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jerryking : top-tier   13

Boom amid the bust: 10 years in a turbulent art market | Financial Times
July 27, 2018 | FT| by Georgina Adam.
September 15 2008, the date of Lehman Brothers' bankruptcy filing, was also the first day of a spectacular gamble by artist Damien Hirst, who consigned 223 new works to Sotheby’s, bypassing his powerful dealers and saving millions by cutting out their commissions........The two-day London auction raised a (stunning) total of £111m.......o the outside world, though, the Hirst auction seemed to indicate that despite the global financial turmoil, the market for high-end art was bulletproof....in the wake of the Hirst sale, the art market took a severe dive.... sales plunging about 41% by 2009, compared with a market peak of almost $66bn in 2007. Contemporary art was particularly badly hit, with sales in that category plunging almost 60 % over 2008-09. Yet to the surprise, even astonishment, of some observers, the art market soon started a rapid return to rude health...the make-up of the market has changed. The mid-level — works selling between $50,000 and $1m — has been sluggish, and a large number of medium-sized and smaller galleries have been shuttered in the past two years. However, the high-performing top end has exploded, fuelled by billionaires duelling to acquire trophy works by a few “brand name” artists....A major influence on the market has been Asia....What has changed in the past 10 yrs. is what Chinese collectors are buying. Initially Chinese works of art — scroll paintings, furniture, ceramics — represented the bulk of the market. However, there has been a rapid and sudden shift to international modern and contemporary art, as shown by Liu and other buyers, who have snapped up works by Van Gogh, Monet and Picasso — recognisable “brand names” that auction houses have been assiduously promoting......Further fuelling the high end has been the phenomenon of private museums, the playthings of billionaires....In the past decade and even more so in the past five years, a major stimulus, mainly for the high end, has been the financialization of the market. Investment in art and art-secured lending are now big business....In addition, a new layer of complexity is added with “fractional ownership” — currently touted by a multitude of online start-ups. Often using their own cryptocurrencies, companies such as Maecenas, Feral Horses, Fimart or Tend Swiss offer the small investor the chance to buy a small part of an expensive work of art, and trade in it.....A final aspect of the changes in the market in the past decade, and in my opinion a very significant one, is the blurring of the art, luxury goods and entertainment sectors — and this brings us right back to Damien Hirst....Commissions are probably also lucrative. E.g. a Hirst-designed bar called Unknown was unveiled recently in Las Vegas’s Palms Casino Resort. It is dominated by a shark chopped into three and displayed in formaldehyde tanks, and surrounded by Hirst’s signature spot paintings. Elsewhere, Hirst’s huge Sun Disc sculpture, bought from the Venice show, is displayed in the High Limit Gaming Lounge. ...So Hirst neatly bookends the decade, whether you consider him an artist — or a purveyor of entertainment and luxury goods.
art  artists  art_finance  art_market  auctions  boom-to-bust  bubbles  contemporary_art  crypto-currencies  Christie's  Damien_Hirst  dealerships  entertainment  fees_&_commissions  fractional_ownership  high-end  luxury  moguls  museums  paintings  Sotheby's  tokenization  top-tier  trophy_assets  turbulence 
july 2018 by jerryking
The Internet Isn’t Killing Shopping Malls—Other Malls Are - WSJ
By Esther Fung
April 18, 2017

One common hallmark of a dead or dying mall is the closure of an anchor store. When that happened, fewer customers tended to visit, resulting in more store closures, which led to even fewer shoppers, and so on......Landlords have grappled with numerous threats over the years. Two decades ago, Blockbuster was eating into the revenue of movie chains, while big-box stores were battering smaller stand-alone retailers, noted Sandler O’Neill Partners analysts in a recent report.

This time, factors such as consumers being more thoughtful about their purchases after the recession, the overbuilding of retail centers and retailers’ focus on investing in more online shopping channels are pressuring mall landlords.

Property owners generally try to court trendier brands and avoid outdated retailers. In recent years, they have started shaking up their tenant mix more radically, moving away from full-price apparel brands and toward entertainment and food offerings.

