romanabramovich

Francis Bacon Connection Bounced from Vanity Fair's New Establishment

Filed under: Art

damien hirst Last year, Vanity Fair's "New Establishment" list was hefty with art market players. This year, the magazine noted that the Wall Street folks and "big media" got their asses handed to them ... but a quick look shows that the arts got slammed, as well.

In 2008, the entire Francis Bacon supply chain showed up on the list. Bacon-inspired Damien Hirst (shown at right) filled the production link, with dealer Larry Gagosian moving Hirst's product and Roman Abramovich buying up not the Bacon-inspired but the works of the master himself. And, they wound up in some hefty positions. Hirst hit #31, with Gagosian close behind at #38. Of course, deep pockets win, which is how ol' Roman pierced the top 10 (at #8).

This year? Well, the Francis Bacon supply chain didn't fair as well. Abramovich was ignored completely, along with Gagosian. Hirst was tossed into the "Pit Stop," where he's joined by shark-loving hedge fund manager and art collector Steve Cohen, who sacrificed $750 million of his own wealth to the financial crisis.

While Cohen keeps the comings and goings of SAC Capital Advisors under wraps, we do know that Hirst had to layoff 20 employees. There's a silver lining, though. With Hirst having to do more of his own work, we probably won't have to see as much of it.

Tags: art, art collector, art market, ArtCollector, artist, ArtMarket, damien hirst, DamienHirst, entertainment-awards, francis bacon, FrancisBacon, larry gagosian, LarryGagosian, roman abramovich, RomanAbramovich, steve cohen, SteveCohen, vanity fair, VanityFair

Everest Gigayacht Offers to Beat Abramovich by 100 Ft.

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Regular Luxist readers have followed the saga of the Eclipse, Russian oligarch Roman Abramovich's newly launched megayacht which at 557 ft. is the largest private yacht in the world. Now anyone with $500 million to spend can top his triumph by nearly 100 ft. with the 656 ft. Everest designed by Donald Starkey. Rumors about the Everest have been kicking around for a while but it seems the ship, which ushers in a new class of "gigayachts", is actually under construction in Fort Lauderdale and is slated for completion next year, meaning Abramovich has only a few months left to enjoy his naval supremacy. The Everest will be longer than two football fields and have five decks serviced by two elevators, a helipad, a submarine and accommodations for 36 passengers in 17 apartments, including an owner's private penthouse suite on the top deck.

[via JustLuxe]

Tags: Donald Starkey, DonaldStarkey, Eclipse, Everest, Fort Lauderdale, FortLauderdale, gigayacht, megayacht, Roman Abramovich, RomanAbramovich, superyacht, yacht

Flawed Collectors in ARTnews Top 10

by Tom Johansmeyer (RSS feed) —

Filed under: Art

roman abramovich Despite the large flushing sound that's accompanied the art market this year, there are still 10 collectors worth noting. In fact, ARTnews was even able to cobble together a top 200 list this year (if they went to 300, I figure I'd wind up on the list, too, given the state of the art market right now). The names in the top 10 still represent the art collecting elite, they just happen to be in much worse shape than they were at this time last year.

Roman Abramovich, Russian billionaire and art addict, takes the #1 spot. It would be easy to zero in on any one of several purchases last year and call it "defining," but the man spent a few hundred million on art. The most expensive pickup was a Francis Bacon triptych which set him back almost $90 million.

Top 10 Art Collectors (according to ARTnews):

Roman Abramovich
Debra and Leon Black
Edythe L. and Eli Broad
Steven Cohen
Marie-Josee and Henry Kravis
Jo Carole and Ronald S. Lauder
Francois Pinault
Mitchell Rales
Carlos Slim Helu
Sheikh Saud bin Mohammed bin Ali al-Thani

Okay, so you take a quick look at this list and realize that Abramovich, who requested a bailout from the Russian government, isn't the only flawed personality it contains. Steven A. Cohen, the Connecticut-based hedge fund manager, owns a dead rotting shark. While Damien Hirst's ego is built to last, his creations are more like personal computers ... planned obsolescence. Kravis, who sits atop esteemed and powerful private equity firm KKR, was not left unscathed by the current financial crisis. The precipitous drop in oil prices over the past year must have left the sheikh in a rough spot, and Slim thought he could make money by investing in a newspaper (that's just ~~fucking~~ stupid ... almost as stupid as paying $90 million for a 1970s Bacon, frankly).

