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the newly-opened & very lovely Louvre Abu Dhabi

The result of an intergovernmental agreement signed in 2007 and opened to the public on November 11, the $1 billion Louvre Abu Dhabi is a museum of juxtapositions and chronology that serves many purposes.

The museum is an integral “part of the town and of life [La ville et la vie],” (the museum’s architect Jean Nouvel). The museum is an expression of “soft power” and enhances a cultural strategy to serve as a bridge between civilizations and counter tensions in the region (Zaki Anwar Nusseibeh, the U.A.E. minister of state). The museum presents “a narrative of humankind from the beginning of knowledge, using art as a witness of the times,” (Jean-François Charnier, the project’s chief curator and scientific director for Agence France-Museums).

An iteration of a north African medina and rising no more than 30 feet in most places, the museum is composed of 55 separate pavilions, some beneath a 180-meter-diameter, 7,500-ton dome. The dome is comprised of eight layers of interlocking steel and aluminum effecting more than 7,800 perforations that filter the hot Arabic sun into brilliant spots of light that dapple the walls.

The Louvre Abu Dhabi is designed to achieve LEED silver. It has already achieved a 3 Pearl Estidama Design Rating. The museum creates a comfortable micro-climate with passive design techniques. Such techniques include a concept based on traditional regional architecture, passive water and energy conservation techniques, and highly efficient HVAC systems, lighting, and sanitation. Other techniques include the use of solar shading provided by the dome roof, the self-shading of buildings, the roof perforations that allow daylight without excess solar gain or wind flow, and exposed thermal mass such as stone floor and cladding that benefit from night-time cooling.

There are 23 galleries for the permanent collection, a huge, 2,000-square-meter temporary exhibition space, a children’s museum, and a waterside restaurant. The complex is designed to be used as a social space in the evenings.

See:

“Inside the Louvre Abu Dhabi with architect Jean Nouvel” | Caroline Roux, The Telegraph, 14 November 2017

“The Louvre Abu Dhabi Puts a $1 Billion Spotlight on Globalization – But Makes Some Glaring Historical Omissions” | Javier Pes, Artnet.com, 8 November 2017

“Louvre Abu Dhabi, a Cultural Cornerstone Where East Meets West” | Doreen Carvajal, The New York Times, 7 November 2017

The Louvre Abu Dhabi | About Us, Architecture

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buildings are a big part of our lives ・let’s get to know them

Many of us, somewhere in the world, live, work, study, go to school, see the doctor, worship, shop, eat out, vacation, collect and/or exhibit and/or sell art in buildings of some sort. The building might be a single-family home, large or small, grand or modest, a multi-family home, a residential tower, an office building, library, school, a shop large or small, a hotel, resort, or spa, a restaurant, hospital, a gallery or museum, public or private, … the list goes on and on. Buildings are a big part of our lives. Let’s get to know them.

A building is much more than an inert structure that we can take for granted. A building is a system of systems that interacts with us on many levels. A building almost lives.

Dodge Data & Analytics together with United Technologies have published a SmartMarket Report that we all can read. This particular report, World Green Building Trends 2016 SmartMarket Report, focuses on a crucial aspect of buildings, how they are “going green.” The intent of the report is to provide information, new world green building trends data, to support green building development.

The report is long-ish. 60+ pages. So I suggest that you read through it step-by-step, in small increments, perhaps a page or two a day. You’ll find lots of good information, valuable economic analyses, and comparative analyses, illustrating how people in different countries are approaching the development, costs, benefits, and economics of green.

How is “green” defined? “Green building” is defined in the study as a construction project that is either certified under any recognized global green rating system or built to qualify for such certification.

Why “green”? We’ll examine this question step-by-step. Hint? Quality of life, longer-term value, longer-term credibility, higher resale values, “future proof.”

Stay tuned.