That is resulting in a more dramatic separation of the strongest and weakest malls, with top-tier malls in cities with strong population and income growth receiving more investment and weaker malls suffering from neglect.
shopping_malls  competition  e-commerce  landlords  commercial_real_estate  retailers  anchor_tenants  top-tier 
april 2017 by jerryking
Retail Instincts Propel Investor to Venture Capitalism’s Top Tier - The New York Times
By KATIE BENNER and MICHAEL J. de la MERCEDMARCH 26, 2017

Ms. Green is an unorthodox venture capitalist for several reasons. Apart from having never worked at a venture capital firm before starting her own in 2012, she is also a woman in a male-dominated field. (Of the top 20 venture investors this year, only two were women.) And unlike many generalist venture investors, who work in a range of areas, Ms. Green focuses specifically on commerce and other retail-related start-ups.....Ms. Green’s roots in retail run deep. She began her career as an accountant auditing retailers. In the late 1990s, she covered those companies as a stock analyst for Montgomery Securities, studying wonky measurements like customer traffic in retail locations and a store’s profitability per square foot. She also observed the rise of brands like Abercrombie & Fitch, Coach and Ugg.

She soon concluded that online commerce would underpin the next generation of important retail brands, but that consumers would not rely on just one way to shop. With the rise of Amazon and other online retailers, Ms. Green saw more bankruptcy filings from traditional retailers, as well as news of store closings and reports of market share shifts. But she also saw stores do well when companies could make an emotional connection with shoppers and better analyze their behavior.

“Retail is now totally propelled by consumers and their needs,” she said. “People can buy what they want in any way that they want it. That trend started a long time ago, and it has really changed everything.”.....In 2003, Ms. Green decided to jump from analyzing this shift to investing in it. For a time, she worked as a consultant to a private equity firm before turning to venture capital because of her interest in young companies. In 2010, she raised an angel investment fund to make one-off investments in companies like Birchbox, a cosmetics subscription service, and Warby Parker, an eyeglasses retailer, while she studied how to raise a venture fund. In 2012, Ms. Green raised a $40 million venture fund. The investment firm Cendana Capital contributed $10 million, despite the fact that she had never worked as a traditional investor or tech entrepreneur.
venture_capital  vc  women  retailers  angels  exits  e-commerce  emotional_commitment  brands  emotional_connections  Kirsten_Green  Birchbox  Warby_Parker  top-tier  investors 
march 2017 by jerryking
HOW TO: Land a Business Development Job
So you want to be a business development professional? The job title has certainly become a coveted one of late, especially in the tech sector where the business guys and gals are the ones forging newsworthy partnerships.
The question is, do you know what the job entails? Even then, do you know how and where to start on this newfound career path? Or better yet, do you have the qualities that make for success in these always-on positions?
Mashable interviewed six experts in the field at various stages in their careers to get their tips on what it takes to become a business development professional at technology companies and startups.
Biz Dev ProsHere is some background information on these six seasoned business development professionals.
Charles Hudson: Newly turned entrepreneur Charles Hudson was the vice president of business development at Serious Business, a top social game developer acquired by Zynga in February. Previous engagements include senior business development positions at Gaia Online and Google. Hudson also produces two conferences focused on gaming: Virtual Goods Summit and Social Gaming Summit. Hudson is now co-founder of Bionic Panda Games.
Jesse Hertzberg: Hertzberg is the former vice president of operations and business development at Etsy, the immensely popular social commerce site for handmade and vintage items now valued at close to $300 million. Hertzberg currently advises a number of startups, including Squarespace, and is the founder of BigSoccer.
Matt Van Horn: Van Horn is the vice president of business development at the super stealth startup Path. His past jobs include more than three years working in business development for Digg, as well as a four-year stint with Apple while attending college.
Tristan Walker: Walker is the up-and-coming investment-banker-turned-tech-star heading Foursquare’s business development efforts. Walker is directly responsible for coordinating a majority of the trendy startup’s biggest strategic partnerships. This role has also brought considerable visibility to Walker, who’s been featured in Vibe Magazine, as well as named in The Hollywood Reporter’s Digital Power 50 list, Black Enterprise’s 40 Next list and Mediaweek’s 50:20 to Watch list.
Jason Oberfest: Oberfest is the vice president of social applications at game developer Ngmoco, which was recently acquired by DeNA for $300 million with a potential $100 million more in post-acquisition bonuses. Prior to joining to Ngmoco, Oberfest was the senior vice president of business development at MySpace, and before that the managing director of business development at Los Angeles Times Interactive.
Cortlandt Johnson: Johnson is the chief evangelist at SCVNGR and actively works to recruit businesses to participate in the startup’s rewards program. Johnson also co-founded DartBoston, an event-centric community designed to connect entrepreneurs and professionals in the Boston area.
Education and Internships