Maybe we'll see some changes over the next year. I wouldn't mind writing about an unknown visionary busting into the winners circle at this time next summer. Now, all we have to do is find one.

Source

Tags: art, art collecting, art collection, art collector, art market, ArtCollecting, ArtCollection, ArtCollector, ArtMarket, artwork, billionaire, billionaires, carlos slim, carlos slim helu, CarlosSlim, CarlosSlimHelu, damien hirst, DamienHirst, eli broad, EliBroad, francois pinault, FrancoisPinault, henry kravis, HenryKravis, kkr, kohlberg kravis roberts, KohlbergKravisRoberts, leon black, LeonBlack, roman abramovich, RomanAbramovich, russian billionaire, russian billionaires, RussianBillionaire, RussianBillionaires, steven cohen, StevenCohen

Abramovich Launches the World's Biggest Yacht

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Back in April we reported that despite the economic crisis Russian oligarch Roman Abramovich planned to complete work on the 557-ft. Eclipse, the world's largest and most expensive privately owned yacht. Now the ocean-going behemoth has been launched on its maiden voyage to test operational systems before the finishing touches are applied, at a reported final cost of close to $500 million according to the London Daily Mail. As the all-white megayacht glided out of the Blohm & Voss shipyard (above) in Hamburg, Germany the other day, it dwarfed a navy destroyer it passed along the way.

The Eclipse, which features a military-grade missile defense system, armor plating and bullet-proof windows, will literally eclipse the recently-debuted $350 million, 531-ft. Dubai owned by Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai. The ship also has a submarine that can be launched underwater and dive to a depth of 160 ft. that doubles as an escape pod, as well as two helicopter pads. Abramovich already owns several other superyachts, including the 377-ft. Pelorus, the 282 ft. Ecstasea and the 160 ft. Sussurro, which cost him $25 million a year to maintain, and apparently plans to keep them all.

Gallery: Abramovich's Megayachts

Tags: Eclipse, megayacht, oligarch, Pelorus, Roman Abramovich, RomanAbramovich, Russian billionaires, RussianBillionaires, yacht

Did Roman Abramovich Lose A Yacht In A Poker Game?

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Few people in the world attract rumors of wealth and profligate spending like Roman Abramovich (he's been accused of buying the world's most expensive house and the first Airbus A380 both of which turned out to be untrue). The latest story has the Russian billionaire losing one of his yachts in a game of poker. A Moscow paper said that he lost a $500,000 yacht in a game of poker in Barcelona. The Russian newspaper reported that Abramovich's gorgeous girlfriend, Daria Zhukova has a problem with his gambling. Did it happen? Abramovich spokesman John Mann told AFP that the story is completely false and that Abramovich had not been in Barcelona for the Chelsea match. Abramovich does seem to have a certain love of risktaking and he did once give a yacht to one of his trusted associates as a gift so a story like this wouldn't be totally out of character which is how these rumors get started.

Source

Tags: roman abramovich, RomanAbramovich

Britain's Richest People A Bit Poorer This Year

by Deidre Woollard (RSS feed) —

Filed under: Wealth

The Sunday Times Rich List cataloging Britain's richest people, reveals what we've seen on many other lists: people losing money. The Times says that the recession has carved £155 billion from the fortunes of Britain's richest 1,000 people, fully a third of their total wealth. In fact it's the biggest drop since they started putting the list together 21 years ago. And it now only takes a fortune of £55 million to hit the top 1,000 compared to £80 million list year.

Steel billionaire Lakshmi Mittal has the dubious honor of being both the richest person in Britain and the person who lost the most (an astonishing £16.9 billion). He is currently worth £10.8 billion easily beating out Russian billionaire Roman Abramovich who owns the second slot with £7 billion. The Duke of Westminster is in third place with £6.5 billion.

Richard Branson isn't worth as much as you might think, the Times has him at just £1.2billion. Last year's rising art markets boosted Damien Hirst's value to £235million and Lucien Freud is worth £120million. And proving that divorcing well can be as much a moneymaker as marrying well, former model Slavica Ecclestone enters the list with a fortune of £734 million after her divorce from Formula One tycoon Bernie Ecclestone.

