol by phone: 00-1-510-526-1727, email: CGoman@CKG.com, or view her websites: www.SilentLanguageOfLeaders.com and www.CKG.com.

44 www.themarketmagazine.co.uk

Then I began to observe the couple’s body language. During the course of the meal, I watched the man lean toward the woman – and saw her respond by pulling away from him. He leaned toward her again – and again she pulled away. The more the man leaned forward, the more his dinner companion would tilt back. By dessert, he was almost sprawled across the table and she was practically falling off her chair. I couldn’t hear a word they were saying, but it was perfectly obvious that whatever he was proposing – and she wasn’t signing on.

This time I was close enough to overhear their conversation, so I knew that one man was in sales and the other was a potential client. By the time they’d ﬁnished their drinks, I also knew the deal was dead. And it wasn’t anything that was said. In the middle of a normal ‘getting-to-know-you’ conversation, I watched the salesman move so close to his prospect that the client began, very slowly, to inch away. This went on for some time, but ﬁnally the client could stand it no longer. He excused himself to make a phone call – and left the restaurant shortly afterward.

The funny part was, the man seemed totally oblivious to the non-verbal signals the woman was so clearly sending. He would have been much more successful if he had (literally) backed off.

One of the easiest mistakes to make during a business encounter with someone is to misjudge how much space the other person needs. The anthropologist, Edward Hall, coined the word ‘proxemics’ to describe phenomena like territoriality among office workers. And it was he who first noted the five zones in which people feel most comfortable dealing with one another. (One way to picture this is an invisible bubble that we all carry into the workplace – which expands or contracts depending on our relationships.)

Last month, I was reminded of this episode as I sat at another restaurant watching two businessmen at the bar.

■ The intimate zone (0-18 inches) is reserved for family and loved ones. Within this zone we embrace, touch or

One of the easiest mistakes to make during a business encounter with someone is to misjudge how much space the other person needs whisper. This close contact is appropriate only for very personal relationships. ■ The close personal zone (1.52ft) is the ‘bubble’ most people like to keep around them. This zone is used for interactions among friends or familiar and trusted business partners.

■ A far personal zone (2-4ft) is for interactions we prefer to conduct ‘at arm’s length’ and in this zone we can communicate interest without the commitment of touching. ■ The social zone (4-12ft) is most appropriate for the majority of most daily business interactions. It is where we interact with new business acquaintances or at more formal social affairs. ■ The public zone (more than 12ft) is mostly used for public speaking.

The amount of space required to feel comfortable is heavily inﬂuenced by cultural norms. (In the UK, most business relationships begin in the social zone.) It also varies from individual to individual. People who don’t like being touched will tend to “keep their distance” from others. People who frequently touch others while talking will want to get close enough to do so. Gender plays an important role too. Men who don’t know each other well tend to keep a greater distance between them than women who have just met. This difference in interpersonal distance as

determined by gender is even true in web 2.0’s virtual online worlds (like Second Life) where many of the rules that govern personal space in the physical world can be found in the virtual world. Space can also be a good indicator of the amount of trust in a relationship. A general rule is: the greater the distance, the lower the level of trust. We also make assumptions about relationships based on zones. If we see two people talking at a distance of around 2ft from each other, we assume they are engaged in the kind of conversation only possible between those who know and trust each other. So, their spatial relationship becomes part of what is being communicated.

Anthropologists agree that people’s territorial responses are primitive and powerful. And a mistake here can trigger a truly deep-seated response. When someone comes too close, in an undesirable way, it triggers a physiological reaction in the other person – as heart rate and galvanic skin responses increase. The other person then tries to restore the ‘proper’ distance by looking away, stepping behind a barrier (desk, chair, table), crossing their arms to create a barrier, pulling back to create space, or tucking in their chins as an instinctive move of protection. They may even rub their neck so that an elbow protrudes sharply toward the invader.

Those who feel powerful and conﬁdent will usually control more physical space, extending their arms and legs and generally taking up more room. In doing so, they may unknowingly infringe on another person’s territory. Someone may also purposefully stand too close in order to make the other person feel self-conscious or insecure. Police interrogators often use the strategy of sitting close and crowding a suspect. This theory of interrogation assumes that invasion of the suspect’s personal space (with no chance for defense) will give the ofﬁcer a psychological advantage.

Getting too close is an especially improper business move in circumstances where workers, colleagues or clients are in danger of feeling emotionally or physically threatened by the invasion of their personal space. Anyone who oversteps space boundaries is perceived as rude, aggressive or socially clueless.

I’ve also seen managers standing uncomfortably close to employees in order to emphasise their status in the organisation. Not a good idea.

If you have any questions about body language for Carol, please email her at info@themarketmagazine.co.uk. Subject: Body Language.

So keep a respectful distance. Respecting another person’s space can help build rapport with your colleagues and close sales with your clients. It might even impress your dining companion. m

www.themarketmagazine.co.uk

DREAM TEAM The importance of dynamics for business management teams

Experience and common sense tell us the dynamics of a management team, or how they actually get on with each other, is critical to the success of a business. Several studies document a strong link between top management group dynamics and organisational performance. For example, a study at London Business School found that management teams assessed as flexible, optimistic, and cohesive and associated with responsible risk-taking had generated 15% higher income. Despite this, few businesses systematically assess, account for, or manage team dynamics â&#x20AC;&#x201C; a missed opportunity to add value 46 www.themarketmagazine.co.uk

eam dynamics can typically involve processes of communication, decisionmaking, leadership and power sharing and can strongly influence how a team operates. It need not necessarily mean rosy relationships throughout the team; indeed research shows that constructive conflict can enhance group functioning and organisational performance, while avoiding or suppressing conflict may result in lower individual creativity, poorer communication and weaker decision-making. However, team dynamics is not just about ‘getting along with one another’. Research suggests that heterogeneous teams, which consist of managers with varying backgrounds, skills, experiences and competences, are better suited to organisational dynamism and environmental complexity. One reason for this is that diversity equips management with different types of knowledge, decision-making styles and professional perspectives. When assessing and reviewing team dynamics, the objective is that the team’s capabilities reinforce one another’s rather than overlap. The mix of capabilities, experiences and values required to maximise performance is dependent not only on the strategy and what the business is trying to achieve, but also on the industry in which the team operates. For example, new technology/software businesses have more diverse management teams in terms of age and background, as there is more of a focus on ability and agility and less of a focus on status or track record. Technology businesses may also communicate more informally and remotely, perhaps a Skype call on a Sunday night. This is a direct contrast to management teams in the professional services sector, whose communication is more likely to be more formally structured and professional. Of course, the mix of capabilities required of management teams to drive the business forward varies over time, depending on the issues that the business is facing. One particular challenge occurs when founders transition out of founder-led businesses,

as the remaining team must ensure that it is able to gain the maximum possible value from the founder and retain the winning formula of the business, while simultaneously professionalising and scaling the management structures.

Research shows that constructive conflict can enhance group functioning and organisational performance Another challenge arises in buy-in scenarios where new individuals are integrated into an existing team. We often see people on-boarded because their skills and track record reflect what is required given the investment strategy; however, it is essential there is a cultural, value and personality fit as well, with expectations around this set early on. Challenges can also occur when individuals are forced to operate with significant ‘gaps’ in the team where other team members have either moved on or are underperforming. Challenges to team dynamics often arise because of differing values held by team members. When assessing management teams, we use psychometric tools in conjunction with other data as a way to gain a deeper understanding of motivations and values. We use the Hogan Motives, Values and Preferences Inventory (MVPI), which is a personality inventory that reveals a person’s core values, goals and interests. Results indicated which type of activities and environment will be most motivating for individuals and when he/she will feel the most satisfied. Consequently, we begin to understand a person’s key drivers – what they desire and strive to attain. Individuals tend to prefer to work with others who share their values and are happiest working in environments that are consistent with their values. This is particularly insightful, as a person’s values cannot be easily or directly inferred from their personality as they concern their private agenda and are not necessarily openly shared with others.

Having worked with more than 30 top management teams in the past two years alone, certain trends have surfaced. For example, top managers tend to score higher on the Hogan around Power and Commerce. High Power scores suggest a desire to succeed, make things happen, make a difference and outperform one’s competition, and high Commerce scores suggest an interest in earning money, realising profits, finding new business opportunities, and a lifestyle organised around investments and financial planning. High Power scores within a team can often be the basis for conflict if multiple individuals with big personalities wish to take charge. In such situations, effective governance is essential to avoid politics and confusion. Average top management team scores on the Hogan MVPI

43% of top managers score highest around Power or Commerce

Where team members tend to differ the most is around their decision-making approaches, which are reflected by Aesthetics and Science scores in the Hogan. Those scoring higher around Aesthetics tend to prefer intuitive, ‘gut feeling’ decision-making, whereas individuals scoring higher around Science are more comfortable with datadriven decision-making. Team members also tend to differ around their Affiliation scores, which reflect the extent to which people enjoy a lifestyle organised around frequent social interaction, and the extent to which they need to feel included in a group. We have found that sharing and comparing these ‘scores’ with peers in a team session is a fantastic opportunity to discuss and air differences in a more tangible framework using numbers and concrete terminology. Once individuals understand the motivations and values held by their teammates, it can significantly improve understanding and dynamics within the team.

www.themarketmagazine.co.uk

There are several ways to improve team dynamics in order to ensure that management can create value for the business. Firstly, the dynamics should be assessed and reviewed systematically as part of an ongoing process. There must be a platform for management to honestly review the challenges and objectives of the business, set out how they are going to work together going forward and decide what the priorities are.

Lastly, we recommend ironing out any issues as and when they arise by getting the team together and facilitating a constructive discussion/debate. Only cohesive and aligned teams are able to work together effectively to focus on value creation. m

TO IMPROVE TEAM DYNAMICS: ■ Systematically review how the team

This platform will also provide an opportunity for the team to reflect on themselves, their interactions and their progress to date. It should be an opportunity for management to challenge each other in the context of constructive conflict, and each team member must contribute and feel they are being heard and have the autonomy to do their jobs. To improve focus, efficiency, and to reduce interference of internal politics, these sessions are often better if facilitated externally. Secondly, defining and communicating roles and responsibilities for each team member based on skills and capabilities within the team will also help dynamics. This is not restricted to functional roles and responsibilities; for example, the team must decide who fulfils an ambassadorial outward-facing role, who thinks strategically and who ‘checks’ and rationalises the ideas of others. Establishing clear governance in terms of how and when the team makes decisions is also essential for effective decisionmaking and execution of strategy. In our experience, purely consensual leadership is not effective. Every team we have worked with has a clear leader who makes the tough decisions and tends to carry a lot of the risk. Messages from the top team must be cascaded lower down the organisation in a clear, constructive and deliberate way. Team dynamics at the top are not effective unless they are perceived positively from elsewhere in the business, and the dynamics between the first and second-tier management are equally important in terms of improving decision-making and reducing politics. It is beneficial for management to recognise the dynamics in the next layer down for succession purposes.

48 www.themarketmagazine.co.uk

works together, its challenges and priorities ■ Provide an opportunity for management to challenge each other constructively in an open and honest forum ■ Deﬁne, communicate and regularly review roles and responsibilities in the team ■ Establish clear governance framework ■ Ensure there is a clear leader in the team who is willing to make tough calls and bear risk ■ Cascade positive messages deliberately and frequently lower down the business ■ Iron out issues or conﬂicts as and when they occur

By Talia Litman Talia Litman is a consultant at Tyler Mangan. Talia can be contacted on 020 7492 1969 or by email: talia@tylermangan.com Tyler Mangan is a boutique leadership consultancy that works with executive teams and senior leaders to enhance their organisational performance, particularly during times of transition. The consultancy believes in a targeted, collaborative and supportive approach and that low-volume, high-impact interventions deliver the best results. For more information please visit www.tylermangan.com

Establishing clear governance in terms of how and when the team makes decisions is essential for effective decision-making and execution of strategy

Business

GO DIGITAL The Market’s guide to great digital marketing Every business is involved in the digital arena nowadays. So we all have to make sure we have a company website, think about where we appear in search engines and remember to tweet – a lot. But are we jumping in just for the sake of being there?

here’s an advantage in being second to market in today’s digital world, as you can learn from the mistakes of the ﬁrst mover. If your website or mobile app can create a better, more engaging experience for the user, and if it makes their life easier, you are on to a winner. Be relevant to your end-user. Don’t build it just because your competitor has it. Look at what they’ve done and improve it. Research the user; don’t go for a technology that nobody uses in that particular demographic. Make it seamless, so people don’t think…. “Forget it, it takes too long to load and I can’t ﬁnd what I need. I’m off.”

Be relevant to your end-user – don’t build it just because your competitor has it. Look at what they’ve done and improve it 50

www.themarketmagazine.co.uk

Find your authentic voice before joining and leading any digital conversation. Don’t forget we’re in a world now where everything is recorded and clients demand real-time customer service. The key to digital is not just the money you invest but also the effort you put into it. If you have a company website, think about how much it needs updating. If you use Twitter, how often will you tweet? Over the next few issues we will discuss how to execute digital with quick, easy-to-understand ‘How to’ digital guides. These will cover website build and usability, search engine marketing, mobile application marketing, afﬁliate marketing, and social media marketing. The following example can be used as a template before you make the decision to go digital: Where are we now? What is our key objective? What research do we have on how our customers interact digitally? What are our internal capabilities?

Why are we here? What are our competitors doing? What are the broader marketing activities? Which digital technologies enhance our brand? Where could we be? Set your goals: ■ What are you trying to achieve? ■ Are you aiming to increase your presence? ■ Are you aiming to provide credible resources? ■ Do you want to be the primary source of information/expert source in the ﬁeld? How do we get there? Develop your digital strategy based on goals set: ■ Think about the end-user ﬁrst – don’t just think about a website for information ■ Look at the end-user’s habits and behaviours ■ What is the information they are looking for?

Where does the target demographic consume digital? ■ How much time do they have to spend with you digitally (snack-able content)? ■ What are their needs? ■ Ensure the strategy and tools you develop answer the needs of the target users and will appeal to them ■ Provision of the right tools, in the right way, can lead to users talking about the product that provides invaluable publicity (e.g. via social media) and pulls other consumers to them. ■

Are we getting there? This is the biggest and most fundamental shift in marketing; all digital communications can be tested and amended. You should: ■ Build ■ Test ■ Launch ■ Test ■ Get feedback ■ Amend accordingly

Tools that can be used: Search engines, email, websites, microsites, social media, mobile applications, online video and online PR. The digital plan structure So now you’ve been through the planning process and chosen your digital tools. Keeping to the following structure will help you put your final plan on paper and into action. 1. Campaign goals 2. Campaign insight 3. Messaging 4. Strategy 5. Tactics 6. Media 7. Budgets I hope this helps with your thinking. Next time we can discuss how to get high up in Google search results. m Faisal Ahmed is one of a handful of people in the UK that has been involved with digital for more than 14 years, providing digital thought leadership to some of the biggest brands globally. He has also contributed to some of the bestselling books on digital, having been part of the startup team at Amazon. Faisal has launched digital strategies for 90 football Clubs, the ECB and WRC. He also launched Playboy’s mobile and social media platforms in 2006 and one of the first online social networks. Over the past two years, Faisal has been working in healthcare, winning more than 30 awards and bringing to life both one of the first mobile apps and augmented reality in healthcare.

The key to digital is not just the money you invest but also the effort you put into it

www.themarketmagazine.co.uk

Business

awesome special missions (ASMs)

The key to the way we approach our goals is the way in which these goals are presented. Goal-getting is all about setting goals. The sad fact is, the vast majority of people, teams and businesses don’t get their goals because of the way they set their goals By Phil Olley

There’s an almost super-human focus and energy generated when you are passionate about a mission 52 www.themarketmagazine.co.uk

hy do people often labour over small short-term goals, getting themselves stuck in a quagmire, and never really making the changes they want to make, or achieving those things that are special to them? They set a target, soon forget it, or become bogged down, and they never ﬁnish it. Whereas others seem able to set big goals, and create a new level of super-performance, generating extraordinary breakthroughs, with focus, energy, boundless enthusiasm, passion and positivity. As well as the fact that many people don’t have a long-term vision or goals, when it comes to setting their short-term goals most people set themselves too

many, and they make them too small. They end up overwhelmed and making only incremental progress. It is better to make a few big breakthroughs than to be overwhelmed by having so many goals that it’s impossible to focus on them. Let’s consider how you can embark on a few short-term goals, or projects as some would call them, in order to achieve tangible breakthroughs Well, ﬁrst up, the term ‘projects’ is too dull a word for me, I’m afraid, and rekindles images of third-year geography lessons. Hardly dynamic! So, I use the term ‘ASM’ – or Awesome Special Mission. ASMs are short-term

breakthroughs that unlock specific doors to lead to your long-term objectives. Perhaps the best way to define an Awesome Special Mission is that it must have an immediate impact (a very specific and tangible result) and it must have a lasting effect (it’s sustainable, and has an impact on the overall long-term growth of say a business, or a team, or an individual). So why the term ASM?

ASMs are Awesome because they represent the accomplishment of stretching goals and significant feats. The target is big, and to use the modern parlance, ‘awesome’. Setting such a big goal should give you butterflies in your stomach. Some people think that is fear, and they shrink away from, or even dismantle, the goal before they’ve started. But, that ‘butterfly moment’ is in fact the first sign you are excited by the goal, and that’s critically important! It should be a big enough goal that others might describe you as ‘mad’ for going for it. And we all know that ‘mad’ stands for ‘Making a Difference’. So yes, your ASMs should be ‘Mad’.

ASMs are Special because we want to be proud of them… for the whole team to look back on them in years to come and say, ‘Do you remember when we did x….’, or for you personally to have a special pride in what you achieved. And why not make them feel special by allocating a codename to the mission, like a military operation!

They are Missions because they engage our hearts and minds. We care about them, deeply. They take absolute priority in terms of our focus, time, and energy. Like military operations on a raging battleﬁeld – the enemy machinegun bunker that must be taken out, at all costs. Like the hostage siege that must be broken. No place for faint hearts, or long drawn out meetings to think about, pontiﬁcate, postulate on what must be done next. Once the start line has been crossed it’s all action. And all productive action.

three ASMs (some people can do ﬁve, or six; some prefer just one or two). That’s a short enough timescale to inject some urgency, and make early action essential. It’s also long enough to make the missions substantial, so that they will have an immediate impact and a lasting effect. So, what are your three most important goals RIGHT NOW? Why not turn these into Awesome Special Missions for the next three months In business terms, it could be setting a particularly huge quarterly sales goal, overhauling the systems in the business, or completely transforming the service you offer, or breaking into a new market.

It is better to make just a few big breakthroughs, than to be overwhelmed by having so many goals that it’s impossible to focus on them or keep track

And your ASMs don’t just have to be business-related. For example, you might set a ﬁtness ASM, of say running a 10km charity run, or a marathon (depending on your starting level). Or even an ASM to learn a new language, or to write a novel… you know, the one you always wanted to get round to writing. There’s an almost super-human focus and energy generated when you are passionate about a mission. You become absorbed by it, as if nothing else matters, and that’s when you can’t help but succeed. And don’t forget to set a reward for achieving them. Whatever your ASMs, I wish you the best of luck! m Phil Olley is a former naval officer and is a leading expert/speaker on Business FOCUS, peak performance and business breakthrough strategies. He is founder and broadcaster of The FOCUS Gym and author of Counting Chickens – The ‘NEXUS’ principles for personal and professional development. www.PhilOlley.com

I suggest a three-month focus on around

www.themarketmagazine.co.uk

Brand Yorkshire

5 October 2011 Leeds United conferencing suite, Elland Road, Leeds What started life as a LinkedIn group has now grown into a major networking and events company, plus a magazine for the region. Brand Yorkshire’s ﬁrst conference and exhibition took place in October 2010 but this year’s event promises to be even better, with a fantastic line-up of speakers and exhibitors. Emma Jaques will explain how to win bids, Richard Gomersal and Kate Hardcastle and their ‘retail theatre’ will demonstrate great customer service, and Andy McMenemy will talk about how to achieve your potential using his own completion of the notorious Marathon des Sables as inspiration. If you’re doing business in Yorkshire, it’s an invaluable opportunity to meet new people and make contacts, as well as taking away some important personal and business development lessons. www.brandyorkshire.com.