See:

“World Green Building Trends 2016 SmartMarket Report” | Dodge Data & Analytics, United Technologies, 2016

#buildings #builtenvironment #resilience #luxury #smartluxury #houses #museums #galleries #retail #restaurants #hospitals #art #artcollections #collections #hospitality #realestate #CRE #commercialrealestate

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art & emergency planning・the MFAH shares perspective

Having passed through Hurricane Harvey with an emergency team onsite 24/7 to monitor and manage everything throughout the duration of the storm, the Museum of Fine Arts, Houston has shared information about its protocol for storm protection.

This information could prove helpful and encouraging to other arts institutions. A lesson to be learned: best to have an emergency plan and protocols in place ahead of possible natural disasters … and practice.

Here are some elements of the MFAH emergency protocol:

  • a hurricane-preparedness team
  • storm-planning measures to secure the buildings
  • sandbags (the MFAH has thousands of sandbags, each filled with sand the museum stores and re-cycles)
  • emergency water pumps (sump pumps)
  • floodgates to be activated as needed (the MFAH floodgates are house-made and 24-inches high)
  • preparation of a disaster-recovery website
  • a 24/7 emergency team to be stationed on site to monitor everything through the duration of the storm
    • the MFAH crew includes more than 30 people, each with a list of emergency contacts, including first and second responders, printed on a slip of waterproof Tyvek in their pockets. the team splits 18-hour shifts.
      • engineers
      • art handlers
      • IT
      • security guards
      • the chief technology officer (Shemon Bar-Tal)
      • the chief of building operations (Mike Pierce)
      • the chief operating officer (Willard Holmes)
  • relocation of works | works of art that are in potentially vulnerable locations to be moved as needed
  • a sense of humor, perspective, and humility
    • “Mother Nature and water are strange. You say, ‘I’m OK, I’ve got a floodgate, I’m good,’ and then she comes around the back door!” (Willard Holmes, COO)
    • “I think we’re really good on the broad strokes, but you can never just assume that the next storm is going to be like the one that just passed. If the last four days have taught us anything, it’s that it’s not over until it’s over.” (Willard Holmes, COO)

The permanent collection of the MFAH includes 65,000 paintings, sculptures and other objects at the main campus and at Bayou Bend and Rienzi, two historical estates along Buffalo Bayou, the city’s central waterway.

The museum is also responsible for several hundred masterpieces from other institutions, on loan for shows such as the current “Paint the Revolution: Mexican Modernization, 1910-1950.”

Paint the Revolution includes works by Frida Kahlo, Diego Rivera, Antonio Ruiz, Alfredo Ramos Martínez, María Izquierdo, José Clemente Orozco, Tina Modotti, Adolfo Best Maugard, and Saturnino Herrán.

See:

“How Harvey unfolded at MFAH” | Molly Glentzer, Houston Chronicle, 1 September 2017

“This Is How Museums In and Around Houston Prepared for Tropical Storm Harvey” | Priscilla Frank, Huffington Post, 1 September 2017

The Museum of Fine Arts, Houston (MFAH)

 

#art #artcollections #museums #MFAH #TheMuseumofFineArtsHouston #Houston #stormprotocols #emergencyteam #Harvey #HurricaneHarvey #realestate #resilience#smartluxury

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“blockage” & the valuation of damage to art for an insurance claim

Ronald D. Spencer, Chairman of the Art Law Practice at the New York law firm of Carter Ledyard & Milburn LLP, addresses the issue of the valuation of loss or damage to art for an insurance claim. He specifically addresses the use of, and questions the appropriateness of the use of, “blockage” and “blockage discounts” as applicable standards for interpreting the loss valuation provisions of an insurance contract.

The insurance coverage amount is the maximum amount the policy will pay. This amount provides the basis for calculation of insurance premiums. Most insurance claims do not involve claims for the full coverage amount.

The methodology used by the insurer to value a damage claim is a relevant variable for the insured. Most art insurance policies are vague, however, on the valuation method, “providing, simply, that in the event of disagreement on the value of the loss, the insured and insurer will each retain their own appraisers, and if the appraisers do not agree on the value of the loss, the dispute is to be submitted to an umpire or arbitrator, whose decision will be final.”