This year's list is also short one celebrity chef. Gordon Ramsay is off the list after a year that has seen him selling restaurants and watching his flagship London restaurant tumble out of the list of the world's 100 best restaurants.

Source

Tags: lakshmi mittal, LakshmiMittal, richest, roman abramovich, RomanAbramovich

Abramovich to Complete World's Largest Yacht

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

It seems that despite a disastrous economy in which he lost a reported $20 billion, Russian oligarch Roman Abramovich is pressing on with plans for the Eclipse (above), the $355 million megayacht which will be the world's biggest upon completion next year. The 555-ft. ship, which includes a military-grade missile defense system, armor plating and bullet-proof windows, will literally eclipse the recently-debuted $350 million, 531-ft. Dubai owned by Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai.

There has been much speculation over whether Abramovich would shelve the Eclipse and / or sell off some of his other superyachts such as the 377-ft. Pelorus, but the Moscow Times reports he plans to keep them all. In fact, Abramovich is said to have already purchased a berth for the Eclipse at Porto Montenegro, the new megayacht marina under construction in the former communist country being billed as "the Monaco of the Balkans" (which we reported on last year).

Gallery: Abramovich's Megayachts

Tags: Dubai, megayacht, Montenegro, Pelorus, Roman Abramovich, RomanAbramovich, Russia, Russian billionaires, RussianBillionaires, yacht

Dubai Ruler Debuts World's Largest Superyacht

by Jared Paul Stern (RSS feed) —

Filed under: Yachts & Sailing, Wealth

Sheikh Mohammed bin Rashid Al-Maktoum, the Emir of Dubai, has finally unveiled the largest yacht in the world. Formerly known as Project Panhandle / Golden Star, the 531-ft. Dubai (above) was originally commissioned by Prince Jefri of Brunei. Al-Maktoum purchased the partly-constructed behemoth in 2006, and had it transported from Blohm & Voss in Hamburg to the the newly formed Platinum Yachts shipyard in Dubai for completion (renamed then Project Platinum), at a total cost of about $350 million. With eight decks, the Dubai can accommodate 115 people including a crew of 88. In addition to the swimming pool, Jacuzzis, helipad and multiple dining areas, saloons, guest and VIP suites, the yacht features two owner's suites on the sixth and seventh decks and two heli-observations rooms on the seventh and eighth decks, Superyacht Times reports.

The interior is garish in the extreme, a floating Las Vegas casino by way of the UAE. She has a maximum speed of 26 knots and a cruising speed of 25 knots with a range of 8,500 nautical miles. The Dubai may not hold its world's largest yacht title for long, however; as we reported back in October, Russian oligarch Roman Abramovich commissioned an even larger yacht, the $355 million, 555-ft. Eclipse. It remains to be seen whether the economic downturn, in which Abramovich lost several billion dollars, will hamper completion of the yacht which includes a military-grade missile defense system. The Eclipse is also being equipped with armor plating surrounding the bridge and Abramovich's master suite, as well as bullet-proof windows.

Tags: Blohm Voss, BlohmVoss, Brunei, Dubai, megayacht, Roman Abramovich, RomanAbramovich, Sheikh Mohammed bin Rashid Al-Maktoum, SheikhMohammedBinRashidAl-maktoum, superyacht, UAE, yacht

Abramovich's Girlfriend Takes Over Luxury Fashion Mag

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Dasha Zhukova, the stunning 27-year-old girlfriend of Russian oligarch Roman Abramovich, has been named the new editor-in-chief of hip British luxury fashion mag POP. Zhukova is the co-founder of the fashion label Kova & T, as well as the Garage Centre for Contemporary Culture, Moscow's largest private art gallery. Despite an utter lack of magazine experience, she'll be working in partnership with POP editorial director Ashley Heath, leading some to snipe that she only got the job thanks to her mega-rich boyfriend.

"I am tremendously excited to take on this challenge," Zhukova, pictured above at right with Russian supermodel Natalia Vodianova, tells the London Telegraph. "I feel it's the perfect time to be showcasing and encouraging new energy and talent. We are working hard on a complete revamp of the magazine in order to provide a broader point of view focusing also on art, contemporary culture and the globalization of all things pop-related." The magazine is being relaunched on the 1st of September.