Business diary Events you can’t afford to miss

Be World Class

Urbanoﬁnance Business Breakfast

5 October 2011 The Grange St Paul’s Hotel, 10 Godliman Street, London How often have you gone to a networking event only to find that, when faced with a roomful of strangers, you weren’t able to identify the people you most needed to speak to? Or worse, you made some great contacts but lost their business cards after the event? Well, no more. Urbanonetwork is a new business community for London that combines networking events and business seminars with online networking tools. Before each event you can go online to see the profiles of the attendees and make initial introductions. The event group is also archived so you can re-connect again afterwards. The guest speaker for this breakfast event is Jo Haigh, an award-winning businesswoman who has helped buy and sell more than 300 companies. Jo will explain how to gauge and maximise the value of your business, develop exit strategies and raise finance. www.urbanonetwork.co.uk.

54 www.themarketmagazine.co.uk

6 October 2011 The Live Theatre, Broad Chare, Quayside, Newcastle upon Tyne What is it that differentiates world-class organisations and individuals from the rest? This one-day conference will attempt to answer this intriguing question using a number of top-performing individuals who work across a diverse range of disciplines. The idea is that business leaders, entreprenuers and managers can learn from the experiences of high ﬂyers and apply their secrets to the world of business. Following an ‘in conversation with’ model, you’ll hear from Kenny Atkinson, a chef who was awarded two Michelin stars by the age of 34; world-class athlete Chris Cook – a gold medal-winning 100m breaststroke swimmer and one of only a handful to swim the event in under 60 seconds; and world barista champion James Hoffman, who now runs Square Mile Coffee Roasters in London. www.nebusiness.co.uk

Business Diary

More dates for your diary…

Various dates in October 2011 DeVere, West One, 9-10 Portland Place, London, Oxford Circus, London, Hilton Leeds, Neville Street, Leeds If you’re thinking about a career in coaching but are still not convinced that it’s for you, try this two-day course ﬁrst. Why? Well, it’s completely free for a start (so no wasted cash). Plus, it’s run by one of the UK’s leading coaching training companies (The Coaching Academy), so you’ll get a thorough insight into coaching across all specialisms, including life, business, corporate and youth coaching. Over two action-packed days you’ll learn how to coach anyone in any situation, without any prior knowledge of that person’s circumstances. This course, which usually costs £500, has already been attended by more than 30,000 delegates. In just two days you should have all the necessary knowledge to decide if this could be the start of your most exciting career choice yet. www.the-coaching-academy.com

Women’s Networking

19 October 2011 The Grand Pier, Weston-Super-Mare This women-only networking event will be held in the unique setting of Weston’s Grand Pier, which has been completely re-developed since the destructive ﬁre there in 2008. The speaker for the evening will be Michelle Michael, coowner of this historic structure. Michelle, who qualiﬁed as a lawyer and worked in private practice in Bristol before joining her brother Kerry in business in the mid-1990s, now has several business interests around the country. These include property developments, restaurants and, of course, the pier. During an evening of networking Michelle will discuss what inspired her to set up her own business, give advice to those who wish to start their own and provide information on how to make your business a success. www.businesswest.co.uk

Angels Den Speed Funding

Various venues in London, St Albans, Manchester and Edinburgh We’re all familiar with the Dragon’s Den concept, and seen how it can turn ﬂedgling business ideas into successful companies. Well, Angels Den works along the same lines, except it’s a lot kinder. Before you sign up you’ll be invited to a free Business Funding Clinic where you can talk through your proposal and have all your questions on funding answered. Then once you sign up, you’ll be guided through the process, given support in putting your proposal together and help with your pitch to ensure that you have the maximum chance of securing investment. So if you’re an entrepreneur or small business owner and would like to make your pitch in front of a selection of some 4,000-plus angels, this is the event for you. www.angelsden.co.uk

Business Focus - 12 October 2011 A large B2B exhibition. Get connected, find new sales leads / suppliers and raise your profile. East of England Showground, Peterborough www.businessfocus.uk.net Green Business - 26 October 2011 Harness the benefits associated with renewable energy and develop a green marketing strategy. 76 Portland Place, London www.businessgreen.com Let’s talk business ideas – various dates in October Advice on how to turn your business idea into a successful enterprise. Various locations across the UK www.apps.barclays.co.uk/seminars Powerful Presentations – 13 October 2011 Eradicate your fear of public speaking, make an impact and captivate your audience. With Steve McDermott. Museum of London, London Wall www.londonbusinessforum.com Lunch with Gloria Murray – 21 October 2011 Business growth specialist Gloria Murray discusses key points from her new book. Figure 8, 30 Whitehall Street, Dundee www.6degreesnetworking.co.uk Bath Business Breakfast – 13 October 2011 A networking breakfast for those who already know how to network. Bailbrook House Hotel, 39 London Road West, Bath www.youandibath.co.uk/news © @erics

Certiﬁcate in Personal Coaching

Networking for Virgins – 26 October 2011 A fun day for those new to networking. Improve your impact, effectiveness and results. Prama House, 267 Banbury Road, Oxford www.opendoorz.wordpress.com

www.themarketmagazine.co.uk

Business

Self Discipline desire or denial? “Self discipline is an act of investment. It requires us to invest today’s actions for tomorrow’s results.” Andy Andrews

am fortunate to work each day with successful people who have reached the top of their fields in business, sport and every area of enterprise and I am often asked: “What is the one thing that sets those who are successful in business apart from those who fall short of their true potential?” “What do successful achievers do that gets them the results they want?” They are interesting questions. There are those who would say goal setting and planning are the keys to success; or that the power of self-belief or positive thinking is the driving force. Yes – goal setting is important; yes – vision boards can be an inspiration to many; yes – having self-belief is essential. I am a great believer in all of those things. But you can plan, dream, create and think positively all you want and still not make your business a success. In my experience, the core trait that sets successful people apart in every field of endeavour is self-discipline.

BEV JAMES is CEO of The Academy Group, including the Entrepreneurs’ Business Academy and EBA for Coaches, joint ventures with James Caan; and The Coaching Academy – the world’s largest training school for coaches. She is a millionaires’ mentor, a serial entrepreneur and author of DO IT! or DITCH IT: Turn ideas into action and make decisions that count – 8 steps to business success, Virgin Books, 2011.

www.the-eba.com

www.themarketmagazine.co.uk

How many times on average does someone attempt a goal before giving up? Would you guess one, two or three? The real answer is probably nearer 0.5. Many people give up before they even try. Self-discipline makes the difference. Without it, it is easy to lose your focus and be easily distracted from your goal. Keep doing what you are doing and you will keep getting what you’ve got. Successful people are willing to do the things that they don’t necessarily want to do, in order to deliver the results they want. It’s all about desire, not denial. They are willing to put in extra hours and effort to achieve the

By becoming aware of your current behaviour, it will be possible to be more self-disciplined in your choices and efficient with use of time

area of your working day, become watchful and aware of the diversionary tactics you may use to avoid doing essential tasks. By matching your desires to the actions you need to take to make your dream a reality, you can begin to apply the self-discipline required to make your future a certainty. The benefits of self-discipline: Self-discipline creates self-reliance, which feeds self-confidence. If you know you can rely on yourself to deliver results, you are more likely to aim high in your ambitions. n Self-discipline goes hand in hand with effective planning and time management. It ensures you are in the driver’s seat, leading the action, rather than reacting to other’s demands. If you know what you are doing, and when and why you are doing it, you will be less likely to get taken off track. n Self-disciplined people have a long-term plan that sets out their goals and ambitions, supported by a short-term plan in the form of a daily ‘Do It!’ list. The devil is in the Do It! Don’t just list them – do them. If you create a plan and stick to it, you will achieve more, more efficiently, and create more hours in each working day. n Being self-disciplined sends a clear message to others that you can be relied upon. You will attract like-minded people to do business with you and to work with you. n A self-disciplined approach to life enables your auto-pilot to take over on those occasions when the going gets tough. n Self-discipline drives action. It turns targeted thinking into focused doing, even when you’d rather be doing something else. n

outcome they want. They know that without self-discipline, nothing will ever happen and nothing will ever change. Self-discipline is easier to maintain when developed as a habit in every area of our lives. Build your self-discipline muscle every daily. Ask yourself: “What changes in my own approach will make the most difference to my success?” Watch your attitude to food, exercise, watching TV, using social media, playing computer games and so on. Be honest with yourself – what are your distracters? Do you leap out of bed with determination to get on with the day, or do you hit snooze before you get up? n Do you eat only when you are hungry, or give yourself treats even though you want to lose weight? Do you enjoy a dessert or a glass of wine at the end of each day out of habit rather than choice? n Are you the kind of person who is punctual, who is always on time for appointments? Or do you leave everything to the last minute, or head out of the door at the time you were due to arrive? n Do you spend first and worry about the money afterwards, or do you always save up for what you want? n

By becoming aware of your current behaviour, it will become more possible to be more selfdisciplined in your choices and efficient with use of time. From the very moment of waking and getting up each morning, through each

Those who develop self-discipline put the needs of the goal ahead of immediate gratification. Instead of stopping to question whether they want to do something, self-disciplined people are more likely to just get on with it. A self-disciplined approach delivers improved performance and successful results.

“Mastering others is strength. Mastering yourself is true power” Lao Tzu

www.themarketmagazine.co.uk

Business

Mind your Ps

and

Simple steps to business planning and survival There are people who become wealthy in boom times and those who become wealthy in recessionary times, but the successful person will be successful whatever is happening outside their environment. The key to success lies in minding the Ps of business planning and the Qs of questioning market trends The Ps of business planning A business plan is both a strategic tool, providing focus and a document to use to raise funds. The best business plans are short, providing clear, concise information. Be clear about what your product is and who it is for, and then write a paragraph on each of the following Ps.

GILL FIELDING has a life mission to fuel the fire of financial freedom for as many people as possible. A public speaker, writer and wealth mentor for EBA, she is a multi-millionaire and founder of The Fielding Financial Family, www. fieldingfinancialfamily.co.uk. Gill’s DVDs, Riches: The Seven Secrets of Wealth and My Daughter Wanted a Pet … So I Bought Her a Greyhound, are now available. www.the-eba.com

www.themarketmagazine.co.uk

Purpose – Why are you doing it? What is the purpose of the business – to fulfil a need, to create employment – why does it exist? Position – Where does your business fit within the market place? Think of a personality or character that exemplifies your product or service. Is it Kate Middleton? (classic sophistication); David Beckham (stylish and edgy); or David Dickinson (more downmarket)? Each person will conjure up a different look and profile – your market differentiation.

Product – Who or what is your business for? You need to be able to describe it clearly and exactly in a matter of seconds. Price – How much are you going to sell and at what price? What are your costs associated with the product and what are the overheads expected to be? Most costs in a fledging business need to be related to the cost of the sale. Profit – Turnover or sales, direct costs, other expenses and overheads should be listed as separate figures, with estimates for the next five years. Be honest. Potential financiers would rather see a steadily growing business than a financial plan that is unrealistic. Profile – Outline exactly how you intend to promote your business and let customers know that you have a product or service to sell. Place – Where and how will you distribute your product or service? Will

What do customers want? Give the customer what they say they want, rather than what we want them to have.

All economies and every business go through the three phases of: growth, consolidation and contraction. Movement between the three phases provides commercial opportunities, especially for small and medium-sized enterprises. The following questions will help you to be ﬂexible in approach, while retaining or growing your customer base.

Where is the treat? When people are downhearted they cheer themselves up with escapist products, which take two main forms: cheap treats (such as a new lipstick instead of a new car); or entertainment (such as an electronic game rather than a new laptop).

What is the overall state of the economy? In recession, larger businesses tend to contract. They cut costs – and may compromise customer care. That is when the customer is open to new suppliers. A smaller business can compete very well on price and customer care in those circumstances.

Is the market feeling conﬁdent or fearful? When customers feel fear they become nostalgic and revert to the products, services and designs of their childhood.

What is the mood of the marketplace? In an expanding market there is often scope to add bells and whistles to an existing product and to sell extra services to the same customers. However, in a downturn, the customer psyche will return to the ‘no-frills’ options: basic ranges. It’s a strategy that has been incredibly proﬁtable for supermarkets.

What is the potential knockon effect of current changes? For example, if there is a boom in gardening and planting vegetables, in a few months’ time consumers are going to need recipes or vegetable storage systems.

The Qs of market trends

How can you lower price without compromising proﬁt? When times get tough, customers choose to repair rather than replace, and rent rather than buy. Consider unbundling your product or service and providing the component parts instead of the more expensive ﬁnal product (e.g. the

Todd Pierson / Shutterstock.com

People – Who is going to control the business, create and provide the product, sell the product and look after customer care, record progress and do the books? In some small businesses these four main roles may be covered by one or two people. That doesn’t matter provided they have the skills to do the job well.

cake tins and the ingredients rather than the cake). Develop a low-priced version of what you do – but without compromising your proﬁt margin. In that way the customer relationship is maintained.

In these tough recessionary times people don’t stop spending altogether, they just spend differently. The same issues apply when the economy is booming – but just in the opposite way. Knowledge of consumer psyche and a ﬂexible approach are the keys to business security and proﬁtability.

waynehowes/ Shutterstock.com

it be provided locally, nationally (or virtually)? Does the customer come to the product or does the product go to the customer?

Think of a personality or character that exempliﬁes your product or service. Is it Kate Middleton? (classic sophistication); or David Beckham (stylish and edgy) www.themarketmagazine.co.uk

Business

successful ways to increase your

business profits

To get to the top of your chosen activity, profession or business it is important to adopt a winner’s mindset and believe you deserve to be there. Too many sales or business people position themselves just below the status of potential customers – and then wonder why they get messed about. A business relationship should be an equal exchange where both parties beneﬁt and both are on the same level

2 60

www.themarketmagazine.co.uk

Make sure every deal makes a profit Never place or accept orders that don’t make enough profit, unless you’re gaining customers at a loss because your back-end processes generate profits to outweigh the acquisition cost. If necessary, renegotiate existing trade terms to ensure your business remains sustainable. If your existing supplier won’t change their terms, find a new supplier. You’re always the final judge in any selling/ buying conversation and you always have the choice to walk away from the wrong deal or the wrong client. Only ever deal with people you like This is my golden rule of business. Is this a hard stand to take? Yes.

Is it the only stand to take? Yes! Why? Because here’s the truth of the matter. When a relationship just doesn’t work, all the minor problems become major – but when you deal with people you like and respect, all the major problems become minor.

Don’t sell. Allow people to buy True professionals will always find out a customer’s needs and wants before they present their solutions, because during the ‘information gathering’ stage you will find out the problems your potential customer is experiencing and the level of pain they are feeling. Focus on offering a cure for the pain first. Then, and only then, do you start talking about features, benefits and advantages of the product or service.

Charge for your experience as well as the work you do The signiﬁcant factor when pricing a service that provides advice, consultancy or coaching is your level of professional expertise. Your biggest asset is your work experience. Too many people charge only for what they do, rather than getting paid for their lifetime of working experience. Do what successful people do and you’ll have what successful people have Mistakes can provide a valuable learning experience – but it’s crazy to make them if they can be easily avoided. The way to do that is to learn from others. Listen to an audio programme; go to a seminar. Invest in listening and consulting those who are a success at what you want to do.

clearing out the warehouse to make room for our latest product, and so we’re offering 20% off core stock for a limited period’; or ‘I am giving away a free consultation so you can get to know how I work, and I can better understand how I can help your business to grow’.

Always ask for referrals. It is one of the best ‘retention strategies’ you could ever use Asking for referrals or ‘personal introductions’ is the best way of checking your relationship with your customer. If they refuse to give you referrals you know that something is amiss and you have an ideal opportunity to ﬁnd out what’s wrong and take corrective action. On the other hand, how can a customer stop buying from you when they’ve just recommended their contacts buy from you. They can’t.

PETER THOMSON is regarded as one of the UK’s leading strategists on business and personal growth. He is an EBA Millionaire Mentor, creator of the Ultimate Lead Generation System and owner of Peter Thomson International. As Nightingale Conant’s leading British author and presenter he has produced hundreds of audio/DVD programmes, books and resources. www.peterthomson.com www.the-eba.com

Tell your customers ‘why’ you are doing what you’re doing Everyone is bombarded with sales and marketing messages on a daily basis to the point where they barely listen to the pitch. Which is why it is important, if you are offering a client a discount, to tell them why you’re offering it or why the product is scarce. For example: ‘We’re

www.themarketmagazine.co.uk

Business

Introducing the future leaders of

FAMILY BUSINESS The continued economic uncertainty has forced businesses to take a look at all aspects of their business performance. Having a strong executive team has never been more important as they steer the business through the most turbulent of times. The family business sector, a vital component of the UK economy that has shown real resilience in recent years, has not been immune from this review, writes Gary Deans, Head of Family Business at KPMG

he modern day family business has access to highly educated next generation family members who have often gained commercial awareness from outside of the family business, with good business acumen and a natural loyalty to the enterprise. This pool of talent is a significant factor in the success of the family business sector.

The family business sector is looking very positive, at a time when business optimism is in short supply 62

www.themarketmagazine.co.uk

So what can we expect from the next generation of family business owners? KPMG recently held it second Summer School for next generation family business owners where we conducted research in order to build a profile of family business owners of the future. It is not surprising that the vast majority (73%) of the next generation

are graduates and 80% already have experience of working outside of their family firm, but over half had chosen to cut their commercial teeth in a bigger organisation, which operates in a different sector to their own family enterprise. A third of the next generation decided to gain work experience in the same industry that their family business operates in. Over two-thirds of respondents said that they had always planned to enter the family business in some capacity, with over half planning to run the business until retirement (59%), however, this was a reduction on the 80% who answered this question in 2010, with an increase in the number of next generation respondents (14%) claiming that they only planned to take over their family firm for five to ten years.

The UK tax regime has generally been favourable to family businesses and there are some valuable reliefs in the system that relate specifically to the family business sector Other interesting findings from our interviews revealed that: n A third of respondents said that the prolonged economic difficulties have made them apprehensive about taking responsibility for the family business. n 60% of respondents did not believe that things will change substantially under their leadership within the business. n 40% of respondents believe that structure is the biggest barrier to growth for a family business. n Nearly half (44%) plan to take their family business in a new direction. n Over three-quarters (76%) plan to hand the family business down to their own children. Tax, regulations and employee issues were ranked the top three areas that the next generation of business owners were least looking forward to, with over a third singling out tax as the area that most worries them.

