Fidelis 05 Fidelis Ethics, Arts and Investments Forum in Florens 2012

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Contents Via  degli  Aldobrandeschi  190,  Rome,  00165,  Italy Tel.  ++39  06  6654  3707 ZZZ ¿GHOLVLQVWLWXWH RUJ

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By  Armando  Del  Bosque

7KH QHZ HUD RI GLJQLW\ LQ HFRQRPLF UHODWLRQVKLSV By  Stefania  Gentile

(GLWRULDO &RPPLWWHH Vicente  Arancón (GLWRU LQ &KLHI DQG ([HFXWLYH 'LUHFWRU Michael  Ryan 3UHVLGHQW

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,QYHVWPHQWV DQG (WKLFV )RUXP )ORUHQV By  Valentina  Facciponte  &  Elisa  Giraldi Transcript  by  Vicente  Arancón

Christopher  Oleson Rafael  García  Pavón Michael  Augros JosÊ  à ngel  Agejas

34 0H[LFDQ ,QVXUDQFH

&RPSDQ\ VSHFLDOL]HG LQ PDMRU PHGLFDO H[SHQVHV DQG SHUVRQDO DFFLGHQWV Photographs  on  pages  7,  12,  14,  18,  19,  20,  22,  28  and  29,  by  Valentina  Facciponte  &  Elisa  Giraldi.

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Ave.  Lomas  Anåhuac  S/N  7º  piso,  Col.  Lomas  Anåhuac,  Huixquilucan,  Estado  de  Mexico,  Mexico.  3KRQH H[W

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&HUWL¿FDGR GH 5HVHUYD GH 'HUHFKRV DO 8VR ([FOXVLYR GHO 7tWXOR (Q WUiPLWH 1~PHUR GH &HUWL¿FDGR GH /LFLWXG GH 7tWXOR (Q WUiPLWH 1~PHUR GH &HUWL¿FDGR GH /LFLWXG GH &RQWHQLGR (Q WUiPLWH 'HVLJQ E\ &pVDU *DUFtD 3DYyQ 3ULQWHG E\ *UXSR ,QIDJRQ $OFDLFHULD 1R &RO =RQD 1RUWH &HQWUDO GH $EDVWRV ,]WDSDODSD 0p[LFR ' ) & 3 3KRQH ([W The  articles  represent  the  personal  views  of  their  authors,  which  does  not  necessarily  match  ,  those  of  the  publisher.  The  liability  is  limited  to  the  amount  the  acquirer  paid  for  the  magazine.  This  journal  is  published  with  the  support  of  its  sponsors.

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Spring  2013

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We  sincerely  thank  Ricardo  for  organizing  this  great  event  and  the  four  distinguished  speakers  who  so  generously  accepted  to  be  with  us  for  this  occasion.  They  have  been  all  a  great  group  of  speakers  and  their  contributions  to  the  discussions  were  simply  brilliant.  We  would  also  want  to  sincerely  thank  the  leaders  of  )ORUHQV *LRYDQQL *HQWLOH DQG 1LFFROz 0DQHWWL who  were  kind  enough  to  consider  us  for  this  event

:LWK WKLV LVVXH )LGHOLV (WKLFV 5HYLHZ EHJLQV LWV WKLUG year  of  life,  and  we  are  very  proud  to  present  it  to  you,  FRYHULQJ RQH RI )LGHOLVœ PRVW RULJLQDO DQG LQQRYDWLYH FRQIHUHQFHV HYHU LQ )ORUHQFH ,WDO\

,Q WKLV LVVXH RI WKH 5HYLHZ \RX ZLOO DOVR ÂżQG WKH ODVW winning  essays  of  the  course  we  held  last  year  on  “Ethics  and  Lawâ€?  at  the  Regina  Apostolorum  Athenaeum  in  Rome. Â

'XULQJ WKH )ORUHQV HYHQW WKH FLW\ RI 'DQWH dresses  up  for  ten  consecutive  days  to  celebrate  humanity  with  grandeur  and  passion.  The  whole  city  opens  its  doors  to  visitors  from  every  corner  of  the  world.  Artisans,  politicians,  entrepreneurs,  civil  DXWKRULWLHV UHOLJLRXV OHDGHUV DQG DOO VRUWV RI 1*2œV and  institutions  participate  in  this  fantastic  event.

We  hope  you  enjoy  the  magazine  and  learn  a  lot  out  of  its  contents.

Photo  by  Fidelis  International  Institute

)ORUHQV ZDV WKH SHUIHFW VHWWLQJ IRU WKH )LGHOLV )LQH $UWV ,QYHVWPHQWV DQG (WKLFV )RUXPœV ZKHUH WKH main  objective  was  to  shed  some  light  on  why  are  investments  in  fine  art  ethically  different  from  investments  in  securities  in  the  stock  exchange.   :H DOVR IDFHG WKH GLI¿FXOW WDVN RI DQVZHULQJ WKH TXHVWLRQ FDQ \RX WDON DERXW FXOWXUH KHULWDJH art  and  business  ethics  at  the  same  conference?  Well,  it  was  not  easy,  but  yes,  we  of  course  made  it  possible. )LGHOLV EURXJKW LQ IRU WKH ¿UVW WLPH WR WKLV FLW\ D XQLTXH combination  of  very  successful  individuals  from  different-­ ZZZ ¿GHOLVLQVWLWXWH RUJ

Vicente  Arancón ([HFXWLYH 'LUHFWRU )LGHOLV ,QWHUQDWLRQDO ,QVWLWXWH

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have  an  outstanding  95%  retention  rate  in  the  companies  they  work  with.  There  are  now  thousands  of  corporate  chaplains  since  Marketplace  Ministries  EDVHG LQ 'DOODV VWDUWHG LQ DQG DORQJ with  Corporate  Chaplains  of  America,  they  are  the  leaders  in  the  market.

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&RPSDQLHV DV 0LVVLRQ )LHOGV  By  Armando  Del  Bosque

5HFHQWO\ , DVNHG 3HWHU )UHLVVOH 3UHVLGHQW RI Polydeck  Screen  Corporation,  â&#x20AC;&#x153;Why  did  you  decide  to  allocate  1%  of  your  revenues  to  this  program  for  \RXU HPSOR\HHV" 'LG \RX H[SHFW DQ 52, ZHOO LQWR double  digits,  as  it  ended  up  being?â&#x20AC;? â&#x20AC;&#x153;Because  I  wanted  to  share  what  I  had  experienced  as  I  got  closer  to  God,  â&#x20AC;&#x153;  Peter  said.  â&#x20AC;&#x153;It  was  not  a  business  decision;Íž  it  was  an  inner  call  to  share  *RGÂśV ORYH ZLWK DOO WKH VWDNHKROGHUV RI WKH EXVLQHVVÂŤ we  have  become  a  Christ-­centered  business.â&#x20AC;?

'XULQJ P\ YLVLW WR 3RO\GHFN DQG PHHWLQJ ZLWK 3HWHU )UHLVVOH LW EHFDPH FOHDU WKDW WKLV &(2 ZDV ORRNLQJ IDU EH\RQG D ¿QDQFLDOO\ VXFFHVVIXO FRUSRUDWLRQ 3HWHU has  created  a  legacy,  and  he  is  impacting  everyone  KH FRPHV DFURVV ZLWK E\ VKDULQJ KLV MR\ RI *RGœV ORYH

As  businesspeople,  many  of  us  â&#x20AC;&#x153;plug  and  un-­plug  Godâ&#x20AC;?  during  the  day,  the  week,  or  even  less  frequently.  A  IHZ GD\V EHIRUH YLVLWLQJ 3RO\GHFN , KDG DVNHG )DWKHU 'DO\ ZKHWKHU LW LV SRVVLEOH WR EH ÂłSOXJJHG LQ ´ since  the  peace  you  feel  is  something  you  want  to  UHWXUQ WR FRQWLQXRXVO\ )DWKHU 'DO\ DQVZHUHG Âł&RPH YLVLW 3RO\GHFN ´ 7KHUH , PHW 3HWHU DQG LI KH LV QRW plugged  in  24/7,  he  is  certainly  very  close.  Instead  of  JRLQJ WR *RG RU ÂłSOXJJLQJ LQ´ DW FHUWDLQ WLPHV RI WKH day  or  week,  Peter  showed  how  he  takes  God  with  him  everywhere  he  goes,  all  the  time.  â&#x20AC;&#x153;I  am  not  afraid  RI VKRZLQJ LW , KDYH PHW &(2ÂśV ZKR DUH DGPLUDEOH GHYRWHG SHRSOH EXW DV WKH\ FRPH LQWR WKHLU RIÂżFHV they  leave  their  religion  behind.  Perhaps,  because  there  may  be  many  different  religions  within  their  company,  they  are  afraid  to  offend  anyone,  but  then  by  not  showing  their  own  religious  side,  they  end  up  showing  no  religion  at  all,  thus  missing  the  opportunity  to  add  eternal  value  to  the  business  world.â&#x20AC;? â&#x20AC;&#x153;The  problem  I  see,â&#x20AC;?  Peter  continued,  â&#x20AC;&#x153;is  that  many  &(2ÂśV RU OHDGHUV KDYH WKHLU RZQ SHUVRQDO SDWK WR *RG UHOLJLRQ EXW FDQ WKH\ DOVR OHDG DQG VXSSRUW WKHLU WHDPV ZKR PD\ OLNHO\ LQFOXGH GLIIHUHQW GHQRPL-­ QDWLRQV RQ WKHLU SDWK WR ÂżQG *RG ZKLOH QRW EHLQJ punished  by  their  own  denomination  in  the  process?  Can  this  ministry  even  be  carried  out?â&#x20AC;?  There  are,  KRZHYHU PDQ\ VXFFHVVIXO OHDGHUV DQG &(2ÂśV ZKR are  admired  by  their  employees,  customers,  suppliers  and  even  competitors,  and  who  have  found  in  God  the  strength  to  be  such  great  leaders.

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â&#x20AC;&#x153;This  is  one  of  the  truest  applications  of  theology,  and  we  are  now  in  a  position  to  multiply  it,â&#x20AC;?  says  )DWKHU 'DYLG 'DO\ RI WKH /HJLRQDULHV RI &KULVW Peter  gave  me  his  book,  â&#x20AC;&#x153;The  Business  Cardâ&#x20AC;?,  and  Mark  Cress,  the  founder  of  Corporate  Chaplains  of  America,  who  was  also  at  the  meeting,  gave  more  details  about  corporate  chaplains  and  how  they Â

)RU 3HWHU WKH FKDQJH RFFXUUHG DW D VLOHQW VSLULWXDO exercises  retreat  in  Atlanta.  God  revealed  a  new  SDUDGLJP WR KLP LQVWHDG RI VHHLQJ KLPVHOI DV D business  owner,  he  realized  that  the  business  and  the  success  he  had  achieved  were  gifts  from  God  and  that  he  was  a  steward  of  these  gifts,  for  which  ZZZ ¿GHOLVLQVWLWXWH RUJ

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Photo  by  Polydeck

Life  Coachâ&#x20AC;?,  who  will  help  the  employees  reach  their  full  physical,  emotional  and  spiritual  potential,  DQG ZKR ZLOO KHOS WKHP IXOÂżOO DQG PD\EH HYHQ VHW WKHLU OLIH JRDOV WR EH FORVHU WR *RG DQG WKXV happier.  To  summarize  the  business  aspect  of  this  article,  clients,  suppliers  and  even  competitors  are  coming  to  Polydeck  to  see  what  they  are  doing  and  how  they  are  doing  it  so  well  â&#x20AC;&#x201C;  and  Peter  welcomes  them. *2,1* %(<21' 7+( &203$1< :$//6 God  would  ask,  â&#x20AC;&#x153;What  eternal  value  have  you  created  with  the  talents  and  gifts  I  gave  you?â&#x20AC;?  This  change  in  perspective  helped  Peter  realize  that  God  had  given  him  this  business  to  use  as  a  platform  for  ministry  and  WR VSUHDG *RGÂśV PHVVDJH RI ORYH WR DOO WKRVH LQ KLV VSKHUH RI LQĂ&#x20AC;XHQFH ROI Polydeck  ended  up  creating  a  â&#x20AC;&#x153;Caring  Committeeâ&#x20AC;?,  which  oversees  eight  funds,  of  which  four  are  directly  HPSOR\HH UHODWHG KRPH FDU HPHUJHQF\ DQG PHGLFDO DQG IRXU DUH FRPPXQLW\ UHODWHG 7KH program  has  ended  up  not  only  paying  for  itself,  but  even  making  a  profit.  One  example  is  the  employee  turnover  ratio,  which  dropped  from  35%  to  7%  and,  according  to  Jim  Payne,  HR  0DQDJHU DQG IXWXUH Âł'UHDP 0DQDJHU´ VKRXOG FRQWLQXH WR EHORZ DV SDUW RI WKH FRPSDQ\ÂśV 5-­year  strategic  plan.  Quality  increased,  and  thus  reworking  and  warranty  claims  went  down,  creating  a  great  positive  impact  with  customers  and  the  market  in  general.

When  Jim  Payne  joined  the  company  as  HR  Manager  four  years  ago  and  asked  Peter  what  his  main  task  was,  Peter  told  him,  â&#x20AC;&#x153;To  help  the  employees  DQG WKHLU IDPLOLHV VHH *RGÂśV ORYH WKURXJK SUDFWLFDO programs  that  improve  their  lives,  and  in  so  doing  give  them  a  glimpse  of  God  in  the  real  world,  which  will  hopefully  encourage  them  to  get  closer  to  the  source  of  that  love,  God  himself.â&#x20AC;?  Jim  was  mes-­ merized  by  the  answer  and  knew  that  he  could  GR LW ZLWK 3HWHUÂśV VXSSRUW -LP KDV UHFHQWO\ IRXQG a  replacement  for  his  HR  position  so  that  he  can  PRYH RQ WR EHFRPH 3RO\GHFNÂśV Âł'UHDP 0DQDJHU ZZZ ÂżGHOLVLQVWLWXWH RUJ

A  few  years  ago,  Peter,  along  with  Scott  Gajewsky,  IRUPHG D QRQ SURÂżW PLQLVWU\ FDOOHG Âł+LV :D\ $W Workâ&#x20AC;?,  whose  mission  is  to  encourage  and  equip  businesses  to  apply  Christian  principles,  adding  eternal  value  to  their  business.  They  have  written  a  book  called  â&#x20AC;&#x153;The  Business  Cardâ&#x20AC;?,  which  explains  some  of  these  practical  principles.

To  date,  they  have  also  coached  45  businesses  representing  26,000  employees.  One  such  company  is  â&#x20AC;&#x153;Qualfonâ&#x20AC;?,  a  Mexican  company  that  is  also  creating  a  family  out  of  its  10,000  employees  in  four  countries.  This  transformation  is  spreading  faster  and  faster,  in  WKH KRSH WKDW LW UHDFKHV XV DOO (DUO\ QH[W \HDU -DQXDU\

+LV :D\ $W :RUN ZLOO EH KRVWLQJ D VXPPLW LQ Cancun  for  all  business  leaders  who  are  interested  LQ DSSO\LQJ WKHVH SULQFLSOHV LQ WKHLU FRPSDQLHV )RU more  information  you  can  go  to  www.hiswayatwork.com.

6800$5< 3HWHU LPSOHPHQWHG KLV YLVLRQ LQWR KLV ³0LVVLRQ )LHOG´ as  he  refers  to  his  company.  He  is  now  expanding  and  sharing  his  love  for  God  beyond  his  Catholic  religion  E\ LQFOXGLQJ DOO GHQRPLQDWLRQV ³(YHU\RQHœV UHOLJLRQ GRHVQœW KDYH WR EH WKH VDPH *RG LV WKH VDPH ´ Everything  is  interconnected  and  clear  when  we  IROORZ *RGœV ZLOO 'XULQJ D UHFHVVLRQ SHULRG ZKHQ FRPSHWLWRUV ZHUH ¿ULQJ HPSOR\HHV 3RO\GHFN DFWLQJ as  a  family,  decided  to  cut  hours  and  rates  across  the  board  so  there  would  be  no  layoffs.  The  employees  welcomed  this  news  with  a  standing  ovation.  Polydeck  became  a  family  where  everyone  cared  about  everyone,  where  people  turned  the  lights  out  to  save  money  without  anybody  asking  them  to.  How  do  we  put  a  price  tag  on  that?