New York’s Bruce Silverstein Gallery suffered loss on October 29, 2012 caused by flooding during Hurricane Sandy. The gallery had an “All Risks Fine Art Dealers Floater” insurance policy with a “Basis of Valuation” provision stipulating that “consigned property shall be valued at the Agreed Net Consigned Value Plus 10%.” The concept of “blockage” was applied by the umpire representing the gallery’s insurance company. This was the first time the concept of “blockage” for art sales, which first arose in 1972 in the context of art valuations for estate tax purposes, was applied to an art valuation for purposes of calculating a loss for an insurance claim.

When valuing the loss of many artworks, the concept of “blockage” values works as they could be sold on one particular date, the date of the disaster (or death, in the framework of estate sales) on which the loss takes place. Blockage discounts the present value of the works of art based on future streams of income from sales over the period of time it would require to sell the art.

The application of blockage is considered to be consistent with USPAP Standard 6 which provides that when a large mass of property is to be valued as of a specific date, the appraiser is required to take into account that the value of the whole may be different from that of the individual parts.

Mr. Spencer observes that “by choosing to apply a blockage discount to an insurance loss valuation, an umpire, in effect, is deciding that the insurance loss should be determined by the price a bulk buyer of the art at the date of loss would be willing to pay.”

He observes, further, that “the art owner should understand that the result of a blockage discount for the owners’ insurance claim is that the more art the owner has lost, the less the insurer will pay per item—the larger the volume of art lost, the greater the blockage discount for each piece.”

See:

“Think Your Art Is Adequately Insured? Here Are a Few Insider Strategies to Help Minimize Your Risk” | Ronald D. Spencer, artnet.com, 8 September 2017

#art #artmarket #artcollections #collectors #galleries #insurance #fineartinsurance #blockage #blockagediscount #risk #hurricane #Sandy #Harvey #Irma #NewYork #Houston #MiamiBeach #appraisals #valuations #finance #tangibleassets #contractlaw

 

 

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Miami museums prepare as Hurricane Irma approaches

What a month.

Museums in Miami and Miami Beach are taking precautionary measures ahead of the possible landfall of Hurricane Irma.

Pérez Art Museum Miami (PAMM), The Wolfsonian—Florida International University (Wolfsonian-FIU, www.wolfsonian.org), the Institute of Contemporary Arts Miami (ICA Miami), Dimensions Variable, the Vizcaya Museum and Gardens, and Faena Art closed yesterday (Wednesday) and will remain closed through the weekend.

The Pérez Art Museum Miami was designed and engineered to withstand the vicissitudes of extreme weather.

The ICA Miami’s new building, expected to open to the public in December, is also designed to weather extreme storms. The museum “’collection is currently being held in a state-of-the-art storage facility, which also adheres to hurricane codes’”.

The Bass Museum of Art, currently undergoing expansion and expected to open in October, has an action plan to protect the building, the collection, and employees.

See:

“Miami museums hunker down ahead of Hurricane Irma” | Helen Stoilas, The Art Newspaper, 6 September 2017

“Pérez Art Museum Built ‘Like Rock of Gibralter’ for Hurricanes” | Rudabeh Shahbazi, CBS Miami, 9 June 2017

“Pérez Art Museum” | Knippers Helbig Advanced Engineering

#art #museums #Miami #MiamiBeach #artcollections #resilience #realestate #climatechange #climaterisk #HurricaneIrma #Irma #smartluxury

 

 

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when buying a home in a “global warming zone”

Ron Lieber, the “Money” columnist for the New York Times, suggests a team to work with and a process to follow when purchasing a house “in a global warming zone.”