The complexity and volume of the UK tax system can look daunting to someone about to take up the reins of a business. However, the UK tax regime has generally been favourable to family businesses and there are some valuable reliefs in the system that relate specifically to the family business sector. Of course, more can always be done. Despite the economic conditions of the past few years making some of our next generation leaders nervous about taking on the challenges of running their own business, growing the business remained the top priority followed by entering new markets, and then defending the business from the threat of competition from the emerging markets. Interestingly, the issue of managing debt, which was ranked as the second biggest priority by respondents last year, was not thought to be an issue for the next generation this year,

suggesting that many family businesses have spent the last few years working hard to reduce their debt levels. Based on these results, the family business sector is looking very positive, at a time when business optimism is in short supply. For many, valuable lessons around managing debt, costs and people have been learned observing their parents steer their businesses through years of very difficult economic times. These lessons will be invaluable in years to come, and will shape the future of their own businesses. Our future family business leaders come to their businesses with a good commercial awareness and a focus on growing their businesses, particularly through new and emerging markets, which is great news as this sector is a vital driver of economic growth and an important employer for many regions and the UK economy on the whole.

www.themarketmagazine.co.uk

Employment

The‘Apply

with LinkedIn’Tool What the professional network’s new plug-in means to both candidates and companies…

rofessional networking site LinkedIn has recently introduced a new plug-in that allows applicants to send their LinkedIn profile direct to the websites of companies looking to recruit. The company has made the code for the ‘Apply with LinkedIn’ button available to organisations to place on their websites. When applicants click the button, they can edit their existing LinkedIn profile to highlight particular aspects of their experience, or simply submit their existing profile. They also have the option to add a covering letter.

The plug-in can only show how a candidate’s qualifications and background match the requirement at a relatively superficial level 64 www.themarketmagazine.co.uk

The question is, what will this new feature do for job seekers, and for companies looking to recruit? It will make it easier for prospective employees to apply for new roles, and will help to automate some of the steps that a cautious applicant would take anyway – such as flagging up contacts in the applicant’s network who already work at the company. For employees, it will help to streamline some of the processes that they are likely to be doing already, such as checking applicants’ LinkedIn profiles to see how they use public networking sites, what

interests and news feeds they use, and, of course, to see what connections they may already have within the organisation. More volume, less detail However, the downside is that the automated tool’s ease-of-use may encourage more unsuitable applicants to go for positions that they aren’t qualified or suitable for – meaning more work for a company’s recruitment team in sifting through larger volumes of applications. Furthermore, from the company’s perspective, the plug-in can only show how a candidate’s qualifications and background match the requirement at a relatively superficial level. More to the point, no formality or quality checks exist. This is where the real recruitment should begin, for example, in identifying the cultural fit of the candidate to the organisation, and how they can contribute to the team, which needs far more specialised skills to identify and establish. For job applicants, I’d say that this new development further emphasises the importance of carefully managing and maintaining their personal profiles on LinkedIn and other networking sites. But remember, those profiles are just

The process is free, it is easy to add the button to a website...

the starting point, the first hurdle in a recruitment process. The majority of companies already refer to social and professional media when looking for new talent. However, there’s no substitute for real search and speaking to an established network to find the best talent in the market.

The Market’s regular employment writer says…

Getting personal For companies, it’s important to retain perspective about what the plug-in can do. It can help in further automating applicant tracking, in quickly gathering a number of applicants, and in making the ‘first cut’ on the applicant list. However, it’s only when recruiters start to engage with applicants that the real work can begin: such as establishing whether a candidate will align their objectives with the organisation’s, or if they have the potential to be disruptive. The key element in engaging the right person for a business, especially at senior level, is establishing the culture fit and how effectively the person can apply their experience within their new company – an element that can’t yet be done by software. By Adam Shaw MD of Assured Recruitment www.assuredrecruit.com

The latest plug-in from the world’s largest professional network on the internet has further strengthened the marriage between social media and recruitment. From a candidate’s perspective, ‘Apply with LinkedIn’, has made the application process even slicker. Its functionality allows jobseekers to not only apply at the click of the button, but by pulling through their customisable LinkedIn profile, this social media channel has given today’s CV a sense of ‘real-time’. m

Its most prominent selling point is in its ability to harness the referral potential of LinkedIn. Candidates

can view which of their contacts are employed by the hiring firm and increase their chances of securing the job by asking for a referral. It’s not what you know, but who you know, after all. It’s got its perks for employers too. The process is free, it is easy to add the button to a website and they can even integrate it with their internal applicant tracking system. As employers recognise the potential social media has when it comes to hiring, this plug-in will soon become a key part in the hiring managers’ toolbox. By Lucy Heskins www.webrecruit.co.uk

www.themarketmagazine.co.uk

Business

Get the

MOST

when you sell your business In the first of a two-part series, tax expert Lesley Stalker explains why entrepreneurs’ relief can offer significant savings

T Entrepreneurs’ relief has become more valuable, and following the increase in capital gains tax rate to 28%, now represents a maximum £1.8m tax saving

o get the maximum benefit from entrepreneurs’ relief (ER), it’s important to think ahead and plan accordingly because there are many qualifying criteria to consider that depend on your individual circumstances. In most cases, entrepreneurs looking to gain from this relief should review their position at least a year before a sale to ensure they qualify. £10m tax relief is well worth having Since 6 April 2011, entrepreneurs selling a business or a business interest have had the opportunity to pay just 10% tax on the first £10m of capital gains. As it’s a lifetime relief, provided capital gains does not exceed the £10m limit for any one business disposal, the remainder can be banked for a future opportunity. Since it was first introduced, ER has become more valuable and following the increase in capital gains tax rate to 28%, now represents a maximum £1.8m tax saving. Worked example The following example highlights the difference entrepreneur’s relief can make to business owners: David Jenkins sells the software development company he founded from his kitchen table for £15m. He is a 40% taxpayer and required to pay capital

www.themarketmagazine.co.uk

gains tax on £14,989,400 of the proceeds of the sale. This is calculated as £15m, minus the £10,600 annual capital gains tax exemption, to leave £14,989,400 chargeable. Since the transaction completed after 6 April 2011 he can benefit from a 10% tax rate for the first £10m of the gain because he qualifies for (ER). David’s tax with ER

David’s tax without ER

£10m @ 10% = £1,000,000

£14,989,400 @ 28% = £4,197,032

£4,989,400 @ 28% = £1,397,032 Total tax on business sale = £2,397,032

What are the basic qualifying criteria for ER? n Seller must have owned the qualifying asset – usually either a share in a business or company shares – for at least 12 months before the sale; n Business must be trading, any nontrading activity should comprise less than 20% of total business activity; n Disposal is of shares, the claimant must have been an officer or employee of the company and own at least 5% of the total shareholding, for the previous 12 months; n Time limit for claims is the first anniversary of the 31 January following the tax year in which a qualifying business disposal is made.

Complexities surrounding ER

Maximise its lifetime value Because ER is calculated over a lifetime, for serial entrepreneurs this could restrict its potential value. However, because the £10m limit is per person, tax planning makes it possible for other individuals, including family members – spouses, civil partners or children – to utilise their individual entitlements too. Provided they meet the qualifying criteria – where a share disposal is concerned, broadly to have held the shares for at least 12 months before a sale; to own a minimum 5% shareholding; and to be an officer or employee of the company – they should be entitled to the relief. A formal appointment and involvement will be necessary if you wish to make a family member a company director, and advice should be taken to ensure the nominated position will be considered genuine by HMRC. If you think you may have an opportunity to make multiple business disposals over time, meaning that you will exceed your lifetime allowance, looking at ways in which family members can become involved in the business and use their entitlements can be very shrewd tax planning. If the outright transfer of shares to family members is not desirable, it’s possible to use different forms of trusts to hold shares – the relief will still be available if the nominated beneficiary meets the qualifying criteria. Again, a long-term view is needed, as the trust must have been in existence for at least a year before sale for the relief to be available.

Different business structures – partnerships and sole traders Many business owners establish their business as a limited company because of tax planning advantages, in sheltering income from the current 50% income tax rate. When they sell their business, they dispose of their shareholding and so in order to claim ER they must satisfy the 12-month criteria outlined above – i.e. they must be employees or officers of the

company and must own at least 5% of the share capital; and the company must be a trading company. Other business structures can also qualify for ER, but the qualifying criteria are slightly less restrictive: Partnerships and limited liability partnerships (LLPs) For tax purposes, partnerships and LLPs are transparent, which means each partner or member is taxed on their share of income or gains as they arise. On disposal of the business or a share in the business, a capital gain arises that is taxable on each individual partner or member, according to their capital share. ER can be available provided the individual has been a partner or a member for the previous 12 months, without the requirement for a minimum 5% ownership, or indeed any working involvement in the business. For this reason, a partnership or LLP structure is more flexible for sleeping partners, or for those owning a minority interest, and can provide an attractive way to incentivise employees by offering them participation in the business. Sole traders An uncommon structure for a business contemplating disposal, but nevertheless it does qualify for ER. A sale of the whole or part of the business can qualify for relief and there is scope for significant

tax planning without involving a business sale, by transferring the business into a limited company owned by the same business owner. This makes it possible to extract the current value of the business at a tax rate of 10%. Sole traders (and indeed partners) can also extend the value of ER by bringing in new partners. Sale of business assets All business owners can claim ER on the sale of business assets within three years after the business has ceased trading. This can be useful where business premises are owned by the business owner, but sold separately from the business itself. ER can be claimed for disposal of business premises, but this requires careful tax planning many years in advance, and also at the time of the business disposal. The next article in this series will look at property businesses; requirements for shares and how businesses with an EMI scheme can enable employee shareholders to qualify.

LesLey staLker is tax partner at rJP, a surrey-based accountancy and tax firm specialising in high-growth businesses www.rjp.co.uk/taxtalk.

www.themarketmagazine.co.uk

Philippines, Peru, Mexico all struggle to get bank debt, this shouldn’t be the case in the UK.. As NESTA, the Innovation Agency in the UK, has shown through its research, 6% of all high-growth businesses create 54% of all new jobs. So we know that getting the economy back on track requires us to give a lot of attention to those SMEs in the 6% category. They need capital right now. I’m very skeptical that all of the lending targets, which the banks are saying have been met, have indeed been met, particularly with those banks that the UK taxpayer owns. We should be providing forensic evidence to the citizenry on how they are tracking to these lending targets.

Julie meyer Comments on the recently proposed banking reforms

he recently released Vickers Report on Banking Reform in the UK, in my opinion, is a dodge. Carving up the banks is decidedly not what the nation should be focused on currently. At a juncture where the economy is so dire, where jobs are so scarce, and growth is not on the horizon, can we afford to take our eye off that ball? If I had to choose between strong banks and a strong economy, I’d have to chose the latter and curiously, there is no correlation between the two. You can

You can make banks infinitelY strong if theY don’t lend, but access to capital is one of the defining characteristics of a first world countrY... make banks infinitely strong if they don’t lend, but access to capital is one of the defining characteristics of a first world country. Entrepreneurs in Zimbabwe,

www.themarketmagazine.co.uk

What we should be focusing on is getting our house in order. If we are in a position of strength, then we can withstand whatever shock comes our way. The real tragedy is that during the sunny days of 1997 to 2007, we didn’t build a national surplus, that’s why the banking crisis of 2008 hit the UK so hard. There will always be ups and downs in capitalism, however the next crisis hits us, what we do know is it will be different than the last one. On 16 September, Kweku Adoboli, a rogue trader apparently in UBS, was accused of fraud and illicit trading. This appears to be a massive failure of management at UBS. These kinds of awful situations will not go away just because we ring-fence retail banks from investment banking. They need to be dealt with by strong and forensic management. You can’t regulate a global financial services industry at the national level. This is not to say that we are powerless in the face of a dangerous banking industry. However, I think the current attempts to ring-fence retail and investment banking will fail to stop banking crises, for several reasons. The Vickers Report will be discussed for another couple of years in an attempt to put an execution plan in place. By 2019, the date at which these changes are to be implemented, the

world will have changed so dramatically, that the directives will no longer bear any resemblance to the world that they were concocted in. Innovation always trumps regulation and for these reasons, I doubt the new banking world that the Vickers Report has put forward will ever see the light of day. What concerns me is how much time and energy will be spent talking about the complexity of this new world while SMEs are failing to get funded, and the economy stays in a slump. There’s no question that the ﬁnancial services industry in the UK is one of our largest industries and one of the best in the world. But I do tire of it constantly being put forward as if it were the only thing we can do at a world-class level. We have a huge wealth of entrepreneurial expertise in the creative industries, pharma/biotech, IT, and we need these industries to be as strong as the banking industry. Until we reshape our vision of ﬁnance as a service industry to the real industrialists building out the new markets of media, telecoms, health, construction – many with digital business models at their core – then we won’t have a mindset that is shaped to withstand future shocks.

WHAT CONCERNS ME GREATLY IS HOW MUCH TIME AND ENERGY WILL BE SPENT TALKING ABOUT THE COMPLEXITY OF THIS NEW WORLD WHILE SMEs ARE FAILING TO GET FUNDED...

throughout the UK at this time, and allow those SMEs to drive tremendous top-line revenue into the coffers of the UK Treasury. This growth in the economy will have the neat effect of correcting and rebuilding the UK’s balance sheet. m

Julie Meyer Chief executive of Ariadne Capital, one of INSEAD’s Top 50 Who Changed the World, and a World Economic Forum Global Leader for Tomorrow, Julie Meyer is one of the leading champions for entrepreneurship in Europe. With more than 20 years’ investment and advisory experience helping start-up businesses, she is the well-known founder and CEO of Ariadne Capital, managing partner of the Ariadne Capital Entrepreneurs (ACE) Fund, founder of Entrepreneur Country, co-founder of

The best way to accomplish this is to enforce serious lending targets to SMEs

First Tuesday and a dragon on BBC's Online Dragons’ Den.

www.themarketmagazine.co.uk

Tech and

gadget Our pick of the latest innovations for work, home or play

Beat...

Forming part of Monster’s ‘Beats by Dr Dre’ headphone collection, ‘Heartbeats by Lady Gaga’ have been designed to give users high-performance headphones that double up as funky fashion accessories. The in-ear phones, which were fashioned by the popstar herself, feature a glossy surface with a jewel-inspired earpiece. Each comes in a red carrying case with an assortment of ear-tips. They also feature Monster’s exclusive flat cable design to prevent tangling. Available from Comet and HMV in black, chrome and red, at a suggested retail price of £79.95. www.beatsbydre.com

Ping…

Roar…

Billed as the world’s most affordable high-performance hybrid electrostatic loudspeaker, the ElectroMotion ESL by Martin Logan combines a CLS XStat transducer and an eight-inch woofer. As a floorstanding stereo speaker or home theatre front/surround, we’re told the model is ideal for small and medium-sized rooms. Available in any colour, as long as it’s black! www.martinlogan.com

The ultimate boy-toy, this retro sitdown arcade table includes more than 150 games, including 80s classics such as Mario Brothers, Sky Destroyer and Lode Runner. So there should be something for everyone. It costs just over £1,837. www.wheredidyoubuythat.com

70 www.themarketmagazine.co.uk

Shower…

Game change…

Multitask…

A new fully portable gaming system by Seattle-based Gaming and Entertainment Mobile Systems – better known as GAEMS – has been released in the UK. The G155, which is being exclusively distributed here by Roth Audio, delivers a fully-portable gaming system, including a tough carry case containing an HDMIequipped LED HD screen, powerful built-in stereo speakers and twin headphone jacks. The Microsoftapproved device, which supports Xbox 360/360S and PS3 Slim, also complies with airline carry-on guidelines. The G155 is available now at a recommended retail price of £299. www.projectgaems.com

The Royal Terrace in Guernsey, a Long Port Group development that comprises 48 luxury apartments and eight penthouses, has been pre-wired for a range of ‘E-LIFE’ audiovisual packages that can be tailored to the owner’s requirements. With panoramic views over St Peter Port, each of the apartments has been equipped with multiroom music, home cinema options, bathroom TVs, HD TV and highspeed internet access. The aim is to give the owner total control over the home environment. Armour Home’s Systemline brand has been installed throughout the development. www.armourhome.co.uk

Designed specifically for small businesses, the new Vostro V131 laptop by Dell is one of the lightest and thinnest products in the Vostro portfolio. To maximise productivity, the ultrathin chassis houses up to Intel Core i3 and i5 processors. In addition, a removable six-cell battery will deliver up to 9.5 hours of battery life. Connectivity options include WWAN, WLAN and Bluetooth 3.0. Skype is built-in. Plus, the standard fingerprint reader and Absolute LoJack security software provide secure data protection. The new Vostro V131 is available from www.dell.com at a starting price of $449. www.dell.com Photo Courtesy of Dell Inc

Please send all new product releases and high-resolution imagery to Michele Martensen. Email: info@themarketmagazine.co.uk

www.themarketmagazine.co.uk

Wine

SherryChic A sherry renaissance is taking place in London with the launch of sherry bars across the capital. What was once your nan’s favourite Christmas treat is now fast-becoming the coolest tipple in town

herry is the new black if you work in the wine trade, and the rest of the world is slowly catching on. Previously burdened by a generation of grandmas sipping Harvey’s Bristol Cream at Christmas, sherry is enjoying a renaissance in London, with sherry bars popping up across the city and tapas restaurants everywhere you turn.

There’s a style of sherry to suit all occasions. Fino sherry looks like a white wine. It is always bone dry, delicate and has aromas of almonds, jamon and bruised apple... 72 www.themarketmagazine.co.uk

In March 2010, London’s first sherry bar opened in King’s Cross. Bar Pepito is an offshoot of tapas bar Camino and serves sherry ‘flights’ in a range of three 50ml shots to help you find the style for you. Since then, Capote y Toros has opened its doors offering 100 sherries by the glass, and Spanish chef of Brindisa fame, José Pizarro, has launched his own tapas and sherry bar in Bermondsey. That’s not to mention the host of tapas bars, serving up sherry aplenty across the country. Suddenly, it’s chic to be a sherry freak. Sherry comes from the region around the town of Jerez, an hour’s drive south of Seville. Like champagne, it cannot be called sherry if it is not from the region. Jerez is the centre of the sherry industry, home to many famous names including Gonzalez Byass, Pedro Domecq and Lustau. Nearby seaside resort Sanlucar

de Barrameda has many sherry bodegas, and is also famed for its annual horseracing festival on the beach. There’s a style of sherry to suit all occasions. Fino sherry looks like a white wine. It is always bone dry, delicate and has aromas of almonds, jamon and bruised apple. Manzanilla looks and tastes like a Fino but is made in Sanlucar de Barrameda rather than Jerez and is often said to have more salty notes from its seaside location. However, even some winemakers in the sherry region admit they can’t tell the difference, so don’t worry it you can’t. These wines are unique, ageing in barrels under a cling film-like covering, protecting them from the effects of oxygen. Known as flor, this naturally occurring yeast film is common in the region and contributes to the distinctive style of the wine. All sherries are fortified, which means a neutral spirit is added to the wine to increase the alcohol level. Fino and Manzanilla styles are usually around the 15% alcohol mark when bottled, whereas Amontillado and Oloroso can be as high as 24%. At over 16%, flor cannot survive and thus Amontillados and Olorosos age in contact with oxygen, leading to a much more deeply coloured wine: they

The region around Jerez is known for its sherry bodegas

www.themarketmagazine.co.uk La Gitana Manzanilla is81 said to

have more salty notes because it is grown in a seaside location Havelock North, Hawkeâ&#x20AC;&#x2122;s Bay

More than two-thirds of all sherry sold in the UK is sweet but sherry is naturally bone dry are often amber or brown in appearance. Exposure to oxygen also means they develop different flavours to a Fino or Manzanilla: caramel, raisins, walnuts and green olives are all used to describe Amontillado and Oloroso wines. More than two-thirds of all sherry sold in the UK is sweet but sherry is naturally bone dry. Producers often add sweet wines to lower quality sherries, for your grandma’s sweet tooth, but the better quality sherries are dry. The Spaniards are well aware of what’s good for them, with a vast majority of bottles sold either a Fino or Manzanilla. The wine should be chilled like a white wine and don’t serve them in piddly glasses, put them in a decent-sized wine glass. There is a sherry glass called a copita but quite frankly, anyone with a medium-sized nose or bigger will struggle to take a sip, which defeats the point. Most pubs neglect their sherries, leaving them on the bar top instead of in the fridge. And bottles that get open at Christmas might be sitting there all year, gathering dust, and still being served to poor punters. Most sherries should be drunk fresh, within six-eight months of being bottled, particularly Fino and Manzanilla. An open bottle should be consumed within three or four days. Amontillado and Oloroso can be resealed, put in the fridge, and remain drinkable for a month or more. All styles are delicious as an aperitif with almonds, Spanish ham and green olives. On the other hand, a super sweet sherry named Pedro Ximenez (PX), made from a grape of the same name, is so unctuous and treacle-like, that it is served as a dessert or poured over ice cream. It is divine.