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)LGHOLV )LQH $UWV ,QYHVWPHQWV DQG (WKLFV )RUXP )ORUHQV Elisa  Giraldi  and  Valentina  Facciponte.

Introduction  By  Valentina  Facciponte  and  Elisa  Giraldi.

Transcript  by  Vicente  Arancón

,1752'8&7,21 'XULQJ 1RYHPEHU IRU QLQH GD\V WKH FLW\ RI )ORUHQFH EHFDPH D FDSLWDO RI FXOWXUH WKURXJK WKH International  Biennial  of  Culture  and  Environment  and  the  historic  Palazzo  Vecchio  was  the  ideal  venue  for  this  unique  event  organized  by  the  foundation  )ORUHQV ERUQ IURP WKH H[SHULHQFH RI )ORUHQV ZKLFK PDGH )ORUHQFH DQ LQWHUQDWLRQDO ODERUDWRU\ IRU cultural  and  environmental  heritage  of  the  economy  with  more  than  150  events  and  372  speakers  from  around  the  world,  9,000  members  at  conferences  and  keynote,  about  200,000  total  participants  and  PHGLD UHSUHVHQWDWLYHV IURP +XIÂżQJWRQ 3RVW and  all  major  Italian  and  international  newspapers.  7KH PLVVLRQ RI WKH )RXQGDWLRQ LV WR SURPRWH NQRZOHGJH DQG HFRQRPLF GHYHORSPHQW LQ WKH ÂżHOG RI cultural  heritage,  the  environment,  creative  industries,  cultural  production,  and  to  play  a  dynamic  role  in  the  integration  of  new  cultural  policies  according  WR ORJLF DQG WR ERRVW ,WDO\ÂśV HFRQRPLF JURZWK 7KH FRQFHSW RI WKH )RXQGDWLRQ LV WR EH WKH SUHFXUVRU of  the  new  vision  of  economic  development,  which  considers  that  culture  and  the  landscape  are  not  centers  of  unproductive  expenditure,  but  rather  as  an  indispensable  investment  option  to  promote Â

growth  and  overcome  the  current  low  productivity,  where  you  can  integrate  more  culture  in  economy  means,  increasing  the  potential  for  growth,  of  great  importance  in  this  historical  moment  marked  by  a  deep  economic  crisis  which  threatens  the  artistic  and  cultural  heritage.  Instead,  it  wants  to  be  proposed  as  a  starting  point  to  discover  the  values   related  not  only  to  historical  culture  but  also  to  the  modern  culture.

And  for  this  common  purpose,  many  conferences  and  round  tables  were  held,  that  included  starring  characters  and  leading  italian  and  international  RUJDQL]DWLRQV LQ WKH HFRQRPLF FXOWXUH )LGHOLV among  them.  2Q 1RYHPEHU th )LGHOLV KHOG D FRQIHUHQFH RQ HWKLFV focusing  on  investing  in  art  and  with  international  guests  of  excellence.  The  conference  called  for  D UHĂ&#x20AC;HFWLRQ RQ WKH HWKLFV RI LQYHVWLQJ LQ WKH ÂżQH arts,  shedding  light  on  aspects  that  make  these  investments  ethically  different  from  others.  Bringing  together  important  patrons,  collectors  and  investors,  the  forum  has  tried  to  answer  these  questions  by  analyzing  the  works  of  art  and  the  meanings  ascribed  to  them  in  different  cultural  and  economic  contexts  of  reference.

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Spring  2013

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7+( &21)(5(1&( &203/(7( 75$16&5,37 0U 6iQFKH] , RI¿FLDOO\ ZHOFRPH DOO RI \RX KHUH WR )ORUHQFH WR WKH 6DORQH GHO 'XHFHQWR LQ WKH 3DOD]]R Vecchio.  It  is  a  real  privilege  for  us  to  have  you  here,  as  speakers,  and  all  the  participants  that  are  with  us  today.

I  will  make  a  quick  introduction  of  our  speakers,  you  have  their  resumĂŠ  printed  in  the  program,  but  still  I  think  that  the  group  of  speakers  that  we  have  today  is  so  distinguished  and  so  unique  that  it  is  worthwhile  taking  a  couple  of  minutes  to  introduce  them  to  you.  You  have  no  Idea  what  important  four  people  you  have  here  in  the  room  joining  us  today. , ZLOO VWDUW E\ 'U 1DKHG 7DGHU 6KH LV SUREDEO\ WKH most  important  businesswoman  in  the  muslim  world  DQG GHÂżQLWHO\ WKH PRVW LPSRUWDQW EXVLQHVVZRPDQ LQ the  Gulf  Area.  She  founded  the  Gulf  One  Investment  Bank,  based  in  Bahrein,  having  operations  in  several  FLWLHV DURXQG WKH *XOI $UHD 7KH\ÂśYH MXVW RSHQHG DQ RIÂżFH LQ *HUPDQ\ 1DKHG LV DOVR YHU\ DFWLYH LQ D series  of  boards  in  different  companies  that  range  from  Aviation  to  Banking,  including  Education.  She  has  been  included  in  the  list  of  the  top  50  most  LQĂ&#x20AC;XHQWLDO ZRPHQ LQ EXVLQHVV JOREDOO\ E\ WKH )LQDQFLDO Times  and  by  Businessweek,  some  years  ago.  Then,  we  have  Jonathan  Ruffer.  He  comes  from  WKH 8. -RQDWKDQ LV VR EXV\ WKDW KH QHHGV WR KDYH three  homes,  so  he  spends  some  days  of  the  week  in  London,  and  in  some  other  places  in  England  and  keeps  commuting  with  a  very  active  life.  Why  we  have  the  privilege  of  having  Jonathan  here  is  not  only  because  he  is  one  of  the  most  prominent  EDQNHUV LQ WKH 8. WRGD\ EXW PRUH LPSRUWDQWO\ because  he  is  a  passionate  of  art.  Jonathan  is  a  real  patron  of  the  arts.  He  is  very  active  in  developing  a  place  in  the  Northeast  of  England,  a  place  called  the  Auckland  Castle.  You  can  see  in  You  Tube,  ZKHUH \RX FDQ ÂżQG D QXPEHU RI YLGHRV DERXW WKH castle.  It  is  a  fascinating  project.  The  Castle  in  itself  is  worth  a  visit,  just  for  the  architecture  of  it.  But  then  add  to  the  castle  an  exquisite  collection  of  paintings  by  the  =XUEDUiQ DQG WKHQ DGG WR LW WKH KLVWRULF LPSRUWDQFH RI KDYLQJ KRVWHG WKH %LVKRSV RI 'XUKDP IRU PRUH WKDQ KXQGUHG \HDUV 6R WKDW LV EDVLFDOO\ ZKDW -RQDWKDQ does  in  his  free  time,  when  he  is  not  a  banker.  ZZZ ÂżGHOLVLQVWLWXWH RUJ

We  also  have  Sergio  Autrey  from  Mexico.  Sergio  apart  from  being  a  Chemical  Engineer  and  an  MBA  from  Stanford,  apart  from  being  CEO  of  three  or  four  companies,  in  Mexico,  is  active  in  businesses  that  range  from  know-­how  development  for  employees,  to  publishing  and  many  other  areas.  He  is  probably  RQH RI /DWLQ $PHULFDÂśV PRVW LPSRUWDQW SDWURQ RI the  arts.  Almost  every  important  museum  in  Mexico  wants  to  have  him  in  his  board.  He  sits  in  seven  boards  already.  So,  if  anyone  knows  Latin  American  DUW LW LV GHÂżQLWHO\ 6HUJLR )LQDOO\ ZH KDYH +DUDOG )DOFNHQEHUJ IURP +DPEXUJ Harald  is  probably  the  most  contemporary  art  collector  here  today.  He  is  a  passionate  for  collections  and  we  will  see  if  he  is  also  a  passionate  for  art. Â

Spring  2013

Ponte  Vecchio,  Florence.  (dreamstime).

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That  is  still  a  mystery  to  me.  But  we  will  probably  discuss  that.  Harald  apart  from  also  running  his  own  company  in  the  petro  business  is  also  very  active  in  the  world  of  art  in  Germany.  He  has  a  fantastic  collection  of  more  than  2,000  pieces  of  contemporary  DUW +H LV SUHVLGHQW RI WKH .XQVWYHUHLQ LQ +DPEXUJ DQG he  is  also  a  professor  of  Art  Theory  in  the  Hamburg  Academy  of  Art.  He  has  also  written  some  texts  and  some  books  with  very  provoking  titles  such  DV Âł7KH &LYLO 'LVREHGLHQFH´ DQG Âł)URP WKH (QJLQH Room  of  Artâ&#x20AC;?.

1RZ KHUH LW LV )LGHOLVÂś LGHD :H VDLG +RZ FDQ ZH get  these  four  fantastic  individuals  together,  bring  WKHP WR )ORUHQFH 1RW SD\LQJ WKHP DQ\WKLQJ %HFDXVH they  all  come  just  for  the  love  of  art,  and  have  them Â

discussing  about  art,  ethics  and  investments,  in  other  ZRUGV PRQH\ DUW DQG HWKLFV The  way  we  have  structured  this  event  is  as  an  LQIRUPDO FRQYHUVDWLRQ ,œP JRLQJ WR JR DURXQG RXU panel  asking  them  some  questions.  0\ ¿UVW TXHVWLRQ LV IRU -RQDWKDQ 5XIIHU -RQDWKDQ when  someone  decides  to  acquire  art,  lets  say,  a  Picasso  or  a  Monet,  in  what  way  would  you  say  that  investment  is  different  than  when  he  or  she  decides  to  invest  in  the  stock  market?

0U 5XIIHU :HOO WKDWœV D JRRG TXHVWLRQ 5LFDUGR :H GRQœW FDOO RXUVHOYHV EDQNHUV WKHVH GD\V :H call  ourselves  investment  bankers.  And  we  think  ZZZ ¿GHOLVLQVWLWXWH RUJ

Spring  2013

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WKDWœV EHWWHU , ZLOO JLYH \RX P\ WKRXJKWV RQ WKH WKUHH WRSLFV ZH DUH SXWWLQJ WRJHWKHU WRGD\ DUW PRQH\ DQG ethics.  I  would  start  cynically.  And  just  look  at  the  art  and  the  money.  Oscar  Wilde  said  that  a  cynic  was  somebody  who  knew  the  price  of  everything  and  the  value  of  nothing.  And  I  thought  that  I  would  look  at  this  question  through  the  eyes  of  Oscar  Wilde.  It  seems  to  me,  that  they  have  one  thing  in  common  and  one  thing  not  in  common.  When  you  buy  a  company,  the  company  is  made  out  of  individuals  and  that  company  will  change  over  time.  Some  individuals  will  leave  and  others  will  join.  Their  activities  might  do  well  or  do  badly.  But  when  you  make  the  investment.  The  thing  you  buy,  the  investment  you  make,  is  bound  to  change.  When  you  buy  a  picture,  lets  say,  when  you  buy  a  Picasso  RU D 0RQHW \RX KDYH WR EH FDUHIXO QRW WR VHW ¿UH WR it,  because  it  will  never  change.  And  therefore  the  dynamics  as  an  investment  are  rather  different.  Because  what  you  have  to  consider  if  you  buy  a  Picasso  is  not  whether  the  picture  will  change,  but  will  the  attitude  of  people  will  change  or  not.   $QG WKHUHœV RQH RWKHU FRQVLGHUDWLRQ ZKHQ \RX EX\ D SLFWXUH \RX EX\ EUDQG 6R LWœV MXVW LQ WKH VDPH way  that  Coca-­Cola  is  a  more  expensive  company  than  other  drinks  companies  because  its  brand  is  so  powerful,  so  the  same  is  true  of  a  picture.  If  you  own  a  picture  by  Picasso,  you  have  a  very  good  brand,  and  I  as  a  collector  am  always  looking  for  pictures,  which  are  not  attributed  to  the  painter  who  I  think  painted  it.  Probably  the  best  picture  in  my  collection  is  a  famous  Gainsborough  landscape  from  the  eighteenth  century.  And  a  hundred  years  ago  it  was  one  of  the  famous  paintings  by  Gainsborough.  But  the  expert,  the  academic  expert  of  Gainsborough,  VDZ D SKRWRJUDSK RI LW DQG WKRXJKW LW ZDVQœW IURP Gainsborough  and  the  owner,  who  was  in  Buenos  Aires  sold  it  and  I  bought  it,  so  when  the  expert  VDZ LW KH VDLG 2K \HV LW LV E\ *DLQVERURXJK No  problem.

But  it  seems  to  me  that  one  of  the  things  when  we  come  on  to  talk  about  the  ethics  of  art  is  that  what  we  must  have  to  understand  is  that  somebody  who  comes  to  this  world  cynically  is  indeed  looking  at  an  investment.  When  he  buys  a  gold  bar,  he  buys  something  very  similar  to  a  Picasso  painting.  That  ZZZ ¿GHOLVLQVWLWXWH RUJ

will  never  change.  And  I  think  those  of  us  who  are  interested  in  the  ethics  need  to  understand  that  we  FDQÂśW ORRN DW WKLV ÂżHOG ZLWKRXW HYHQ EH FULWLF 0U 6iQFKH] 7KDQN \RX YHU\ PXFK -RQDWKDQ , ZDV not  expecting  cynicism  to  appear  in  this  Scene.  So  things  seem  to  get  even  more  interesting.  Thank  you  very  much  for  that.  Please  Nahed,  actually  I  was  going  to  ask  you  next.   That  is  a  perfect  opportunity  to  connect  it.  You  are  also  in  the  banking  industry,  and  , ZDV JRLQJ WR DVN \RX :KDW LV WKH UHDO UHWXUQ RQ investments  when  it  comes  to  art  for  you?  0UV 7DGHU <HV WKDQN \RX IRU WKH TXHVWLRQ DQG IRU VKDULQJ ZLWK PH WKLV JUHDW HYHQW )LUVW RI DOO , DP QRW D EDQNHU , DP DQ LQYHVWPHQW SHUVRQ %HFDXVH , GRQÂśW want  to  relate  to  the  bad  word,  so  I  think  that  after  WKH IDLOXUH RI FDSLWDOLVP LQ $QG WKH ÂżQDQFLDO disturbance  we  saw  in  the  whole  world,  and  the  bankruptcy  of  several  huge  banks.  I  believe  the  only  way  to  sustain  development  and  move  forward  is  to  invest  in  real  assets.  And  long  term  real  assets,  in  addition  to  short  term,  but  in  a  very  few  manner,  but  when  it  comes  to  long  term  assets  and  return  on  investment,  as  you  asked  me,  we  should  look Â

Spring  2013

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the  variation  and  the  mean  value,  if  we  use  the  EDQNLQJ RU ¿QDQFLDO WHUPV LV YHU\ OLWWOH VR WKLV JLYHV you  little  risk,  good  return  in  the  long  term  and  it  LV VXVWDLQDEOH 6R , WKLQN IURP D ¿QDQFLDO DQDO\WLFDO point  of  view  is  a  good  option  for  investment.

Huntington  Library.  (dreamstime).

