In its core business, David Nahmad is not afraid to take risks. He has invested millions of dollars in the foreign exchange market and in commodities and making bets on hundreds of thousands of backgammon championships in Monte Carlo (in 1996, he became the champion of the world). But when it comes to art, it turns into a conservative investor. "I like to buy quality," - says Nahmad. He eschews such modern artists as Jeff Koons and Richard Prince, whose works are considered luxury items, which are sold at inflated prices. He prefers the classics, especially works created in the most productive period of their work: for example, Monet since 1873 (the turning point for Impressionism) and Miro since 1924 (the key date for surrealism).
"Monet and Picasso - it's like Microsoft and Coca-Cola. Yield is less than that of modern artists, but it is more stable, "- says Nahmad.
Another component of his strategy: buy and hold. Most art dealers stock pictures is small, maybe a few dozen. Nahmad, descendants of a wealthy banker from Syria, just keep a cache of paintings. They store their treasures in a room area of 1400 square meters. m in the duty-free zone near the Geneva airport. What's inside? "It's a secret" - meets David Nahmad. But three knowledgeable people say that it is kept from 4500 to 5000 works of art worth $ 4.3 billion, including 300 works by Picasso worth about $ 900 million is not the largest collection of his work outside of museums, but only because the largest - Picasso's family.
"A key figure in this business - the owner - says a New York art dealer. - Mediators do not earn so much. " Nahmadov set their own prices and decide when to sell.
"We only sell in order to buy more," - says the 30-year-old son, David Halley, who runs a gallery in the upscale Carlyle Hotel on Madison Avenue in New York City. His cousin, who in Jewish tradition also named Helly after his grandfather Hillel, operates a gallery in London. Since the possession of objects of art in itself - a very costly affair, to keep the chosen strategy in the art market helps another family business - currency trading. The size of its foreign exchange portfolio Nahmadov not disclosed, but a source close to the family, assesses it at $ 1 billion
Nahmadov collection is so vast that they come across anyone who has to deal with impressionism and modern art. Some were not very good memories. Nahmadov blamed for what they like to change the terms of deals at the last minute and take the time to pay. The dealer who had several deals with this family, recalls the case when the London nephew David changed the value of the painting after the parties have hit on his hands. "They do not keep your word", - he said. "Awful hard to get money from them," - says another famous art dealer, who, like many, does not want to publicly criticize the family for fear of repercussions.
David believes all frivolous claims, "We always respect the terms of the deal." His nephew Helly categorically denies ever changed the previously agreed price.
Nahmadov far more expansive and unrestrained than people in the art market. "They were yelling at each other right in the gallery," - says an old friend of the family. At the auction, they come with their wives and children. Not only that children sometimes interfere with the auctioneer, the adults themselves loudly arguing with each other directly in the course of trading.
Influence Nahmadov on the art world gives them the opportunity to negotiate for themselves special conditions. For example, the standard term of payment for the purchase at auction is 30 days. But sometimes Nahmadov pay on time only 10%. And transmit pictures for the following trades, promising to pay the rest after the sale. Sometimes, it is the duty Nahmadov only to one auction house exceeded $ 20 million
"Every new accounting officer asked what kind of people are, why they do not pay? But the trump card is always in their hands, "- says a former employee of the auction house. Son of David Halley argues that the time has passed special arrangements. "We have accumulated a lot of cash. We have sold more than gained, "- he said.
Unlike most dealers Nahmadov buy and sell mostly through auction houses, shifting on their shoulders authentication works. They use auctions and in order to support prices at the pictures that they own. For example, last fall at auction Sotheby's and Christie's in London Nahmadov spent $ 3 million, having bought five paintings by Italian artist Lucio Fontana, known for his monochrome canvases with slots. But they traded for another four of his paintings to raise prices. "This collection is called the defense. Here in Switzerland, has 100 works of Fountains, so if you're paying a lot of money at auction for one of his paintings, the other one, in theory, should also become more expensive, "- explains Halley.
Auction Houses Nahmadov more important than Nahmadov auction houses. During downturns in the market at the beginning of the 1970s and 1990s Nahmad bought art objects in bulk. At the auction, Sotheby's, dedicated to Kandinsky in 1971 Nahmad bought half pictures. "They play the same role as a major broker in the stock market. To function normally, the market needs such a force, "- says art dealer from New York's Jeffrey Deitch.
Many annoying that Nahmadov are works of art as an oil futures. Parisian art dealer Daniel-Henry Kahnweiler dedicated his life to popularize and promote the early Cubists Picasso. Nahmad, bought more than 200 works by Picasso in the gallery Kahnweiler act as resellers, rather than as patrons. "Some dealers before selling paintings exhibited in galleries, where the walls are covered with red velvet - says a respected New York dealer. - Nahmadov sell paintings from a warehouse in Geneva. "
Passion for art family infected 76-year-old brother David Giuseppe. In 1948 Nahmadov moved from Syria to Beirut, and in 1960 - moved to Milan. David recalls that his brother, who was called Joe, a half-century ago, there lived in a big way, rolling to the "Ferrari" and "Rolls Royce" of their glamorous girlfriends like Rita Hayworth. Joe Apartments in Rome, Milan, Portofino and graced London he bought paintings, including works by Magritte, Dali and Leger. His 32-year-old nephew London Helly calls Joe the clown and the purchaser, "If Uncle Joe needed a suitcase, he bought not one, but twenty."