Jerez

74 www.themarketmagazine.co.uk

It’s time to do away with the blue rinse and zimmer frame image, and realise that you’re missing a trick if you’ve never tried decent sherry. They’re

packed with flavour and are under priced, particularly considering most wines have taken at least three years to produce before they even get on the shelf. The emergence of London’s sherry bars has reawakened London diners to the delights of sherry after a long period of neglect. Isn’t it time the rest of us woke up and smelled the fino? m By Rebecca Gibb Louis Roederer Emerging Wine Writer of the Year 2010

TASTING RECOMMENDATIONS La Gitana Manzanilla Made in the seaside town of Sanlucar de Barrameda, expect a bone dry wine with a salty tang. Perfect chilled and supped with almonds, jamon, olives, or even sushi. £9, Waitrose, Majestic, www.slurp.co.uk Amontillado Vina Abeille A complex dry wine packed with aromas from caramel and olives, dried fruit and nuts, to butter. The flavour lingers on and on. £12.50, Adnams, Cambridge Wines, Alfred The Grape Lustau San Emilio Pedro Ximenez Sherry Sweet and decadent, the Spanish drink ‘PX’ over ice cream. A generous splash can transform a plain scoop into a dinner party dish. It’s also fab with all things orange, chocolate or even blue cheese. £19.50, BBR, Fortnum & Mason, Corks Out m

Nearby seaside resort Sanlucar de Barrameda has many sherry bodegas, and is also famed for its annual horseracing festival on the beach

www.themarketmagazine.co.uk

Art

Marc Quinn “I’M INTERESTED IN WHAT BEING A PERSON IN THE WORLD MEANS, HOW WE TRY TO UNDERSTAND THE WORLD, HOW WE INTERFACE WITH IT, AND WITH OTHER PEOPLE”

www.themarketmagazine.co.uk

Rex Features

n his poetic representations of imperfect, transforming bodies, hybrid plants, and pop-cultural icons, contemporary artist Marc Quinn gives physical form and vivid colour to life’s big questions. Speaking thoughtfully, he says: “I’m interested in what being a person in the world means, how we try to understand the world, how we interface with it, and with other people.” Catapulted to success after Charles Saatchi’s infamous Sensation exhibition in 1997, Quinn’s career highlights include solo exhibitions at the Tate Gallery, London, and the Fondazione Prada, Milan. His work is climbing in value, with Myth Venus (2006), a white painted bronze sculpture of supermodel Kate Moss selling at Christie’s New York for $1 million this year, while the luscious, large-scale ﬂower painting Snow Hall Creek (2009) reached £210,000 at Sotheby’s London. However, the artist’s curiosity about what makes us tick remains his motivating force.

Glenn Copus / Evening Standard /Rex Features

His current one-man exhibition All of Nature Flows Through Us, at the Kistefos Museum in Oslo, addresses themes of life and death by using elemental materials – fire and water – as powerful symbols. The cobalt-plated bronze sculpture Matter into Light: Energy is neither created or destroyed in the Universe (2011) consists of a burnished, skeletal torso and skull poised over bright, licking flames. It is a potent reminder of our mortality, yet the piece evokes ideas of transition rather than finality. He explains: “The world is made of energy, and fire is one of the things that liberates potential energy from an object, or destroys it, or reconfigures it. Those carbon atoms go into the air, and they become incorporated into another carbon based thing, another plant, another animal.” Often bringing together sculpture, science, and philosophy, Quinn found a new angle on the question of human identity using a controversial art material simultaneously millions of years old and entirely up-to-date. In 2001, commissioned by London’s National Portrait Gallery, he created a cultured DNA portrait of the leading genetic scientist Sir John Sulston grown in agar jelly. The piece appeared abstract, but contained vital, if microscopic, information on the sitter. Drawing Quinn to explore life’s fundamentals are “questions

www.themarketmagazine.co.uk

that don’t have answers. Really, art is about creating questions that are like poetry, or concrete philosophy; creating objects that you can come to emotionally, where you can think and feel things”. This strong emotional centre gives art its value. “Art is an investment, because it is the one unique, immaterial, spiritual object you can buy,” says Quinn. We are all looking for that special, “fugitive something,” he observes, “and I think art has that”. A collector himself, Quinn buys artworks “because I need to live with them and I like them, and if they’re a good investment, that’s a plus”. In his home are Asian antiquities, alongside works by young contemporary artists. “I like art that tells us something about the world we live in, or that inspires me to make something of my own.” As well as finding inspiration in his art collection, Quinn takes real pleasure in professional relationships, particularly those with the commercial galleries that represent him - White Cube run by Jay Jopling in fashionable Hoxton Square; London’s Waddington Gallery; and the influential, long-established Mary Boone Gallery in New York, to name but a few. However, he does not place creative, or business, control in the hands of gallery directors or art dealers. Rather, each association leads to a valuable exchange of ideas and expertise. “I make things, and different people can be more invested, or interested, in different aspects of the work. When we plan a show, it has to be something that excites us, but usually we both agree... It’s an interesting relationship that can be fun, with advantages on both sides.” When making decisions about his aesthetic direction, Quinn is sensitive to the physical, cultural, and historical resonance of his materials. He chooses not to focus simply on one medium, such as painting, sculpture, or printmaking, but instead believes that “the materials of art – what it’s made of – convey as much meaning as the form. You don’t just have a neutral substance”. Famously, Self (1991), part of an ongoing series and sold by Saatchi in 2005 for £1.5m, is a cast of the artist’s head made from his own ruby-shaded blood. In contrast to,

www.themarketmagazine.co.uk

The ambiTious scale and diverse maTerials of many of Quinn’s works bring him inTo consTanT conTacT wiTh scienTisTs, Technicians, fabricaTors, and skilled arTisans

“You’ve got to get involved in what You’re making in the moment. i’m prettY much in the moment the whole time”

www.themarketmagazine.co.uk

say, a traditionally sculpted clay bust, this piece provokes an uncomfortable, visceral response. “It seems to me that it’s a whole other medium, the meaning that the material brings to something, and one that I like to use – both in the reaction you feel, and historically as well. Blood has association, but other materials, such as marble and bronze, can have as much meaning as blood.” The ambitious scale and diverse materials of many of Quinn’s works bring him into constant contact with scientists, technicians, fabricators, and skilled artisans. “It’s always interesting to work with craftsmen in different areas. I like to do that all the time.” He also enjoys intense periods of collaboration with individual muses. For example, Quinn’s 2005 temporary sculpture for Trafalgar Square’s prestigious, Fourth Plinth (opposite Nelson’s column) was a monumental and beautiful white marble figure in classical style, portraying the disabled photographer Alison Lapper. “You do end up meeting lots of interesting people. It’s like a director making a film, while you’re doing the work you get quite a close relationship.” However, the artist’s inner drive pushes him forward, acting as a catalyst for his sustained success, “You’ve got to get involved in what you’re making in the moment. I’m pretty much in the moment the whole time.” Most recently, he has directed his creative energy towards tapestry – a craft with a rich history – for the exhibition Penelope’s Labour at the Cini Foundation, Venice. Several renowned contemporary artists, including Turner Prize winning potter Grayson Perry, contributed stitched and woven works to the show. Quinn’s huge pieces were produced using the latest in digital textile technology by the Belgian company Flanders Tapestries. They transpose some of his earlier, large-scale, exotic flower paintings, retailing in the region of £180,000-£220,000, and sculptures into the language of thread. “It’s a journey for the image,” he says. “What I like about tapestry is that it’s more like sculpture than painting. The image emerges from what is essentially a sculptural process, tying bits of wool

www.themarketmagazine.co.uk

“I was always Interested In tIme, and the way that art Is a kInd of tIme machIne for communIcatIng to people that are not even born yet” together.” Displayed alongside the contemporary tapestries were important historic pieces, about which Quinn observes: “It’s all digital imagery. When they made a tapestry in the 16th century, they had cards with holes in them that they would run through the loom, and that would tell them how to weave the tapestry. This was essentially a very simple computer.”

This reflection on the links between past and present recalls the artist’s earlier vocation as an art historian studying at Cambridge University. Though he did not graduate, choosing to labour instead with artists including the sculptor Barry Flanagan, that former training feeds into his studio work. “Art is a continuous thing, and contemporary art is just the edge of the wave. The whole of art is connected, as a result of, or a reaction to, what has come before.” Perhaps with his own twists on traditional themes in mind, he clarifies: “The same genres – portrait, or still life – are still relevant now, because it’s us who have changed. Because culture changes, so does art.” In part, these ideas attracted him to making art of his own: “I was always interested in time, and the way that art is a kind of time machine for communicating to people that are not even born yet.” Quinn’s sculpture Zombie Boy (2011) is on show at this year’s Frieze Art Fair, an annual event celebrating the work of new and established artists in Regents Park, London. “I do go to Frieze,” he confirms. “I like going to art fairs because it gives me a snap picture of what people are doing at that time.” He counts Art Basel, an international, commercial cultural show at the border between Switzerland, France, and Germany, as essential viewing. The artist also rates as “interesting” the comparatively young Hong Kong Art Fair, which this year featured work by New York art and fashion photographer David LaChapelle. Conceding that art fairs can become “an overwhelming sensory bombardment,” Quinn encourages art lovers and wouldbe collectors to make the most of their visit. “If you know what the beast is, you can certainly see some interesting things, and you can follow up at your leisure afterwards.” Wisely, he advises paying attention to intuition when buying art. “You have to always think that you’ll end up with something you like.” Take it from someone who knows. Becky Hunter is an art critic for Art Papers and Sculpture. She blogs on art at www.beckyhunter.co.uk.

Claude Monetâ&#x20AC;&#x2122;s Waterloo Bridge a pastel on paper executed during the week commencing 25th January, 1901 from room 618 on the 6th floor of the Savoy Hotel, London

will be exhibited in New York at:

TRINITY HOUSE London â&#x20AC;˘ New York

October 19-27, 2011

24 East 64th Street New York NY 10065

www.trinityhousepaintings.com

+1 212 813 0700

art@trinityhousepaintings.com

Walk Park

in the

The Frieze Art Fair 2011 Dr Ayla Lepine talks to Frieze founder Matthew Slotover about the fair, and its impact on the contemporary art sceneâ&#x20AC;Ś

www.themarketmagazine.co.uk

(Left): Anahita Razmi China Girl, 2009 Photo: C-Print 90 x 60cm Courtesy of the artist

(Right): Becky Beasley You’re (I), 2010 Seamed matt gelatin silver prints 196.4 x 49.2cm Courtesy of Laura Bartlett Gallery

Slotover’s business approach is effective within and outside the art world, as he advocates a balance between tenaciously pursuing goals and keeping ambitions in perspective

atthew Slotover, co-founder and owner of Frieze Magazine and the Frieze Art Fair, is in high spirits. Frieze Week is a mainstay of the global contemporary art calendar, bringing everyone who’s anyone to London just as leafy Regent’s Park turns crisply autumnal. The Frieze atmosphere is always a fresh buzz as crowds totalling more than 60,000 visit the Fair, meet creative leaders, and get acquainted with the bold, beautiful world of contemporary art from its hottest emerging talent to its biggest superstars. Next year, Frieze expands with two fairs in New York and the launch of Frieze Masters, showcasing art history’s finest from the ancient world to the turn of the last century. Frieze Magazine began two decades ago and the Fair followed. It was always firmly associated with the rising popularity of Tracey Emin, Damien Hirst and the YBAs: an interview with Hirst was the main feature of the magazine’s pilot issue. From its early days, Frieze Art Fair, with prices ranging from the low thousands to the millions, attracted a strong core of galleries with long, robust histories of representing top artists and building relationships between collectors and practitioners. Frieze Art Fair contains more than 170 galleries in a bespoke space ranging over 200,000sq ft (that’s over three football pitches) in London’s stunning Regent’s Park. This year, Carmody Groarke, an architectural firm best known for its innovative exhibition designs, has designed the Frieze Art Fair’s site. Its recent projects include the ‘Masters of Italian Fashion’ exhibition at Somerset House and ‘The Surreal House’ at the Barbican. Carmody Groarke’s Indian Ocean Tsunami Memorial opened at the Natural History Museum in July 2011. The selection procedure for exhibiting galleries at Frieze is rigorous. Representatives from eight longstanding galleries form a selection committee who take three days to narrow hundreds of applicants to a core of exhibitors with international profiles, a reputation for integrity, a

Matthew Slotover

www.themarketmagazine.co.uk

rich array of artists, and the right approach to the nuances of the art market. What gives contemporary galleries the edge they need to succeed? In an exclusive interview for The Market, Matthew Slotover revealed: “A successful gallery is a mix of efficient professionalism, reliability and, most importantly, great taste. They’ve got to attract the best of the best new artists.” Regarding the conceptual side of contemporary art and its ability to challenge, shock and even outright bewilder its viewers, Slotover is clear: “Challenging artwork and new ideas are great things. That’s what ends up in the Tate. A lot of artwork can only be classed as decorative work buyers have overpaid for, because they don’t know any better, they’re unadventurous, and they haven’t built durable relationships with galleries and artists.’

The Frieze atmosphere is always a fresh buzz as crowds totalling more than 60,000 visit the Fair... So how do prospective collectors get started? And for a potential investor, is buying art like purchasing gold or playing the stock market? Most artists and serious collectors are involved in making and supporting art for the long term – often their entire lives. Chasing flash-in-the-pan trends or being led by assumptions that the biggest collectors are all hedge fund managers and Russian oligarchs are never real indicators for the art market. The smartest and most authentic way to be a collector – and the big sales of collectors’ works at Christie’s and Sotheby’s attest to this – is to develop lasting relationships with artists you love and to get engaged with the art world and its people in a meaningful way. As for the global economic crisis, there are challenges facing young artists and public funding for the arts. That said, long-standing commercial galleries such as Lisson and Gagosian are going strong, and partnerships between

www.themarketmagazine.co.uk

Christo Over the River, Project for Arkansas River, State of Colorado, 2011 Drawing Two parts: 38 x 165 cm and 106.6 x 165cm Courtesy of Annely Juda Fine Arts

“A couple of years ago people said that half the galleries would close. Look around you. Very few have shut their doors and the art market is remarkably resilient”

established and emerging arts organisations are more successful than ever. Slotover notes that: “A couple of years ago people said that half the galleries would close. Look around you. Very few have shut their doors and the art market is remarkably resilient.” Frieze has played a huge role in keeping London’s art scene buoyant. Many galleries make as much as 80% of their income at the Fair. Contemporary art is big business,and those who understand the market best have very impressive track records when it comes to sales and growth. Slotover’s business approach is effective within and outside the art world, as he advocates a balance between tenaciously pursuing goals and keeping ambitions in perspective. “It’s modesty to realise when you’re wrong and take good advice while still pursuing what you want to do. It’s a line that has to be walked.” And who works with the Frieze founder? Slotover is uncompromising: “Never take second best. The best people have to be involved everywhere, at every level.”

Frith Street Gallery will be presenting work by Tacita Dean, an artist whose work consistently receives international accolades. Her recent film portraits of artists such as Cy Twombly and Mario Merz are vibrant and thoughtful, and her art features in numerous national collections. Dean’s Reisenbett II presents us with an impossibility – a craggy, pitted rock floating in inky space, denying gravity. Its serenity and stillness stimulates unease as much as it invites calm. Becky Beasley, whose work recently featured in British Art Show 7: In the Days of the Comet, is represented by the Laura Bartlett Gallery at Frieze. Her

images demand close, careful attention as their apparently everyday inspirations hold much deeper secrets. The power and compositional interest in her 2010 photograph You’re (1) is conveyed in seams, folds, shadows and disjunctions. The flat surface is satisfyingly crinkly and impressively tactile, producing surprising harmony. As we adjust to Beasley’s light and the image’s subtle tones, it has more in common with a classical column from ancient Greece than anything banal. Numerous major British galleries such as Lisson and Victoria Miro have exhibited at Frieze since it began nearly ten years

Rene Magritte La recherche de l'absolu (The search for the absolute), 1960 Gouache on paper 35 x 27cm Courtesy of Waddington Custot Galleries

The galleries at Frieze do indeed number among the world’s best, and their exhibits represent the highest benchmarks of artistic achievement. Surrealist René Magritte, for example, is one of the 20th century’s definitive artists. His witty images match pictorial clarity with a radical questioning of pre-conceived ideas about everything from identity and history to nature and space. His 1960 painting La recherche de l’absolu (The Search for the Absolute) will be part of Waddington Custot’s Frieze exhibits. Its extension of the vein structure of a single leaf into the branches of a monumental tree, isolated in a softly glowing orange landscape, is a sight not to be missed. A different kind of surrealist vision characterises Christo’s large-scale ‘environmental wrappings’. The duo Christo and Jeanne-Claude think big; they have wrapped the entire Berlin Reichstag and Paris’ Pont Neuf bridge, turning the urban landscape into enormous works of art. Christo’s drawings for Over the River, a 2011 project in Colarado, suggest suspended sheets of material that would transform spaces over this twisting body of water into several unique installations, creating new ways of viewing the natural world.

www.themarketmagazine.co.uk

Tacita Dean Riesenbett II (floating), 2009 Blackboard paint, fibre-based print mounted on paper 220 x 440cm Courtesy the artist, Frith Street Gallery, London and Amrian Goodman Gallery, New York and Paris

ago. This year, Victoria Miro Gallery will feature Alice Neel and the legendary Japanese eccentric Yayoi Kusama. Lisson – who have just opened a new gallery in Milan – will present works by major artists including Shirazeh Houshiary and pop painter Julian Opie, who shot to stardom with his portraits of Blur for it album Blur: The Best Of. He’s also worked with U2 and is a former trustee of the Tate. The Frieze season generates a pervasive atmosphere of excitement for all things contemporary in London. The city continues to be a hotbed of artistic and curatorial innovation. Frieze inspires many of its visitors to discover new artists and begin collecting off the beaten track; smaller up and coming galleries such as Hoxton’s Gopher Hole, Deptford’s Core Gallery (featuring experimental artistcurator collaborations) and Mayfair’s newcomer Sumarria Lunn are the perfect places to start an art adventure. Frieze Week and the Frieze Foundation also mean that the Frieze Art Fair is much more than a marketplace. Curator Rodrigo Moura is giving the Fair a hot South American twist, showcasing new talent from Brazil. The Frieze

www.themarketmagazine.co.uk

Frieze has played a huge role in keeping London’s art scene buoyant. Many galleries make as much as 80% of their income at the Fair Foundation’s curator, Sarah McCrory, has planned a star-studded programme of talks and projects, including an idiosyncratic aquarium installation by Pierre Huyghe and an artist’s collaboration with a boat dealer to sell a full-scale luxury yacht as a Frieze exhibit. The Foundation also founded the annual Emdash Award for new artists, attracting more than 900 entries annually. The 2011 winner, Stuttgart-based Anahita Razmi, has produced a video work especially for Frieze. Her unique approach to gender and performance make her one of the season’s biggest highlights.