0U 6iQFKH] 7KDQN \RX 7KHQ \RX KDYH SUREDEO\ KHDUG LW EXW GXULQJ WKLV ZHHN KHUH LQ )ORUHQFH D number  of  speakers  have  been  referring  to  art  as  an  exit  strategy  to  the  crisis.  Would  you  have  a  reaction  to  that  sentence?

at  assets  that  have  value,  that  have  social  impact  and  give  good  return.  And  I  believe  if  we  look  at  the  0HL 0RVHV ,QGH[ ZH ÂżQG LW JDLQHG DQG LQ ZKHQ 6WDQGDUG DQG 3RRUÂśV ORVW VR LW WHOOV \RX WKDW UHDO DVVHWV DQG UHWXUQ RQ LQYHVWPHQW RQ ÂżQH art  is  real,  in  addition  to  its  ethical  value  and  social  impact.  I  believe  it  is  giving  a  sustainable  return  in  the  middle  and  long  term.  So  I  think  the  return  on  LQYHVWPHQW LV PXFK EH\RQG WKH ÂżQDQFLDO YDOXH LWV ethical  value  and  its  educational  value.  If  we  look  at  WKH SROLWLFDO VWDELOLW\ DQG WKH ÂżJKW EHWZHHQ UHOLJLRQV LQ the  whole  world  going  on,  I  believe  the  whole  genuine  religions  are  giving  us  indications  that  we  should  work  hard,  that  we  should  be  creative,  that  we  should  UHDOO\ DGG YDOXH WR WKH KXPDQLW\ DQG DUW FDQ UHĂ&#x20AC;HFW that,  and  the  soul  in  each  artist  that  is  putting  his  effort  in  art  itself  could  reflect  the  modesty,  the  humanity  in  a  very  nice  way  and  collectors  should  HQMR\ WKDW QRW RQO\ ÂżQDQFLDOO\ EXW DOVR HWKLFDOO\ and  give  a  good  lesson  to  the  whole  world.  So,  I  believe  the  return  on  investment  is  good  in  terms  of  money,  social  and  ethical  impact  if  we  compare  it  to  many  investments  in  the  whole  world.  I  believe  ¿QH DUW LV H[FHHGLQJ D ORW RI LQYHVWPHQWV LQ WHUPV of  real  assets  and  it  is  sustainable.  It  is  very  important Â

0UV 7DGHU :HOO RI FRXUVH LW LV , EHOLHYH HWKLFDO investment  is  the  future.  It  is  the  only  way  to  go  forward,  even  if  some  bankers  are  denying  this  and  trying  to  go  the  old  way,  it  will  never  be  sustainable.  I  come  from  a  bank  that  I  founded  to  do  ethical  investments,  in  the  Gulf  world  and  the  international  world  and  ethical  investment  including  investing  in  water,  the  electricity,  the  environment,  the  carbon  emissions,  the  whole  business  that  is  never  affected  E\ D ¿QDQFLDO FULVLV WKDW LV MXVW VXVWDLQDEOH DQG ZLWK LQFUHDVLQJ GHPDQG DQG , WKLQN WKDW ¿QH DUW LV one  major  thing,  specially  in  the  long  term,  to  be  added  to  this  ethical  investments.  And  I  think  it  is  JUHDW UHDO DVVHW VR GH¿QLWHO\ \HV 0U )DOFNHQEHUJ %XW \RX GRQœW WDNH RXW WKH VHFXULW\ 7KH regulation  of  art  is  really  very  critical,  so  for  a  bank  it  is  really  impossible  to  have  a  good  control  about  it.  So,  I  think  you  have  to  have  a  real  expert,  and  if  you  are  not  an  expert,  have  a  very  reliable  consultant.  But  to  try  by  yourself  is  absolutely  impossible.  Because  there  are  so  many  crazy  works  out  there  from  Picasso,  but  only  20  or  30%  of  the  works  of  Picasso  are  really  regular  and  that  changes  everything.  If  you  take,  for  instance,  one  of  the  older  works  which  cost  $  200,000  and  then  others  cost  $  10,000,000  and  nobody  knows  exactly  why.  So  you  have  to  know  the  market  very  well.  And  I  try  to  understand  why  they  are  so  expensive  and  have  to  learn  those  secrets  out  of  the  market.  I  just  wanted  to  add.  So  it  is  very  critical  see  art  for  me  as  a  business.  And  the  most  successful  business  made  in  art  has  been  PDGH E\ FROOHFWRUV ZKR GLGQœW EHOLHYH LQ WKH EXVL-­ ness,  they  did  it  just  for  the  art.  And  concentrated  on  it.  And  then,  in  the  end  of  the  day  it  came  out  quite  well.  If  you  do  it  intentionally,  you  are  always  ZURQJ 7KDWœV MXVW ZKDW , ZDQWHG WR DGG ZZZ ¿GHOLVLQVWLWXWH RUJ

Spring  2013

Nahed  Tader,  Ricardo  Sánchez  Serrano  and  Johnatan  Ruffer. Â

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0U 6iQFKH] 7KDW¶V YHU\ LQWHUHVWLQJ« DQ\ UHDFWLRQ to  that?

0UV 7DGHU <HV \HV , GH¿QLWHO\ DJUHH ZLWK \RX and  I  think  if  I  want  to  partner  and  to  go  into  that  LQYHVWPHQW , ZRXOG GH¿QLWHO\ JR ZLWK VRPHRQH OLNH you.  I  believe  it  should  be  with  an  expert.  Somebody  VKRXOG EH WKH ¿QDQFLDO SDUWQHU DQG VRPHERG\ VKRXOG be  a  reliable  partner  for  such  an  investment.

0U 6iQFKH] +DUDOG \RX DUH VSHFL¿FDOO\ FRQFHQWUDWHG on  contemporary  art  and  collect  it,  with  a  passion  that  is  even  like  a  hunger  of  collecting.  How  do  you  select  all  those  collections?

0U )DOFNHQEHUJ 7KHUH DUH EDVLFDOO\ WZR W\SHV RI collectors.  One  type  is  for  investment,  and  to  save  money.  And  there  is  a  family  having  art  for  a  long  WLPH DQG WKH\ VHH LW DV SDUW RI WKHLU OLIH 7KHUH¶V D second  type,  who  see  art  as  a  property.  And  they  GRQ¶W VHH DUW DV D SURSHUW\ )RU ORQJ , ZDQWHG WR be  in  the  art  system  and  work  with  art,  work  with  artists,  work  with  museums  and  have  discussions  DERXW LW $QG IRU PH IRU LQVWDQFH , GRQ¶W FDUH LI , own  it  or  not.  If  I  would  be  dead,  I  would  have  no  interest  at  all  that  it  would  stay  over.  That  my  heirs  ZZZ ¿GHOLVLQVWLWXWH RUJ

would  do  what  they  wanted  with  it,  because  I  have  ZLWK WKLV ZRUN ZLWK WKLV GDLO\ ZRUN VSHFL¿F RQ OLIH with  the  art.  So  it  is  not  based  in  property.  But  there  are  basically  two  types.  Both  on  their  own  right.

0U 6iQFKH] 6R LI LW LV QRW EDVHG RQ SURSHUW\ what  is  it  based  on?

0U )DOFNHQEHUJ ,W LV EDVHG RQ MXVW FDXVH RQ GLVFXVVLRQ on  revenues.  Because  we  have  the  different  types  of  FRQWHPSRUDU\ DUW WKHUH )RU LQVWDQFH WKHUH LV WKLV type  that  stand  for  the  biennale  and  the  triennale,  they  have  mostly  a  political  background,  they  go  for  environment,  they  go  for  gender,  for  feminism,  for  SRVW FRORQLDO TXHVWLRQV 6R WKH\ DUH YHU\ VSHFL¿F QRW DQ\PRUH FRQFHQWUDWHG LQ WKH VSHFL¿F DUWZRUN DV we  do  know.  It  is  more  the  context  of  art.  And  this  is  one  group,  and  the  other  group  is  the  Art  market.  7KH DUW PDUNHW LV YHU\ VSHFL¿F 7KH DUW PDUNHW KDV been  long  reigned  by  the  so-­called  gallerists.  The  gallerists  try  to  build  up  an  artist.  And  this  is  the  so-­ called  primary  market.  Where  the  artist  delivers  artworks  to  the  market.  But  the  primary  market  is  QRZ YHU\ PXFK RQ WKH GRZQ $QG ZLWK VRPHERG\¶V DW &KULVWLH¶V GHDOLQJ ZLWK FRQWHPSRUDU\ DUW :H KDYH

Spring  2013

Picasso  Museum  of  Barcelona.  (dreamstime).

13

the  secondary  market,  which  brings  these  incredible  prizes  also  for  artworks  already  50  after  years  after  their  creation. Â

Jonathan  did,  a  picture  that  was  supposed  to  be  or  proven  to  be  of  the  artist.  So  it  is  an  imperfect  PDUNHW ZKLFK KDV D ORW RI SRWHQWLDO

0U 6iQFKH] 1RZ \RX KDYH PHQWLRQHG DUW DQG WKH context  of  art,  and  you  have  mentioned  museums.  Building  on  that  idea,  let  me  pass  the  word  to  Sergio.  Sergio,  you  are  very  active,  as  we  said  in  the  introductions,  in  a  number  of  museums.  How  do  all  these  elements  iterate  when  you  go  and  lead  those  boards  of  all  those  seven  museums  down  in  Latin  America?

0U 6iQFKH] 6R LW LV OLNH D EXVLQHVV"

0U $XWUH\ :HOO OHW PH ÂżUVW FRPH EDFN WR WKH question  of  art  as  an  investment.  And  let  me  just  tell  you  that  I  believe  that  there  are  very  huge  studies  or  benchmarks  of  art  as  a  good  investment.  I  believe  WKDW WKH ILUVW RQH ZDV PDGH LQ WKH 8. LQ WKH seventies.  In  which  resulted  in  a  large  number  of  pieces  that  sold  in  the  middle  of  the  eighties.  I  think  it  was  a  good  investment  and  it  could  be  benchmark.  Then  the  other  part  is  the  one  in  which  \RX EX\ DQG VHOO DUW $QG WKH\ KDYH VSHFLÂżF WLPH periods  and  due  to  the  due  diligence.  Of  course  due  diligence  is  very  important  in  the  art  world,  I  mean,  you  could  have  apes,  or  you  could  buy,  as Â

0U $XWUH\ ,W LV OLNH WKH EXVLQHVV $QG RI FRXUVH the  old  masters  had  less  productivity  than  the  contemporary  art.  So,  you  are  getting  those  benchmarks,  those  returns  that  you  can  quantify  because,  yes  there  are  people  that  do  it  to  buy  to  sell  all  the  time.  But  then  you  go  into  the  other  part  like  Harald  or  myself.  We  are  here  for  the  long  WHUP :H GRQœW EX\ WR VHOO :H EX\ EHFDXVH ZH ZDQW WR SURGXFH RU WR KHOS FUHDWH WKH DUW $QG WKDWœV why  a  lot  of  my  concentration  is  on,  I  would  say,  my  ³DJH´ RI DUWLVWV LQ 0H[LFR ,œP KHOSLQJ WKHP FUHDWH ,W LV ZKDW , DP LQWHUHVWHG LQ , KDYH QR LGHD LI LWœV JRLQJ WR EH D JRRG LQYHVWPHQW ,WœV QRW P\ LQWHQWLRQ of  selling  it.  Yes,  we  have  accumulated  forty  works  throughout  the  years,  for  thirty  years.  But  again,  I  PHDQ , GRQœW KDYH D PXVHXP ULJKW QRZ DQG , GRQœW KDYH D SODQ RQ ZKDW WR GR ZLWK WKHP 0U 6iQFKH] 6HUJLR ZRXOG \RX VD\ DOO WKH ¿UVW part  of  the  investment,  say,  the  acquisition  process.  ZZZ ¿GHOLVLQVWLWXWH RUJ

Spring  2013

Sergio  Autrey,  Nahed  Tader,  Ricardo  Sånchez  Serrano  and  Johnatan  Ruffer.

14

You  handle  it  as  a  business.  But  then  afterwards,  you  forget  about  everything  and  you  think  of  the  future?

0U $XWUH\ 7KDW LV FRUUHFW :KDW , WU\ WR VD\ LV WKDW in  a  museum  or  an  institution,  yes,  you  have  a  Mission  or  a  Vision  to  accomplish.  And  there  you  have  to  curate  or  look  at  art  and  see  what  you  should  buy  or  what  pieces  to  buy.  But  as  a  private  collector  I  buy  what  I  like.  I  do  get  to  meet  with  the  artist.  I  am  involved  with  the  artists.

0U )DOFNHQEHUJ 0D\ , DGG VRPHWKLQJ DERXW WKH artists?  Because  the  consultant  they  have  so  many  different  interests  and  the  best  is  the  advice  of  the  artist.   Normally  one  artist  saves  the  other  artist.  This  one  artist  says  this  other  one  is  a  good  DUWLVW 0U $XWUH\ <HV VR , PHDQ LWœV QRW WKH JDOOHULHV ,WœV QRW ZKDW , DP UHDOO\ LQWHUHVWHG RQ ,W LV JHWWLQJ to  know  the  artist.  And  with  that,  as  Harald  said,  WKDWœV \RXU EHVW EHQFKPDUN RQ ZKRœV ZKR LQ WKH art  world.

ZZZ ÂżGHOLVLQVWLWXWH RUJ

0U 6iQFKH] :KDW LI WKH DUWLVW LV QRW DURXQG anymore?  0U $XWUH\ $OO , DP JRLQJ WR VD\ LV WKDW LQ P\ collection  I  would  go  for  the  artist,  the  production,  helping  create.  And  create  what  I  believe  is  beauty  or  common  good.  I  mean  it  has  to  be  universal.  I  am  very  keen  on  trying  to  get  art  that  has  some  beauty,  has  some  symmetry  but  also  is  a  common  good  for  all.

0U 6iQFKH] +RZ ZRXOG \RX GHÂżQH ÂłFRPPRQ goodâ&#x20AC;?  in  this  sense?

0U $XWUH\ 7KDW \RX DUH QRW MXVW ORRNLQJ IRU D VSHFL¿F PLQRULW\ \RXœUH FUHDWLQJ VSHFL¿F EHDXW\ WKDW LV ORQJ lasting.  I  would  say.

0U 6iQFKH] :KHQ ZH ZHUH SUHSDULQJ IRU WKLV conference,  we  distributed  a  document  prepared  by  Pope  John  Paul  II,  called  â&#x20AC;&#x153;Letter  to  the  Artistsâ&#x20AC;?,  that  was  published  some  years  ago.  In  that  letter  there  is  a  quote  by  John  Paul  saying  that  there  is  an  Ethic,  even  a  spirituality  of  artistic  service,  which  contributes  in  its Â

Spring  2013

15

0U $XWUH\ , PHDQ LI \RX ORRN DW DUW WKURXJKRXW ages,  you  try  to  see  what  man  understands  of  man.  And  I  think  it  is  a  cumulative  knowledge  that  throughout  the  ages  you  are  creating.  And  that  is  ZK\ WRGD\œV LV D YHU\ PXFK GLIIHUHQW ZRUOG WKDW was  in  terms  of  aesthetics  or  proposal,  than  in  the  Renaissance.  But  it  is  always  building  up.  It  is  cumulative,  cultural,  historical,  growth.

0U 6iQFKH] ,W LV FRQWLQXDOO\ JURZLQJ /HW PH take  that  point  and  ask  Jonathan.  Please,  about  this  concept  of  the  participation  on  the  renewal  of  the  people  that  happens  when  an  artist  creates  beauty.  You  as  an  investor,  would  you  consider  that  you  participate  in  that  creation  or  renovation  of  the  people.  Could  you  share  with  us  your  ideas?

0U 5XIIHU , ÂżUVW KDYH WR VWDWH IDLU DQG VTXDUH WKDW I  am  not  an  investor  in  art.  I  am  very  much  more  to  the  thing  to  what  you  have  said,  Harald,  saying  WKDW \RX FRXOGQÂśW FDUH OHVV IRU ZKDW WKH SHUVRQV do  to  this  pictures  after  you  are  dead  or  possibly  during  your  day.  If  it  seems  right  for  them,  to  go  to  a  different  place  or  to  a  museum,  or  something,  WKDWÂśV ÂżQH $QG WKDW VHHPV WR PH WR EH WKH FUXFLDO element  in  this  question  of  investment,  or  if  it  is  an  ethical  thing.  Because,  what  I  believe  is  that  there  is  great  power  in  art,  and  that  the  effect  of  that  power  on  some  people  is  to  try  to  harness  it.  And  if  you  try  to  harness  something  that  is  bigger  than  yourself,  you  will  fail.  You  see  old  men  with  lifeless  eyes,  with  a  pretty  girl  on  their  arm  trying  to  own  something  that  is  not  ownable.  You  look  at  the  life-­ less  eyes  of  some  of  those  great  collectors  of  past  ages  and  you  realize  that  they  are  trying  to  capture  and  own  something,  which  cannot  be.  And  I  think  that  is  the  essential  thing  to  understand  art.  Is  that  if  you  engage  with  it,  it  will  unsettle  you,  because  it  LV ELJJHU WKDQ \RXUVHOI $QG ,ÂśYH OLYHG DOO P\ ZRUNLQJ life  down  in  the  south  of  England  where  people  are  well  off,  and  that  have  no  problems.  Because  now  I  return  to  the  north,  where  life  is  hard  and  relent-­ less,  and  people  struggle  to  get  through  the  day.  And  I  think  that  art  is  a  circuit  breaker.  I  think  that Â

the  way  that  people  can  be  helped.  To  help  them,  is  to  give  them  something,  which  can  grate  that  relentless  grind  of  their  lives.  Now,  sport  can  do  that.  The  British  did  very  well  in  the  Olympics  this  year.  But  if  that  were  to  be  effective,  they  would  have  to  win  the  Olympics  every  year.  And  that  is  not  possible.  So,  sport  is  a  good  thing.  A  hundred  \HDUV DJR WKH QDWLRQDO Ă&#x20AC;DJ FRXOG GR ,I \RX FRXOG SXW XS WKH 8QLRQ -DFN DQG \RX FRXOG VD\ FRPPRQ ground  is  here,  think  of  not  just  your  community,  think  of  the  nation.  And  t  was  motivational  for  the  people.  What  I  see  is  that  art  is  democratic.  And  although  it  is  the  rich  who  tend  to  collect  it  as  an  investment,  the  people  who  own  it,  some  of  them  DUH VRSKLVWLFDWHG VRPH RI WKHP DUHQÂśW VRPH RI them  are  meddling,  some  of  them  live  lives  where  you  think  they  would  have  no  appreciation.  And  yet  WKH\ÂśUH RIWHQ WKH SHRSOH ZKR FDQ UHVSRQG $QG LI that  can  help  take  people  out  of  the  mudbath,  then  WKDWÂśV D JUHDW WKLQJ 0U 6iQFKH] 6R +RZ FRXOG DUW SURPRWH DQG develop,  for  instance,  the  people  in  northeastern  (QJODQG GLIIHUHQWO\ WKDQ WKH 2O\PSLFV RU WKH 8QLRQ Jack  from  a  hundred  years  ago.  How  could  art  be  different?  Or,  why  is  that  different?