Mr. Lieber suggests:

a real estate professional

“who has deep knowledge of the local market and has lived through a few floods, fires or hurricanes”

a municipal flood expert

“preferably someone from town or city government who can explain any and all regulations you might need to know about when or if you ever want or need to fix your place up”

a local insurance expert

    • what sort of insurance claims the home has generated in the recent past
    • two reports to obtain and read: the CLUE, for Comprehensive Loss Underwriting Exchange, and A-PLUS
    • “get both, follow up with the homeowner and ask about any flood insurance claims or FEMA grants that may not show up on the reports”

“Read every word of the Federal Emergency Management Agency’s website on the flood insurance program before you buy a home”

a home inspector

    • who can check how well the roof might hold up in a hurricane

When out looking at houses, check the features of the houses

    • look out for special impact-resistant glass in the windows or hurricane shutters.
    • wind mitigation inspection, how well the roof might hold up

“Make like a reporter and talk to any potential neighbors”

    • ask questions

See:

“You’re Buying a Home. Have You Considered Climate Change?” | Ron Lieber, The New York Times, 2 December 2016

#realestate #climatechange #climaterisk #resilience #smartluxury #finance #insurance #floods #municipalfloodexpert #art #artcollections #museums #privatemuseums

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art, museums, & climate risk | the Pérez Art Museum Miami

Museums, as stewards of cultural heritage, are in it for the long term. To safeguard the artistic, historic and scientific resources they hold in trust for the public, museums need to adapt to a world where change—and water—are the new normal.

Designing for Resilience, Elizabeth Merritt, founding director, Center for the Future of Museums, an initiative of the American Alliance of Museums

The Swiss architectural firm of Herzog & de Meuron designed what is now called the Pérez Art Museum Miami (PAMM). The museum is anchor for a 30-acre museum park on Biscayne Bay in downtown Miami. The Biscayne Bay location was provided by the City of Miami. Construction of the building cost $220 million. $100 million was provided by Miami-Dade voters in general obligation bond funding. $120 million came from private donors.

The museum of modern and contemporary art is dedicated to collecting and exhibiting international art of the 20th and 21st centuries. The museum holds the largest collection of contemporary Cuban art in the United States.

The National Climate Assessment of 2014 named Miami one of the U.S. cities most vulnerable to severe damage as a result of rising sea levels. According to the report, sea levels have risen eight inches since 1870. The report projects a further rise of one to four feet by the end of the century.

The National Climate Assessment of 2014 found that while melting Arctic and Antarctic ice and rising sea levels are threatening the entire American coastline, Miami is exceptionally vulnerable due to its natural geology.

The city of Miami is built on top of porous limestone. The limestone absorbs seawater. The rising sea waters are being absorbed into the city’s foundation. The water bubbles up through pipes and drains, encroaches on fresh water supplies and saturates infrastructure. County governments estimate that the damages could rise to billions or even trillions of dollars.

In such circumstances and given Miami’s geology, how is the Pérez Art Museum Miami designed to fulfill its responsibilities as a steward of art and cultural heritage?

The architecture has been designed to adapt to the climate of Miami. The new building, opened in 2013, was specifically designed to withstand hurricanes. The museum is raised on an elevated platform above the flood plain. The museum features the largest sheets of hurricane-resistant glass in the U.S. Art storage facilities are situated more than 46 feet above sea level. The museum’s backup-electricity system runs on generators. The generators are located on the third floor.

