The War for Your Wrist Liberty London End of an Era Jean-Michel Basquiat the Next Crash
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END OF AN ERA THE NEXT CRASH ISSUE Graydon Carter’s legacy How the one per cent are preparing LIBERTY LONDON JEAN-MICHEL BASQUIAT 143 Iconic retail rediscovered His street art legacy THE WAR FOR YOUR WRIST Why the smartwatch battle is just beginning PF_112017.P00_Cover.indd 1 10/22/17 9:27 AM Senator Excellence Beijing · Dresden · Dubai · Geneva · Hong Kong · Macau · Madrid Nanjing · Paris · Shanghai · Shenyang · Singapore · Tokyo · Vienna GO-Senator-Excellence_EK_410x265mm_ENG.indd 3 01.09.2017 13:44:14 GO-Senator-Excellence_EK_410x265mm_ENG.indd 4 01.09.2017 13:50:50 GOOSEBUMPS WHEN THERE IS NOWHERE ELSE YOU’D RATHER BE jumeirah.com | T: +971 4 364 7555 GOOSEBUMPS WHEN THERE IS NOWHERE ELSE YOU’D RATHER BE jumeirah.com | T: +971 4 364 7555 FranckNamani_Men_FW_2017-2018_Portfolio_DP_205x265mm.indd 1 18/09/2017 12:24 FranckNamani_Men_FW_2017-2018_Portfolio_DP_205x265mm.indd 2 18/09/2017 12:25 FranckNamani_Woman_FW_2017-2018_Portfolio_DP_205x265mm.indd 1 18/09/2017 15:19 Shop online francknamani.com FranckNamani_Woman_FW_2017-2018_Portfolio_DP_205x265mm.indd 2 18/09/2017 15:19 NOVEMBER NOVEMBER ISSUE 143 ISSUE 143 The business of life & living Exclusive to Emirates First Class and Business Class EDITOR-IN-CHIEF OBAID HUMAID AL TAYER MANAGING PARTNER & GROUP EDITOR IAN FAIRSERVICE EDITORIAL DIRECTOR GINA JOHNSON GROUP EDITOR MARK EVANS [email protected] SENIOR ART DIRECTOR OLGA PETROFF [email protected] DESIGNER RALPH MANCAO [email protected] SUB-EDITOR SALIL KUMAR [email protected] EDITORIAL ASSISTANT LONDRESA FLORES [email protected] GENERAL MANAGER – PRODUCTION SUNIL KUMAR [email protected] PRODUCTION MANAGER R MURALI KRISHNAN [email protected] PRODUCTION SUPERVISOR VENITA PINTO [email protected] CHIEF COMMERCIAL OFFICER ANTHONY MILNE [email protected] GROUP SALES MANAGER MICHAEL UNDERDOWN [email protected] Emirates takes care to ensure that all facts published herein are correct. In the event of any inaccuracy please contact the editor. Any opinion expressed is the honest belief of the author based on all available facts. Comments and facts should not be relied upon by the reader in taking commercial, legal, financial or other decisions. Articles are by their nature general and specialist advice should always be consulted before any actions are taken. All dollar prices throughout the magazine refer to US dollars. Published for Emirates by Head Office Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE Tel +971 4 427 3000 12 Fax +971 4 428 2270 Dubai Media City Office 508, 5th Floor, Building 8, Dubai, UAE Tel: +971 4 390 3550 Fax: +971 4 390 4845 Abu Dhabi PO Box 43072, UAE PRAGUE PRIZE Tel: +971 2 677 2005 Fax: +971 2 677 0124 London Acre House, 11/15 William Road, London NW1 3ER, UK P26 Printed by Emirates Printing Press, Dubai A beautiful restored apartment in the centre of the Czech capital PF_112017.P12-16_Intro_Contents.indd 12 10/22/17 6:17 PM The future of data is not just in predicting our outermost behaviours, but understanding our innermost ones. What impact will psychometric data have on the financial world? For a fresh perspective, visit LombardOdier.com LO_Portfolio_Hacked_205x265.indd 1 10.10.17 09:31 PanArab_Portfolio_TECNICO_Sp_PAM675-677_265x205_EN.indd 1 10/19/17 12:08 PM NOVEMBER NOVEMBER ISSUE 143 ISSUE 143 CONTENTS UPFRONT 18 ISTANBUL RISES The Turkish city’s high-end property LIVING market rebounds 74 HOTEL 22 Luxury lodgings in a PLAIN SAILING converted barracks The luxury yachting app aiming to shake up the market 80 WHAT TO PACK From Hamburg to 28 Johannesburg, we’ve RENEWABLES got you covered How companies are embracing a greener future now 84 FOOD & DRINK Why Korean food is 35 taking over the world LIBERTY OF LONDON 88 The British retail EXHIBITION icon that’s going from A street art legend strength to strength gets remembered at the Barbican 90 COLUMN Microsoft’s CEO on changing a company’s culture 15 33,349 copies January - June 2017 PF_112017.P12-16_Intro_Contents.indd 15 10/22/17 6:20 PM NOVEMBER NOVEMBER ISSUE 143 ISSUE 143 CONTENTS FEATURES 42 THE WAR FOR YOUR WRIST Why luxury brands have embraced the smartwatch revolution 48 THE COMING CRASH How are the rich preparing themselves for the coming crash? 