For the Frieze first-timer and the budding art collector, those in the know offer practical yet eccentric advice: bring arty friends to keep you company, spend time making connections with artists and gallery representatives, never ask ‘Is this a good investment?’ as a first question, always buy art you love, meet strangers, wear comfortable footwear, sample the food, stay for the day, and enjoy the experimental performances and legendary expert talks. When Slotover anticipates what new visitors can expect from Frieze, he emphasises the Fair’s role of bringing innovative, contemporary art to the public’s attention. “If you want art that doesn’t challenge you, Frieze isn’t for you,” says Slotover. “All great art was always challenging,” he explains, reminding us that artists from William Morris to Michelangelo were exceptional precisely because they were avant-garde trailblazers in their own generations. This season, The Market invites you to partake of London’s thriving art scene – you might just meet 2011’s Michelangelo. By Dr Ayla Lepine

Outside the Box

Outset Revolutionises Arts Patronage

decade ago, support infrastructures for emerging British artists were practically non-existent. Outset, an arts charity with an outstanding track record of groundbreaking collaborations, patronage events and arts leadership, completely revolutionised the arts funding world with its innovative campaigns and impressive opportunities. Launched in 2003 by Candida Gertler and Yana Peel, the Outset/Frieze Art Fair Fund in collaboration with Tate is the only partnership of its kind between a museum, a funding body and an art fair. Since 2003, the fund has supported the acquisition of 83 works by more than 50 artists. Additional Outset campaigns include partnerships with the South London Gallery and Camden Arts Centre. Outset is also a benefactor for artists exhibiting at the Venice Biennale. This year, it offered support for Karla

Black and Yael Bartana. Bartana is a film-maker based in Berlin and Tel Aviv who recently won the prestigious Artes Mundi Prize. Her innovative use of provocative symbolism foregrounds concepts of home, belonging and identity in extraordinary ways. At the 2009 Biennale, Steve McQueen represented Britain. His film Giardini won critical acclaim, cementing McQueen’s position as one of the nation’s most intriguing contemporary artists. Outset and the Art Fund supported McQueen’s project and subsequently gifted it in a joint donation to Tate and the British Council. Rising stars Matthew Darbyshire and Ryan Gander have also benefitted from Outset’s sponsorship for shows at Gasworks and Whitechapel respectively. Internationally, Outset recently produced Cory Arcangel’s A Couple of Thousand Films About Glen Gould. It was then donated to the Neue Nationalgalerie, Mies Van der Rohe’s monumental ‘temple of light and glass’ in Berlin.

Entirely funded by corporate partners and patrons, Outset is ideally positioned to be imaginative and flexible when backing new talent. Equally, patrons can see the direct benefits of their support across a huge range of organisations from tiny non-profits to New York’s MoMA. Outset patrons regularly meet artists, curators and museum directors in private events in London and abroad, forging relationships with the professionals and institutions they support. International trips have taken Outset to Venice, Poland, Denmark, Israel and China. Exciting developments are on the horizon, too. Outset is collaborating with artists for Germany’s famed Documenta arts festival and Outset India will launch in the coming months under Feroze Gujral’s leadership. Outset’s charitable remit, strong networks, and enthusiasm for collaborations with up-and-coming artists, continue to place this organisation at the heart of contemporary art.

www.themarketmagazine.co.uk

Zamach (Assassination), 2011, RED transferred to HD, video still, courtesy of Annet Gelink Gallery, Amsterdam, and Sommer Contemporary Art, Tel Aviv

119

6 of the BEST A selection of contemporary artwork that will be exhibited at this yearâ&#x20AC;&#x2122;s Frieze Art Fair London...

Victoria Miro Gallery Yayoi Kusama Tulip with All My Love 2-1 2011 Fibreglass reinforced plastic, metal, urethane paint 225 x 165 x 200cm Courtesy of Victoria Miro, London, Ota Fine Arts, Tokyo and Yayoi Kusama Studio Inc

Kate MacGarry Gallery Ben Rivers This is my land, 2006-11 Hand-printed silver gelatin print 40 x 60cm Courtesy of Kate MacGarry Gallery

3 90 www.themarketmagazine.co.uk

Carl Freedman Gallery Ivan Seal blupilist stutptur no 1 2011 Oil on canvas 50 x 40cm Courtesy of Carl Freedman Gallery, London

Annely Juda Fine Arts

Anthony Caro Floor Piece â&#x20AC;&#x2DC;Mint Queenâ&#x20AC;&#x2122; Cascade Series, 1990 Steel rusted and varnished 94 x 155 x 137cm Courtesy Annely Juda Fine Arts

Lisson Gallery Angela de la Cruz Half Vertical (Recycled), 2004-2011 Oil on canvas 28 x 32 x 180cm Courtesy the artist and Lisson Gallery

Waddington Custot Galleries

Josef Albers Homage to the Square, 1957 oil on masonite 40.6 x 78.7cm Courtesy of Waddington Custot Galleries www.themarketmagazine.co.uk

Other Art & Design: London October is a busy month for lovers of art and design. We pick six of the best other exhibitions and fairs in the capital

South Korean Contemporary Artists

MR. BRAINWASH Never Give Up Stencil and mixed media on canvas 213,5 x 183cm - 84 x 72 in ©Amusement Art, LLC. 2011

Mr. Brainwash 5-28 October Opera Gallery, London The Opera gallery hosts a one-man show by artist Mr. Brainwash, the French artist Thierry Guetta. He started out making a documentary on street art, and has ended up an art world sensation and darling of New York collectors. He’s famous for his Warhol-esque portraits of celebrities, and has designed for Madonna and the Red Hot Chili Peppers. Opening hours: Monday-Saturday 10am-7pm, Sundays 1pm-7pm Admission: Free. www.operagallery.com.

7-29 October Albemarle Gallery, London An exhibition of sculptures by Kim Yeon, and Lee Jaehyo, and paintings from the Hada Contemporary gallery. Yeon’s work represents streams and rivers, where natural pebbles are incased in resin forms. Lee’s work in wood, takes the wood as it is, but then shapes it to the will of the artist. The work shows the natural and the man-made existing in the same object. The craftsmanship of these artists is impressive, as is their imagination and subtlety. Open Monday-Friday 10am-6pm. Saturday 10am-4pm. Admission: Free. www.albemarlegallery.com. Kim Yeon Medium: Pebbles & Leaves encased in resin Size: Variable Courtesy: Albemarle Gallery

Pavilion of Art & Design

PAD London

92 www.themarketmagazine.co.uk

12-16 October Berkeley Square, London The popular event for collectors and design-lovers features Modern Art & Design, Decorative Arts, Photography and Tribal Art from 1860 to today. This year 57 exhibitors from top galleries in Europe, Asia and North America descend on Berkeley Square. PAD runs concurrently with the Frieze Art Fair. Known for its sophisticated, eclectic mix of modern art and design PAD is a must-see event. Open daily 11am-7pm Admission: adults £20, students and children under 15 are free. www.padlondon.net.

SUNDAY Art Fair 14-16 October, London SUNDAY is an international, gallery-led art fair showing a selection of 20 young galleries, exhibiting work by over 60 international artists at the fore of emerging talent. SUNDAY art fair takes place in London at the P3 Ambika space, University of Westminster, 35 Marylebone Road, London, NW1 5LS . Open Thursday 14 & Friday 15 October 12pm-8pm. Saturday 16 October 12pm-6pm. Admission: Free. www.sunday-fair.com Artwork: Annabel Gray, 2011 Glass, lead, 23 x 30cm, Courtesy Gaudel de Stampa, Paris

Design Museum Kenneth Grange: Making Britain Modern Intercity 125 Train, 1976

Postmodernism: Style and Subversion 1970-1990 Until 15 January 2012 Victoria & Albert Museum, London The first major exhibition to look at the art, architecture and design of a movement that defies definition. Postmodernism was novel, subversive, a stylish mix of the theatrical and theoretical. It produced visually thrilling, multifaceted work that ranged from the playful to the political, the intellectual to the sensuous. Andy Warhol, Grace Jones, New Order and Robert Longo all feature in this visual feast of an exhibition. Open Daily 10am-5.45pm, 10am-10pm Fridays. Admission: Adults £12.50, Students £8. www.vam.ac.uk. Consumer‚ Rest chair Frank Schreiner (for Stiletto Studios) 1990 © V&A images

Kenneth Grange: Making Britain Modern Until 30 October Design Museum, London With a career spanning five decades, Kenneth Grange is one of Britain’s most prolific product designers. He is the man responsible for designing such iconic yet everyday objects as the Intercity 125 train, Kodak cameras, Kenwood blender and Parker pens. This exhibition is Kenneth Grange’s first UK retrospective celebrating his work, design journey and the role he has played in making Britain modern. With unique access to the Grange archive, the exhibition includes more than 150 products, prototypes, sketches as well as audio, photography and film. Design Museum, Shad Thames, London SE1 2YD. Tel: 0870 833 9955. Open daily: 10am-5:45pm Admission: Adults £11, Students £7. www.designmuseum.org.

www.themarketmagazine.co.uk

“ I like to design products that people enjoy using”

Sebastian

Conran From punk rock to cook wear

Sebastian Conran is one of Britain’s top industrial and product designers. He has designed everything from pushchairs to car interiors and bathtubs to coffee machines. His client list reads like a who’s who of British industry and includes Rolls-Royce, Mothercare, British Airways, Tesco and John Lewis

ebastian grew up in a creative family, with his father Sir Terence Conran, a designer and founder of Habitat and the Conran Group and his mother Shirley Conran, the successful author and journalist. “My parents were a huge influence on me. They are interesting people, very open-minded. I got exposed to a lot of ideas at an early age. I don’t think I had a particularly conventional upbringing, but I certainly benefitted from it.” At he height of the swinging 60s, Terence Conran opened the first Habitat shop on the Fulham Road in Chelsea. Over the years the stylish, open-plan stores became largely responsible for bringing good design to British consumers. At the time shops sold furniture that was staid and dated, but shoppers were ready to go mod and Habitat brought chic and

94 www.themarketmagazine.co.uk

pared down European design to British consumers. “You have to remember that Britain was quite a dull place until the 1960s – it was still suffering from post-war austerity. My Dad wanted to bring some colour to the high street, and Habitat sold a mix of modern and classic designs, including well-designed products imported from France and Germany.” Habitat went on to be one of Britain’s best-known retailers, with stores across the UK and Europe. In 1992, amid a difficult retail-trading backdrop, Habitat was sold to Swedish furniture giant Ikea. Competition on the high-street was stiff and despite head of design Tom Dixon’s attempt to resurrect Habitat’s cool 60s vibe in the early ‘noughties’ by re-introducing original design favourites, sales continued to decline and in 2009

www.themarketmagazine.co.uk

Limited-edition Nissan Cube, 2003; Concept for bus shelter, 2007; The Clash, record sleeve, 1976; Limited edition Nissan Cube, 2003; Tchibo Bathroom, soap dispenser, 2006; Cookshop for John Lewis, saucepan stack, 2009

Ikea sold the company to Hilco, a turnaround specialist that recently put Habitat into administration.

treasurer of the Student Union, and famously booked the Sex Pistols for their first gig.

We asked Sebastian how he felt about this.

After college, he worked for the punk rock band The Clash, designing clothes, posters, promotional material, record sleeves, and stage sets. He was then employed by the brand identity agency Wolff Olins, before being persuaded by his father to come and work for the Conran Group.

“Habitat has gone through several phases in its lifetime, and its design ethos will live on. I expect we shall see Habitat continue in some form well into the future.” Sebastian was involved in both retail and design from an early age, working at Habitat stocking shelves and on the tills, then later helping out in the design studios. Given his family background, it was always likely that he would go into design. “By the time I got to college, I already had quite a good idea of what a designer does,” he said.

Sebastian became head of product design at Mothercare, which was owned by Conran, and then went on to become managing director of Studio Conran.

He studied Industrial Design Engineering at the Central College of Art & Design in London, where he was

He designed the world’s first allplastic pushchair, and the Anywayup toddler cup, that sold 25 million units

96 www.themarketmagazine.co.uk

During his time as head of design at Mothercare, in the 1980s, Sebastian was responsible for many of the innovative designs produced by the company.

worldwide. Of his time at Mothercare, he said: “I really enjoyed my time at Mothercare. I felt I was designing products that helped people, that made their lives a bit easier.” In 1986 he founded Sebastian Conran Associates (SCA), a product and design consultancy that he still heads today. SCA has worked on projects in architecture, interiors, industrial and product design. Today the primary focus is on designing home products, furniture, and consumer electronics. Sebastian’s design career has been extremely varied, and he has had the opportunity to work on a vast range of products. The chances are you have some of his products at home, even if they don’t have his name on them, as he’s designed ranges for John Lewis, Tesco, Marks & Spencer, Sainsbury’s, Tchibo and Villeroy & Boch.

When it comes to British designers, Sebastian admires Josiah Wedgwood, the 18th century potter and industrialist, for his entrepreneurial creativity, and Brunel, the 19th century designer and engineer for his rational creativity. Sebastian designs products that meet both the consumers’ practical needs and their emotional desires, combining the functional with the beautiful. His design philosophy is “elegance through simplicity”. He explained to us some of the complex factors that go into developing and marketing a product for a client, using his value equation.

The value of the product to the consumer is determined by groups of factors relating to the brand, the design, the quality and the cost. Brand-related elements that shape the design are emotional and include things like a brand’s reputation with the consumer, the marketing of the brand, and the consumers’ previous experience with it.

“Britain is great at design, and we have a terrific manufacturing base” Design-related factors influencing the design include both emotional elements, such as the aesthetics and tactile quality of the product, and rational factors such as its functionality and usability. Qualityrelated factors include the material and finish, dependability and integrity of

the design. Cost issues include price, convenience, and ethical or ‘guilt’. Some cost-related factors such as price are rational, and some, such as ‘guilt’, are emotional. It is clear that there is a lot of thought and development behind even the simplest designs that Sebastian is involved in. He is very serious about design, but clearly enjoys it as well. He said: “I like to design products that people enjoy using.” Sebastian designs for top manufacturers in the UK, Europe and Asia. We asked him about his work with Nissan. “Nissan asked me to design a version of the Cube car for the Tokyo Motor Show, so I set about restyling the interiors and exterior of the car, stretched the body, added a translucent skylight and

www.themarketmagazine.co.uk

Villeroy & Boch Aveo, bathroom range, 2003; Mothercare Anywayup toddler cup, 1999; Sainsbury’s Cook Shop range, corkscrew, 2003; Yamagiwa - Stem Ray, rechargeable LED desklight, 2010; Nigella Lawson’s Living Kitchen, bowls and utensils, 2003; Sainsbury’s Cook Shop, salt & pepper grinders, 2003

Sebastian’s signature style is clean lines, tactile materials and sensual curves. His big design influences are the Bauhaus and the German rationalist designers, such as Dieter Rams, the legendary designer for Braun. He also likes the American designers Charles Eames and Raymond Loewy for their sensuous lines and technological innovation.

NTT Docomo, mobile phones, 2010; Cook Shop for John Lewis. stockpot steamer, 2009; Photos courtesy of Sebastian Conran Associates.

simplified the interiors, used nicer finishes and made it less plastic-looking.” Even though it was only intended as a concept car, Nissan liked it so much it put it into limited-edition production. The quirky box-like design of the car has gained a following with design fans in Japan and the UK. “They are very sensible cars for cities, I drive one myself,” said Sebastian. “It has got masses of space, loads of head room, it is very practical. It takes five comfortably. The seats fold down into a bed, which the kids love. The asymmetric rear door is beautiful, and gives the car real character.” The Nissan Cube was not Sebastian’s first foray into automotive design, as he also worked on interiors and styling for a version of the Renault 4 in the late 70s. He also has designed interiors for aircraft, including the very last interior for Concorde. Sebastian is a keen cook and has designed ranges of dishes and kitchen utensils for various manufacturers and retailers. He designed The Cook Shop range for John Lewis. It has contemporary shapes, and consists of the full range of equipment needed by a cook – pots and pans, bowls and utensils – in bamboo, ceramic and hard-anodised aluminium.

98 www.themarketmagazine.co.uk

Sebastian is also responsible for the more than 100 items that make up the awardwinning Nigella Lawson’s Living Kitchen range, which has a more traditional feel, sensuous curves and brighter colours. When we asked him what he thought of British design and manufacturing he said: “Britain is great at design, and we have a terrific manufacturing base. We do need to do more to exploit our scientific research, to develop it into successful products. We need to get scientists and designers to collaborate more on projects.”

“It is essential that we design for the future, that we design products that don’t use a lot of resources in their manufacture, use and disposal”

“I think the best designs come from London, but all countries produce interesting designs in their own way. However, I do think it is sad that the world is becoming more homogenised in that respect.” The environmental impact of his designs is important to Sebastian. “It is essential that we design for the future, that we design products that don’t use a lot of resources in their manufacture, use and disposal. We try to design products that last a long time, so they don’t constantly need replacing.” Sitting in his studio surrounded by the other designers at SCA, we ask him what he’s working on at the moment. “We are working on a new range of Cook Shop kitchen electricals for John Lewis, which include a blender, a coffee maker and a food processor. We’ve designed them to be satisfying to use, simple to clean, easy to store, and stylish. I’m also working on a new china range for Tesco.”

Asked if he was worried about British manufacturing moving abroad, he said: “ Obviously getting products manufactured in the UK is the ideal, but even if a British design company gets its products made in China and sells them in the US, it is still bringing wealth into the UK through tax revenue. ”

There are very few designers in Britain today who have worked in as many different areas as Sebastian Conran. With his skillful blend of function and aesthetics, it is not surprising that he is in such demand. Who knows what he will be designing next?

When asked what countries he thinks produce the best design, he replied:

By Gordon Ross www.sebastianconran.com

We are now on the

iPad

For intelligent, interested, ambitious nonâ&#x20AC;&#x201C;expertsâ&#x20AC;Ś

Download The Market magazine at the Apple App Store

Property

Super Prime Property Market The

The demand for so-called super prime properties seems to be soaring, but who is buying these expensive homes and what, if any, effect is it having on the wider property market in the southeast?

espite the downturn of the past few years, super prime properties in London have been selling like hot cakes this year. These lavish homes, usually with price tags of £10m and over, are beyond the wildest dreams of most property owners, but are being snapped up by those that can afford them. Other than the price tag, there are several key factors that make a property fall into the super prime category. “Key components of a ‘super prime’ property are location, square footage (size matters), ‘wow’ factor and security, including bullet-proof glass, panic rooms and 24/7 private security,” explained Mark Pollack, director of Aston Chase. The super prime market has existed for a while and, although it too was affected by the recession, it is bouncing back remarkably well. In the past, the multi-million deals used to be shrouded in more secrecy, said property consultant, Jeremy Davidson. “This has changed, especially with the Land Registry being opened up to public scrutiny by the last government.” With much of the property market still being affected by the recession, attention has been given in the media – much of it in awe – to the super prime area. Typical super prime buyers share many key characteristics, said Gary Hersham, director of Beauchamp Estates in Mayfair. “Such buyers can ‘wake and want something’ and the want, which might be a new jet, an old master or a

102 www.themarketmagazine.co.uk

new home, is required immediately and acquired so. I define this as perception turning instantly into reality. This is only the domain of the super rich.” Although there have always been some billionaires who could purchase these properties, experts say that sales in London have increased and the city is now on par with other highly desirable global locations. “The wealth generation around the globe has amassed billions, remarkably quickly, which has created a new level of property wealth,” said Jonathan Hewlett, director of Savills Residential in London. A recent report by Savills reveals foreign capital is being injected into the prime London market at a rate of £3.3bn annually, with a further £0.4bn coming into newly built stock. The company has been analysing international buyer activity since 2007 and estimates that £16.5bn will have been invested over the five year period to the end of 2011, bringing prime London property values in line with other global real estate markets. Although much of the media emphasis has been put on Russian oligarch billionaires buying super prime properties in London, the Savills report shows that, while they do account for some of the sales, there are other nationalities and key players. It found that western Europeans were the biggest group of super prime international

Manresa Road, Chelsea SW3

DESPITE THE DOWNTURN OF THE PAST FEW YEARS, SUPER PRIME PROPERTIES IN LONDON HAVE BEEN SELLING LIKE HOT CAKES THIS YEAR

Avenue Road, St John’s Wood NW8

Chelsea Bridge, London

www.themarketmagazine.co.uk

101

Avenue Road, St John’s Wood NW8

Five of the most expensive London super prime sales...

