Tag Archives: reuters

Dubai’s Jumeirah To Manage New Beach Resort In Hainan

Qing Shui Bay Resort In Sanya Follows Previous Jumeirah Agreements In Shanghai, Guangzhou and Macau

hainan

Hainan Island, the "Hawaii of China," has become a popular tourist destination for mainland Chinese and non-Chinese alike, attracting many major luxury hoteliers in recent years

Reuters reports today that Dubai’s Jumeirah Group has just signed an agreement with Hong Kong-based Agile Property Holdings to manage the new Jumeirah Qing Shui Bay Resort in Sanya, Hainan province — the southern island known by many as the “Hawaii of China.”
The new beach resort will join a number of other luxury hotels in the area, including the Ritz-Carlton, Banyan Tree, Le Méridien and Mandarin Oriental, and will be comprised of a 250-room hotel and 50 private villas. The resort is slated to open in 2013.

Although specifics on the cost of the project have not yet been released, AME Info sheds some additional light on the new project:

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Art Is Good As Gold In Inflation Era — Bloomberg

Fund Managers Moving Towards Art As Investment Diversifier, Will These Managers Balance Their Art Portfolio Investments With A Global Mix?

Castlestone is investing in western artists like De Kooning. By focusing only on western art, is the fund going to miss out on higher returns later?

Castlestone is investing in western artists like De Kooning. By focusing only on western art, is the fund going to miss out on higher returns later?

We have written before on Castlestone Management, a $660 million investment fund that focuses on works of art, which the fund feels is a better investment over the long term than traditional hedges like gold or other hard assets. Today, Bloomberg has an excellent profile of the fund, noting that it is designed to benefit from one of art’s great features — a resistance to the great asset de-valuer: inflation. Castlestone, and art investment funds like it are , Farah Nayeri writes, “designed as an anti-inflation shelter at a time when recession-busting stimulus packages are flooding the global economy with cash.” So with the number of these funds increasing, as investors look for inflation-defying destinations for their money, will they get with the program and look for a more global mix, made up of Chinese, Indian, and other emerging artists? Or will they stick to their Picassos and Warhols?

It looks like Castlestone may be up for anything as time goes on, but at the moment they seem to be a bit top-heavy with artists who are late in their career. However, with this sort of fund growing and becoming more popular with inflation-weary investors who aren’t up for the rollercoaster ride of investing in gold, stocks, or jewels, an art fund might be just the thing.

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Sales Surprisingly Brisk At The HK 09 Art Festival

Organizers Looking To Make Annual HK Festival Asia’s Answer To Art Basel, Frieze As Local Collector Base Grows

The Hong Kong International Art Fair is rapidly becoming a major annual destination for art lovers, collectors, galleries, and museums

The Hong Kong International Art Fair is rapidly becoming a major annual destination for art lovers, collectors, galleries, and museums

Hong Kong’s large-scale HK 09 International Art Fair, which we profiled last week, is off to a successful start. As James Pomfret writes, the “burgeoning international art fair…aimed at tapping Asia’s growing pool of contemporary art collectors has shown positive signs of shrugging off the global economic downturn.”

New collectors from the mainland, as well as Western and other East Asian collectors, are taking to the festival’s auctions, held by Western and Asian auction houses, to snatch up works during one of the best buyers’ markets in recent history. As Pomfret goes on to indicate, the organizers of HK 09 are looking to establish the festival as Asia’s answer to the Western art fairs like Art Basel in Switzerland and Frieze in London:

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Art Auction Season Warming Up As HK Auctions Near

With Auctions Of Western Favorites Doing Better Than Expected, Will We See The Same Excitement Surround Upcoming Contemporary Asian and Chinese Art Auctions?

Up for auction later this month in Hong Kong: Tang Zhigang, Chinese Fairytale (2006). Will Asian buyers pounce on the best buyers' market in years?

Up for auction later this month in Hong Kong: contemporary Chinese artist Tang Zhigang's "Chinese Fairytale" (2006). Will Asian collectors pounce on the best buyers' market in years?

As trend-watchers love to say, the art market may be down from last year, but it’s far from out. Yesterday’s auction at Christie’s suprised many, with better-than-expected bidding and several works exceeding their estimates. As the New York Times noted, works by historical favorites like Picasso and Giacometti brought solid prices, and the auction injected a dose of optimism into the auction market, which has recently been affected by the same drop in confidence as the rest of the economy. However, Christie’s success is not the main point that interested me in the New York Times article. This is what caught my eye:

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