Joe could not live in a big way, playing in the financial markets, but in 1963 he was lucky, and he was left with no money. Then he allowed his younger brothers Ezra and David to sell a few paintings from his collection (in the second interview, David told the story differently, saying that the reason the sale was of great interest to dealers some paintings from the collection of Joe). Somehow the art market in Milan was on the rise and the brothers did not know the release from buyers.
David and Ezra childhood spoke excellent French that was useful to them on trips to Paris, where the market was not warmed up, and where you can buy works by Picasso, Chagall and Miro to sell with a margin of 50-100%in Milan. David says that initially sold the painting in installments. Under the IOUs buyers, he took a bank loan that is spent on the purchase of new paintings. "It's like selling cars," - he said.
Sociable, speaking seven languages, David quickly entered the circle of people such as Kahnweiler and Baron Hans Heinrich Thyssen-Bornemisza, the billionaire art collector, bought the work of Picasso, Kandinsky and the Italian Futurist Giacomo Balla. Ezra and a half years older than David, he often traveled with his brother, but as a human being closed all the time kept on the sidelines.
In the 1970s, the brothers expanded the geography of their trips, selling paintings through auction houses and galleries in Europe, New York, Los Angeles, Sao Paulo and Buenos Aires. With a phenomenal memory, they earned on the difference in prices between markets. The situation with the prices of art was much less clear than it is today, so buyers in New York were not aware of recent deals in London or Paris.
"Joe - an absolute genius, - said New yokrsky dealer David Nash, one time head of the department of Impressionist and modern art at Sotheby's. - He can be reached at three in the morning, and he will remember how much he paid for the painting in a particular year, in what currency and what was then the exchange rate. "
In the 1980s, the brothers do not miss the chance to take advantage of the speculative fever in Japan. Clients such as Fuji Television Gallery in Tokyo, they were selling paintings wholesale. Nahmadov made in Japan so much money that, when in 1989, the outbreak of the crisis, they have continued to buy depreciating paintings, significantly adding to their collection.
Over time, Joe Nahmad has become more closed. He remained a bachelor and lived in Marbella, Paris and Monte Carlo, shifting the work to the brothers and intermediaries. David says that Joe health problems and he retired, but sources close to the family said that the final word is still my older brother. About him tell many stories, mostly about the fact that he does not like to pay. Art dealer from London Ivor Marriage recalls over breakfast in Paris' Les Deux Magots Joe ate 14 croissants. When the waiter asked Joe how he ate, he said, "two or three". Joe never leaves a tip, said his nephew Helly London.
The only detailed article about Nahmadov was published in 1994 in the journal ArtNews. It stated that Joe had problems with the law. In 1957, he was arrested in Italy and sentenced to pay a fine after he found the stolen money in the amount of $ 70,000. And in 1961, the Italian tax authorities accused him that he has not paid the tax on stock market transactions in the amount of $ 92 million
Joe Forbes gave a brief interview with the publication in ArtNews. According to him, the stolen money he unwisely accepted as payment for the transaction. And he was not arrested, but merely questioned by removing substantially all the charges. Investigation in Italy on suspicion of tax evasion were not there, says Joe.
Recently, the family did not have any problems with the law, with the exception of action for sexual harassment, filed in 2005, an employee of the Helly Nahmad Gallery in Manhattan. Nahmadov settled the matter to court. The parties have agreed not to comment on this topic.
Over the last decade, while the eldest sons of Ezra and David grew up and learned the basics of family business, authority Nahmadov seriously increased. Son David manages designed by architect Peter Marino Gallery in Manhattan, his cousin runs a gallery area of 560 square meters. m in the fashionable Mayfair district of London.
The family is quite friendly terms, but can not do without friction. "My son likes the publicity, I'm not" - says David. He also did not like when the London nephew bought 50 paintings by contemporary British artist Damien Hirst. According to David, the astronomical prices of paintings Hirst - a purely speculative phenomenon. But Helly ignored opinion uncles and well earned. For five years, he has received as a result of the transaction with the work of Hirst's 500%-ing profit. The nephew of David, a graduate of the prestigious London School St. Paul's, feels in today's art market is like a fish in water.
Son of David - is another matter. In 1997, he gave up art history courses Christie's. His manner is defiant, he clubber and fellow stars such as David Blaine and Johnny Depp. "I'm a businessman. I sell a lot of paintings by many collectors, and the last few years, we beat all sales records, "- he said.
Art dealer from Manhattan Jack Tilton participated in transactions with the New York Helly and now leads talks with him about the collected Nahmadov paintings by Monet. "Transactions on them almost none. Too few sellers, "- said Tilton.
Nahmadov well known to the law of supply and demand. "The object of art is too small compared with the number of people wishing to buy" - sums up the philosophy of the family, David Nahmad.
Even if the global economic crisis, the art market will suffer loss, collection of the family will grow in value - in this he is sure. If prices fall, he will buy. "Many people buy gold and put it in the safe, - he says. - I prefer gold art "
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05.05.2013, 10:53
Art Nahmad family business: The Art of the transaction
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