The Landings, St. Lucia

Lake Como, Italy

Manresa Road, Chelsea SW3

buyers, and that North Americans bought as much as Middle Easterners. Chinese buyers are being seen, too, but the Chinese billionaires are currently only accounting for 3% of London resale properties. All eyes are on whether or not their investments will increase. “If money from China was to start ﬂowing into London at the same rate it does from billionaires in other countries, we would expect the values of ultra-prime London properties to grow by as much as 15%,” said Yolande Barnes, head of Savills residential research. The locations of desirable super prime properties tend to be centred on St John’s Wood, Mayfair, Knightsbridge, Belgravia, Hampstead, Regents Park, parts of Chelsea and Holland Park. Knight Frank has even come up with a formula it feels helps calculate the desirability of super prime property – (SPN + B + T + P + RP + S) – R – which many of these areas score highly in. In its formulaic terms, SPN stands for super-prime neighbour, B is beautiful housing stock and area, T is good transport links, P is nearby parks, RP is Royal Palace, S is security and R is designer retail areas and amenities.

104 www.themarketmagazine.co.uk

While it’s good news for central London that so much interest is concentrated on snapping up super prime properties, the rest of the southeast is still recovering from the effects of the property downturn. So is the super prime buying spree having any effect on the wider property market? Opinions are mixed, but research by Savills has revealed what it calls the ‘champagne tower effect,’ where the equity brought into London by overseas buyers migrates out of the central areas, into outer London and down through the UK market. On the whole though, the increase in large sales hasn’t yet filtered out to areas of the southeast. Figures from LSL, which produces a House Price index, indicate that property sales during 2011 are still lower than those in 2010 and that all areas of the UK may have seen a decline. Until all figures for 2011 are available, the final results and effects on regional property of a year that’s seen multimillion property purchases soar – including the sale of Britain’s most expensive flat (£136m, sold to a Russian oligarch) – remains to be seen. m By Rachel Newcombe

1 2 3 4 5

One Hyde Park, Knightsbridge – sold for £136m

Palace Green, Kensington Palace Gardens – sold for £117m

Upper Phillimore Gardens, Kensington – sold for £80m

Palace Green, Kensington Palace Gardens – sold for £70m

Eaton Square, Belgravia – sold for £62m

THE LOCATIONS OF PARTICULARLY DESIRABLE SUPER PRIME PROPERTIES TEND TO BE CENTRED ON ST JOHN’S WOOD, MAYFAIR, KNIGHTSBRIDGE, BELGRAVIA, HAMPSTEAD, REGENTS PARK, PARTS OF CHELSEA AND HOLLAND PARK

GUILDFORD

Part Exchange* available for a hassle-free move

Signature homes in an enviable location GUILDFORD

Epsom Road GU1 2LT 1 & 2 bedroom apartments from £219,995 4 & 5 bedroom homes from £549,995

• A prestigious development designed with impeccable style by award-winning architects • Enveloped by mature trees and contemporary landscaped gardens • Moments from the town centre

Marketing Suite & Show Home open daily from 10am – 5pm

01483 565598 lindenhomes.co.uk

*On selected homes only. Subject to status, terms and conditions apply. Not available in conjunction with any other offer. Prices correct at time of going to press. Image shows homes at Boxgrove Gardens.

Here are some of the super prime properties currently on the market...

Manresa Road, Chelsea SW3 Price £25m An exceptional duplex apartment comprising of 6,800sq ft in a prestigious building in the heart of Chelsea. Highlights include a cinema room, spa/whirlpool and Jacuzzi, gym, a stunning wine cellar, 24-hour porter and full air-conditioning. The property can be purchased with its entire contents. Contact: Joint agents Aylesford 020 7351 2383 or Charles McDowell 020 7581 8357 www.mcdowellproperties.co.uk

Avenue Road, St John’s Wood NW8 Price £36m A newly refurbished detached residence with coach house, comprising 11,195sq ft of space. Highlights include a leisure area, swimming pool, gymnasium, steam room, sauna, entertainment lounge, carriage drive and passenger lift. Contact: Aston Chase 020 7724 4724 www.astonchase.com

Chesterfield Street, Mayfair £10.75m A grand townhouse comprising of 5,124sq ft of space. Highlights include a storage vault, passenger lift to all floors and two terraces. Contact: Savills Tel: 020 7472 5000 www.savills.co.uk

Hamilton Terrace, St John’s Wood NW8 Guide price £35m A glamorous and imposing house, built to the highest specifications and with an interior designed by Bill Bennette. Special additions include a leisure complex with gym, pool, steam room and massage/treatment room, a plush cinema room, a bar and games room. Contact: Joint agents – Savills 020 7472 5000 www.savills.co.uk and Aston Chase 020 7724 4724 www.astonchase.com

106 www.themarketmagazine.co.uk

Lower Mall, W6 Guide price £11m The finest riverside residence in London, circa 1760, providing 11,669sq ft of accommodation. Highlights include a swimming pool complex, games room, gym, media/ cinema room, sauna, extensive landscaped gardens and secure private parking. Contact: Savills 020 7472 5000 www.savills.co.uk

IMPROVING LEADERSHIP SKILLS IN BUSINESS

“The best management / leadership programme I have ever been on. Full on, insightful and first class” AT, Director, Cable & Wireless Worldwide “Outstanding and I will be sending members of my team on the course in the future” TM, Managing Director, QSoft Consulting “Thoroughly engaging course with valuable content and helpful advice tools to improve leadership skills” JH, Design Manager, Bentley Motors “Excellent for self-awareness of one’s leadership ability and areas for improvement” JP, Director, Harvey Nichols

Effective leadership is at the heart of high level business performance. Our leadership programmes are designed to improve the teamwork, communication and leadership skills of executives in business. Courses are being run in collaboration with the Royal Naval Leadership Academy at the Royal Navy Command Headquarters where great leadership has been taught for over 400 years. The size of each course is limited to 20 delegates to ensure maximum learning, participation and review. The course programme has been developed to coach rather than lecture, to challenge but not to overwhelm and to practice the art of great teamwork, communication and leadership. The course directors are Mark Grant, an international business & leadership consultant and Neil Laughton, a successful business entrepreneur, keynote speaker & expedition leader. They are supported by a team of serving and exservice Royal Navy personnel.

To improve the leadership skills in your business, please contact us on 020 7096 2878 or info@businessleadershipacademy.co.uk Business Leadership Academy 123 Pall Mall, London SW1Y 5EA. Tel: 020 7096 2878 info@businessleadershipacademy.co.uk www.businessleadershipacademy.co.uk

Travel

Are we

there yet? Travelling with children can test the patience of even the most chilled-out parents. The confined spaces of aircraft, busy terminals and endless queues are not exactly conducive to a relaxing family break. Stay in the UK, however, at a hotel where kids are not only welcome, but fully catered for, might - just might - keep everyone happy. Melanie Eilers finds out whatâ&#x20AC;&#x2122;s on offer

Bowood Hotel and Spa where is it? The Bowood Hotel is in Calne, Wiltshire, and ideally located for visiting the historic city of Bath, the beautiful Cotswolds or the ancient sites of Stonehenge and Avebury. accommodation: The hotel has 43 luxurious bedrooms, all individually designed, and six suites. For families there are rooms with interconnecting doors and cots and z-beds are available. All mod cons are also included as standard: free wifi, plasma screen TVs, 24-hour room service and iPod dock. For larger families, Queenswood Lodge is ideal for those seeking a little more privacy and relaxation. There are four double en-suite rooms, a sitting room, dining room and study. The lodge is also fully equipped with a chef, waiter and housekeeper. Facilities: A state of the art spa and a championship golf course are the main attractions for those looking to escape

108 www.themarketmagazine.co.uk

the kids for a few hours. Equipped with pool, Jacuzzi, rock sauna, crystal steam room - and breaktaking views of the surroundings - guests can unwind in the spa and slowly make their way through the treatment menu. For keen golfers, the course at Bowood is ideal for all

levels of player. Only three buildings can be seen from the course, giving players a real sense of escapism, but tree and water barriers, and cunningly placed bunkers will still challenge the mind. and for the kids? Not only does the Bowood Estate have extensive parkland for kids to run around in, there is also a fantastic Adventure Playground. Kids under 12 can play on aerial walkways, a pirate galleon - complete with rigging and a crows nest - steep slides and a space dive. The wide vertical slide starts with a 19ft vertical drop. There are also swing boats, a Wendy house, ball pool, swings and a sand pit. For younger guests - under sevens - the Partridge Playpen has log bridges, stepping stones and balancing beams. At certain times of the day, kids can also make full use of the pool. Sample price: Double room prices with

dinner and breakfast start at ÂŁ189 per night, based on two sharing. Call 0800 089 3929 to book.

BAILIFFSCOURT HOTEL

ASHDOWN PARK HOTEL AND COUNTRY CLUB

Where is it? On the West Sussex Coast, near Arundel. Accommodation: 39 en-suite bedrooms in a series of buildings, each furnished to the highest standards. Facilities: The enchanting mock-medieval manor house

Where is it? Forest Row, East Sussex. Accommodation: Ranging from deluxe rooms to Master Suites. Facilities: Ashdown Park boasts 186 acres of lawns, rolling

is set in lovely parkland grounds with a short private path leading to the unspoilt shingle beach at Climping. Friendly and unstuffy, the hotel offers a warm welcome to families and their pet dogs. And for the kids? Children are free to explore the grounds and kick a football or Frisbee around the field. They can have fun on the beach, play snooker, tennis or croquet lawn and are welcome to use the heated indoor and outdoor swimming pools in the spa during morning and afternoon sessions every day. Sample price: £150 per person per night. Call 0800 089 3929.

parkland, forest and a picturesque carp lake. The award-winning Revitalise Spa, Country Club, 18-hole golf course and critically acclaimed Anderida Restaurant complete the luxury experience. And for the kids? From Ashdown’s Tigger Tots (0-2), to Ashdown’s Little Adventurers (3-12) right up to Ashdown’s Forest Rangers (13-16), children are assured of plenty to do during your family break. As well as great local attractions, there is the heated indoor pool and acres of woodlands to explore. Sample price: From £420 per room, per night based on a family of four sharing a Junior Suite. Price includes goodie bag for the kids, three-course dinner for the adults (half portion for the kids), breakfast and tickets to the Ashdown Llama Park. Call 01342 824988 to book and hear about special half-term rates.

THE GORING

CALCOT MANOR

Where is it? Right in the heart of Belgravia, London, close to Buckingham Palace. Accommodation: Described as ‘London’s baby grand hotel’ there are 71 rooms and suites all individually designed, many with balconies overlooking the garden. Facilities: Fine dining, kids’ programme, bar, terrace, personal shopping service and fitness club access – all within a stone’s throw of London’s top attractions. And for the kids? The Goring caters well for kids during the holidays. An activity programme just for children, organised by ‘Big John’ at Concierge, includes cookie making, non-alcoholic cocktail making, in-room Nintendo Wii, homemade cookies and milk, bread bag to feed the ducks in St James Park, kids’ only competitions and a gift under their pillows at night. Sample price: The above programme is available until 30 October for £525 per night, plus VAT, for two adults and two children up to the age of 17, including breakfast. www.shl.com.

Where is it? Near Tetbury, Gloucester. Accommodation: The 35-bedroom hotel welcomes children,

with five family rooms and eight family suites. Facilities: The spa features a 16-metre indoor swimming pool, gymnasium, Hamman bed, six treatment rooms and an eight-seater outdoor hot tub. There is a small kids pool too, as well as tennis courts and 200 acres of grounds. And for the kids? There’s an OFSTED-approved Playzone for newborns to teens. It has a first-floor crèche for small kids supervised by qualified nannies. There are toys for the youngsters, while over-eights have a mezzanine floor with sofas, a mini-cinema and X-boxes, playstation and Wii. Sample price: Family rooms cost from £315 per night. Family suites start at £360. £30 per child per day includes unlimited use of the Playzone as well as accommodation, breakfast and high tea. Call 0800 089 3929.

www.themarketmagazine.co.uk

109

Health

Are you

what you eat? You are what you eat is a well-known term and there is sense to this phrase, but how much are we aware of the journey our food takes beyond our mouth?

slightly more accurate term would be that we are what we can digest, absorb and eliminate. The various stages of digestion can hit obstacles at every turn, which can drastically affect our digestive health and long-term wellbeing. If you feel bloated after eating, or struggle to go to the loo each day, or suffer from burping, wind or pain, then your digestion may need a little nurture. We tend to give little attention to our digestion as, when well, it works automatically and seamlessly. However, I see many clients who have a sluggish digestion yet continue to eat poorly, unaware that their food choices or habits could be wrecking their digestive health. Why don’t we manage our health with the same efficiency and dedication as we do our work? The sights, sounds, smells and simply the thought of food starts the digestive process as the brain registers these senses and sends messages to our digestive tract to let our gastric juices flow! I always remind my clients that we don’t have teeth in our stomach in order to emphasise the importance of chewing. It sounds simple and seems arduous, but it is the most important stage of digestion. If you are eating on the run or while multi-tasking or even while talking, the likelihood is that you won’t be chewing your food sufficiently. Putting your knife and fork, or sandwich down,

110

www.themarketmagazine.co.uk

sitting back, breathing and turning your back on the demands of your day can help you to enjoy the ceremony of eating food, allowing you to really taste it. More importantly chewing relieves the burden on your stomach for the next stage of digestion. Heartburn and indigestion are just a couple of common symptoms resulting from not chewing properly. Our stomach has only muscles and acidic juices to break it down further – a pea soup consistency is the aim. If you haven’t chewed thoroughly, it’s harder – think of a liquidiser without the blades. Food needs to be blended down into its basic components in preparation to be absorbed. Many lifestyle factors can disrupt both the production or the secretion of gastric juices so if your digestion is sluggish or you suffer a ‘burning’ sensation, don’t assume that you have too much acid, as often the same symptoms can be the result of a deﬁciency. Even when you’ve switched your BlackBerry off at the end of the day, your digestive system works tirelessly on your behalf. It takes several hours for food to be broken down and fully digested. The small intestine (which isn’t small at all – it’s absorption surface could cover the area of a tennis court!) acts as a ﬁlter – extracting nutrients from the liquid

Even when you’ve switched your BlackBerry off at the end of the day, your digestive system works tirelessly on your behalf released by the stomach, while blocking foreign substances. Symptoms of small intestinal problems can range from gas and bloating to acne, depression, fatigue and migraines – basically, faulty digestion shouldn’t be ignored. If we can’t absorb the nutrients, we can’t survive. What goes in must come out…! The colon acts as a holding tank for the waste material. If you don’t eliminate frequently, the stool can become dry and hard as the colon re-absorbs the water and waste material that the body wants to evacuate. Failure to heed the call is, in my opinion, the number one cause of constipation. This can be critical for our health and in the long term can lead to inflammation in the colon – making sure that you go to the loo every day is paramount. So clearly, we aren’t only what we eat but nourishment is a good place start. Your digestive system is responsible for about 80% of the functioning of our immune system as well as having a direct affect on our mood (hence the term ‘gut feeling’). Friendly bacteria is digestion’s best friend but needs to be planted, fed and nurtured just like a garden. Sugar acts as a fertiliser for bad bacteria, which if given the opportunity will rapidly grow and take up residence inside your gut, partying till dawn leaving you feeling the hangover. Vegetables on the other hand act like weed killer to the bad bacteria and offer a powerful food for good bacteria. Live, natural yoghurt (unflavoured, unsugared) is an easy way to keep good bacteria topped up each day, or alternatively you can take a good quality pro-biotic supplement. Additionally, drinking water and eating oily fish, nuts and seeds can help to keep stools hydrated and move easily through the digestive tract. I think of wheat as being like a brillo pad against

our digestive lining and oats as being like a moist sponge. Try removing foods that you eat a lot of and see if you feel an improvement. What and how we eat is a complex process and something that we often take for granted (beyond any emotional struggles we may have with food choices). Being more mindful about what you put in your mouth and the long journey it has with you is like air trafﬁc control to a plane. After all, you wouldn’t ignore your team at work if they were grumbling, nor leave your inbox full so why ignore your body’s most basic functions. Take a little time each day to look after your digestion. Lifestyle factors that impact digestion negatively ■ Sugar ■ Toxins ■ Fizzy drinks ■ Stress ■ Antibiotics ■ Alcohol ■ Dehydration ■ Anti-inﬂammatories ■ High-fat diet/fried foods ■ Recreational drugs ■ Smoking ■ Processed foods Tips for better digestive health 1 Less talk more chewing while eating 2 Listen to your gut feeling 3 Make time for the loo 4 Don’t add new foods before removing the ones that you eat regularly 5 See a nutritional therapist if you are concerned about your digestion. m By Amelia Freer, FdSc, Dip ION, mBANT Nutritional Therapist For more information contact Amelia@stephen-price.com www.stephen-price.com

www.themarketmagazine.co.uk

111

Health

Are you

fit 4business? Tips for success With a year to go before the Olympic Games, I have been looking back at the types of questions I used to ask myself regularly in preparation for competing at world-class level. This is what our current Olympic hopefuls will be doing between now and their event at the Olympics next year. They will be analysing every single bit of their performance, not just regularly but every day and maybe even, every hour.

y name is Toby Garbett and my background in the world of health and fitness originates in the cut-throat world of Olympic rowing, where the time and effort you put in is precisely what you get back.

The margins for success and failure in the world of sport come down to hundredths of a second. This can be likened to the width of an apple and in 2002 cost me a gold medal, this equated to just 0.02 of a second! I was a world champion in the preceding years and went on to represent Great Britain at the Athens Olympics. In business, you may or may not be accountable for business being won or lost by fractions of a second but being as fit as you can be, mentally and physically, could help you win, or stop you from losing that important contract. I now thoroughly enjoy bringing my experience, understanding and motivation to assist others in the office or at home as a personal trainer.

