‘MORNINGS ON THE SEINE’ PAINTING BY CLAUDE MONET COULD FETCH NEARLY $23 MILLION
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Christie’s will sell a painting from Claude Monet’s Matinées sur la Seine series at its evening sale of 20th- and 21st-century art on March 7 in London for an estimated price of up to £18 million (US$22.7 million).
Matinée sur la Seine, temps net (Mornings on the Seine, clear weather) , 1897, was consigned by an unnamed collector who bought it in May 1978 at a Sotheby’s auction in New York for US$330,000, according to Christie’s. The painting is among early examples of Monet’s practice of serialising specific scenes, “a technique that would ultimately transform his art,” Christie’s said in a news release.
In this example, Monet painted the river Seine during summer mornings in 1896 and 1897. “Tracing the sun as it passes over the scene, from the first rays of light at dawn, to the full brilliance of the sun at mid-morning, this extraordinary sequence of works was conceived as a connected, interrelated sequence of canvases,” Christie’s said.
A viewer can see the sun rising across the canvases when they are exhibited as a group, the auction house said. It was after Monet painted the Creuse valley in central France at different times of day in 1889 that he returned to the idea of serialization. A painting from the Creuse series, Prairie fleurie à Giverny , 1890, also will be offered during the March 7 evening sale. Christie’s has not placed a value on the work yet, which is being consigned from a Japanese collection.
Another example from the Seine series, also painted in 1897, sold at Christie’s in November 2017 from the collection of Nancy Lee and Perry R. Bass. Titled simply Matinée sur la Seine , the painting sold for nearly US$23.4 million. Matinée sur la Seine, temps net has not been seen publicly since 1990, when it toured in an exhibition titled “Monet in the ‘90s: The Series Paintings,” which opened at the Museum of Fine Arts in Boston before traveling to the Art Institute in Chicago, and the Royal Academy of Arts in London.
The painting will be on view in New York from Friday through Wednesday, before being shown in Hong Kong from Feb. 21-23 and then in London, March 1-7.
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Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
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Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