Gallery: All Things Abramovich

Tags: Dasha Zhukova, DashaZhukova, magazine, Moscow, Pop magazine, PopMagazine, Roman Abramovich, RomanAbramovich, Russia, UK

Sotheby's Opens in Doha, Bizarre Timing

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art

Once the undisputed land of conspicuous wealth and consumption, the United Arab Emirates is being squeezed by a large drop in oil prices. It's a shame this comes after the region's addiction to art has become fully entrenched. Sotheby's is planning its first contemporary art sale from its new Doha, Qatar branch on March 18, 2009 – also the opening day of the Art Dubai fair. Hell, it's enough to make you "scream" (see photo).

This looks like the triumph of ambition over common sense, but Sotheby's was probably too far into its Middle Eastern endeavors before the bottom fell out on the region's finances. And with Bonhams and Christie's already in town, Sotheby's had little choice but to follow.

The UAE has committed quickly to the art scene. Abu Dhabi is working on building a Louvre, and is erecting a Guggenheim. Last year, art auction revenues reached $34.9 million, up 70 percent from 2007. But, the upcoming auction should be tricky, particularly with the poor performance of the sector last fall in more established markets, like New York, London and Hong Kong.

In around two weeks, we'll see if Sotheby's will be able to make this new auction house work, or if it will fall victim to the greater recession-triggered decline in the art market. The Mei Moses All Art Index dropped 4.5 percent last year. This seems like a modest amount, but you need to remember that record-setting sales continued through the middle of the summer. Last May, Roman Abramovich was a billionaire with a new Francis Bacon piece in his collection. Today ... we know he feels pain, too. The second half of the year wiped out the first half's records and pulled prices down further.

It's a tough time to count on the market to make Sotheby's Doha a success, but the market doesn't give us choices.

[Photo: "El Grito" by Julio Aguilera]

Source

Tags: abramovich, abu dhabi, abu dubai, AbuDhabi, AbuDubai, art, art auction, art auctions, art market, ArtAuction, ArtAuctions, ArtMarket, artwork, bonhams, bonhams auction, BonhamsAuction, christies, contemporary art, ContemporaryArt, doha, dubai, francis bacon, FrancisBacon, guggenheim, guggenheim museum, GuggenheimMuseum, qatar, roman abramovich, RomanAbramovich, sothebys, sothebys international realty, SothebysInternationalRealty, uae, united arab emirates, UnitedArabEmirates

Russia's Richest Man Backs Out on $750 Million Mansion

by Jared Paul Stern (RSS feed) —

Filed under: Estates, Wealth

It seems that Russia's new richest man, Mikhail Prokhorov, may not have been telling the whole truth when he denied buying the world's most expensive house, the $750 million Villa Leopolda (above) on the French Riviera, last year. Back in August we reported that the metals magnate was the mysterious purchaser of the eye-popping property, but Prokhorov, who's worth $14.1 billion, protested his innocence, saying he declined to do business in France because of a mix-up with some prostitutes and the French police. Now the London Times reports that Prokhorov signed a contract on the property and paid a $55 million deposit, but wants to back out of the deal.

Prokhorov reportedly lost $7 billion in the economic crisis but has fared better than fellow oligarch Roman Abramovich. Prokhorov will likely face a legal battle over the deposit, which is non-refundable under French law, with the Villa's seller Lily Safra. "Lily is adamant that she's not handing the deposit back," a source close to the deal tells the London Daily Mail. "Mr. Prokhorov, in turn, claims that property prices have collapsed since August, and the figures originally discussed were unreasonable. He wants out, and he wants his money back." We expect Prokhorov, founder of a new magazine for snobs, will likely issue another denial this time as well.

