Skip to Content

ubs

Art Basel Is Fun Again

Filed under: Events, Art

Art Basel was fun again this year. After a recession-stained climate last year led to toned down partying, collectors and dealers (and everyone else) was back in style this time around. According to the Wall Street Journal, it seemed like everyone was throwing a party this year, with the likes of Larry Gagosian and Lance Armstrong getting in on the action. And, the parties didn't suck. Hosts went all out -- with live music and other attractions -- to separate themselves from the competition. Some even tried something new, with the words "Everybody has a Damien Hirst" uttered.

Of course, there were enough celebrities in supply to ensure that every host had one to boast about. Scott Stapp, lead singer of Creed, and Russell Simmons, for example, were present at the Mondrian South Beach Hotel. Simmons is a committed collector of works by Jean-Michel Basquiat and Barbara Krueger and was in town to raise money for his charity, Rush Philanthropic Arts Foundation.

An after-party hosted by Julian Schnabel's art dealer son, Vito, attracted some big names, as well. Peter Brant, an art collector who recently tried to move "Brother Sausage" by Basquiat at auction, was there, along with Abby Rosen.

Yet, there were more intimate dinners and cocktail parties than in past years, according to Art Basel regulars. A few corporate sponsors still made the plunge, including UBS, NetJets and Cartier.

UBS Loses Fiat/Chrysler and Shell Oil CEOs from Board of Directors


In today's economy, few industries are hurting as much as automobiles and finance. And while there are more than a few shining stars working on fixing both, by and large they're not the same people. Against this backdrop, the chief executives of Fiat and Chrysler on the one hand and Shell oil on the other are stepping down from the board of Swiss banking giant UBS.

Sergio Marchionne, who is currently serving simultaneously as CEO of both the Fiat and Chrysler automotive groups – including the Alfa Romeo, Lancia, Fiat, Dodge, Chrysler and Jeep brands, among others – was touted as a potential candidate for chief executive of UBS, and currently serves as its vice chairman. Royal Dutch Shell CEO Peter Voser, meanwhile, rose to his current rank after several years as its chief financial officer. But with Fiat, Chrysler and Shell all in the midst of comprehensive restructuring plans, neither Marchionne nor Voser have the time and energy to be supervising UBS AG's restructuring as well.

Former UBS Exec Demonstrates How Not To Sell On Park Avenue

Filed under: Estates

Even a Park Avenue address is no guarantee of a real estate payday in New York City these days. Former UBS executive Ramesh Singh has been trying to sell his duplex at 823 Park Avenue since last year when he put the home on the market at $24.75 million. He and his wife Farida Khan had paid $20 million for apartment a few months earlier. Since then Cityfile has been faithfully chronicling the apartment's price drops. The apartment's list price recently fluttered down to $14.5 million, a full $5.5 million less than the couple paid for it. This loss doesn't include the substantial amount of money the couple invested in renovating the apartment.

The Real Estalker's excellent research reveals this isn't SIngh's first debacle on Park. In 2004, he and his wife sold their co-op at 941 Park Avenue for $6.155 million and then moved to 860 Park Avenue where they spent $6,876,250 for a full floor apartment on the fifth floor. In 2007 they then moved on to 823 Park Avenue and signed contracts on a pair of apartments. The apartment at 860 Park was first listed at $13.4 million but didn't sell until earlier this year for a disappointing $7 million.

The current apartment for sale is 7,200 square feet spread out over two floors with seven bedrooms, a formal dining room, living room, eat-in kitchen and library. The lower floor includes the master bedroom suite, an entertaining kitchen and two additional bedrooms overlooking a rear terrace. The listing is here.

Swiss Bank Drops Art Banking Services

Filed under: Art, Wealth

ubs bankSwiss bank UBS has announced that it is closing its "art banking" department. The department provided wealthy clients with research on prices and artists as well as advice on the practical concerns of a collection such as transport, storage and restoration. The department was created in 1998 and thrived as the art market expanded.

UBS has lost billions linked to bad debt and the Swiss government has provided the bank with a huge bailout. UBS will still offer gold and coin services as part of their business and the company will continue its sponsorship of the Art Basel contemporary-art fair which they are contracted to do through 2011.


Join Luxist on Facebook!

Featured Galleries

Langham Yangtze Shanghai
Robb Report Limited Edition Series
Francois Chocolate Bar at Mauboussin in NYC
Glenmede
Scarlet Amour
Deepwater
Encantado in Santa Fe, New Mexico
Fraulein by Ellen von Unwerth
Gemstone Creative