0U 5XIIHU , WKLQN WKH DQVZHU LV ZKDW LV LW WKDW changes  a  person?  We  meet  people  who  change,  TXLWH RIWHQ VXGGHQO\ DQG LWœV QRW ZKDW WKH\ GR LWœV what  they  think.  And  you  have  to  think  of  something  that  is  bigger  than  you.  My  Gainsborough  is  smaller  than  me,  but  art  is  bigger  than  me.  0U 6iQFKH] ,V LW VRPHWKLQJ WKDW JRHV LQWR WKH future  maybe?

0U 5XIIHU :HOO LW FHUWDLQO\ LQYROYHV WKH IXWXUH %XW the  best  is  conversion,  and  as  a  Christian  I  would  say  it  is  a  conversion  to  Christ.  But  I  can  see  that  all  religions  can  change  people.  But  it  is  something  which  humbles  people,  it  brings  people  to  a  sense  of  who  they  are.  And  I  believe  that  the  best  thing  I  can  do  in  the  northeast  is  not  to  them  help  them  to  die,  to  give  them  free  things  and  waves.  It  is  to  bring  them  something  lovely  and  to  show  them  it  is  lovely.

0U 6iQFKH] 6R LW LV KXPDQL]LQJ LQ D ZD\ ,W LV bringing  humanity  also.

ZZZ ÂżGHOLVLQVWLWXWH RUJ

Photo  by  Giulio  Riotta

way  to  the  life  and  to  the  renewal  of  that  people  that  creates  the  art.  So,  that  is  connected  with  what  you  were  saying  in  the  sense  that  it  is  a  future  investment,  the  common  good.

Spring  2013

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and  whatever,  and  they  forgot  teaching  about  the  art  aspect.  And  how  important  it  is  in  educating  the  generations  for  the  future  and  to  give  them  lessons.  It  is  amazing.  So,  I  think  Islam  has  a  lot  of  support  to  ¿QH DUW $QG LW VHHV LQ WKH UHOLJLRQ WKDW ZH VKRXOG hear  about  the  creativity,  about  the  humanity.  In  all  religions,  I  believe,  either  in  Christianity,  Islam  or  Judaism,  all  agree  on  the  same  grand  aspects  of  developing  human  beings,  respecting  the  goodwill,  DQG WKH FUHDWLYLW\ $QG , WKLQN ÂżQH DUW LV D VKDUHG point,  and  that  we  all  should  focus  on  it.  And  I  came  here  today  to  say  that  we  in  the  Muslim  world  are  willing  to  put  huge  money,  not  just  because  of  the  investment  or  trading  aspects  of  that,  not  at  all. Â

The  holy  Quran.  (dreamstime).

But  as  an  ethical,  as  a  social,  as  a  business,  together,  and  we  should  care  about  the  three  aspects  together.  And  we  have  support,  but  very  limited,  in  our  country  and  we  are  here  to  partner  with  professional  people  in  the  global  world.  No  matter  what  religion  they  are.  But  to  the  support  of  the  humanity  with  the  best  art.  We  are  here  together  and  we  can  collaborate  and  SDUWLFLSDWH ZLWK SURIHVVLRQDOV LQ ¿QH DUW $QG PDNH a  better  world  through  art.

0U 6iQFKH] , JXHVV ZKDW \RX DUH VD\LQJ 1DKHG is  that  art  in  a  sense,  transcends  the  limits  of  established  religions.  Would  you  say  that  it  goes  beyond?

0U 5XIIHU +DUPRQL]LQJ WKH KXPDQLW\ DQG WKLV thing  that  we  call  art.  Which  is  bigger  than  us.

0U 6iQFKH] $QG QRZ \RX KDYH PHQWLRQHG HYHQ religion.  You  have  mentioned  spirituality.  You  have  mentioned  that  from  your  Christian  perspective.  Let  me  take  that  and  ask  Nahed,  you  are  not  Christian,  you  are  Muslim,  so,  let  me  ask  you,  do  \RX ¿QG VSLULWXDOLW\ GR \RX ¿QG WKLV NLQG RI WKLQJV in  art.  How  do  you  live  that?

0UV 7DGHU :HOO GH¿QLWHO\ ,I \RX ORRN DW WKH 0XVOLP world,  since  700  hundred  years  ago,  when  they  ZHUH LQ 6SDLQ DQG DOO RYHU WKH ZRUOG LI \RX ¿QG WKHLU art,  you  will  be  surprised  how  lovely  they  had  in  their  last  days.  But  unfortunately  nowadays,  that  went  away,  specially  where  I  come  from,  since  the  VHYHQWLHV ZLWK WKH ¿UVW RLO ERRP PDQ\ SHRSOH LJQRUHG the  thought  of  it  and  they  went  into  real  estate,  land  ZZZ ¿GHOLVLQVWLWXWH RUJ

0UV 7DGHU <HV GH¿QLWHO\ $UW JRHV EH\RQG WKH sorry  to  say,  the  silly  differences  between  different  UHOLJLRQV ,WœV WKDW ZH DUH RQH 7KDW HYHU\ UHOLJLRQ asks  for  being  fair,  for  creativity,  for  a  lot  of  good  aspects.  And  here  today  we  can  prove  to  the  whole  world  that  we  are  working  together  to  make  this  happen.  I  think  religion,  and  Islam  as  a  religion,  is  GH¿QLWHO\ VXSSRUWLYH WR ¿QH DUW $QG , PHDQ LI \RX look  at  artists,  they  support  the  calligraphy  of  the  Coran  and  this  is  amazing  art  and  I  buy  a  lot  of  that.  And  I  love  it.  I  see  beyond  the  writing  of  the  Coran.  I  can  read  the  Coran  in  a  book.  But  when  I  see  it  in  calligraphy  it  gets  me  beyond  the  reading  of  the  Coran.

0U 6iQFKH] :KDW LV ZKDW \RX VHH" 0UV 7DGHU , VHH WKH FUHDWLYLW\ , VHH WKH YLVLRQ RI somebody  writing  the  Coran  in  a  very  nice  way. Â

Spring  2013

Holy  Quran  And  Rosary.  (dreamstime).

17

Saying  that  it  is  not  only  the  message  in  the  Coran,  LWœV EH\RQG WKDW ,W LV DERXW WKH KXPDQ EHLQJ ,WœV DERXW WDNLQJ FDUH RI RWKHUV ,WœV DERXW WROHUDQFH ,WœV D ORW RI WKLQJV WKDW WRXFK WKH KHDUW ZLWKLQ WKH art.  And  I  believe  we  should  make  huge  efforts  to  explore  this  together  and  show  it  to  the  world.  Instead  of  putting  it  aside  and  ignoring  it.

the  art.  Harald,  you  have  been  quoted  more  than  RQFH VD\LQJ WKDW \RX GRQÂśW OLNH DUW 7KHUH DUH VRPH quotes  out  there  in  the  Internet.  And  there  are  also  some  other  quotes  saying  that  what  you  really  care  is  what  the  artist  was  trying  to  express.  Could  you  share  with  us  your  experience  or  your  feeling? Â

0U 7DGHU :KDWHYHU LW LV :KHUHYHU WKH JRRG ZRUN is.  I  believe  we  should  partner  as  bankers  or  as  investment  people  with  the  professional  people  that  have  a  lot  of  knowledge  in  art  and  collaborate  together  to  multiply  on  that.  We  can  add  value  through  our  money  and  through  our  knowledge  with  them  to  spread  this  art  all  over  the  world.

0U )DOFNHQEHUJ , WKLQN DUW FKDQJHV \RXU WKLQNLQJ And  there  is  something  I  would  like  to  add  to  the  investment.  I  make  also  some  investments  in  my  job.  And  then,  I  must  be  rather  sure  with  it.  Or  it  may  be  rather  risky  and  I  have  to  tell  to  other  SHRSOH ZKDW WKH RGGV ZRXOG EH 6R LWœV DOO PRUH RU OHVV FDOFXODEOH DQG KDYH WR EH ¿QH ULVN RU WR EH ¿QH VHFXULWLHV %XW DUW LV FRPSOHWHO\ GLIIHUHQW $UW is  an  essay.  Art  is  to  try  something  and  you  fail.  Success  is  going  from  failure  to  failure  without  DQ\ ORVV RI FRQ¿GHQFH $QG WKDW LWœV DERXW DUW that  you  do  something  different  from  the  routine  of  life.  And  therefore  there  is  something  that  is  seducing  you.  And  you  get  involved  in  it  because  you  work  with  the  artist,  assist  the  artist,  assist  the  museum,  you  get  to  work  somehow,  and  do  something

0U 6iQFKH] 1RZ 7DONLQJ DERXW WKDW FRQQHFWLRQ with  the  person,  whomever  that  was,  who  created Â

0U 6iQFKH] 'R \RX SHUVRQDOO\ JURZ ZLWK WKDW JHWWLQJ involved?

0U 6iQFKH] , JXHVV \RX DUH DJDLQ FRQQHFWLQJ DV an  investor,  or  a  collector,  or  a  patron  in  the  arts.  You  somehow  get  connected  with  whomever  created  that  work  of  art  and  you  establish  an  unclear  connection,  somehow,  with  the  person  who  created  that  masterpiece.  At  some  point  you  talked  about  KXQGUHG \HDUV DJR EXW LW FRXOG EH FRQWHPSRUDU\ art  as  well.

ZZZ ÂżGHOLVLQVWLWXWH RUJ

Spring  2013

18

Nahed  Tader.

Sergio  Autrey,  Nahed  Tader,  Ricardo  Sånchez  Serrano  and  Johnatan  Ruffer.

0U )DOFNHQEHUJ , JHW PRUH PRGHVW WR EH KRQHVW ,I you  deal  with  art,  and  become  an  art  collector,  and  you  become  bigger,  then  you  have  done  it  wrong.  That  is  my  prediction.

employee  the  other  way  around.  I  honestly  believe  from  my  experience,  that  if  you  run  after  good  things  and  good  business,  the  money  will  come  later.  So,  , WKLQN ¿QH DUW VKRXOG EH IRU WKH ¿QH DUW $QG WKHQ the  money  will  come  later.

0U 6iQFKH] 6R \RX JHW PRUH KXPEOH" 0U )DOFNHQEHUJ 1DWXUDOO\ \RX KDYH WR GHDO ZLWK people.  You  have  to  come  back  to  your  normal  life.  ,I \RX DUH LQ D FRPSDQ\ DW D VXSHU OHYHO \RX GRQœW know  anymore  how  it  looks  like  out  there,  and  if  you  go  with  artists,  then  you  know  how  it  is.  And  then  you  meet  people  from  the  street,  people  from  the  society,  and  other  people.  And  there  is  something  WKDW , GRQœW KDYH WR OLNH WKHP , FDQQRW LGHQWLI\ myself  with  an  artist.  Some  of  them  have  the  look  of  long  beards  and  anarchic  views,  and  hippies,  and  so,  but  I  have  to  go  visit  them  next  morning  DW HLJKW RœFORFN 6R , FDQQRW FKDQJH WKHP IURP overnight.  So  I  naturally  have  to  have  a  distance  ZLWK WKHP 7KHUHIRUH WKLV LV ZK\ , VD\ , GRQœW KDYH WR ORYH LW RU , GRQœW KDYH WR LGHQWLI\ P\VHOI ZLWK DUW ,WœV QRW WKH\ ZD\ , GR , VHH LW PRUH DV D VRFLDO DIIDLU 0U 6iQFKH] $ VRFLDO DIIDLU D VRFLDO DIIDLU DQG KXPLOLW\ 0UV 7DGHU , ORYH ZKDW \RX VDLG ,W LV D VRFLDO DIIDLU But  any  good  business  in  the  world  should  start  as  D VRFLDO DIIDLU 0RQH\ ZLOO FRPH ODWHU ,W VKRXOGQœW ZZZ ¿GHOLVLQVWLWXWH RUJ

0U 6iQFKH] 6R WKLV LV VSHFLDOO\ D YHU\ JRRG comment  that  you  made  in  a  moment  where  all  stocks  exchanges  are  going  down,  the  Euro  crisis,  WKH ÂżVFDO FOLII HWF 0UV 7DGHU )RUJHW DERXW WKHP +RQHVWO\ LQ P\ business,  when  all  the  banks  went  into  crisis  even  in  the  Gulf  area,  a  lot  of  bankruptcy,  and  a  lot  of  things  because  of  the  following  of  the  real  estate  funds  in  America  and  Europe.  We  sustained  our  ordinary  interest  rate  because  we  went  into  sustainable  real  DVVHW EXVLQHVV :H GLGQÂśW OLVWHQ WR SHRSOH VD\LQJ â&#x20AC;&#x153;buy  bondsâ&#x20AC;?.  We  went  into  the  real  business,  real  DVVHWV VR ÂżQH DUW LV GHÂżQLWHO\ RQH RI WKHP 0U 6iQFKH] 6R WKDWÂśV WKH VRFLDO DIIDLU WKDW +DUDOG was  mentioning.  Again,  social  affair  and  humility,  GHÂżQLWHO\ VRXQGV OLNH SURMHFWV WKDW \RX 6HUJLR DUH running  now  in  some  provincial  areas  in  Mexico.  You  were  mentioning  to  me  this  morning  about  going  to  this  states  where  you  do  that,  with  local,  smaller  museums.  Could  you  share  that  experience  with  us?

Spring  2013

19

Harald  Falckenberg.

0U $XWUH\ , DP YHU\ PXFK LQYROYHG LQ WKH 0H[LFDQ )HVWLYDO LQ 0H[LFR &LW\ $QG LW KDV EHHQ JRLQJ RQ IRU \HDUV %XW RQH RI WKH PDLQ WKLQJV WKDW ZH do  in  this  festival  is  to  promote  commissioned  art,  like  operas,  or  concerts  with  the  sinfĂłnicas  or  to  establish  Mexican  groups  of  artists  that  are  very  well  known  and  need  to  be  promoted.  Yes  we  have  made  investments  or  launched  some  operas  in  WKH ODVW \HDUV 2QH LV 2FWDYLR 3D]ÂśV Âł/D +LMD GH 5DWDFKLQL´ WKH RWKHU RQH LV &DUORV )XHQWHVÂś Âł$XUD´ with  Mario  Lavista  as  the  composer.  The  latest  one  is  â&#x20AC;&#x153;Ă&#x161;nicamente  la  Verdadâ&#x20AC;?  by  Gabriela  Ortiz,  a  young  Mexican  composer  and  she  did  a  work  of  art.  One  of  the  very  popular  narco-­corridos,  that  is,  the  drug  dealers  songs  of  about  thirty  years  ago,  that  everybody  in  Mexico  knows,  â&#x20AC;&#x153;Camelia  la  texanaâ&#x20AC;?,  DQG LWÂśV D P\WK ,WÂśV WKH RSHUD DERXW WKLV ODG\ WKDW LV recreated.  So  those  things  are  risk  business.  And  even  if  the  business  of  a  private  festival,  we  are  able  to  put  those  shows  in  the  stage.  Because  a  lot  of  institutions  are  very  political  in  Mexico  and  they  will  not  to  take  any  risk.