Tags: France, French Riviera, FrenchRiviera, Lily Safra, LilySafra, Mikhail Prokhorov, MikhailProkhorov, Roman Abramovich, RomanAbramovich, Russian billionaires, RussianBillionaires, Snobs, Villa Leopolda, VillaLeopolda

Abramovich Decision Time: The Sports Team, The Yacht or Latvia?

by Deidre Woollard (RSS feed) —

Filed under: Wealth

Oh what a week to be Roman Abramovich. As my colleague Jared Paul Stern reported, Abramovich had to cancel his Aspen New Year's Eve party. Now rumors are surfacing that Abramovich may be so crunched by the financial crisis he is looking at selling either his Chelsea soccer team or his megayacht Pelorus. It seems likely that he would be selling the yacht anyway if he is still going to be taking delivery of his planned $350 million megayacht but perhaps the economy has hastened that decision. No other Russian billionaire is as tempting a subject for speculation so it's hard to believe much of the news of his potential comings and goings without a listing or other proof.

Should Abramovich find himself with a bit of spare change, the country of Latvia has an interesting offer, they want him to buy them. For around $10.7 billion he could have an entire country at his disposal. Over 400 Lativans have signed a letter addressed to Abramovich touting the country's benefits of hard-working people, a clean environment and"plenty of space to dock your yacht."

Gallery: All Things Abramovich

Source

Tags: chelsea, football, latvia, pelorus, roman abramovich, RomanAbramovich, soccer, yacht

Abramovich Cancels Aspen New Year's Bash

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Russian oligarch (and former Luxist mascot) Roman Abramovich, who has lost a whopping $20 billion in the global financial crisis, has reportedly canceled a lavish New Year's Eve party he'd planned to host in Aspen next month. Abramovich (above, with hot young girlfriend Dasha Zhukova) had booked the event at the resort's luxe Piñons restaurant, but it's now been called off, the Aspen Times reports. "Nobody really knew about it, and it wasn't supposed to get out," the restaurant's maitre d' told the paper. "We're fine, we've got our regular New Year's reservations." As my colleague Deirdre Woollard reported, Abramovich purchased the amazing Wildcat Ridge estate in Aspen for $36 million last spring. The modern 11 bedroom mansion is perched at an elevation of 9,200 feet with incredible mountain views.

Tags: Aspen, New Years Eve, NewYearsEve, roman abramovich, RomanAbramovich, russian billionaires, RussianBillionaires

Abramovich Buys Dasha 100 Acres of Land on the Moon

by Annie Scott (RSS feed) —

Filed under: Celebrity Shopping, Real Estate Developments

Now that's a gift. I have always wanted someone to give me the moon. Now they can.

Chelsea Football Club Owner and famous spender Roman Abramovich has given his girlfriend Dasha a truly celestial gift: 100 acres of land on the moon.

The land was purchased from The Lunar Embassy, which offers "deeds" to an acre of moon-land for around $20 apiece, as well as "Extraterrestrial Domain Names" and an opportunity to have your name written on an "Archival Disk" that will be stored on the moon.

Lunatic: Someone who has been staring at the moon too long and has lost their mind.

[via CrunchGear]

Tags: abramovich, acre, acres, dasha zhukova, DashaZhukova, gifts, land, luna, lunar, moon, roman abramovich, RomanAbramovich

Abramovich Loses $20 Billion

by Jared Paul Stern (RSS feed) —

Filed under: Wealth

Bad news for free-spending Russian billionaire and Luxist mascot Roman Abramovich: he lost a staggering $20 billion over the past few months as Russia's financial markets took a tumble. The figure was calculated "based on assets excluding property and cash," Bloomberg reports, and it means that Abramovich's net worth is now only $3.5 billion. He had previously been ranked as the 15th richest man in the world with a fortune of $23.5 billion.

Some other Russian oligarchs have fared pretty poorly as well. Russia's richest man - well, formerly anyway - Oleg Deripaska lost more than $16 billion, and Vladimir Lisin lost $22 billion. Overall, Russia's richest men have lost a combined total of $230 billion in five months, Bloomberg notes. No single man has suufered as much as Indian steel tycoon Lakshmi Mittal, who lost $28 billion as we reported earlier this week. Still, Abramovich's loss is likely to affect him more as he so obviously enjoyed spending his immense wealth. So - anyone want to buy a $350 million megayacht?

Tags: Oleg Deripaska, OlegDeripaska, roman abramovich, RomanAbramovich, Russian billionaires, RussianBillionaires, Vladimir Lisin, VladimirLisin

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