What undergraduate school should I attend? Do I need to go to grad school? What about internships? These are all questions you’re likely to face as you explore a future in business development. The esteemed professionals we interviewed all have backgrounds of varying degrees, so we asked for their input on these subject matters.
Walker’s own personal story is perhaps the most unique example of how to come by a business development position. While certainly making his mark in business development now, Walker initially pursued a career on Wall Street before packing it up and heading to Stanford Graduate School of Business, a shift that pushed him in the tech direction.
All things considered, does Walker recommend internships? “Certainly depends,” he says. However, based on his own internship experiences, “if you want to work in tech long term, interning at an investment bank may not make the most sense,” he jokes.
Hertzberg is a big proponent of internships. “Interning is the best job interview you can ever get, and is critical to beginning to build your professional network. Some of my favorite professional relationships are with folks who once interned for me,” he says.
Johnson suggests going after internships that push you outside your comfort zone. “The goal of my internships was to learn how to interact with all kinds of people. I always went after positions that forced me into different types of situations, whether they be social or otherwise,” says Johnson.
Grad school is something Walker has a bit more conviction about. In his words, “B-school” is “very important … not only for the skills (i.e. accounting, finance, operations, etc.) that could be beneficial for all managers to comprehend long term, but also for the softer skills of ‘people management.’”
Oberfest found an immediate opening in the biz dev field right as he was starting out. “I was fortunate to get my career started at the beginning of the first Internet boom, so for me it was trial by fire,” he explains.
If you’re on the fence about grad school, consider the following statement from Oberfest. “Grad school can help, but [it] is not a requirement. Good knowledge of the mechanics of deals — how to structure and negotiate deals — is an important component of the job and an MBA or JD can certainly help there, but I think the single most important attribute of an exceptional business development person is good product intuition.”[jk: being product-orientated}
Van Horn is also proof that graduate degrees aren’t absolute requirements. “I’ve never attended graduate school, but if you’re able to attend a top tier school, I hear you build an incredible network for life,” he says.
Instead, Van Horn spent his undergraduate college years working for Apple. “It’s very powerful to have a big brand behind your resume,” Van Horn shares. “I worked for Apple for four years doing campus marketing while in college and it helped a lot.”
For Hertzberg, his MBA, “was worth half of what I paid for it, as I already had a business background.” But, he says, “The network is why you go and, yes, that has been worth its weight in gold.”
Required Reading

All of the professionals we talked to strongly advocate that those aspiring to work in the field read up on mentors past.
Never Eat Alone: And Other Secrets to Success, One Relationship at a Time, by Keith Ferrazzi is Van Horn’s personal favorite read.Johnson, who also recommends Never Eat Alone, finds Tim Sanders’s Love is the Killer App: How to Win Business and Influence to be an important read as well.Walker suggests that business development professionals-in-training pick up a copy of Influence: The Psychology of Persuasion by Robert Cialdini.Unfortunately, it takes more than a few good books to read your way to success. Hertzberg recommends an aggressive approach to ongoing education that entails consuming as much information as possible.
“Read industry rags voraciously and know who is starting up, who is funded, who is growing, who is cutting what deals, etc.” he says. “Have a deep and holistic understanding of the industry and marketplace beyond just your company’s focus.”
Hudson strongly advises that, “all BD people, especially start-up BD people, should read Steve Blank’s work on customer discovery. That’s a big part of your job.” You might also want to start by reading Hudson’s own in-depth article on what being the “business guy” at a startup entails.
Must-Have Qualities

If you want to work in business development, and do so successfully, these experts agree that there’s one thing you absolutely need — a tangible passion for product.
In actionable terms, Walker describes this as a “tireless hustle.” Van Horn agrees. “I think you need to be passionate and have hustle,” he says.
Van Horn also recommends being an “early adopter of interesting products. If you’re looking for a technology job, make sure you use every awesome sounding new product you read on Mashable.”
Those best suited for business development roles are the make-it-work types, says Johnson. “The most successful people I’ve met are those who know how to quickly adapt and hustle to find ways to overcome any obstacles put in their way,” he advises.
Oberfest believes these three qualities are key: the ability to “quickly read people,” innate negotiation sensibilities and an appreciation for long-term relationships.
Hertzberg reminds that “you have to like people,” if you want to do well in a biz dev role.
Hudson agrees and points to human-to-human interaction as a huge part of the job. “If you want to go into business development, I think you have to be good at dealing with and understanding people. If you’re not comfortable with interpersonal communications and relationship management, it probably isn’t the right job for you,” he says.
On the flip side, Walker says that those possessing a “lack of humility” are least suited for biz dev positions. In a similar vein, Hertzberg says, “Be humble. Always represent your company’s brand faithfully. Constantly work to enhance and preserve that brand. Remember that your personal brand will never be bigger than your company’s.”
Getting Your First Biz Dev Job