$QG LWÂśV MXVW JUHDW WR VHH WKDW LI \RX EULQJ VRPH DUWLVW OLNH Manu  Chao,  he  will  repeat  as  a  commercial  artist.  Or  the  Cigala,  or  Goran  Bregovich,  from  Serbia.  You  bring  them  to  Mexico,  and  then  they  will  come  back  as  commercial  artists  later.  I  think  we  are  doing  well.  In  the  theater  we  call  it  â&#x20AC;&#x153;pay  to  seeâ&#x20AC;?.  And  we  produce  a  theatrical  thing,  and  what  I  hope  to,  is  that  it  will  PDNH D VHDVRQ DIWHUZDUGV $QG WKDWÂśV WKH VXFFHVVIXO business.

0U 6iQFKH] ,V WKDW OLNH WKH ÂłJRLQJ WR WKH UHDO worldâ&#x20AC;?  that  Harald  was  mentioning?

0U $XWUH\ , DP WU\LQJ WR JHW WKHUH 0D\EH ÂłĂ&#x2019;QLFDPHQWH la  Verdadâ&#x20AC;?  is  an  opera  that  would  be  travelling  outside  of  Mexico.  Those  are  the  changes  that  I  WKLQN LV WKH FRPPRQ JRRG IRU HYHU\ERG\ <RXÂśUH bringing  new  things  to  the  society  that  they  recognize.  And  then  offer  something  that  they  needed  more  or  they  want  other  things  to  be  are  just  as  good.

0U $XWUH\ <HV RI FRXUVH EHFDXVH WKH DUWLVWV DUH creating.  I  think  it  is  the  only  way  to  promote  the  art  from  within.  Also  with  these  festivals  we  try  to  bring  the  best  of  the  world  that  is  not  known  in  Mexico. Â

0U 6iQFKH] 6R \RX LWœV OLNH D VHHG WKDW ZLOO SURGXFH further  things.

0U $XWUH\ <RX VHHN SURGXFH D WKHDWULFDO HYHQW that  you  hope  that  will  have  a  season.  If  it  happens,  we  are  successful.  If  we  bring  somebody  to  Mexico  and  he  comes  back  later.  We  think  it  is  successful.  One  of  my  greatest  successes  in  the  future  would  be  if  one  my  operas  could  travel  outside  of  Mexico,  then  I  think  it  would  be  a  product  of  my  festivals.

0U 6iQFKH] :H FHUWDLQO\ KRSH WKDW KDSSHQV

ZZZ ÂżGHOLVLQVWLWXWH RUJ

Spring  2013

20

Johnatan  Ruffer.

artists  who  have  something  to  say  to  the  world  that  it  is  now.  You  have  to  treasure  them,  you  have  to  honor  them  to  ensure  that  the  greatness  that  is  hidden  ZLWKLQ WKHP ZLOO ¿QG LWV WUXH IDFH , KDYH QHYHU EHHQ able  to  talk  to  any  of  the  artists  I  collect  because  they  have  been  dead  for  200  years.  And  I  have  a  different  challenge.  I  have  a  challenge  that  the  long  tradition  of  art,  which  Sergio  rightly  said,  is  a  cumula-­ WLYH WKLQJ ZHœUH LQ WKH DUWLVW ZHœUH LQ WKH ZKHUH WKH\ DUH QRZ EHFDXVH RI HYHU\WKLQJœV KDSSHQHG EHIRUH

0U 6iQFKH] 6HUJLR DV \RX WDONHG DERXW DOO RI these  examples.  You  kept  using  the  word  â&#x20AC;&#x153;successâ&#x20AC;?.  So  you  want  projects  of  course,  to  be  successful.  0U $XWUH\ <HV EXW ZHÂśYH KDG IDLOXUHV 0U 6iQFKH] 6XFFHVV LV YHU\ PXFK D EXVLQHVV ZRUG 0U $XWUH\ :HOO ZKDW LV D VXFFHVV LQ D IHVWLYDO" \HDUV WKDWÂśV D VXFFHVV -XVW WR KDYH \HDUV RI history  is  a  success.  We  have  had  many  failures  in  between.  One  example  is  â&#x20AC;&#x153;Auraâ&#x20AC;?  the  opera,  it  was  demolished  by  the  critics.  0U 6iQFKH] 6R OHW PH SOD\ PD\EH WKH GHYLOÂśV advocate.  If  this  is  about  success,  I  mean,  we  want  success,  but  we  are  willing  to  take  many  failures  in  the  middle.  Then,  Jonathan,  help  me  now.  You  work  in  the  city  of  London.  How  do  we  measure  the  return  on  investment,  when  it  comes  to  art.  Can  it  be  measured?

0U 5XIIHU :HOO , KDYHQœW KHDUG 6HUJLR KDYLQJ VDLG WKDW TXRWDWLRQ 7KDWœV DQ H[WUD RQH $QG , WKLQN LW would  be  a  point  of  honor  not  to  measure  success.  6R WKDW ZH FDQ NHHS FRQ¿GHQFH LQ WHUPV RI ZKDW we  do,  I  mean,  what  is  fascinating  to  me  about  this  conversation  is  that  what  I  can  see  is  that  art  is  a  YHU\ SRZHUIXO WKLQJ DQG LWœV D YHU\ SUHFLRXV WKLQJ and  that  it  is  something  that  is  very  delicate  as  well.  And  what  I  can  see,  listening  to  Harald  and  listening  to  Sergio,  is  that  if  you  are  looking  at  contemporary  ZZZ ¿GHOLVLQVWLWXWH RUJ

And  that  is  a  different,  but  is  equally  valuable  thing  WKDW PXVW QRW WR EH GRXEWHG ,WÂśV IRU XV WR XQGHUVWDQG where  do  we  come  from.  In  Britain,  the  television  programs,  the  most  popular  now  â&#x20AC;&#x153;Who  do  you  WKLQN \RX DUH´ DQG VD\ \RX ÂżQG RXW WKDW \RX JUHDW great  grandfather  was  sent  to  Australia,  and  that  is  a  bit  of  a  joke  in  a  sense.   But  in  another,  who  ZH DUH LV D YHU\ LPSRUWDQW TXHVWLRQ ÂżUVW SDUWLFXODUO\ QRZ WKDW ZH GRQÂśW OLYH LQ WKH FRPPXQLWLHV WKDW RXU grandparents  lived  in.  And  I  would  answer  your  question,  Ricardo,  by  saying  that  we  will  only  know  in  Heaven  whether  we  have  done  a  good  job  in  WHUPV RI DOORZLQJ WKH GHOLFDWH Ă&#x20AC;RZHU RI DUW WR KDYH this  powerful  perfume  which  permeates  the  world.  I  will  speak  for  myself,  but  I  can  see  three  people,  who  in  presence  of  the  Archangel  Gabriel,  I  would  give  them  the  entry  pass.

0U )DOFNHQEHUJ , ZRXOG VD\ WKRVH DUH WZR GLIIHUHQW things.  You  described  our  cultural  inheritance,  and  the  cultural  inheritance  that  is  the  typical  metaphor  in  a  museum.  They  have  preserved  us,  they  have  shown  us  growing  and  this  is  about  history,  about  religion,  about  different  religions.  And  that  is  actually  something  different  than  the  museums  are  today.  You  will  see  for  instance,  your  beautiful  Tate  Modern  and  Tate  Britain,  last  year  they  had  7.2  million  visitors,  and  how  did  they  get  these  visitors?  Through  some  shows,  they  had  around  60  shows  and  they  gross  FRXQWHG WKDW RI WKH YLVLWRUV JR WR WKH VKRZV Not  into  the  collection.  Only  50%  went  for  the  collection.  It  is  a  beautiful  Collection,  it  is  the  same  as  the  MOMA,  the  museum  of  Modern  Art  in  New  York.  Now  they  have  this  wonderful  collection  in  WKH ÂżUVW Ă&#x20AC;RRU $QG PDQ\ SHRSOH GRQÂśW UHDFK WKDW because  they  have  seen  three  or  four  shows  in  other  levels  before.

Spring  2013

Painting  exhibition  of  Pablo  Picasso  at  the  Pera  Museum,Istanbul,Turkey.  (dremastime).

21

0U 6iQFKH] <RX WDON DERXW WKH WHPSRUDU\ H[KLELWLRQV as  opposed  to  the  permanent  collections?

0U )DOFNHQEHUJ <HV DQG LW LV D FKDQJH RI WKH VRFLHW\ and  therefore  it  is  why  I  say  there  are  two  things.  One  does  not  exclude  the  other.  We  have  to  go  for  the  inheritance,  that  is  neglected  today  I  must  say,  and  the  spectacle.  If  you  have  for  instance  a  rather  poor  Edvard  Munch,  of  â&#x20AC;&#x153;The  Cryâ&#x20AC;?  and  it  was  sold  for  115,000,000  â&#x201A;Ź,  and  then  the  people  got  at  it  and  made  applause.  why  do  they  applaud  at  that  ULGLFXORXV SULFH" , GRQÂśW XQGHUVWDQG LW 0U 6iQFKH] :K\ GR WKH\ JLYH WKH DSSODXVH" 0U )DOFNHQEHUJ , GRQÂśW NQRZ EHFDXVH WKH\ FRPSOHWHG WKH IXOÂżOOPHQW RI DQ LQYHVWPHQW , GRQÂśW NQRZ ,WÂśV ULGLFXORXV 0U 6iQFKH] )RU Âź IRU D SDLQW LW LV D reason  to  applaud?

0U 5XIIHU ,W LV D UHDVRQ WR DSSODXG WR VD\ KRZ OLWWOH the  Euro  is  worth.

0U )DOFNHQEHUJ ,I ZH GRQœW JHW DORQJ LQ WKLV QHWZRUN RI WKH VSHFWDFOHV RU WKH HYHQWV ,I ZH GRQœW JR to,  for  instance,  Art  Basel  or  to  other  important  events  around  the  world.  Then  we  cannot  make  the  connections  we  need  to  evaluate  art.  I  need  to  talk  to  the  people  because  I  need  the  evaluation  of  the  artwork,  specially  of  young  art.  You  have  to  hear  many  opinions.  So  the  artwork  has  no  value  by  itself.  And  the  value  is  given  by  the  others.

0U 6iQFKH] /HWœV VHH WKH RSSRVLWH RSLQLRQ 0U 5XIIHU :KDW , VHH LQ D GLIIHUHQW ZD\ IURP Harald,  is  if  you  look  back  at  when  a  society  is  not  interested  in  new  art,  art  dies.  If  you  look  at  the  VWXII WKDW ZDV EHLQJ SDLQWHG LQ )UDQFH EHIRUH WKH impressionists  came  on  the  scene.  It  was  terrible.  It  is  really  awful  because  it  had  nothing  to  say.  And  I  think  that  art,  modern  art,  which  loses  its  morrings  from  its  tradition,  is  not  going  anywhere.  And  although  I  think,  we,  you  and  I,  Harald,  are  extreme,  you  as  a  modernist  DQG PH DV DQ ROG IDUW 0U )DOFNHQEHUJ 1R QR QR , KDYH D YHU\ VLPLODU RSLQLRQ DV \RX 7KHUHœV QR QHZ DUW ZLWKRXW H[FHOOHQW ZZZ ¿GHOLVLQVWLWXWH RUJ

Spring  2013

22

some  pre-­hispanic  identity.  And  it  is  incredible  all  the  letters  that  we  get  from  school  teachers,  from  persons  that  send  us  small  stories. Â

Sergio  Autrey.

7KH\ DVN XV &RXOG \RX WHOO PH IURP ZKDW SHULRG is  this  sample?  Tell  us  about  what  is  behind  my  backyard?  I  cannot  go  out  and  rebuild  the  pyramid,  because  it  is  owned  by  the  government.  I  cannot  own  pieces  of  pre-­hispanic  art,  because  they  are  owned  by  the  government.  But  we  as  a  society  can  provide  means  to  revalue  that  art  that  is  there,  and  for  the  society  as  a  whole  to  take  more  interest  in  perpetuating,  in  conserving,  in  enjoying  what  we  have.

0U 6iQFKH] 6R LW LV D VRUW RI SHUVRQDOO\ HQJDJLQJ in  that  perpetuation  of  the  art? knowledge  of  the  old  art.  Because  otherwise  you  cannot  say  what  the  difference  is.  So  old  art  is  good  art?  There  is  art  and  good  art.  Only  by  difference  of  RSLQLRQV )RU WRWDO QHZ DUW \RX QHYHU JHW RSLQLRQV 6R WKH SRLQW LV WKDW ROG DUW LV ZKDW WKH )UHQFK VD\ ³/D 'LIIqUHQFH´ WKHUH LV D FHQWUDO HYDOXDWLRQ RI DUW And  you  have  to  compare  old  art  to  new  art.

0U 6iQFKH] ,Q WKH HQG ZH KDYH VHHQ WZR DSSDUHQWO\ different  opinions.  And  found  some  coincidences.  Let  me  pass  to  this  side  of  the  panel  and  ask  Sergio  and  then  Nahed  for  their  opinion.

0U $XWUH\ , DP JRLQJ WR SXW DQ H[DPSOH ZLWK WKH SUH KLVSDQLF FXOWXUHV /HWœV WDON QRZ DERXW $]WHF and  Mayan  art,  and  all  the  pre-­hispanic  art.  I  am  JRLQJ WR YHU\ ROG DUW ,œOO WU\ WR H[SODLQ P\VHOI )RU many,  many  years,  centuries,  it  was  a  forgotten  art.  Really,  all  the  pyramids  were  disregarded,  they  were  in  ruins.  Also,  we  as  Mexicans  cannot  own  any  of  the  pre-­hispanic  art,  because  it  is  owned  by  the  government.  But  how  do  we  get  involved  in  reassuring  that  this  pre-­hispanic  art,  that  is  a  totally  RULJLQDO DUW LW GRHVQœW FRPH IURP WKH MXGHR FKULVWLDQLW\ LW GRHVQœW FRPH IURP DQ\WKLQJ LW LV UHDOO\ RULJLQDO LWœV DQ DXWKHQWLF FRVPRORJ\ DQG DHVWKHWLFV 6R WZHQW\ years  ago  we  launched  a  magazine  of  archaeology.  It  is  called  Mexican  Archaeology,  which  is  a  very  VXFFHVVIXO PDJD]LQH EHFDXVH \RX GRQœW UHDOL]H LW but  in  Mexico  there  is  a  lot  of  pyramids,  a  lot  of  ruins  all  across  Mexico.  And  small  towns  do  have  ZZZ ¿GHOLVLQVWLWXWH RUJ

0U $XWUH\ 2I FRXUVH LQ WKDW SDUW DQG , WKLQN WKDW the  magazine,  and  all  the  photographs  that  we  have  taken,  all  the  investigations,  all  the  scientists,  the  archaeologists,  they  do  speak  now  and  they  come  and  they  like  to  be  published  in  our  maga-­ zine.  It  is  an  honor  to  be  published  in  it.  And  I  am  YHU\ SURXG RI WKDW 6R WKDWœV DQRWKHU ZD\ LI WU\LQJ to  be  ethical  and  do  good  to  what  we  have.  And  in  Mexico  we  have  that  beautiful  richness  that  we  just  have  to  promote,  to  increase,  to  make  it  more  understandable  for  everybody.

0U 6iQFKH] 6HUJLR LW VHHPV WKDW \RX DUH PHQWLRQLQJ that  it  operates  at  an  individual  level,  you  mean,  LWœV OLNH D SHUVRQDO HQJDJHPHQW 5LJKW" ,WœV QRW something  institutional  because  you  were  saying  that  apart  of  what  the  government  does  or  does  not  do.

0U $XWUH\ 1R , PHDQ ZH ZRUN ZLWK WKH JRYHUQPHQW We  are  very  close  to  the  Instituto  Nacional  de  Antropología  e  Historia,  a  government  institution,  and  we  are  also  working  with  all  the  universities,  the  &ROHJLR GH 0p[LFR WKH 81$0 LQ WKH PDJD]LQH 0U 6iQFKH] %XW , PHDQ WKH SDVVLRQ VHHPV WR be  something  personal.

