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BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Hundreds queue in Hong Kong to glimpse Van Gogh painting unseen in public for 60 years
HONG KONG — Hundreds of people queued in Hong Kong on Tuesday to view a Vincent van Gogh painting never publicly exhibited in more than six decades, ahead of a Sotheby’s auction in New York where it is expected to fetch about $180 million. The Nov. 18 auction will test the strength of the high-end art market, in which collectors have continued to compete for scarce trophy works, undeterred by broader economic uncertainty. Painted in May 1890, Châtaigniers en fleurs, or Chestnut Trees in Blossom, is one of the most important works from the Dutch artist’s final days in the French village of Auvers-sur-Oise, where he died about two months later, aged 37. The painting is poised to set a new auction record for a Van Gogh work, said Scott Niichel, of Sotheby’s modern and contemporary art department in New York. “This is a moment of extraordinary optimism, frenetic energy, enthusiasm, passion, and color in the artist’s body of work,” he said. Paintings from Van Gogh’s final Auvers-sur-Oise period, just after his release from a psychiatric asylum in Saint-Remy-de-Provence, rarely come to market and the auction will draw the attention of collectors, museums, and investors. “I’d never heard of this painting before, so I wanted to see it with my own eyes,” said Li Shanshan, a 50-year-old art lover who traveled about 2-1/2 hours from the southern city of Shenzhen to view the artwork. The painting, which depicts a massive blossoming chestnut tree with a flowering canopy that dominates the composition, will be sold among part of a collection of 12 long-unseen works, including items by Paul Cezanne and Claude Monet. Five unveiled at Sotheby’s in London in late September included Cézanne’s Arlequin and Monet’s Le Jardin des Tuileries. After Van Gogh’s death in July 1890, Châtaigniers e
Original sourceBusinessWorld↗
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Tuscan winemaker Antinori sees red after $6-million theft
ROME — Thieves stole around 30,000 bottles of premium wine worth about €5 million ($5.8 million) from a Marchesi Antinori warehouse in Tuscany, Italy’s largest family-run winemaker said on Friday. Antinori, which dates back to 1385 and now exports to 170 countries, has alerted customers worldwide to be wary of offers outside official sales channels following last weekend’s heist and is still hopeful of recovering the stolen wine. It said the thieves took 8,000 to 10,000 bottles of Solaia, one of Italy’s most sought-after labels, as well as Tignanello and Guado al Tasso. The wines retail from €150, but some of the rarest vintages can fetch thousands of euros per bottle. The theft is the latest in a series in Italy, following another in July at the renowned Banfi winery in Montalcino. While such crimes have traditionally involved smaller quantities or a handful of high-value bottles, from restaurants, private cellars, or during distribution, recent cases have involved larger stocks held at wineries. Florence-based Antinori said surveillance camera footage showed seven masked men entering its storage facility in Cortona last weekend and disabling its alarm systems before loading thousands of cases of the Tuscan red wines onto two trucks. Antinori said the timing and execution of the theft, which was discovered on Monday morning when staff arrived at the warehouse and is now being investigated by Italian police, suggested a highly organized group was involved. The operation was facilitated by the fact that the wines had been prepared for a shipment to foreign distributors, allowing the thieves to remove a large quantity of high-value bottles quickly, a representative for Antinori told Reuters. — Reuters
Original sourceBusinessWorld↗
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Term deposit yield edges up as market prices in rate hike view
THE AVERAGE YIELD on the Bangko Sentral ng Pilipinas’ (BSP) term deposits inched up on Wednesday despite strong demand as the market anticipates another policy rate hike next week. The central bank’s term deposit facility (TDF) drew a total of P116.441 billion in bids for the seven-day papers on Wednesday, exceeding the P100 billion placed on the auction block and the P113.386 billion in bids for the same offer volume last week. This translated to a slightly higher bid-to-cover ratio of 1.1644 times from 1.1339 previously. As a result, the central bank awarded its entire P100-billion offer. Accepted yields for the one-week deposits ranged from 4.98% to 5.03%, a tad narrower than the 4.975% to 5.03% a week ago. With this, the weighted average accepted rate inched up by 0.33 basis point (bp) to 5.0061% from 5.0028% in the previous auction. TDF yields went up as the market priced in a fourth consecutive tightening move at the BSP’s upcoming policy review next week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. “The seven-day BSP TDF average auction yield was marginally higher… ahead of the next BSP rate-setting meeting on Oct. 22, 2026, when there could be another 25-bp BSP rate hike,” he said in a Viber message. A fourth straight rate hike, according to Mr. Ricafort, will allow the central bank to contain inflation risks, support the weak peso, and maintain a healthy interest rate differential with the US Federal Reserve. The BSP’s policymaking Monetary Board will meet on Oct. 22, where economists and market analysts expect them to raise their benchmark rate anew. Since it began tightening in April, the Philippine central bank has delivered a total of 75 bps in hikes to bring its key policy rate to an over one-year high of 5%. BSP Governor Eli M
Original sourceBusinessWorld↗