54 HOW STREET ART GREW UP Why the once-derided art form has moved from the street to the gallery 60 VANITY FAREWELL We chart the rise of Vanity Fair under its recently departed editorial icon, Graydon Carter 68 THE ANXIETY OF THE ONE PER CENT Why America’s rich are feeling more depressed than ever before INTERNATIONAL MEDIA REPRESENTATIVES 16 AUSTRALIA/NEW ZEALAND Samford Media; Tel + 618 9447 2734, [email protected] CHINA IMM International; Tel +852 2639 3635, j.bouron@ imm-international.com GERMANY IMV Internationale Medien Vermarktung GmbH; Tel +49 8151 550 8959, [email protected] GREECE Global Media; +30 210 69 85 981, [email protected] HONG KONG/MALAYSIA/INDONESIA Sonney Media Networks; Tel +852 2151 2351, hemant@sonneymedia. com INDIA Media Star; Tel +91 22 4220 2103, [email protected] SWITZERLAND/FRANCE/ITALY/SPAIN IMM International; Tel +331 40 1300 30, n.devos@ imm-international.com JAPAN Tandem Inc.; Tel + 81 3 3541 4166, [email protected] NETHERLANDS giO media; Tel +31 6 6 2223 8420, [email protected] THAILAND Media Representation International; +66 8 6777 3417, [email protected] TURKEY TTR Media Ltd; Tel +90 212 275 8433, tanbilge@medialtd. com.tr UK Spafax; Tel +44 207 906 1983, [email protected] USA WorldMedia Inc; Tel +1 212 244 5610, [email protected] PF_112017.P12-16_Intro_Contents.indd 16 10/22/17 4:23 PM armanicasa.com Milan, Paris, London, New York, Los Angeles, Miami, Shanghai, Beijing, Tokyo EMIRATES_FR_205X265_11.indd 1 28/08/17 17:38 UPFRONT 18 19 PF_112017.P18-20_Upfront_IstanbulProperty.indd 18 10/22/17 12:15 PM NOVEMBER / PROPERTY ISSUE 143 Turkish delight Alexandra Locke takes the temperature of Istanbul’s high-end property market very city has its landmark Kerim Bertrand, CEO of the real avenue or coveted zip estate information firm REIDIN. code, an investment In July 2016, however, some of made for generations those homeowners found they Erather than speculation. In had purchased more than they Istanbul, that real estate is not bargained for. Neighbourhoods on a Fifth Avenue or a Kings overlooking one of the city’s Street, but the Bosphorus Strait. Bosphorus bridges became front- The narrow channel separating row seats to Turkey’s attempted Europe and Asia combines the military coup. When military central location of one of the tanks blocked the bridge, world’s busiest shipping lanes civilians confronted the soldiers, with the sunbaked roofs and and 34 people were among those turquoise water of the French killed in the clashes that night. Riviera. As the pace of Istanbul’s Now these multimillion dollar development grows ever more views overlook a bridge with a breakneck, the best investment decidedly different new name: never changes: a waterside yalı. the July 15th Martyrs’ Bridge. These white-painted wooden The coup attempt was one mansions were once the second blip in a string of bombs and homes of the Ottoman elite, but shootings, an outpouring of these days, their fame comes from refugees, and a political crackdown their starring roles in Turkish that’s put tens of thousands behind soap operas broadcast around bars – and that’s just within the world. They typically change Turkey’s borders. The upheaval hands once in a generation, says disrupted an incredibly promising Koray Dillioglu, managing director real estate market. In 2015, Knight of Pera Property. “These are Frank’s Global House Price Index not advertised heavily. These are estimated Turkey as the world’s hush-hush, people keep it quiet… fastest-growing property market, Somebody wants to buy one, I with 18.9 per cent growth. A year make an offer to those people even later, it had dropped to 12.2 per 18 19 if they’re not selling it.” cent, and so far in 2017, it’s only Those looking for a more recaptured a small fraction of modest investment will still find that growth (12.7 per cent). Ali the prices steep: a mere view of Pamir, the chairman of residential the strait can add as much as 50 and commercial real estate firm per cent to the cost, according to Pamir & Soyuer, says, “[The] PF_112017.P18-20_Upfront_IstanbulProperty.indd 19 10/22/17 12:15 PM UPFRONT market is currently stagnant, to say the least. We used to sell around 30 to 40 residential units in the past, the last 12 months we sold seven.” That slowdown has been particularly hard felt in the prime real estate market; Istanbul lost 8.4 per cent on Knight Frank’s Prime Home Index in the first quarter of 2017, though the loss shrank in the second quarter. Although investors were hoping 2016 would be a temporary dip, it appears recovery will be lengthy. The change in fortunes has been most drastic among foreign purchasers. Turkey’s real estate market has always been overwhelmingly driven by local individuals, but in 2012, changes to reciprocity laws began to draw in small but growing numbers of foreigners. According to REIDIN, in the first five months of 2015, foreigners purchased 42.5 per cent of luxury residences. In the first eight months of 2017, the number was just 5.5 per cent. Bertrand says: “The last two years we only saw a significant decline due to the terrorist attacks, the failed coup firm New World Wealth surveying Istanbul’s and the number of high-end as well as the returns that are not millionaire migrants found Turkey property market properties sold were quite low.