0U $XWUH\ 2K LWÂśV SHUVRQDO 'XULQJ WKH QLQHWLHV we  went  to  visit  all  of  the  ruins.  And  I  was  the  photographer.  My  wife  is  the  editor  of  the  magazine. Â

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0UV 7DGHU , ZDQW WR DGG VRPHWKLQJ WR ZKDW Sergio  is  saying.  I  really  love  what  you  are  saying,  DQG VXSSRUWLYH RI LW 7KLV LV WKH NLQG RI LQ ¿QDQFLDO terms,  like  the  venture  capital.  I  believe  that  an  art  entrepreneur  should  handle  something  like  knowing  how  to  value  the  newcomers  and  the  new  authors  and  the  new  art.  Because  we  cannot  to  deny  that  the  world  is  changing.  The  vision  of  a  new  generation  about  art  might  be  different  from  the  old  one.  So  we  have  to  respect  both.  And  I  believe  seeding  new  artists  is  a  great  thing,  EHFDXVH LQ D YHQWXUH FDSLWDO IXQG \RX ¿QG RQH that  succeeds  and  ten  that  fail.  It  is  absolutely  true,  because  a  regular  banker  or  a  commercial  banker  cannot  take  this  risk,  a  commercial  investor  cannot  take  this  risk.  But  they  need  guts  and  encouragement  from  an  art  entrepreneur  that  knows  the  value  of  such  a  thing  and  can  work  hard  to  promote  it  and  make  it  succeed  for  the  new  generation,  to  see  WKHLU RZQ YLVLRQ FRPLQJ WKURXJK ,WœV QRW DERXW having  to  come  to  the  old  way  or  not.  I  believe,  yes,  we  should  support  both  and  we  should  really  work  hard  to  respond  to  changes.

0U 6iQFKH] 1DKHG ZKHQ \RX PHQWLRQHG WKDW in  venture  capital  you  might  have  several  failures  DQG RQH VXFFHVV DQG WKHQ LQ DUW LQYHVWPHQW \RXœOO also  have  this  same  trends.  Now,  when  you  train  people  at  your  bank,  you  get  the  new  generation  of  investors,  you  teach  them  elements  on  how  to  pick  the  best  deals  or  how  to  try  to  do  the  due  diligence,  all  the  evaluation  process,  and  then  select  the  good  projects  and  discriminate  the  bad  ones.  How  would  you  advice  young  art  collectors  or  young  people  who  want  to  invest  in  art?  What  would  you  say  to  them?

Maya  stela  in  ChichÊn  Itzå,  Yucatån,  MÊxico.  (Photo  by  Jesús  Laveaga).

And  I  became  the  one  who  took  the  photographs.  My  sons,  they  are  also  involved.  So,  there  is  a  passion,  because,  what  I  see  it  is  that  there  is  beauty  that  has  to  be  told  and  retold,  and  not  only  to  Mexicans,  EXW WR WKH ZRUOG ,W LV D ZRUOGœV KHULWDJH 6R LW is  important  to  get  involved  not  only  in  the  creation,  but  also  in  the  preservation  and  conservation  of  art.  And  the  incremental  knowledge  that  we  are  accumulating  of  the  pre-­hispanic  ruins,  or  Gainsboroughs,  or  present  day  modern  artists,  that  are  trying  to  make  their  contribution  to  the  world.

0UV 7DGHU :HOO ,œOO DGYLFH WKHP WKDW WKH\ VKRXOG really  put  their  hearts  and  guts  in  to  it.  It  is  like  in  IT.  IT  is  never  easy.  IT  is  an  art  in  itself.  So  lots  of  investors  in  IT  would  do  the  same,  they  would  invest  in  venture  capital  funds.  And  the  beauty  of  venture  capital  funds,  is  that  there  are  nine  failures  and  one  success.  The  one  success  compensates  for  all  the  failures,  because  the  growth  is  massive.  So  when  you  train  them  to  do  the  due  diligence,  I  am  not  an  expert  in  art,  so  you  train  them  to  deal  with  people  that  are  professional  experts,  and  go  hand  by  hand  to  put  their  money  and  try  to  understand  the  art  world,  to  support  it,  but  not  to  be  worried  about  failures,  because  a  success  for  an  artist  is  going  to  compensate  and  multiply  and  cover  all  the  loses  and  make  more  money.

0U 6iQFKH] 6R LQ DQ\ FDVH LW VHHPV WKDW \RX GR need  to  handle  it  as  a  venture  capital  deal?  You  would  need  to  get  the  help  from  the  experts?

ZZZ ÂżGHOLVLQVWLWXWH RUJ

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0UV 7DGHU <HV WKH DUW ZRUOG LV ZKROH GLIIHUHQW aspects.  I  think  it  has  its  own  evaluators,  and  auctions  and  things.

0U 6iQFKH] 6R \RX QHHG WR JR WR WKH %DVHO HYHQWV« 0U )DOFNHQEHUJ )LUVW RI DOO WKHUH DUH VR PDQ\ SHRSOH LQ WKH ¿HOG RI DUW $QG \RX ZRUN IRU \HDUV IRU D JRRG HYROYHPHQW )RU LQVWDQFH P\ DUW LV comprised  of  grotesque  art,  which  is  later  coming  to  surrealism  and  other  things,  and  then  you  have  to  cope  with  decades  and  years  to  be  an  expert.  %XW WKHQ \RX DUH RQO\ DQ H[SHUW LQ D VPDOO ¿HOG %XW WKHQ LQ WKDW VPDOO ¿HOG \RX NQRZ RWKHU H[SHUWV WKDW \RX FDQ SKRQH $QG WKDW¶V WKH WKLQJ you  should  do  really  about  to  be  convinced  that  you  can  collect  this  artist  and  that  artist.  That  is  totally  relevant.

0U 6iQFKH] %XW WKHQ WKHUH LV OLNH LQ YHQWXUH capital  you  can  have  IT  deals  or  you  could  have  pharmaceutical  deals  that  might  pay  off  or  might  not  pay  off.  But  then,  yet,  it  seems  that  all  of  you  tend  to  agree  that  there  is  a  businesslike  process  needed  for  the  selection  of  art.

0UV 7DGHU $UW KDV WR EH D WDLORUHG EXVLQHVV ,W FDQ¶W EH UXQ OLNH RWKHU EXVLQHVVHV 7KHUH LV D ORW RI moral  involved.

0U 6iQFKH] 1RZ DVVXPLQJ WKDW ZH GR DFFHSW that  there  will  be  a  number  of  failures,  and  then,  there  will  come  one  success,  or  two  successes,  but  I  mean,  few  will  be.

0U )DOFNHQEHUJ $UW LV WKH ULJKW DUWLVW ,I \RX KDYH the  right  artist,  you  have  to  really  have  the  experts.  But  young  artists  are  a  little  bit  different.  Then  you  GRQ¶W KDYH VR PDQ\ RWKHU DUWLVWV WKDW DUH H[SHUWV who  know  about  them.  So,  I  would  say  that  15%  of  my  artworks  make  66%  of  the  value.  That  could  tell  you  how  big  the  value  is.  By  the  way,  in  the  EXVLQHVV VRPHWLPHV RI WKH YLVLWRUV DUH WKH 20%  of  your  customers.

0U 6iQFKH] 6R LW LV OLNH D 3DUHWR 0U )DOFNHQEHUJ 6R LW LV OLNH D RU relation  and  that  is  also  similar  compared  to  young  ZZZ ¿GHOLVLQVWLWXWH RUJ

art.  That  shows  you  how  big  the  risk  is  if  you  see  it  as  an  investment.  But  on  the  other  hand,  you  suddenly  like  an  artist  and  ordered  a  print  of  5,000  86' DQG WKH\ DUH QRZ 86' RU PLOOLRQ So,  there  is  that  60%.  So  this  is  something  that  you  FDQ¶W UHDOO\ IRUHVHH LW , WKLQN WKDW ZRXOG EH LW 0U 6iQFKH] -XVW IRU WKH DXGLHQFH MXVW IRU WKH people  being  so  kind  to  be  with  us.  Please  notice  that  we  are  talking  art.  This  is  an  art  Biennale.  We  are  inside  a  museum,  in  the  Italian  city  for  art.  And  yet  you  have  here  four  successful  business  people  from  all  geographies,  from  all  religions  and  they  NHHS RQ XVLQJ EXVLQHVV WHUPV WR GH¿QH KRZ WKH\ approach  art.  And  how  their  investments  in  art  are  dealt  with.  This  is  something  remarkable,  I  think.  Now,  can  we  agree  on  something?  Can  we  agree  maybe  that  art  investments  and  ethics  make  sense  in  the  same  sentence?  Or  this  idea  is  totally  ridiculous  or  out  of  the  question?  I  would  like  to  ask  the  four  RI \RX WR WDNH D PLQXWH WR UHÃ&#x20AC;HFW RQ WKDW $QG , ZRXOG OLNH WR KHDU HYHU\RQH¶V RSLQLRQ $QG WKHQ after  that  I  would  like  to  open  it  for  questions,  from  our  audience.  So  whenever  anyone  is  ready,  just  let  us  know.  'RHV LW PDNH DQ\ VHQVH WR WDON DERXW LQYHVWPHQWV in  art  and  Ethics?  Is  it  measurable  to  some  stance,  the  return  of  those  investments?  Or  shall  we  just  leave  it  for  Heaven?  As  Jonathan  was  probably  suggesting.  Or  do  we  do  it  for  more  important  UHDVRQV" 'RHV LW JR EH\RQG RXU OLIH VSDQ" ,V WKLV really  something  more  for  other  generations?  Who  would  like  to  start?

0U $XWUH\ )URP P\ SRLQW RI YLHZ LW LV QRW WKH money  I  invest.  It  is  the  time  I  invest  with  the  artist.  $QG WKDW LV SUREDEO\ P\ OLPLW , PHDQ , GRQ¶W KDYH that  much  time  to  go  and  visit  all  of  the  artists,  and  be  with  them,  and  get  involved.  So  it  is  almost  my  IUHH WLPH DQG , FDQQRW LQYHVW PRUH EHFDXVH , GRQ¶W have  the  time.  I  do  see  it,  like  you  have  mentioned  it,  more  like  a  venture  capitalist,  because  they  are  young  artists,  they  are  starting  and  I  have  known  GH¿QLWHO\ DUWLVWV IRU WKH UHVW RI WKHLU OLIH ZKLFK LV one  period  of  painters.  I  have  invested  for  thirty  years  on  most  of  them,  and  I  would  say,  probably  90%,  at  sixty  years  old,  are  still  painting  as  artists. Â

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I  think  I  made  an  excellent  choice  when  I  was  very  young  in  following  these  artists  that  thirty  years  after  are  still  painting.  Mr.  Sånchez 6R WKDW ZRXOG EH D PHDVXUH RI VXFFHVV" 0U $XWUH\ <HV WKDW LV DQ LQGLFDWRU %XW , KDYH QRW VROG DQ\ RI WKHP VR , GRQœW NQRZ ZKDW P\ UHWXUQ has  been.  I  have  no  benchmark.  If  have  gone  in-­ vesting  in  the  old  masters,  I  think  there  is  pretty  much  knowledgeable,  reasonable  benchmark  that  you  can  say  how  much  it  was  worth  twenty  years  ago,  and  how  much  it  is  worth  now.  But  this  part  is  more  adventurous.

0U 5XIIHU , WKLQN WKH NH\ LV QRW WR XQGHUVWDQG investment  in  terms  of  money  value.  Investment  is  FKDQJH IRU WKH EHWWHU ,WœV WKH IXOO JDLQ RI VRPHWKLQJ today  for  something  more  in  the  future.  And  I  go  back  to  this  idea,  but  its  when  people  change  how  they  think  that  they  can  change  for  the  better.  And  DUW FDQ GR WKDW %XW \RX FDQœW HDVLO\ NQRZ KRZ WR do  it.  And  it  seems  to  me  what  Sergio  is  doing  or  Harald  is  doing,  or  what  Nahed  is  doing  in  your  initiatives,  are  all  directionally  going  to  help  that  happen.

0U 6iQFKH] 6R WKH ZHOO EHLQJ RI KXPDQ NLQG would  be  the  indicator?

0U 5XIIHU 7KDWÂśV ULJKW 6R DQ DUWLVW ZKR PLJKW have  become  a  librarian  forty  years  ago,  but  stays  as  an  artist.  His  life  has  changed.  He  must  have  been  affected  in  that  period.  So  that  means  he  has  had  an  effect  on  other  people.  That  is  the  most  important  aspect  of  a  good  investment.  And  LWÂśV QRW DERXW ZKHWKHU LW LV ZRUWK D PLOOLRQ GROODUV $QG WKDWÂśV ZK\ ZKHQ +DUDOG VD\V WKDW VRPHWKLQJ FRPHV IURP 86' WR 86' %XW VD\V next  â&#x20AC;&#x153;I  would  give  it  away  tomorrowâ&#x20AC;?.  You  can  see  WKDW LWÂśV QRW DERXW WKH PRQH\ 0U )DOFNHQEHUJ , WKLQN LW LV LPSRUWDQW WKDW WKH values,  one  is  tolerance,  very  important,  the  next  is  overcoming  international  interests  and  therefore  LWÂśV D YHU\ JRRG VWXII WR DFW LQ WKH JOREDO ZRUOG WKDW it  is  today.  Based  into  the  modern  pattern,  the  old  pattern  was  more  a  colonial  pattern.  Now  we  are  in  a  pattern  where  we  have  very  important,  for  me,  the  art  world  was  for  a  long  time,  what  we  called  Euro  Centralized  stuff.  And  then  the  Americans  with  WKH SRS DUW WULHG WR PDNH WKH 8QLWHG 6WDWHV FHQWUDOL]HG VWXII RXW RI LW EXW VKRXOGQÂśW EH HLWKHU RQH RU WKH RWKHU it  should  be  an  international  exchange  of  culture.  And  that  is  why  it  is  very  important  to  work  with  a  young  artist  in  this  collection.  And  that  is  for  me  the  PDLQ SRLQW 2I FRXUVH QDWXUDOO\ ,ÂśYH VDLG DOUHDG\ LWÂśV good  to  work  with  another  person,  if  you  will.  And  young  collectors  always  take  their  personal  styles.  ZZZ ÂżGHOLVLQVWLWXWH RUJ

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They  are  very  good  at  getting  close  and  very  personal  of  the  artist.

0UV 7DGHU , ZRXOG ZDQW WR DGG WKDW , WKLQN LW LV D new  dimension  for  looking  internationally,  because  now  the  world  is  open  and  it  seems  the  new  generations  are  providing  the  world  with  a  new  culture.  It  is  not  closed  anymore.  So  I  think  investing  in  art  really  should  be  with  a  new  dimension  with  a  new  support  to  the  artists  and  to  move  forward  and  support  them  seriously,  because  they  are  the  IXWXUH DQG ZKDW ZHœYH VHHQ LQ WKH SDVW LV WKDW JUHDW art  and  great  artists  were  being  supported  massively.  , EHOLHYH WKDWœV ZK\ WKH\ KDYH VXFFHHGHG 6R LWœV our  role  here  to  get  together,  but  with  a  new  custom  tailored  dimension  to  the  new  world  and  the  new  generation  and  see  what  they  believe  in  and  support  them  to  move  forward.

0U 6iQFKH] 6R \RX FDQ VHH WKDW WKH TXHVWLRQ RI international  barriers  is  simply  not  alive  anymore.  It  is  just  something  that  completely  seems  to  belong  to  the  past,  and  should  be  left  away.  Now,  the  questions  of  religion  that  we  were  saying  before  is  also  not  a  limita-­ tion.  Your  presence  here  today  is  a  proof  of  that.  So  it  is  a  global  world  in  all  senses.  And  we  can  talk  about  art  as  ancient  as  Aztec  or  Mayan  or  as  contemporary  as  your  collections  Harald.  And  these  principles  seem  to  be  a  common  denominator  yet  to  all  of  them.  I  think  we  have  had  a  fascinating  discussion.  I  really  thank  you  all.  And  before  we  run  completely  out  of  WLPH , ZRXOG MXVW RSHQ WKH Ă&#x20AC;RRU IRU TXHVWLRQV LQ case  there  are  any.  3XEOLF ,Q WKH SDVW YHU\ SRZHUIXO ULFK SHRSOH ZRXOG commission  the  creation  of  art.  And  that  is  not  the  case  anymore.  What  would  be  the  case  now?