112 www.themarketmagazine.co.uk

Over the next two issues I will be adapting these questions for the business world and this month I am concentrating on getting the physical aspects right. This is a great opportunity to ask ourselves some important questions. Are we performing to the best of our ability in all areas, both in our personal and business life. Can we do better? PHYSICAL – Is my body ready? You may think that out of a wide range of categories, this is the one that you don’t need to worry about. In actual fact, as a personal trainer, I see people on a daily basis where their physical inability is causing them to have days absent from work because of a variety of reasons, such as headaches, back pain, infections etc. When they are at work the window of opportunity for high performance can be limited, due to physical limitations. SKILLS FOR TODAY – What do I need? As an athlete you always try to make sure every stone is upturned in your quest for the ultimate performance, whether that be speed, agility, strength or height. The Olympic motto is made up of three Latin words – Citius, Altius and Fortius –

meaning faster, higher and stronger. In order to do your job to the best degree that you can, find ways of equipping yourself further with extra courses and training to keep you ahead of the competition. IS MY ENVIRONMENT RIGHT? You have to ask yourself: “Am I in the right surroundings that allow me to perform to the best of my ability?” This may mean are you working with the right people who will support you and drive you on as part of a larger team. Or it could be as simple as whether your desk and chair are comfortable, or do you like where you are sitting in your office layout. Also, when working as part of a team rather than pairing up with someone who has the same business skills, try to sit near someone who complements your particular skill areas. Being part of team where you can each play off your strengths is great for brainstorming and morale. WHAT ARE MY TACTICS? The analogy of a game plan in sport is obvious. There won’t be any successful teams or sporting individuals that when you ask “What are your tactics?”, answer with “I will just see how it goes”. For athletes and business people it can’t be about just standing on the rostrum with a gold medal or winning the deal, as a stand-alone goal! We need to think about the smaller process goals on a day-to-day basis and how to implement these tactically to get to our desired outcome. Next month I will be concentrating on how to get the mindset right for success.

e All-in-on ! exercise

Simple

exercises Have you always wanted a whole workout with just one exercise? Well you can with this one! It is really challenging for your abs and core, as well as toning upper body and legs, and if you do more than three, I can guarantee that spike in your heart rate. n Start off in the full press-up position, with feet shoulder width apart. n The next bit looks impossible but try to pull your left hand or a light dumbbell to your chest without falling on your face. n Just squeeze your bum and engage your core before you lift the arm and it is possible. n You may want to start by only lifting your hand a couple of inches off the ground until you are more confident. n Then try the opposite hand and follow this with a press-up, this can be a half press-up if you canâ&#x20AC;&#x2122;t make it all the way to the ground. n Then quickly tuck both knees into a tucked position and then stand up with your hands above your head.

Congratulate yourself, as that is one repetition. Try to aim for a set of 20 but build up to this in reps of five, to maintain your form. For more information on how to get in the zone contact Toby on tg@tobygarbett.com. www.tobygarbett.com Toby is the EBA fitness consultant and personal trainer.

www.themarketmagazine.co.uk

113

Fashion

Rock that look

A more sophisticated trend has taken over from the brights of last season. Make way for the sumptuous glamour of jewel tones, you’ll feel like a million dollars…

Rainbow bright

Jewel tones work well for evening wear. Glamorous and grown-up, you won’t ﬁnd any pastel shades here. From the demure sapphire Jaeger gown to the zingy peridot-inspired Monsoon dress, this is fashion that packs a real colour punch. And on the accessories front – a bit of sparkle and glitter adds to the effect.

Jaeger Midnight blue silk dress £699 www.jaeger.co.uk

Monsoon Green dress £180 www.monsoon.co.uk

114 www.themarketmagazine.co.uk

Jimmy Choo Kenta shoe £1,250 www.jimmychoo.com

Elegance Silk blouse £119 Trousers £139 Bag £269 Ankle boots £199 www.elegance.co.uk

Karen Millen

Folded stretch dress £175 www.karenmillen.com

Vivienne Westwood Gold clutch bag £115 www.viviennewestwood.co.uk

Day to night

Emerald, citrine, ruby red – there are no rules as long as you can imagine wearing this colour on a piece of jewellery. The great thing is jewel tones can be adapted for either work or play, such as this silky cerise blouse by Elegance. For a little more understatement, try the muted jewel shades on offer at Reiss and Karen Millen.

Yves Saint Laurent Gold-plated ring £140 www.matchesfashion.com

Reiss

Myla dress £149 www.reissonline.com

www.themarketmagazine.co.uk

115

Paint pot

Men can get a bit of a raw deal when it comes to colour, often settling for drab blacks, browns or greys, especially when it comes to work wear. Well no more! If you want to get noticed, dip yourself in colour from head to toe with precious tones of sapphire, emerald and ruby. We’re loving the bold looks from designer of the moment, E. Tautz.

Thomas Pink

Haymarket striped shirt £89 www.thomaspink.com

Holland and Holland Silk ties £95 www.hollandandholland.com

White panel shirt £110 Tween Cobalt blue blazer £190 G Star Raw Black reversible belt £26 Linea Cobalt blue chinos £100 Scotch & Soda www.houseoffraser.co.uk

78 www.themarketmagazine.co.uk

House of Fraser

Acne Cardigan £150 www.matchesfashion.com

Hardy Amies Barathea silk bow tie £85 www.matchesfashion.com

Paul Smith Velvet Abbey jacket £500 www.matchesfashion.com

Jeff Banks Shirt £30 www.debenhams.com

All change

Echoing the shifting hues of the season, jewel tones can add richness to your autumn wardrobe too – try warm shades such as jade and ruby red. For more of a colour ‘pop’, orange citrine is a winner. And don’t forget the fabric – velvet and silk really enhance the luxurious feel of these precious tones.

E.Tautz Old gold pea coat £945 Burgundy corduroy trouser £390 Navy roll neck jumper £220 www.etautz.com

www.themarketmagazine.co.uk

117

At the same time, it looked like Ted was turning into a bit of a nutter. So I sold the house, moved to a smaller one, and we lived off the proceeds so that I could focus on getting him back on track. I found the best school for him, St Aubyns in Rottingdean, and amazingly his father agreed to pay the school fees.

Annabel Giles

The most amazing thing happened to me this summer… Make yourself a lovely cup of tea, put your feet up and get ready to marvel My son Ted has various issues, XYY Syndrome and Aspergers being the main ones. No need to Google; basically he has trouble with all people, some places and a few things. He’s 13 years old, 6ft1in tall and takes a size 12 shoe. He’s not obviously ‘special needs’, but neither is he entirely ‘normal’. He’s somewhere between the two.

I’m A 52-yeAr-old womAn wIth no offIcIAl quAlIfIcAtIons And the recessIon wAs In full swInG… His father left us when Ted was two weeks old, so I’ve been raising him on my own ever since. I had to stop my career as a TV presenter so I could stay at home with him, so I wrote three novels instead. Then we moved to Brighton, to start a new life with my new partner. Unfortunately, that didn’t work out, and I was left with a huge house to renovate on my own.

118 www.themarketmagazine.co.uk

I had a little breather, and then decided to get back to work. Only there didn’t seem to be much about. The recession had just started, and I hadn’t been on television for years. I tried writing another book, but I just couldn’t do it, it wouldn’t flow. Then Ted’s father moved to Los Angeles and stopped paying for his son’s education – or anything else. So I paid, until I ran out of money. Ted was blossoming at this school, but I had to tell them I couldn’t afford it any more. The school were brilliant and gave me 100% bursary! I still couldn’t find any work. I applied for anything and everything, but on paper I’m a 52-year-old woman with no qualifications and the recession was in full swing… Ted was now in the final year of St Aubyns. Where would he go next? He was too different for mainstream school, but not different enough for special school. He wouldn’t be statemented (which means the council have to pay for his educational needs) because he was doing so well. I was worried he would start to fail again if he went to the local school and I wasn’t prepared to do that to him. I found the perfect school, Stanbridge Earls in Romsey, but it was a boarding school and expensive…. Fortunately, there are various educational trust funds who pay for children like Ted. Unfortunately, they didn’t feel they could help us out this year. The school awarded us a very small bursary, but I still had to find the rest. So I did what any parent would do... I decided to sell my house.

As regular readers of this column will know, I am a big fan of Twitter. I tweeted my decision, and a few well-meaning people told me not to be so stupid. So I wrote a blog for them, by way of explanation. I went out to walk the dog; by the time I came back it had been re-tweeted lots of times. By the end of the day, the blog had more than 15,000 hits and I had grown 1,000 new followers.

I tweeted my decIsIon, and a few well-meanIng people told me not to be so stupId I had all sorts of offers to form charities, put on comedy galas, start campaigns to get me back on TV, the lot. I said no, as I was looking at five years’ school fees here, even raising a term’s worth would be near impossible. But the love I felt from my fellow man was amazing, overpowering, overwhelming. Wow.

So please, please believe in magic. Know that there are good people in this world, and that miracles can happen, tell anyone you know who’s thinking of giving up. Why not do a small act of random kindness yourself today, by way of paying homage to that one person who’s changed a young stranger’s life. Buy a homeless person a sandwich. Come on, let’s keep it going, let’s pass it on. So he’s there now, and loving it. I’m hating it, mind you. My daughter’s 24 now and I’ve always had a child asleep upstairs. I have nobody to look after, I feel completely pointless. I just stare at the dog, who’s started to avoid me. Yes, yes, I know my new life is waiting to happen. But I haven’t quite finished saying goodbye to the old one. Be right back… m

Then I got an email sent to my website, from someone I’d heard of but didn’t actually know, who wishes to remain anonymous. Offering to pay for the first year. Yes, go back and read that bit again. I know. I didn’t want to, but I had to say yes, as it was the right thing to do for Ted. Quite incredible. I still burst into tears when I think about it. I hope I always do.

www.themarketmagazine.co.uk

119

Real Business Each month we speak to the owners of startups and growing businesses about their strategy and vision

Let’s Rent Describe your business and your target market We help property investors (landlords) in central Bristol get an income from their properties, ensuring that their property is fully compliant to current regulations prior to letting. Our target markets are investment landlords, property owners and, of course, professional tenants. What makes your business unique? I have been working in the letting industry for more than 10 years now and have amassed a huge amount of knowledge and experience, which is passed on to our clients. I am very passionate about providing a consistent personal service. Our attention is not split between sales and lettings, and this allows us to solely focus on our clients’ needs. We’re tenacious, accurate, fast, reliable and customer-centric. What has been your proudest day in business? I received an instruction to market nine high-end apartments in central Bristol. The owner said to me: “I’ve seen your business and reputation grow. I need to let these nine properties out as soon as possible. I will put these on with three other agents as well as yourself. I expect nothing less than 100% commitment.” Rising to the challenge, I offered him the commitment, and managed to let out the whole building before any other agents even had a viewing. Since then, the client has provided Let’s Rent with regular referrals that have brought in more business. What has been your hardest business day? Having started my business in the peak of the recession, I knew things were going to be tough, especially with a small amount of startup capital. About nine months into my entrepreneurial journey, I had more bills than income. At this point I questioned why I had started a business. I perked up. Quitting has never been an option for me. I stayed committed, cut overheads, managed credit control better and with very long hours, proactive marketing and the mindset for success, I am now looking to further expand on what has become a profitable venture. What is the most important lesson you have learned in business? Always know your figures and keep a daily eye on the practical finance. It is very easy when you see money coming in to start spending. Know each penny coming

120

www.themarketmagazine.co.uk

in and going out so that you can act before it’s too late – it’s much nicer to have a ﬁnancial buffer in place. Who or what is your biggest influence? My ex boss, who is a successful businessman. He started from zero and has accumulated a portfolio of more than 100 properties. Who or what is your biggest inspiration? I think James Caan is incredible. If you had a business slogan what would it be? “It’s desire, not ability, that determines success.” Where do you hope to be in five years’ time? My vision is to have two Let’s Rent ofﬁces in Bristol and also have my own portfolio of properties. What advice would you give to a budding entrepreneur? You need to be genuinely passionate about your business. I personally would recommend the Entrepreneurs Business Academy to help you acquire the skillset and mindset to run a business in the right way from the very start.

Adil Ayub M.A.R.L.A, director, Let’s Rent Tel: 0117 924 8754 Fax: 0117 924 5483

James Caan’s EBA – Passionate about your success.

South West Coaching Describe your business and your target market My business provides coaching services to the healthcare sector and I personally specialise in GP coaching. This includes newly qualified registrars. What makes your business unique? Coaching doctors is very unique. GPs are quite isolated in their work and are rarely challenged by anyone. The relationship and influence they have on patient’s wellbeing is critical. For once, in the healthcare sector, we seem to be ahead of the curve as coaching has only recently been recognised as a valuable support for this unique group of people. I’m not clinically trained, but this way I can make a difference to patient care. What has been your proudest day in business? I have two very proud days actually. 1. Receiving a card from my best friend congratulating me on the fact that I had ‘Made it’ (as in, started my business, after a while of talking about it!). I was so busy in the business I hadn’t taken time to reflect on how much I had achieved. 2. Waiting to go into my first meeting with a large NHS organisation who wanted to buy my services. What has been your hardest business day? There have been many. Generally, when you’re starting out and you’re still trying to secure clients, having faith that you’re doing the right thing can be tough. It’s important to remember we have something of value to offer and it will all be fine. What is the most important lesson you have learned in business? Healthy relationships are everything and they need to be worked at. Keep testing that what you offer is what people want to buy. Remember your vision and motivation and keep focused on the right things that make a difference to the business. Avoid getting lost in the detail and sidetracked. A meerkat approach works for me. Keep tunnelling but every now and then look up to make sure you are going the right way. Who or what is your biggest influence? Right now. Bev James from the EBA is my biggest influence, and I know I influence myself too... My internal driver is so strong. I have no idea where it comes from. I'm a slave to it. Who or what is your biggest inspiration? I’m constantly pulled between Tony Robbins and Gandhi, but anyone for the greater good always inspires me. I’d like to inspire everyone to perform a random act

of daily kindness. It gives such a buzz. I particularly like paying the toll for the car behind me. If you had a business slogan what would it be? My coaching slogan would be: ‘Taking you to the top’. Where do you hope to be in five years’ time? I’d like to be internationally recognised for being the leading expert in my field and known for neuroscience coaching. The business would be more profitable, enabling me to take regular quality time out with my husband and ease the financial pressure on him. What advice would you give to a budding entrepreneur? Test and measure everything... it’s great to have a good idea but you can waste a lot of time, money and energy if you are the only one that thinks it is. Dee Wilkinson – corporate coach and supervisor, South West Coaching and Associates M: 07971 445 234 Skype: dee.wilkinson E: info@southwestcoaching.co.uk W: www.southwestcoaching.co.uk www.twitter.com/swcoaching

James Caan’s EBA – Passionate about your success.

www.themarketmagazine.co.uk

121

Books of the month Our pick of the literary releases...

What You Need to Know About Marketing, by Simon Middleton. Published by Capstone. 250 pages. Paperback. £12.99 www.capstonepub.com

This is an excellent introduction to the key concepts of marketing for anyone wanting a basic understanding of the subject. It is part of a series from Capstone called “What you need to know about …”, that gives an introduction to a range of topics in a well-written and accessible way to the nonexpert business reader. Middleton’s book introduces the reader to what marketing is, and how it works, and how to apply it to your business. The book starts from ﬁrst principles, and assumes no prior knowledge of marketing. There are chapters dealing with customers, products, the market, branding,

communicating, pricing, placement, and strategy Each chapter’s information is summarised in one page at the end, along with further reading recommendations. Middleton is a leading brand strategy consultant working with companies and charities in the UK and abroad. In 2009, he became the ﬁrst Brand Leader Fellow at the University of East Anglia.

The Day of the Peacock: Style for Men 1963-1973, by Geoffrey Aquilina Ross. Published by V&A Publishing. 144 pages. Hardback. £24.99 www.vandabooks.com

The 1960s saw an explosion of creativity and flamboyance in men’s fashion that came to be known as the Peacock Revolution. The Day of the Peacock takes a fascinating look at the shops, designers and celebrities that made it happen, all illustrated with stylish period photos from the V&A’s superb archive. The 1960s saw profound changes in people’s attitudes and behaviour, and this was reflected in the fashions of this turbulent decade. Not since the Dandies of the early 19th century had men been so extravagant in their attire. The book covers key developments and the personalities involved, and recalls the optimism of the era. There are profiles of designers including Tommy Nutter and Dougie Millings, and boutiques like Granny Takes a Trip, Mr Fish and Hung on You. The book covers Saville Row tailors, King’s Road boutiques and developments on the high street. There are great photos of Mick Jagger, Michael Fox, Rod Stewart, David Hockney, George Melly, and others in a variety of stylish outfits. Geoffrey Aquilina Ross, the author, was at the centre of the London fashion scene in the 1960s, as he was the first men’s fashion editor at Vogue. He knew many of the people in this book and is well-placed to tell the history of this period. The text is well-written and informative.

Start It Up. Why Running Your Own Business is Easier Than You Think, by Luke Johnson. Published by Portfolio Penguin. 241 Pages. Paperback. £12.99 www.lukejohnson.org

Luke Johnson is one of Britain’s most successful entrepreneurs, with an estimated personal fortune of £120m. He’s a former chairman of Pizza Express and Channel 4 Television, and columnist for the Financial Times and Management Today. Start It Up is written to inspire and encourage anyone who’s ever considered becoming their own boss. It’s entertaining, easy to read and full of personal experiences and advice. Johnson tackles practical issues like getting ideas, funding, managing people and trading in a downturn, but he also tackles the various reasons people give for not starting their own business. There is plenty of useful stuff in the book, whether you are just starting out or already running your own business. We get practical examples of successful and failed business ventures both large and small, that can teach us much. The advice given in the book may not be new, but it has seldom been put more enthusiastically, or as well. The book is entertaining and easy to read. Johnson’s book has practical advice, but is also a wake-up call for anyone who wants to go out and live their dreams, build a business, and potentially get rich doing it. Johnson says: “Running you own business is nowhere as tough as you might think. So what are you waiting for?”

122 www.themarketmagazine.co.uk

The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art and Auction Houses, by Don Thompson. Published by Aurum Press. 290 pages.18 illustrations in colour. Paperback. £14.99 www.aurumpress.co.uk

How is it that a stuffed shark or an unmade bed can be worth millions? Don Thompson explains the economics of the modern art world. Who and what determine the value of art today? Don Thompson, an economist and professor of business, spent a year interviewing art dealers, auction houses, critics and collectors to try to ﬁnd out. Thompson’s position is that contemporary art is just another commodity, marketed and promoted by a small band of dealers, auction houses and museums. He backs up his argument with plenty of interesting facts, observations and comment from people in the art world. I felt the book was rather limited in its scope. It doesn’t tackle the questions of “what is art? Is it still art if an assistant and not the artist himself produce it? Also the book doesn’t tackle the question of “what is value”. Is it still valid to value art for it’s aesthetics or craftsmanship, or is it all about the concept? These are questions I’d like to have seen tacked in this book, but they weren’t, perhaps because Don Thompson is an economist and not an artist.

Alex Katz Prints: Catalogue Raisonné, 1947-2011. Published by Hatje Cantz. 304 pages. 615 Illustrations in colour. Clothbound in slipcase. £90 www.hatjecantz.de/en

This book gives us the definitive collection of prints by the American artist Alex Katz. With his bright colours and easily accessible imagery, it is surprising he is not better known in the UK. His career spans more than 50 years and has seen him produce paintings, sculptures and the prints that are the subject of this book. Katz has been producing work since the 1940s that uses flat areas of colour, and imagery that is reduced to the minimum of lines. His paintings were Pop Art, before Pop Art, and nothing like the work of the Abstract Expressionists who were his contemporaries’ in the 1950s. Katz has gone on to produce a consistent body of work in the following five decades. He produces stylish portraits of friends, family, celebrities, landscapes and flowers, all painted in a flat, brightly colored style, that looks like poster design or illustrations from a book. His work is cool, urban and detached, like the women in his paintings. The imagery in his prints is usually developed from his paintings and cut-out metal sculptures. This book covers his entire output of prints to date, some 600 of them. There are also pictures of his designs for posters and book jackets. The book features interviews with Alex Katz, essays by Vincent Katz, Carter Radcliffe and others, a bibliography and a complete list of his exhibitions. A great book for any fan of Alex Katz’s work, or someone curious to find out more about this renowned American artist.

