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☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

☆ Mixed Business at an Anxious Art Basel
▼ + stars: | 2023-06-16 | by ( Scott Reyburn | ) www.nytimes.com time to read: 1 min

After an underwhelming series of auctions in New York in May, dealers exhibiting at this year’s Art Basel fair in Switzerland — which opened to V.I.P.s on Tuesday and welcomes the general public from Friday onward — hoped to quell concerns about a dip in the art market. The 53rd annual edition of this bellwether Swiss event, featuring 284 international galleries specializing in 20th and 21st-century art, was the first under the watch of Art Basel’s new chief executive, Noah Horowitz. It is being held in a climate of geopolitical uncertainty, with high interest rates and inflation hampering consumer spending in many countries. “There’s quite a lot of anxiety around,” said Paul Gray, the director of Gray gallery, based in Chicago and New York. But in his 40-year experience, he added, the art market suffered from few major downturns.

Persons: —, Basel’s, Noah Horowitz, ”, Paul Gray, Gray Organizations: Basel Locations: New York, Switzerland, V.I.P.s, Chicago

☆ Klimt’s ‘last masterpiece’ poised to fetch $80 million at Sotheby’s auction
▼ + stars: | 2023-06-14 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

Depicting an unidentified female subject, “Dame mit Fächer” (Lady with a Fan) was one of two paintings found at the Austrian artist’s studio upon his death in 1918, according to Sotheby’s auction house. Started in 1917, “Dame mit Fächer” is rendered in Klimt’s characteristically rich, expressive style. Sotheby's said it expects the painting the fetch "in the region of" $80 million when it goes under the hammer this month. Klimt’s “Portrait of Adele Bloch-Bauer I” was meanwhile bought by US businessman Ronald Lauder for a reported $135 million in 2006. “Dame mit Fächer” is the star lot in Sotheby’s modern and contemporary art summer auction, which takes place on June 27.

Persons: Gustav Klimt, Fächer ”, Sotheby’s, Thomas Boyd Bowman, ”, “, —, De Agostini, Klimt, Helena Newman, Newman, Erwin Böhle, Rudolf Leopold, Sotheby's, Paul G, Allen, Dmitry Rybolovlev, Yves Bouvier, Adele Bloch, Bauer, Ronald Lauder, Oprah Winfrey, Alberto Giacometti, Edvard Munch Organizations: CNN, Austrian, De Agostini Editorial, “, Microsoft, Financial Times, Bloomberg, UBS, Art Locations: London, Klimt's Vienna, Viennese, Sotheby’s, Austrian, “ Birch, Covid

☆ Klimt’s ‘last masterpiece’ sells for record-breaking $108.4 million
▼ + stars: | 2023-06-14 | by ( Oscar Holland | Jacquelyn Palumbo | ) edition.cnn.com time to read: +5 min

“Dame mit Fächer” was one of two paintings found at the Austrian artist’s studio upon his death in 1918, according to Sotheby’s. A work the artist had started a year prior, in 1917, “Dame mit Fächer” is rendered in Klimt’s characteristically rich, expressive style. "Dame mit Fächer" (right) pictured in Klimt's Vienna studio in 1918. "Dame mit Fächer" became Klimt's highest-selling artwork at auction. Klimt’s “Portrait of Adele Bloch-Bauer I” was meanwhile bought by US businessman Ronald Lauder for a reported $135 million in 2006.

Persons: Gustav Klimt, Fächer ”, Klimt, Paul G, Allen, “, —, Sotheby’s, Thomas Boyd Bowman, ”, De Agostini, Helena Newman, Newman, Erwin Böhle, Rudolf Leopold, Dmitry Rybolovlev, Yves Bouvier, Adele Bloch, Bauer, Ronald Lauder, Oprah Winfrey, Alberto Giacometti, Edvard Munch Organizations: CNN, Microsoft, Austrian, De Agostini Editorial, Financial Times, Bloomberg, UBS, Art Locations: London, Birch, Hong Kong, Klimt's Vienna, Viennese, Sotheby’s, Austrian, Covid

☆ Art Basel’s New Chief Is All About the Brand
▼ + stars: | 2023-06-12 | by ( Scott Reyburn | ) www.nytimes.com time to read: +1 min

“People are ever more driven by experience, and people are ever more driven by brand,” said Horowitz. “They buy at a major auction house, but they also buy from Art Basel galleries because we’re a brand.”Horowitz’s appointment, announced in October, came as a surprise. He replaces the formidable Marc Spiegler, who oversaw the growth of the fair brand for 15 years and was widely regarded as one of the art world’s most influential figures. Horowitz returned to Art Basel from Sotheby’s, where he had a 13-month spell as the head of gallery and private dealer services; before that, he spent six years as Art Basel’s director of the Americas, in charge of the Miami Beach fair. “When I left Art Basel two years ago, one of the difficult things was not knowing what impact James and his partners would have as stakeholders,” said Horowitz.

Persons: ”, Horowitz, “, Marc Spiegler, James, Murdoch Organizations: Art, Art Basel, Miami Beach, Prix, Basel Locations: Art Basel, Sotheby’s, Americas

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