0U $XWUH\ , GR WU\ WR FRPPLVVLRQ RU JHW LQYROYHG with  many  of  the  painters  I  support.  I  do  something  I  call  â&#x20AC;&#x153;buy  without  seeingâ&#x20AC;?.  Because  it  is  just  a  proposal  DQG WKH DUWLVW ZLOO FRPH DQG VD\ Âł,ÂśOO SDLQW SDLQWLQJV of  this  matterâ&#x20AC;?  and  they  will  describe  the  twenty  paintings  in  detail,  but  they  have  not  done  them.  So,  I  will  be  paying  them  as  the  paints  come  out.  It  is  a  patronage  in  advance.  It  is  a  commission.  In  order  to  create,  you  need  time,  you  need  supplies,  and  as  you  produce  them,  I  will  be  paying  you.

ZZZ ÂżGHOLVLQVWLWXWH RUJ

0U 6iQFKH] 'R DQ\ RI \RX GR D VLPLODU WKLQJ" 0U )DOFNHQEHUJ <HV WKLV LV D KLVWRULFDO TXHVWLRQ as  well.  You  know,  up  to  the  middle  of  the  XIXth  &HQWXU\ , DP WDONLQJ DERXW WKH )UHQFK DUWLVWV ZKHQ there  was  the  Natural  Art  movement,  all  works  were  made  by  commission,  always,  either  by  the  Church  or  by  the  Noble  Men.  And  it  was  at  that  time,  when  artists  did  no  longer  want  to  be  commis-­ sioned,  but  to  work  on  their  own.  Some  examples  of  that  are  the  Expressionism  and  the  Cubism,  and  artists  tried  to  sell  it  as  normal  entrepreneurs.  By  the  way,  this  is  a  very  important  movement  now.  <RX VHH 'DPLHQ +LUVW ZKR PDGH WKH ZRUNV DQG VROG GLUHFWO\ WKURXJK 6RWKHE\œV ,W ZDV D GD\ ZKHQ +LUVW VROG RU RI KLV ZRUNV PD\EH PRUH IRU

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more  than  110,000  million  pounds,  I  think.  It  was  a  very  good  day.  But  you  see,  commissioning  is  today  very  unusual  in  Central  Europe.  Naturally,  we  have  commissioning  with  big  installations,  because  there  are  video  installation  works  that  only  can  be  commissioned.  But  the  days  of  portray  commis-­ sioning,  are  more  or  less  over.  Maybe  here  in  Italy  is  still  a  conservative  country  over  this,  but  I  can  tell  you  from  Central  Europe  that  there  is  not  much  or  hardly  any  commissioning.

3XEOLF +HOOR ,W KDV EHHQ DVNHG ZKDW WKH DGYLFH would  be  for  young  investors.  And  I  think  it  is  a  very  interesting  topic  and  it  would  have  been  very  nice  to  discuss  it  more,  since  I  think  we  should  really  think  of  the  future.  And  when  we  think  of  private Â

investors,  we  think  of  people  like  you,  and  you  know,  successful  men  and  women  with  some  sort  of  knowledge  in  the  art,  and  some  sort  of  capital  to  back  off  full  pull.  But  when  we  talk  of  young  investors,  that  maybe  put  some  little  savings  on  the  side  and  they  want  to  have  an  introduction  to  the  art  market,  EXW VSHFLDOO\ LQ WKLV PRPHQW ZKLFK LV YHU\ GLI¿FXOW LQ HFRQRPLF WHUPV LWœV KDUG WR MXVW GLYH LQWR LW DQG KDYH faith  that  things  to  go  right,  but  if  they  go  wrong,  they  go  big  wrong.  So,  what  I  think  that  is  lucky  in  the  DUW PDUNHW LV WKDW WKHUHœV D VRUW RI WUDQVSDUHQF\ ZKHUH \RX GRQœW QHFHVVDULO\ QHHG DQ DUW DGYLVRU that  leads  you  through  it,  but  you  can  trust  on  what  \RX ¿QG RQ WKH ,QWHUQHW RU ZKDW \RX ¿QG DYDLODEOH with  all  of  the  tools  that  technology  gives  us.  So  I  was  just  wondering  what  were  your  thoughts  in  regards  to  this  transparency  for  the  art  market  and  if  you  think  it  is  a  relevant  aspect  and  if  you  think  that  making  the  art  market  more  transparent  would  actually  be  a  motivation  for  young  people  to  go  into  it.  Because  I  strongly  believe  it  is  a  wonderful  ZD\ RI LQYHVWLQJ HYHQ D VPDOO FDSLWDO ,œYH UHDG WKH newspaper  for  the  last  issues  has  been  all  about  having  loans  for  purchasing  art.  So  I  think  it  is  a  very  timely  topic  and  it  would  be  great  to  involve  more  young  people.

0U 6iQFKH] 7KDQN \RX , DP JODG \RX DVNHG WKLV question,  and  I  am  sure  you  will  like  to  come  in  on  this.  Because  when  we  talk  about  business  ethics,  DQG )LGHOLV ,QWHUQDWLRQDO ,QVWLWXWH LV GHYRWHG WR WKDW transparency  is  a  completely  fundamental  element.  So  I  really  like  to  hear  it  from  the  experts.  Who  would  like  to  start?

0U 5XIIHU , WKLQN \RXU VXJJHVWLRQ $QQD LV SOD\LQJ ZLWK ¿UH $QG , ZRXOG UHFRPPHQG LW 0UV 7DGHU , ORYHG \RXU TXHVWLRQ $V D EDQNHU LW could  be  treated,  for  example,  if  you  are  a  small  LQYHVWRU \RX GRQœW KDYH D ORW RI PRQH\ WR ORRVH Right?  But  you  love  the  aspect  itself.  So  I  believe  LQYHVWPHQW EDQNV VSHFLDOO\ VKRXOG WDNH WKH ¿UVW step  by  investing  their  capital  or  their  money  in  WKH ¿UVW VWDJH RI LQYHVWLQJ LQ DUW DQG WKHQ PLWLJDWH the  rest  and  when  it  gets  kind  of  stable,  get  this  whole  investors,  think  a  small  commission,  but  not  enough  for  you  to  loose  the  money.  So  you  would  be  safe.  That  is  what  I  do  in  many  risky  assets  ZZZ ¿GHOLVLQVWLWXWH RUJ

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in  my  bank.  But  in  art  it  would  be  more  custom  tailored  towards  art  and  taking  care  of  this  whole  investing,  lowering  the  risk,  and  putting  it  in  safe  hands  for  them  to  enjoy  their  investment  and  put  more  money  as  it  is  more  invested  for  the  future.  6R , WKLQN WKH ¿UVW KLJK ULVN VWDJH VKRXOG EH WDNHQ by  the  bank  itself  or  the  high  net  worth  investor  and  then  to  be  given  to  that  small  investor  with  a  small  premium  which  would  be  fair,  even  to  the  small  investor.  Thank  you.

0U $XWUH\ 7KHUH DUH QRZ IDLUV WKDW KDYH YHU\ ORZ prices.  These  fairs  that  allow  galleries  and  artists  WR JR DQG WKH SULFHV DUH QRW RI XS WR ¿YH WKRXVDQG dollars,  for  any  piece  of  work.  And  allow  the  artist  WR VHOO IRU ¿YH KXQGUHG RU D WKRXVDQG GROODUV $V a  young  collector,  I  would  recommend  him  to  go  to  these  fairs,  as  a  starting  point.  It  is  a  low-­end,  entry-­level  investment.  But  you  have  good  galleries  that  are  putting  good  pieces  of  work  at  reasonable  prices.  So  I  would  probably  start  investing  there  as  a  young  collector.

0U )DOFNHQEHUJ , ZRXOG DGG LWÂśV QRW JRRG WR GR LW all  by  yourself,  try  to  get  some  advisor,  consultant,  try  to  contract  several  people,  not  only  one,  or  just  ask  me.  And  there  are  naturally  some  kinds  of  art  that  is  not  expensive.  You  can  have  videos,  you  can  have  photographs,  and  I  would  advice  not  to  spend  much  money  on  it.  Many  people  lose  a  lot  of  money  because  they  â&#x20AC;&#x153;trust  their  feelingsâ&#x20AC;?.  That  is  not  the  way  art  is  going  to  happen,  so  I  would  advice  to  seek  good  consultants,  to  go  with  low  price  art,  which  is  available  everywhere.

0U 6iQFKH] 6R WKH GXH GLOLJHQFH SURFHVV LV VWLOO needed,  regardless  of  how  much  money  you  want  to  put  in.

0U )DOFNHQEHUJ $OVR LI \RX GR LW LI \RX KDYH D little  drawing  by  a  very  good  artist,  that  will  bring  you  much  more,  than  you  would  have  worth  maybe  one  thousand,  two  thousand,  and  that  is  the  result  if  you  get  a  consultant.

0U 6iQFKH] :H KDYH WLPH IRU RQH PRUH TXHVWLRQ 3XEOLF , WKLQN WKH JUHDW WKLQJ DERXW WKLV FRQYHUVDWLRQ is  that  there  is  no  better  place  for  a  talk  about  the  Santa  Croce  Church,  Florence,  Italy.

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HIIHFW LQ LQYHVWLQJ LQ DUW , PHDQ \RX GRQ¶W KDYH D FLW\ OLNH )ORUHQFH ZLWKRXW EHLQJ D FLW\ RI EDQNHUV ¿UVW 6R \HDK ZH¶UH WDONLQJ DERXW OLNH LI WKLV ZDV D YHU\ progressive  thing,  but  really,  maybe  it  is  not.  Maybe  it  is  just  something  that  we  have  forgotten.  'R \RX WKLQN WKDW \RXU EXVLQHVVHV LQ LQYHVWPHQW banking,  the  model  of  that,  could  change  fundamentally  to  accommodate  this  investment  in  art?  Could  there  be  art  speculators,  in  essence,  these  advisors  that  you  advice  about  which  is  a  good  choice  about  art.  And  you  are  paying  people  to  do  that.

0U )DOFNHQEHUJ 'LG \RX DVN IRU DUW VSHFXODWRUV" They  happen  to  be  around,  all  the  investment  bankers  for  years  and  years  now  have  banked  to  their  holes.  And  they  are  not  so  much  anymore  there.  And  they  try  with  all  the  tricks  of  our  market  to  bring  the  art,  in  a  very  short  time,  from  very  low  to  very  high  prices.  And  there  are  tricks,  one  of  the  biggest  motors  of  that  was  the  involvement  of  &KULVWLH¶V DQG 6RWKHE\¶V LQWR \RXQJ FRQWHPSRUDU\ DUW ,¶OO WHOO \RX DQ H[DPSOH $ YHU\ ZHOO NQRZQ JDOOHU\ LQ New  York  City,  this  is  a  true  story,  wanted  to  promote  D JHUPDQ DUWLVW 'DQLHO 5LFKWHU WKH\ KDG ZRUNV worth  30,000  â&#x201A;¬  and  they  gave  5  works  of  him  to  D &KULVWLH¶V DXFWLRQ DQG WKHQ WKH\ DXFWLRQHG DW D price  high  up  to  400,000  â&#x201A;¬  and  then  two  months  later  there  was  a  private  sale  in  this  gallery  and  KH ZDV VR SROLWH WR WDNH RQO\ ¼ LQVWHDG of  â&#x201A;¬  400,000.  In  this  way,  you  have  to  watch  out,  you  are  too  innocent.  That  is  the  truth  of  the  market.  And  this  has  not  much  to  do  with  the  art.  So  speculators,  I  hate  speculators.  But  that  is  my  opinion.

0U 5XIIHU , ZRXOG OLNH WR DVN \RX D TXHVWLRQ :KHUH DUH WKH )ORUHQWLQH EDQNHUV" 6ZHSW DZD\ :KHUH LV WKH )ORUHQWLQH DUW" +HUH LQ )ORUHQFH :H¶OO EH VZHSW DZD\ EXW WKH DUW ZLOO VWD\ 6R QHYHU PLQG WKH ULFK SHRSOH LW¶V WKH DUW ZKDW ZLOO VXUYLYH 0U 6iQFKH] , ZRXOG OLNH WR WKDQN \RX DOO IRU EHLQJ here.  Thank  you  very  much.

ZZZ ¿GHOLVLQVWLWXWH RUJ

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:KDW LV HWKLFV" 0RUDOV DQG HWKLFV D QHFHVVDU\ GLVWLQFWLRQ By  Tiziano  Parisi

In  order  to  respond  to  this  question,  we  need  to  make  a  preliminary  distinction  between  the  words  â&#x20AC;&#x153;moralsâ&#x20AC;?  and  â&#x20AC;&#x153;ethicsâ&#x20AC;?,  too  often  used  synonymously.  7KH FRQFHSW RI ÂłPRUDOV´ FDQ EH GHÂżQHG DV WKH VXP of  actions  and  sensations,  for  a  group  of  people  in  a  certain  place  and  historical  period,  that  sanction  ZKDW LV FDOOHG LQ OD\PDQÂśV WHUPV ULJKW DQG ZURQJ good  and  evil.  By  its  nature,  morals  are  apt  to  evolve,  and  thus  to  change  over  the  years.  If  we  are  repulsed  today  by  the  mere  thought  that  a  man  could  be  the  servant  of  another  man,  slavery  was  viewed  very  naturally  up  until  last  century.  Only  through  time and  evolution  of  human  thought  have  we  come  to  regard  as  wrong  something  that  until  then  was  considered  not  only  necessary  for  the  economy,  but  also  absolutely  normal.

There  is  not  just  one  set  of  morals,  but  many,  as  many  as  there  are  groups  around  the  globe.  These  ZZZ ¿GHOLVLQVWLWXWH RUJ

ideas  can  converge  in  a  common  sentiment  or  be  diametrically  opposed.  With  social  and  economic  globalization,  these  cultural  differences  are  certainly  more  subtle  than  before,  but  even  so,  each  group  has  kept  its  own  opinion  about  what  is  right  or  wrong.

(WKLFV RQ WKH RWKHU KDQG KDV DQ LQ¿QLWHO\ JUHDWHU dimension,  since  it  is  an  integral  part  of  man  rather  than  something  that  can  be  added  to  him,  like  morals.  Indeed,  even  if  all  our  behavioral  patterns  and  judgments  are  inevitably  influenced  by  the  historical  and  socio-­cultural  tissue  into  which  we  are  born  and  grow,  there  is  no  doubt  that  there  is  something  superior  and  preordained  in  our  being  that  waits  to  come  forth.

In  this  vein,  I  remember  an  interview  with  an  ex-­boss  RI WKH PDÂżD ZKR WDONHG DERXW KRZ LW ZDV DEVROXWHO\ natural  for  him  to  kill  anyone  who  broke  his  code  of  behavior,  the  moral  code  of  his  people.  Homicide,  in Â

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this  perspective,  gave  him  no  remorse  because  he  was  convinced  that  he  was  right  by  committing  it.  One  day,  however,  this  conviction,  which  came  from  the  fact  that  he  grew  up  in  that  particular  environment,  was  destroyed  instinctively  by  another  VHQWLPHQW )URP WKDW PRPHQW RQ HYHU\WKLQJ WKDW until  the  day  before  seemed  right  to  him  up  and  that  he  had  fought  for,  appeared  wrong  all  of  a  sudden.

What  then  is  the  relationship  between  morals  and  ethics?  Good  and  disinterested  morals,  free  from  other  interests,  is  the  means  by  which  man  can  discover  ethics  more  quickly.  Ethics,  in  its  turn,  is  WKH LQVWUXPHQW WKDW DOORZV PDQ WR ÂżQG KLV ÂżQDO HQG which  is  interior  joy,  happiness.  Today  much  is  said  about  ethical  codes  that  great  businesses  adopt,  but  , EHOLHYH WKDW GHÂżQLWLRQ LV HUURQHRXV EHFDXVH ZH should  speak  of  codes  of  conduct  or  moral  codes  of  business,  as  they  are  rules  dictated  by  people  for  other  people.  In  fact,  that  is  the  very  nature  that  does  not  allow  one  to  classify  them  as  â&#x20AC;&#x153;ethicalâ&#x20AC;?,  since  ethics  cannot  be  imposed  by  a  written  rule,  but  it  is  necessary  to  feel  it  take  root  in  oneself.  Ethics  cannot  be  taught  or  explained,  but  is  discovered.

This  distinction  between  morals  and  ethics  also  mirrors  the  distinction  between  the  concepts  of  law  and  justice,  so  close  yet  often  separated.  Law  should  tend  toward  justice  as  morals  toward  ethics,  but  that  is  not  always  the  case.  Something  can  be  legal  but  unjust,  just  as  something  can  be  moral  but  unethical.  Take  for  example  a  judge  who  applies  an  XQMXVW ODZ RU WKH ¿QDQFLQJ RI ZHDSRQV SURGXFHUV or  the  aforesaid  case  of  slavery.  Obviously,  laws  and  morals,  like  any  powerful  instrument,  bring  us  to  a  very  different  result  if  they  are  wielded  by  the  wrong  hands  and  directed  to  other  means.