For those just looking to get their foot in the door somewhere, knowing the answer to the question, “How does one get a biz dev job?” is of the utmost importance. We posed this particular question to our professionals, who all have slightly different, but uniquely encouraging takes on how and where to get started.
“For me it started with just recognizing the pretty significant business opportunity at a startup that I was already passionate about,” says Walker. “It always starts with product, then recognizing the opportunity on top of that.”
If you’re still an entry-level professional, Oberfest recommends not taking a job in business development at first, but rather in product management.
“I would first go work as a product manager in the industry you are passionate … [more]
business_development  job_search  social_media  social_networking  marketing  product-orientated  tristan_walker  via:sfarrar  thinking_holistically  top-tier  the_single_most_important 
august 2016 by jerryking
In an Age of Privilege, Not Everyone Is in the Same Boat - The New York Times
By NELSON D. SCHWARTZAPRIL 23, 2016

When top-dollar travelers switch planes in Atlanta, New York and other cities, Delta ferries them between terminals in a Porsche, what the airline calls a “surprise-and-delight service.” Last month, Walt Disney World began offering after-hours access to visitors who want to avoid the crowds. In other words, you basically get the Magic Kingdom to yourself.

When Royal Caribbean ships call at Labadee, the cruise line’s private resort in Haiti, elite guests get their own special beach club away from fellow travelers — an enclave within an enclave....From cruise ship operators and casinos to amusement parks and airlines, the rise of the 1 percent spells opportunity and profit.
income_inequality  social_classes  social_stratification  exclusivity  affluence  luxury  high_net_worth  The_One_Percent  caste_systems  travel  airline_industry  airports  concierge_services  enclaves  theme_parks  Disney  casinos  delighting_customers  top-tier  cruise_ships  Royal_Caribbean 
april 2016 by jerryking
Why the human cloud can do your work better than you can - The Globe and Mail
IVOR TOSSELL
Special to The Globe and Mail
Published Thursday, Nov. 27, 2014

Nav Dhunay is offering oil-wells-as-a-service.

PumpWell puts small remote-monitoring and control units next to pumpjacks, the iconic bobbing horse-heads that pump oil from wells. “That in itself is not disruptive or extremely exciting,” says Dhunay. “But it’s more than just an automation controller.” What sets PumpWell apart is what they’re really selling: people. Instead of just offering a technological tool that lets oil-well owners keep an eye on their pumps, PumpWell has hired a team of its own oil-production engineers, and it sells their time to small and mid-sized firms on a subscription basis. “We’re combining the outsourcing model of IT, and tying it into the oil and gas industry,” says Dhunay.....Dhunay is a start-up entrepreneur who found himself heading up PumpWell in Calgary after stints in Silicon Valley. As he explains it, the logic is simple: Labour costs are sky-high in the oil sector. A seasoned production engineer can run you upward of $200,000 a year, and then there’s the overhead of having him running around oil fields in a truck, checking on things.

PumpWell can use its remote networks to keep oil engineers out of the field, run analytics on monitoring data to promote preventative maintenance, and increase the number of pumps each engineer can monitor. The company’s top-tier plan offers to monitor a pump for $12,000 a year. Today, PumpWell looks after 600 wells and, Dhunay says, it’s revenue-positive. “Our industrial engineers can manage upward of 150 to 200 wells per person. Traditionally, production engineers are handling 30 to 40.”