How to Persuade & Inﬂuence People: Powerful Techniques to Get Your Own Way More Often, by Philip Hesketh. Published by Capstone. 357 Pages. Paperback. £12.99 www.capstonepub.com

Getting other people round to your way of thinking can be a challenge at times. This book gives you tools to win people round to your point of view. Philip Hesketh is an author and business speaker on the art of persuasion. He has worked in sales, run a successful advertising agency and studied psychology. He puts his years of experience dealing with people to good use in this book – ideal for anyone dealing with people at work, and particularly useful for people working in sales or customer service. It has chapters dealing with people and beliefs, persuasion and inﬂuence, overcoming objections, negotiations, the psychology behind buying, and how to be a more effective communicator. The book uses examples from the world of business, Hesketh’s own experience and the latest psychology research. It is a revised and updated version of his 2005 book Life’s a Game So Fix the Odds and covers much of the same material. There is good advice and useful techniques in the book that could be used in dealing with people in all areas of your life, whether it is family, colleagues or ofﬁcials. Perhaps it should be called How to Control and Manipulate People?

Please send all new book releases and high-resolution imagery to Gordon Ross. Email: gordon@themarketmagazine.co.uk www.themarketmagazine.co.uk

123

India and Beyond: Travel and Photography Sale

4 October 2011 Bonhams, London The ﬁrst printed depiction of the Taj Mahal (pictured), has been given a pre-sale estimate of £30,000-£35,000, and will feature at Bonhams’ India and Beyond: Travel and Photography Sale in London. It forms part of a volume of aquatint views of India by English painter William Hodges who travelled through the country in the 1780s. Other items from the collection include a complete copy of Emily Eden’s ‘Portraits of the Princes and People of India’, estimated at £20,000-£30,000. Published in 1844, the rare folio of 24 hand-coloured card-mounted lithographs covers life in the court of the Sikh rulers of the Punjab. The plates are based on original drawings by novelist Eden who lived in India from 1835-1842 when her brother, Lord Auckland, was governor-general. Other lots include rare prints and books, as well as Indian photography by, among others, Lala Deen Dayal and Linnaeus Tripe. www.bonhams.com.

Global diary

What’s on where Robert Motherwell: Works on Paper

Robert Motherwell Beside the Sea 1966 Oil on rag paper 59.5 x 74cms

124 www.themarketmagazine.co.uk

10 October to 26 November 2011 Bernard Jacobson Gallery, London The first UK exhibition of drawings by US artist Robert Motherwell (1915-1991) will go on show at the Bernard Jacobson Gallery in London this month. In total, 90 works will be on display, with prices ranging from $10,000 to $300,000. Motherwell’s career spanned five decades during which time he created some of the most iconic images of the 20th century. A major figure in the birth and development of Abstract Expressionism, he was the youngest member of the ‘New York School’, a term he coined. The exhibition will include 60 works from the Lyric Suite, a group of works from the Beside the Sea series and a selection of works based upon James Joyce’s Ulysses, as well as an abstract portrait of the author. A further selection of works from the 1940s to the 1980s includes Elegy and Je t’aime as well as automatism drawings, work from the Drunk with Turpentine, Gesture and Open series. All pieces will be up for sale. www.jacobsongallery.com.

Tomasso Brothers Fine Art

21-27 October 2011 The International Fine Art & Antique Dealers Show, New York Major pieces of European sculpture presented by the Tomasso brothers – Dino, Giovanni and Raffaello – will be showcased at the renowned International Fine Art & Antique Dealers Show at the Park Avenue Armory in New York this month. The brothers, who are recognised internationally for specialising in important European sculpture from the Early Renaissance to the NeoClassical periods, with a particular knowledge of European Renaissance bronzes, will be exhibiting at stand A2. There will also be a complementary display of sculpture at Otto Naumann on East 80th Street from 20 October to 4 November 2011. Tomasso Brothers Fine Art was established in 1993 and is based at Bardon Hall, Leeds, with a London gallery in Pimlico. www.tomassobrothers.co.uk. Pair of Lapis Lazuli Vases Rome 1790-1810 Height: 42cm (16.5in) Width: 24cm (9.5in) Price: in the region of $675,000

Events and Auctions

20th Century Decorative Arts

Alexander Ponomarev SubTiziano, 2009 Installation on the Grand Canal Ofﬁcial Collateral Project 53rd Venice Biennale

One of a Thousand Ways to Defeat Entropy Until 27 November 2011 Venice Biennale, Italy This major display is an Ofﬁcial Collateral Project of the 54th Venice Biennale of Contemporary Art – one of the world’s oldest and most prestigious arts festivals. The exhibit will feature new works by four contemporary artists – Russia’s Alexander Ponomarev, Belgium’s Hans Op de Beeck, Adrian Ghenie (Romania) and Ryoichi Kurokawa (Japan). According to the co-ordinators, each will create a new large-scale installation beﬁtting the imposing industrial architecture of the Arsenale Novissimo. Entropy is described as a key term characterising the movement towards chaos – in physics, probability theory, sociology and information technology. One of a Thousand Ways to Defeat Entropy is organised by the Courtauld Institute of Art and the AVC Charity Foundation (London). For further details, visit www.labiennale.org.

16 October 2011 Bonhams & Butterfields, Los Angeles A large selection of furniture, decorations and lighting by Hollywood designer and actor, William Haines, is set to go under the hammer in Los Angeles this month. Born in Virginia in 1900, Haines appeared as a leading man in more than 20 films alongside stars such as Joan Crawford, Marion Davies and Constance Bennett. He opened an antiques shop while working at Metro-Goldwyn-Mayer, advising stars such as Crawford on interior design. Haines once said: “I can only tell you this – I would rather have taste than either love or money.” Among the highlights of the Haines collection are a modernist polished copper and travertine coffee table (est $4,000-$6,000), an oak and copper sideboard (est $4,000-$6,000), a glazed earthenware geometric lamp (est $1,000-$1,500), a stained oak dining table with copper inlay (est $3,500-$4,500) and a set of four corresponding oak and leather dining chairs (est $2,500-$3,500). www.bonhams.com. A William Haines oak and copper sideboard Circa 1956 with fitted lacquered interior Height 36in (91.5cm); length 84in (213.5cm); depth 19in (48.3cm) Est $4,000-$6,000 Property of a registered Canadian charity. Proceeds will be used to help people in need around the world. Courtesy of Bonhams & Butterfields/C Hurst and P Lynde

Fine Art Asia

3-7 October 2011 Hong Kong Convention and Exhibition Centre According to The Global Art Market in 2010 – a report prepared by Dublin-based arts statistician and consultant Clare McAndrew – China overtook the UK to become the second biggest art market after the US in 2010. It is not surprising, therefore, that the seventh edition of Fine Art Asia is heralding its strongest international line-up to date. The fair, which attracts an affluent audience of major dealers, collectors and connoisseurs from both Asia and around the world, will this year see more than 80 well-known dealers from Asia, Europe and the US participate. The fair, which will showcase a mix of Asian and Western art, antiques, fine-art jewellery, modern and contemporary art, will also offer a programme of lectures and seminars by leading art experts on the latest developments in the global art scene. www.fineartasia.com. Georges-Lucien Guyot (1885-1973), Sniffing Panther, Susse Foundry, circa 1930, Bronze with brown patina, Signed, 34 x 50 x 12.5cm Galerie Dumonteil, Paris and Shanghai www.themarketmagazine.co.uk

125

Editor-at-Large

Karen B Ruimy

Publishing & Editorial Director

Amanda Morreale

Commercial Director

Ian Larby

Production Editor

Melanie Eilers

Features Editor and Books

Gordon Ross

Senior Writer

Michele Martensen

Chief Designer Art Editor-at-Large

Kara Thomas Hailey Widrig-Ritcheson

EBA Business Editor

Bev James

Publishing Consultant

Sally Poinsette

Contributors Investment Art

Saul Wordsworth, Jessica Furseth Dr Ayla Lepine, Becky Hunter

Adventure

Glyn Morris

Environment Career

Helen Campbell Adam Shaw, Lucy Heskins

Wine Finance

Rebecca Gibb Gary Deans, Lesley Stalker

Property Health

Rachel Newcombe Toby Garbett, Amelia Freer

Columnists Annabel Giles, Carol Kinsey Goman Ph.D., Dave Trott, Julie Meyer

Advertising

+44 (0) 7767 777 533

The commercial team All enquiries

info@themarketmagazine.co.uk

Digital design R

Harrison Williams

Registered office Affiliated with James Caan’s EBA

Market Publishing Ltd The Studio 35 Beech Way Croydon Surrey, CR2 8QR www.themarketmagazine.co.uk

This month’s cover

Vintage 1960s fashion, Twiggy 1965 Rex Features

© Market Publishing Limited 2008. All rights reserved. No part of The Market Magazine (the” magazine”) may be reproduced without the written permission of the publisher. The contents of the magazine are only for general information and/or use. Such contents do not constitute advice and should not be relied upon in making (or refraining from making) any decision. Any specific advice to queries in any part of the magazine is/are the personal opinion of such experts/consultants/persons. Market Publishing Limited and its associates shall not be liable, at any time for direct, special, incidental, or consequential damages (including, without limitation, damages for loss of business profits, business interruption, loss of business information or other pecuniary loss) arising directly or indirectly from the use of (or failure to use) or reliance on the contents of the magazine and whether arising in contract, tort or otherwise. Market Publishing Limited does not guarantee the accuracy, content, or timeliness of any on-line services or that they are free from viruses or other contaminating or destructive properties. Market Publishing Limited will not be liable for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, theft or destruction or unauthorised access to, alteration of, or use of information contained in the magazine.

126 www.themarketmagazine.co.uk

November Next month in

10 of the coolest things to do in New York – from The Empire Hotel Pool Deck, to The Skyscraper Museum. Tara Leigh Parks shows us the most entertaining, unusual and fun things to do while visiting the Big Apple. Know your jewels – Investing in gemstones offers diversification and can be profitable, but only if you know what you are buying and are prepared to sit on your investment and wait for a return. We take a look at this risky but compelling investment area. Eastern Promise – The centre of the world of fine wine auctions has shifted from London and New York to Hong Kong, as China clamours to get its hands on as much fine red Bordeaux as it can. Forget France and Australia, Hong Kong is the centre of the fine wine trade. Rebecca Gibb examines this rapidly changing market. Pablo Atchugarry interview – Hailing from Uruguay, he creates simultaneously a very modern and a very traditional kind of sculpture. His fluid works carved from stone and marble are texturally compelling and unique. Dr Ayla Lepine talks to Pablo about his current projects and inspirations. How to become result driven – Many business people find themselves in a quagmire of low-grade activity, running round and round on the hamster wheel, unable to see beyond the 400 emails in the inbox and the landfill site of an in-tray. Phil Olley shows us how to get unstuck and get results.

November issue – On UK newsstands on 27 October 2011 Subscribe – www.themarketmagazine.co.uk

the market 69

advertising and marketing Creative thinking and critique from Dave Trott

ON LOSING YOUR MARBLES He said: “I came here because I wanted to be a cop, I didn’t come here to retire. I don’t want the safe, easy beat, I want the beat where I can find out how good I am. The beat where I can learn what I’m doing right and wrong and what I need to get better at. I don’t just want to pass the time until the end of the shift. I could do that in a factory.”

Dave Trott is executive creative director at CST The Gate. www.cstthegate.com It was a rookie Los Angeles Police Department cop’s first day on the job. He turned up for the briefing at his new precinct. All the cops walked to the front of the room and picked a marble from a bag on the table. Every time someone picked a black marble they punched the air. Then, when someone picked the only white marble, their shoulders slumped. The rookie asked one of the cops what was going on. He said: “We’ve got one bad section in this precinct. It wouldn’t be fair to assign it to someone, so the Captain thinks this is the best way. Whoever gets the white marble has to patrol that section. You’re a rookie, so today you don’t have to pick.” So the rookie did his patrol on an easy section that day. There weren’t any problems on his beat. But he kept thinking about the bag of black marbles. The next day he turned up early for the briefing. He walked to the front of the room, he took the bag and turned it upside down. Then he picked out the white marble. Everyone said: “What the hell are you doing kid?”

128 www.themarketmagazine.co.uk

And every day he did the same thing. He turned out the bag and took the white marble. And pretty soon he began making arrests. Because of the crime on his beat, he was making more arrests than the other cops. And his record started to look really good. Suddenly

Everything stayed the same, except the attitude of the people working there... some of the other cops started to sit up and take notice. They said: “Hey this isn’t fair. He’s making more arrests because his beat is tougher. We’ve only got the easy beats. We can’t be expected to make as many arrests.” And they told the Captain they wanted a crack at the dangerous beat too. So the precinct Captain had to let them have a chance. And they too began making more arrests. And a spirit of camaraderie grew between the cops who were working the tough beat. They felt like the elite. They teased the other cops about being already retired. “Hey, you guys taking your slippers and cocoa out on patrol?” Pretty soon no one wanted to be thought

to be ducking the tough beat. And, instead of being shunned, that tough beat became sought after by the cops. The precinct’s arrest rate went up, crime went down and morale went up. Nothing else changed in that precinct. No more cops. No incentive bonus. No new weapons. No new tactics. Everything stayed the same, except the attitude of the people working there. That changed because of one rookie. And because that changed, everything changed. Because people didn’t just want an easy life anymore. Because the tough route became fun. Not avoiding it, but going for it. Like at the gym. Not staying with exercise you can already do easily, but stretching yourself, so you get better every time. Think of that. When other people are getting all the good briefs and you keep getting the assignment no one else wants, there are two choices. It can either be a real drag, or it can be a chance to do something the other guys can’t or won’t do. See, you’re either on this planet learning and growing. Or you’re just passing time until your retirement. To read more of Dave’s blogs visit www.cstthegate. com/davetrott

market theDon’t miss a copy

for a year and get your

10 issues for £18.00

50%

that’s a massive

saving on the newsstand price or 5 FREE ISSUES delivered directly to your door

PLEASE QUOTE PROMOTIONAL CODE: ISSUE 10 BUSINESS

ENTREPRENEURS

FINANCE

ENVIRoNMENT

TECHNoLoGY

INVESTMENTS

BUSINESS

ENTREPRENEURS

FINANCE

ENVIRoNMENT

TECHNoLoGY

INVESTMENTS

BUSINESS

ENTREPRENEURS

FINANCE

PROPERTY

ENVIRONMENT

TECHNOLOGY

INVESTMENTS INVESTMENTS

The new inspiration for business, investment and culture

£Billion Art market

2011

revealed

the

Beatles

flightsWIN on a private jet

Rock & pop legacy for sale

BEAR EAR Grylls

Tells us why Life, Business and Survival are connected The Time to Shine is when it is Darkest..

PRoPERTY

ART

WINE

MARKETING

SoCIAL MEDIA

FASHIoN

HEALTH

ADVENTURE

January/February 2011

ExclusivE

£3.75

THE BRIBERY ACT

THE END oF CoRPoRATE CoRRUPTIoN?

Lo ve

THE FUTURE

made his fortune Kept his Street cred… ART

WINE

MARKETING

PSYCHoLoGY

FASHIoN

HEALTH

ADVENTURE

£3.75

Secret Millionaire

Gill Fielding "Wealth is not an amount of money – it is a state of mind"

The secret of his success - The Den - Philanthropy - Pakistan CAREER

ART

WINE

MARKETING

ENTREPRENEURS

FINANCE

From

ENVIRoNMENT

Hot Spots

Gérard Rancinan The power of photography

THE MAN WHO

WALKED THE AMAZON!

SOCIAL MEDIA

FASHION

HEALTH

ADVENTURE

How Ethical do you want to be?

Remove the barriers to

SuCCESS

The Retailers

2011

RICH LIST

Luxury Cars

That don’t cost the Earth...

ART

WINE

MARKETING

PSYCHoLoGY

FASHIoN

HEALTH

ADVENTURE

ENTREPRENEURS

FINANCE

ENVIRoNMENT

TECHNoLoGY

JAmes JA J CAA C AAn CAAn AAn the secret of a

The new inspiration for business, investment and culture

Bondage

Firm lessons in investment!

Winning Pitch...

How to Profit from

Body

currency trading

Language in Business

ExclusivE

Corporate Manslaughter

Anouska

Hempel

WhAt you need to knoW! Wh

“Why good design matters”

TIGER

Power, Strength, Beauty, in Danger

£3.75

PRoPERTY

BUSINESS

TECHNoLoGY

European Property

CLAuDIA TO CASTRO

INVESTMENT

Will they regain our trust ?

How the Multi- Millionaire Rapper

From the Entrepreneurs Business Academy!

The Banks

Jay Z &

Of mentoring and coaching

the Stock Market…

oF NUCLEAR ENERGY

PRoPERTY

10k

Learn to

MARIELLA FoSTRUP oN GENDER EqUALITY

June 2011

kick stARt

WIN

But are they an ethical investment?

November 2010

20 ways to

IS SILVER THE NEW GoLD?

BUSINESS

The new inspiration for business, investment and culture

Diamonds are forever

INVESTMENT

Stock market jargon explained

June 2011

Bulls vs BEARs!

9 772045 136006

How to Conquer the Corporate

Jungle

£3.75

he shocking truth &tthe illegal markets exposed PRoPERTY PRo

ART

WINE

MARKETING

PSYCHoLoGY

FASHIoN

HEALTH

April 2011

INVESTMENTS

9 772045 136006

NEW

ADVENTURE

£3.75

Subscribe by calling our subs team on +44 (0) 1371 851868 OR Visit our website at www.themarketmagazine.co.uk

A Daimler Brand

Win-win.

The new E-Class Executive SE from £365* a month. Standard equipment includes satellite navigation with media connectivity, 17" alloy wheels, leather upholstery and twin exhausts. Oh, and the lowest on-the-road price in its class.† You can’t lose. Visit mercedes-benz.co.uk/offers

For business users only. Advance payment and fee applies. Official government fuel consumption figures in mpg (litres per 100km) for the E-Class Saloon range: urban: 20.5 (13.8) - 45.6 (6.2), extra urban: 37.7 (7.5) - 67.3 (4.2), combined: 28.8 (9.8) - 57.6 (4.9). CO2 emissions: 230 -129g/km. Model featured is a Mercedes-Benz E 220 CDI BlueEFFICIENCY Executive SE Saloon at £30,740 on-the-road including optional

metallic paint at £645.00 (on-the-road price includes VAT, delivery, 12 months’ Road Fund Licence, number plates, first registration fee and fuel). † Comparing the Mercedes-Benz E 220 CDI BlueEFFICIENCY Executive SE Saloon with the BMW 520d SE Saloon with Business Media Package and the Audi A6 2.0 TDI SE Saloon, according to CAP Monitor 16.08.11.*All payments subject to VAT: Finance example based on an E 220 CDI BlueEFFICIENCY Executive SE Saloon with manual transmission on a 36 month (6+35 profile) Operating Lease agreement, excluding maintenance, with an advance payment of £2,190.00. £180.00 acceptance fee payable in addition to and at the same time as the first rental. Based on 10,000 miles per annum. Excess mileage charges may apply. Rental includes first year’s Road Fund Licence only. Written quotations available on request including alternative contract lengths and mileages. Guarantees and indemnities may be required. This finance campaign is available on E 220 CDI BlueEFFICIENCY Executive SE Saloon models ordered/credit approved between 21 July and 30 September and registered by 31 December 2011. Terms and conditions apply. Offers are subject to availability. Offers cannot be used in conjunction with any other published offer from the retailer. Credit provided subject to status by Mercedes-Benz Financial Services UK Limited, MK7 8ND. Prices correct at time of going to press (08/11).