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Leaving  aside  the  cases  in  which  repentant  people  take  advantage  of  their  redemption  to  obtain  early  parole,  what  happened  in  that  man  to  make  him  change  his  mind  in  such  a  sudden  and  powerful  way?  I  think  it  is  precisely  the  occasion  to  best  explain  what  ethics  truly  is,  that  is,  a  sentiment  we  all  have  from  birth  that  can  be  developed  to  a  greater  or  lesser  degree,  or  not  at  all,  from  person  to  person,  but  which  is  present  in  all  of  us.  It  is  universal  sentiment  that  tends  toward  the  good,  which  is  common  to  everyone. ,V HWKLFV XVHIXO WR PRGHUQ PDQ"

Often  it  is  asked  whether  ethics  is  useful  to  modern  man  or  whether  it  is  not  rather  something  that  slows  down  his  individual  path  to  progress.  The  recent  world  crises  seem  to  give  an  answer  to  this  question  once  and  for  all,  even  to  the  most  skeptical  among  us.  Even  if  it  is  true  that  all  this  does  not  bring  XV WKH OHDVW HFRQRPLF EHQH¿W LQ WKH VKRUWHVW WLPH possible,  it  is  easy  to  forget  that  we  are  not  alone,  EXW SDUW RI D ZKROH DQG WKLV ZKROH KDV LWV ¿QDOLW\ Each  person  can  be  compared  to  a  piece  of  the  huge  jigsaw  puzzle,  and  the  more  pieces  crumble,  WKH PRUH WKH ¿QDO SLFWXUH IDGHV ,W LV QRZ FOHDU WR everyone  how  speculation  on  Wall  Street  ends  up  affecting  the  portfolio  of  a  worker  who  lives  on  the  other  side  of  the  planet  within  a  few  months.  Therefore,  it  is  appropriate,  for  the  good  of  all,  to  draw  up  new  rules  for  the  economy  supported  by  a  common  ethical  sense,  in  the  truest  sense  of  the  word. +RZHYHU DV KDV EHHQ DI¿UPHG HWKLFV FDQQRW EH WDXJKW EXW PDQœV JUHDWHU DZDUHQHVV WRZDUG KLV TXHVW if  not  toward  his  discovery,  seems  to  be  the  only  way  to  truly  overcome  the  current  crisis  and  the  only  tool  to  lay  the  foundations  of  a  forward-­looking  and  better  future,  not  only  on  the  short-­  or  medium-­term,  based  on  the  harmony  of  the  whole.

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7KH QHZ HUD RI GLJQLW\ LQ HFRQRPLF UHODWLRQVKLSV In  Caritas  in  veritate  Benedict  XVI  underlined  the  importance  of  a  vision  converging  on  human  dignity  and  of  the  work  that  will  allow  us  to  overcome  poverty  and  promote  development,  showing  that  only  the  ethical  interaction  of  consciences  and  minds  will  be  able  to  sustain  human  evolution.  More  recently,  a  type  of  â&#x20AC;&#x153;dignity  revolutionâ&#x20AC;?  has  DULVHQ RXU DWWHQWLRQ LV RQ WKH ÂżQDQFLDO HFRQRPLF and  global  crisis,  which  deeply  impacts  different  ¿HOGV WKDW UHJDUG WKH SHUVRQ LQ WKH H[HUFLVH RI KLV dignity,  above  all  the  concern  that  is  an  essential  condition  for  equal  dignity,  as  proclaimed  in  Articles  1  and  4  of  the  [Italian]  Constitution.  Recent  studies  have  shown  that  the  ethic-­civic  problem  SDU H[FHOOHQFH GHDOV ZLWK ÂżQDQFHV ZKLFK KDV progressively  lost  all  contact  with  the  real  economy,  WRZDUG ZKLFK ZH KRSH LW ZLOO QHFHVVDULO\ UHWXUQ the  real  economy  is  the  only  one  able  to  create  work  and  to  distribute  the  wealth  produced,  stemming  from  the  values  of  subsidiarity  and  its  resulting  development,  condition  of  the  marriage  between  economy  and  values.  7KH ,QWHUQDWLRQDO 2UJDQL]DWLRQ RI :RUN 2,/ KDV always  advocated  the  importance  of  work  as  the  central  and  crucial  element  of  human  dignity  and  underlines  the  inseparability  between  peace  and  social  justice.  Thus,  the  respect  for  fundamental  rights  and  their  protection  play  a  primary  role  in  the  desired  development  of  an  inclusive  society,  that  is,  endowed  with  mechanisms  that  allow  an  active  participation  in  the  political,  and  economic  and  social  life  of  the  country,  permitting  it  to  overcome  differences  and  assuring  equal  opportunity  to  individuals.  7KH ÂżUVW WUXH VWHS WRZDUG FROOHFWLYH ZHOO EHLQJ stability  and  sustainability  is  to  replace  the  markedly  individualistic  and  egotistical  perspective  with  the  altruistic  one,  focused  on  the  ideal  of  social  justice  that  connects  the  economic  foundations  with  those  ZZZ ÂżGHOLVLQVWLWXWH RUJ

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By  Stefania  Gentile

of  the  person  and  his  rights,  by  means  of  building  awareness  of  the  dignity  of  each.  The  teleologically  personalistic  nature  of  our  regulations  encounters  its  norm  of  substantial  closure  in  the  concept  of  GLJQLW\ LW LV WKH UHVXOW RI WKH SRVLWLYL]DWLRQ RI WKH value  of  ethical  origin  on  the  political  and  juridical  level  .  The  principle  of  dignity  is  the  heart  of  the  doctrine  on  human  rights;Íž  thus,  understanding  its  meaning  is  the  necessary  premise  to  individualize  a  common  and  shared  nucleus  of  values  after  an  evaluation  that  considers  the  interests  in  play  which  have  general  import  .  Today,  dignity   has  a  normative  connotation  because  it  is  contemplated  in  most  international  and  national  charters  of  fundamental  rights.  It  is  an  ambiguous  concept  that  can  express  a  judgment  of Â

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YDOXH LQ HLWKHU VSHFL¿F RU JHQHUDO WHUPV )URP D historical  analysis  of  its  development,  it  is  derived  IURP IRXU YDOXHV IUHHGRP HTXDOLW\ VHFXULW\ DQG solidarity,  which  work  and  are  oriented  in  different  ways.  It  is  beyond  doubt  that  the  ambiguity  of  the  principle  appears  above  all  in  its  relationship  with  the  value  of  freedom,  due  to  a  series  of  questions  that  can  be  summed  up  in  the  much-­debated  dilemma  of  whether  dignity  is  a  predicate  of  freedom  or  vice  versa.  As  has  been  authoritatively  proved,  this  question  summarizes  the  fundamental  value  that  every  person  bears  and  that  constitutes  the  essence  of  each  person  in  the  static  dimension,  while  the  value  of  freedom  is  proposed  in  subjective  terms  of  projection  and  immediate  development  of  the  person  in  the  outside  world,  with  the  limit  of  respecting  equality  and  nondiscrimination,  principles  that  are  closely  connected  to  each  other  and  to  the  principle  of  solidarity.  %RWK WKHVH SURSRVHG YLHZV WRJHWKHU GH¿QH WKH unitary  and  complete  guarantee  of  the  individual,  in  himself  and  in  his  social  evolution.  Therefore,  in  light  of  these  premises,  the  economy  today  should  certainly  be  oriented  toward  the  human  sphere,  by  a  normative  framework  founded  on  the  awareness  DQG HWKLFV RI UHVSRQVLELOLW\ RI WKH PDUNHWVœ ZRUNHUV by  means  of  moral  management  and  an  effective  application  of  ethics  in  economic  relations  and  in  the  working  world,  with  the  human  person  and  his  dignity  at  the  center,  and  by  giving  importance  to  solidarity  and  mutual  trust  in  trade.

CURZIO,  Economia  oltre  la  crisi  (Economy  after  the  crisis),  Ed.  La  scuola,  2012  In  these  terms,  Ruggieri  and  Spadaro  have  shown  the  role  played  by  human  dignity  within  the  problem  of  the  hierarchy  of  constitutional  values.  Cf.  A.  RUGGIERI  and  A.  SPADARO,  DignitĂ Â dellâ&#x20AC;&#x2122;uomo  e  giurisprudenza  costituzionale  -­prime  notazioni-­,  (â&#x20AC;&#x153;Manâ&#x20AC;&#x2122;s  Dignity  and  Constitutional  Jurisprudence:  First  Notationsâ&#x20AC;?)  in  Pol.  Dir.,  1991,  1,  347  s.  [trans.  ed.]

From  a  philosophical  point  of  view,  most  of  the  modern  theories  on  the  universal  recognition  of  human  rights  are  due  to  the  famous  German  thinker  Emmanuel  Kant,  who  equates  it  with  the  safeguarding  of  human  dignity:  â&#x20AC;&#x153;Humanity  is  dignity  itselfâ&#x20AC;?  (The  Foundation  of  the  Metaphysics  of  Customs,  1785).  Thus,  man  cannot  be  reduced  to  be  treated  as  a  simple  means,  but  always  as  an  end.  â&#x20AC;&#x153;Man  considered  as  a  person,â&#x20AC;?  argues  Kant,  â&#x20AC;&#x153;is  above  any  priceâ&#x20AC;?  (The  Metaphysics  of  Customs,  1797).  According  to  the  philosopher,  manâ&#x20AC;&#x2122;s  dignity  consists  in  an  absolute  intrinsic  value  that  imposes  respect  on  all  other  reasonable  beings,  respect  both  for  oneself  and  for  others.  According  to  Kant,  respect  for  the  others  translates  to  the  recognition  of  their  dignity,  and  contempt  is  the  negation  of  the  respect  due  any  person,  in  general.  Kantian  thought  is  not  completely  new  in  manâ&#x20AC;&#x2122;s  history;Íž  in  fact,  it  seems  to  be  the  ideas  already  expressed  in  the  Gospels,  translated  into  philosophical  terms. â&#x20AC;&#x153;Dignity  is  not  only  a  word;Íž  it  is  also  a  value,  a  principle,  a  general  clause,  an  element  that  indicates  a  juridical  system  as  well  as  a  limit.â&#x20AC;?  G.  ALPA,  DignitĂ .  Usi  giurisprudenziali  e  FRQÂżQL FRQFHWWXDOL Âł'LJQLW\ -XULVSUXGHQWLDO XVHV DQG FRQFHSWXDO boundriesâ&#x20AC;?),  in  Nuova  giur.  civ.  comm.,  2000,  part  II  [trans.  ed.]

 â&#x20AC;&#x153;In  an  acute  synthesis,  Francesco  Viola  indicates,  among  the  pillars  of  the  evolution  of  the  Churchâ&#x20AC;&#x2122;s  social  doctrine,  WKH SULPDF\ RI WKH SHUVRQ IURP ZKLFK Ă&#x20AC;RZV WKH GLJQLW\ WKDW tends  toward  equality  beyond  the  economic  and  social  differences;Íž  this  also  implies  manâ&#x20AC;&#x2122;s  independence  â&#x20AC;&#x201C;  and  thus  his  freedom  â&#x20AC;&#x201C;  from  the  bondages  that  condition  his  spirit,  as  well  as  the  necessary  quest  of  the  freedom  of  the  spirit;Íž  the  right  and  duty  of  man  to  exercise  his  freedom  in  his  conscience  and  to  refuse  or  submit  to  the  slavery  of  the  spirit.â&#x20AC;?  G.  ALPA,  in  Status  e  capacitĂ ,  La  costruzione  giuridica  delle  differenze  individuali  (Status  and  Capacity:  The  Juridical  Constitution  of  Individual  Differences),  Libri  del  Tempo  Laterza,  1993,  163  [trans.  ed.]

Recalling  the  ambiguity  of  the  concept,  it  has  been  proposed  to  erase  it  from  the  table  of  reference  values,  accepted  as  the  base  of  a  new  human  anthropology,  and  spoken  of  as  an  empty  box  susceptible  to  various  manipulative  interpretations,  as  other  general  principles.  â&#x20AC;&#x153;Faced  with  these  visions,  the  emphasis  of  those  who  speak  of  dignity  as  a  Trinitarian  concept,  that  is,  referred  to  the  person  and  thus  his  organic,  physical  and  symbolic  dimensions,  does  not  appear  exaggerated.â&#x20AC;?  G.  ALPA  in  I  diritti  umani  e  fondamentali  nella  formazione  dellâ&#x20AC;&#x2122;avvocato  europeo  (â&#x20AC;&#x153;Fundamental  Human  Rights  in  the  Formation  of  the  European  Lawyerâ&#x20AC;?),  Acts  of  the  Congress,  Rome  9-­10  April  2008,  G.  ALPA  e  A.  MARIANI  MARINI,  26  [trans.  ed.]

For  the  so-­called  â&#x20AC;&#x153;3S  paradigmâ&#x20AC;?,  sussidiarietĂ ,  solidarietĂ ,  sviluppo  [subsidiarity,  solidarity  and  development],  se  A.  Q. Â

A.  BALDASSARE,  Iniziativa  economica  privata  (â&#x20AC;&#x153;Initiative  and  Private  Economyâ&#x20AC;?),  in  Enc.  dir.,  XX,  Milano,  1971  ZZZ ÂżGHOLVLQVWLWXWH RUJ

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0H[LFDQ ,QVXUDQFH &RPSDQ\ VSHFLDOL]HG LQ PDMRU PHGLFDO H[SHQVHV DQG SHUVRQDO DFFLGHQWV 7KH SURPLVH LV IXO¿OOHG Offering  a  major  medical  policy  is  a  much  bigger  responsibility  than  just  a  business  transaction,  since  VRPH OLDELOLWLHV DUH DFTXLUHG IURP LW GHYHORSLQJ DQ DZDUHQHVV RI SUHYLVLRQ DQG VHFXULW\ WR JLYH VXSSRUW to  the  insured  customers  when  they  need  us,  not  only  by  contract  but  by  our  conviction  of  being  near  our  clients  when  they  need  us. ,Q 3UHYHP ZH VHHN WR JLYH FOHDU LQIRUPDWLRQ RQ RXU FRYHUDJH UDWHV DQG EH YHU\ VSHFL¿F ZLWK GHWDLOV RQ WKH SROLF\ DV SDUW RI WKH FRQ¿GHQFH DQG SHDFH RI PLQG RQ WKH SXUFKDVH SURPLVH ,QVXUDQFH LV QRW D FRPPRGLW\ VR LW LV GLI¿FXOW WR EHOLHYH LQ LW 2XU 0H[LFDQ FRPSDQ\ LV ORRNLQJ to  give  the  word  insurance,  its  literal  meaning,  with  Prevem  our  customers  are  safe.

The  subscription  process  with  Prevem  is  thorough  and  with  a  spirit  of  reciprocity,  so  is  our  attention  to  the  customer.

We  ensure  the  health  of  our  future  customers,  with  the  understanding  that  when  any  problem  is  found,  it  GRHVQ¶W QHFHVVDULO\ PHDQ WKDW ZH ZLOO UHMHFW WKDW FXVWRPHU DQG WKDW ZH ZLOO EH WKHUH DW HYHU\ VWHS ZLWK DOO LQIRUPDWLRQ QHFHVVDU\ WR DYRLG VXUSULVHV $W 3UHYHP ZH GR QRW XVH ¿QH SULQW EXW JUHDW DFWLRQV Once  the  contract  is  signed  with  our  customers,  we  create  an  an  alliance  of  closeness  and  ensure  that  WKH SURPLVH ZLOO EH IXO¿OOHG LQ WKH WLPH ZKHQ RXU FXVWRPHUV KDYH WR IDFH D QHHG In  Prevem  our  customers  are  the  most  important  assets,  they  are  not  a  mere  contract  number,  they  are  SHRSOH ZKR ¿QG WKH VXSSRUW WKH\ QHHG LQ D SURPLVH WKDW ZLOO EH IXO¿OOHG ZKHQ WKH\ QHHG XV ,Q 3UHYHP ZH GR QRW SOD\ ZLWK WKH KHDOWK RI RXU PHPEHUV ZH IXO¿OO RXU SURPLVH Prevem  Seguros

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