  • The first floor of the museum was elevated by Herzog & de Meuron above the 18-foot high-water mark left by Category 5 Hurricane Andrew in 1992. The elevation acts as a safety cushion for projected effects of climate change.
  • Gaps in the floors of the patio surrounding the museum allow water from rain, storm surge or flooding to drain into the parking garage, located underneath the museum.
  • A power generator is located on the third floor of the museum. Electricity to the building is ensured even if lower floors are affected by flooding. The generator has enough fuel for three days of use, and can be refueled by truck or barge (in case the roads are blocked).
  • Second-floor windows feature the largest panels of hurricane-resistant glass in the US (17.5 feet tall by seven feet wide, each weighing 2,500 pounds).
  • The teak entrance doors weigh 550 pounds each. They each feature a multi-prong pin system. The pin system locks the doors in several places to secure them against category-five hurricane winds.
  • The hanging gardens, inclusive of the mechanical system and irrigation system, are designed to withstand a category five hurricane.
  • Should a major hurricane head towards Miami, the museum maintains plans to de-install and place in storage as much of the art as possible, starting with the most sensitive works, such as particularly rare works on paper that are sensitive to humidity and temperature fluctuations.
  • The museum’s art storage facility is situated 46 feet above sea level. This is to ensure security from flooding and water damage. Storage HVAC is designed to handle humidity levels that might follow a storm event.

See:

“Jorge Pérez Donates $15 Million in Cash and Art to Miami Museum” | Hili Perlson, Artnet, 30 November 2016

“Designing for Resilience” | Elizabeth Merritt, Center for the Future of Museums, an initiative of the American Alliance of Museums, 11 August 2015

“Protecting Priceless Art from Natural Disasters” | John Whitaker, The Atlantic, 27 May 2015

“Trendswatch 2015” | Elizabeth Merritt, Center for the Future of Museums, an initiative of the American Alliance of Museums“

“Miami Finds Itself Ankle-Deep in Climate Change Debate” | Carol Davenport, The New York Times, 7 May 2014

“Pérez Art Museum” | Knippers Helbig Advanced Engineering

National Climate Assessment

Pérez Art Museum | Wikipedia

 

#PérezArtMuseumMiami #Miami #Herzog&deMeuron #JorgePérez #art #artcollections #climaterisk #resilience #realestate #artstorage #electricity #powergeneration #carbondioxide #CO2 #risingsealevels

 

 

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valuing climate-related risks, investing well, & avoiding stranded assets

The Task Force on Climate-Related Financial Disclosures (TCFD, @FSB_TCFD) has published a new report on June 29. The report is published as part of a G20 initiative led by the governor of the Bank of England Mark Carney and the former mayor of New York City Michael Bloomberg.

The report provides a framework for companies to disclose in their financial filings all of their direct and indirect greenhouse gas emissions and describe the risks and opportunities caused by climate change under a range of potential scenarios. The objective of such disclosures would be to allow economies to properly value climate-related risks and to help minimize the risk, to investors, banks, and insurers, that market adjustments to climate change will be incomplete, late and potentially destabilizing.

Importantly, the report recommends that banks should disclose lending to companies with carbon-related risks.

Climate change presents global markets with risks and opportunities that cannot be ignored. The framework can be of assistance to investors (such as banks, pension funds, sovereign wealth funds, university endowments, investors in commercial real estate, and homeowners) as they evaluate the potential risks and rewards of a transition to a lower carbon economy and avoid investing in assets that might become stranded, non-performing (such as non-performing loans made to entities that are cash-strapped due to rising carbon costs or houses and buildings that themselves cannot perform and/or are difficult or impossible to sell).

While the report’s recommendations are intended to be adopted by all companies, extra guidance is given to the financial sector. Other sectors, likely to be most affected by climate change and/or the transition to a lower carbon economy, are also given extra guidance. The other sectors likely to be most affected by climate change and/or the transition to a lower carbon economy include energy, transportation, construction, and agriculture, food, and forestry.

Christian Thimann, Group Head of Regulation, Sustainability and Insurance Foresight, AXA Group and a member of the TCFD, observes that insurers “see the frequency and intensity of natural disasters linked to climate change augmenting every year.” “Insurers,” Dr. Thimann says,
consider a world of plus two degrees may still be insurable but a world of plus four degrees might not be.”

Dr. Thimann notes that while banks have a shorter outlook than insurers

  • Banks “too can use these recommendations because they will need to steer their lending between sectors aligned with a 2-degree world and sectors not aligned. They need to know which are the sectors with a high risk of stranded assets in the future and those with a low risk of stranded assets in the future.”