It’s not the only company that’s using cloud technology to take outsourcing services into new realms. Across the country, in Cambridge, Ontario, a cybersecurity company is applying much the same model to an entirely different business. ESentire specializes in securing the networks of mid-sized companies with critical intellectual property, like financial services and legal firms.
SaaS  oil_industry  Outsourcing  remote_monitoring  cyber_security  small_business  SMEs  subscriptions  cloud_computing  top-tier 
july 2015 by jerryking
Susan Taylor Reflects on the Black Lives Matter Movement
January 06, 2015 | | Essence.com |Essay by Susan Taylor.

ask ourselves the hard questions: Are we doing what's needed to demonstrate that Black life matters? Are we caring well for the gift of our own children? Are we holding accountable our own national, community, fraternal, sororal and faith leaders, requiring that they set aside egos and work in operational unity to develop and deliver a Marshall Plan for our recovery from centuries of brutality and legislated disregard? What is our plan for creating Black-owned businesses in our neighborhoods, top-tier education, and quality housing and health care?
protests  protest_movements  self-help  self-improvement  African-Americans  introspection  self-reliance  self-determination  black-owned  digital_advocacy  hard_questions  Black_Lives_Matter  top-tier 
may 2015 by jerryking
How to become a plutocrat
Sept. 27 2012 | - The Globe and Mail | Chrystia Freeland.

Providing services to the plutocrats is one way to join them. But an even more powerful driver of 21st-century superstar economics is the way that globalization and technology have allowed some top-tier types to achieve global scale and earn the commensurate global fortunes. This is the effect that Sherwin Rosen, who invented the theory of the economics of superstars back in 1981, was most interested in, and it is both the most visible and the easiest to understand. These superstars are the direct beneficiaries of the twin gilded ages.
Chrystia_Freeland  high_net_worth  globalization  moguls  bespoke  luxury  craftsmanship  winner-take-all  plutocrats  superstars  increasing_returns_to_scale  21st._century  top-tier 
september 2012 by jerryking
From the VIP Art Fair to Art.sy, the Art Gallery Goes Digital
JANUARY 14, 2011 | WSJ.com |By ELLEN GAMERMAN and KELLY CROW

The question of whether top-tier art can successfully be sold online has long bedeviled the art world. High-end collectors have traditionally been leery of spending significant money on art they haven't seen in person, and a number of online-art selling ventures fizzled early on. But as more and more powerful art buyers emerge from Asia, Russia and the Middle East, the need to quickly reach collectors around the globe has never been greater. And dealers are looking for ways to reach a younger generation that's beginning to explore the art market—without alienating their best clients.

Now, some of the biggest names in the worlds of art and technology are betting that collectors will spend millions on paintings and sculptures that they've only seen online. A who's who of top galleries is taking part in the VIP Art Fair, an online-only event where potential buyers can shop for works by contemporary and modern artists like Jackson Pollock, Louise Bourgeois, Francis Bacon and Damien Hirst. Nearly 140 galleries from more than 30 countries—including blue-chip dealers like David Zwirner, Larry Gagosian and the Pace Gallery—have paid to host virtual booths.
collectors  art  e-commerce  art_galleries  art_market  Damien_Hirst  high-end  top-tier 
january 2011 by jerryking
The New New Andreessen - BusinessWeek
November 3, 2010, 4:50PM EST text size: TT
The New New Andreessen
With Andreessen Horowitz, visionary entrepreneur Marc Andreessen is
trying to reinvent himself as a top-tier venture capitalist and
world-class power broker

By Brad Stone
Andreessen_Horowitz  Marc_Andreessen  venture_capital  power_brokers  top-tier  visionaries 
november 2010 by jerryking
Ford searches for ways to cut costs VEHICLES CARMAKER EXAMINES POTENTIAL FOR SYNERGIES BETWEEN MASS-MARKET AND PREMIUM BRANDS:;
Feb 23, 2001 | Financial Times pg. 32 | by Tim Burt. 323
documents found for: ((mass-market or mid-market or mid-range or
mass-merchandise) w/4 ((luxury or premium) w/4 brand))
automotive_industry  luxury  branding  ProQuest  top-tier  synergies  market_synergies 
december 2009 by jerryking
Sony Ericsson ties up with Microsoft for Windows Mobile devices -- Engadget
UnixSystemsEngineer Posted Feb 10th 2008 5:05PM
Wow, how far Ericsson has fallen..Wow, how far Ericsson has fallen..Some
day a book will be written about this. How to destroy a premium brand
in a few short years. Step 1: Team up with Sony. Step 2: Team up with
Microsoft. Step 3: Welcome to mediocrity!
luxury  branding  Sony  Ericsson  top-tier 
december 2009 by jerryking

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