 

See:

“Banks should disclose lending to companies with carbon-related risks” | Michael Slezak, The Guardian, 29 June 2017

#TCFD #MarkCarney #BankofEngland #NYC #MichaelBloomberg #climatechange #climaterisk #strandedassets #banks #investors #finance #insurance #AXA #lowcarboneconomy #energy #transportation #construction #agriculture #food #forestry#realestate #homeownership #museums #artcollections #art

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the art market ・exclusive, with controlled access

While a “mature” market may be “fair” and present an even playing field for all market participants, the art market remains “exclusive,” with access controlled by market participants.

Five panelists who met during Art Basel to discuss the art market turned their attention to a number of topics, including market-defined hierarchies and market-controlled access.

I quote from the article that appeared in Artsy as the words are fun, worth reading in the original, and insightful:

Rennie, the veteran collector, described visiting Mary Boone’s gallery [Mary Boone Gallery] in the early 1990s, dressed in a ripped ski jacket, and asking two young men standing behind a desk and a woman sitting behind a typewriter whether Mary was in. Both men said no. As Rennie began to explain who he was and why he was visiting, the woman behind the typewriter jumped up, extended a hand and said, “Hi Bob, I’m Mary Boone.” That kind of selective attention, he said, happens routinely in the art world.

Further along in his collecting career, in 1999, Rennie said, things changed “very clearly” for him and his wife, after they acquired Mike Kelley’s John Glenn Memorial Detroit River Reclamation Project (Including The Local Culture Pictorial Guide, 1968-1972, Wayne/Westland Eagle).

“I found that when I mentioned that, I got into the club,” he said. “We all of a sudden got access to works that other collectors couldn’t be the custodians of.” He challenged anyone listening to “try and get a Mark Bradford.” You can’t, he said, unless you have a relationship with museums or an existing collection deemed strong or important enough to merit the opportunity to buy one of his works.

Observed Olav Velthuis of the University of Amsterdam,

“It is that part of the market that makes it attractive to people, the whole spiel about the waiting lists, and about getting access and not getting access.”

The art market presents a “a status mechanism,” an indicator of where people “are in this global cultural elite.”

See:

“The Art Market Has Changed Dramatically – But Is It a Mature Industry?” | Anna Louie Sussman, Artsy, 8 July 2017

#art #artmarket #realestate  #collecting #collections #ArtBasel #luxury #smartluxury

 

 

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costs of collecting art

Artsy’s Sara Roffino’s article, What It Really Costs To Be a Mega Art Collector, helpfully itemizes some of the costs of buying, owning, maintaining, and selling art.

The cost of maintaining a collection can run from 1% – 2% to 15% – 20% of the overall value of a collection.

The variation reflects the costs of collection services. Services include shipping, framing, installation, insurance, security, appraisals, storage, and conservation.

When purchasing from an auction house, expect to pay buyer premiums on top of the hammer price. Buyer premiums at New York auction houses now run from 20 to 25 percent.

The industry-standard rate for the services of an art advisor is 10% (of the cost of a work of art purchased).

Homes that exhibit works of art such as paintings or sculptures may require adjustments such as special lighting, security, and UV window protection.

Specialized fine art storage in Manhattan costs between $10 and $12.50 per square foot per month for a private space. Shared space outside of the city can cost as little as $5 per square foot.

Conservation assessments provided before major purchases are made can cost from  $300 and $1,000. This is for the assessment only, before any conservation work begins.

Rates to insure art, from 5 to 20 cents per hundred dollars, depend on the material of the work of art, type of storage, and geographic location. The same rates apply to artworks of any price.

There are costs to selling works of art as well. Selling costs include de-installation, shipping, and transit insurance.

See:

“What It Really Costs To Be a Mega Art Collector” | Sara Roffino, Artsy.net, 7 July 2017

#art #collectingart #artcollections #shipping #framing #installation #insurance #security #appraisals #storage #conservation