Latest news with #Hypercar
Yahoo
09-05-2025
- Business
- Yahoo
Amid Political and Financial Turmoil, Frieze New York Kicks Off With With Robust Sales
After days of simultaneously damp and drizzly weather, Frieze New York opened its doors to a warm, bright, and energetic morning on Wednesday. Compared to last year's spring art week, this year's is especially jam-packed, with Frieze and TEFAF's US edition separated by just 24 hours instead of a week. And so, the sales floor was animated throughout the VIP day. On top of the bevy of fairs, there are a multitude of gallery shows, museum exhibitions, and art fairs opening or already on view this week. In a market where collectors are choosing to take things more slowly when it comes to spending their time—and their money—than in previous years, that is seemingly a good thing. More from Robb Report A 1930s San Francisco Home Lists for $19.5 Million With a Garden Apartment Bill Gates Will Give Away $200 Billion and Shutter His Foundation by 2045 Koenigsegg's Hypercar Just Set Two More Bonkers Speed Records But there's more in the air than talk about the market. The aisles buzzed with conversations of the financial and political state of the world. 'This week will set the tone for how the global market will behave in the coming months,' London-based adviser Arianne Piper told ARTnews. 'The unfortunate truth is that the political situation has disrupted that. It's not so much the current economic situation but the fear of the economic consequences of that situation.' That said, Piper added that the people who made it out to the Frieze on Wednesday are buying. 'It's not about the money. It's about the bandwidth.' Notably, Gagosian had a solo presentation of three sculptures by Jeff Koons, the artist's first collaboration since departing the mega-gallery's roster in 2021. This trio 'Hulk' works—Hulk (Organ), Hulk (Tubas), and Hulk (Dragon and Turtle)—came from Koons's personal collection and were installed in front of a custom vinyl backdrop, derived from his 2007 painting Triple Hulk Elvis III. 'The fair is off to a great start and the response to our booth has been phenomenal,' Gagosian senior director Millicent Wilner said in a statement, which noted that Hulk (Tubas) had already sold. When ARTnews asked about the price of each of the three mixed-media works, the gallery declined to comment, but well-places sources tell ARTnews that Hulk (Tubas) sold for $3 million. Thaddaeus Ropac, which currently has spaces in three European cities and Seoul, reported a strong start at Frieze New York, with a slower but more deliberate pace of sales despite strong attendance. 'People are taking their time and being really considered,' he said, adding that the gallery remains 'cautiously optimistic' about overall results. Early sales include Liza Lou's Zeugma (2024) for $225,000; Joan Snyder's mixed-media Float (2015) for $210,000; David Salle's Bow Tie (2024) for $130,000 to a US-based collector; a Martha Jungwirth painting for €85,000; and a Robert Longo drawing for $65,000. Two small works by Megan Rooney sold for £18,000 each, with a larger painting, priced at £75,000, currently on hold. Georg Baselitz's Motto: sexuelle Niete sagt Heidegger sagt Celan is also on reserve for €1 million. Pace Gallery kept things sharp at Frieze New York with a two-artist presentation pairing Adam Pendleton and Lynda Benglis. Pendleton himself curated the booth, which features four 'Black Dada' paintings from 2024 and two 'Movement' paintings from 2025. For her part, Benglis has six bronze sculptures, completed between 2021 and 2024, that play off Pendleton's canvases, showcasing their different approaches to abstraction. All six of Pendleton's paintings found buyers within the first couple of hours of the fair for between $165,000 and $425,000, while multiple works by Benglis sold for between $275,000 and $300,000. New York dealer Andrew Kreps described the first day of the fair as going 'really well' with great energy for Jes Fan's 2023 sculpture Cross Section (Right Leg Muscle II) selling for $26,000; Harold Stevenson's 1967 painting Untitled (Hand sign language) going for $70,000; and Hadi Falapishi's Professional Painter in a Dream (2025) for $25,000. The gallery also sold four editions of Roe Ethridge's UV-cured pigment print, Ranunculus in Copper Pot at Hermes, 24 rue Faubourg Saint-Honoré Rooftop (2023), for $16,000 each, and Ernie Barnes's 1995 Study II for The Dream Unfolds was also on hold. Interest came 'across the board,' Kreps said, primarily from collectors in New York and Miami. When ARTnews asked if he was concerned about sales at Frieze during what many consider a cooling interest in contemporary art, Kreps replied that it helped that his prices were in the low-to-mid range. 'Today, I felt there would be a lot of enthusiasm, and I think people are wanting to get out there and think about art,' he told ARTnews For its booth, Casey Kaplan Gallery had a solo presentation of glass and stainless steel sculptures by Hannah Levy, with several works, priced between $45,000 and $80,000, selling to US-based collectors during the first day. 'It's been good energy,' senior director Emily Epelbaum-Bush told ARTnews, noting new collectors and curators dropping by the booth. 'We've seen people we haven't seen in some time. We're really excited about the beginning of the fair.' Goodman Gallery, which has locations in Johannesburg and Cape Town, as well as New York and London, had a group display highlighting artists who have had important international spotlights over the past year. A large-scale painting by Pamela Phatsimo Sunstrum, fresh from her solo exhibition last year at the Barbican in London, sold for $90,000 to 'a seminal New York collection,' the gallery said. Additionally, a work by Carrie Mae Weems, from her 2021 series 'Painting the Town,' sold for $100,000 to a Dutch collector. Both works were sold with the promise that they would be donated to institutions in the future, according to the gallery. Their presentation also includes works by William Kentridge, Shirin Neshat, and Ravelle Pillay, alongside new pieces by Yinka Shonibare and Kapwani Kiwanga. 'Obviously, you know, it's an intriguing time to be in the United States—if not the world,' said Anthony Dawson, director of the gallery's Cape Town location. 'It's wonderful to see that people are still so committed to the production of contemporary art.' Karma also reported a successful first day at Frieze New York, led by the $350,000 sale of Owl for Emil (1958), a modestly sized painting by Gertrude Abercrombie, who is currently the subject of a major retrospective at the Carnegie Museum of Art in Pittsburgh. Other noteworthy sales include Richard Mayhew's Mountain Mindscape (1969) for $350,000, Manoucher Yektai's Blue Table (1960) for $275,000, and Reggie Burrows Hodges's Referees: To The House (2021) for $175,000. Tina Kim, who brought to the fair a range of works from the women artists in their program, sold works by Lee ShinJa, Ghada Amer, Pacita Abad, and Suki Seokyeong Kang for between $80,000 and $200,000. It's not surprising that there was a great deal of interest in the future of Frieze, which as of last week has a new owner (if only tangentially). Earlier this month, Endeavor Group Holdings sold Frieze, along with its magazine and global portfolio of fairs, to its Ari Emmanuel, Endeavor's former CEO, and a consortium of investors for a reported $200 million. That sale was the spark of speculation among more than a handful of VIP day attendees, though few were willing to speculate or give Frieze's new owners advice. 'There's an opportunity here, to really increase the revenue stream and come up with a new, innovative business model,' author and art market observer Magnus Resch told ARTnews. 'The simple business model of real estate arbitrage isn't working anymore. You can't just open new locations.' For Resch, the future of art fairs would involve variable pricing models for the galleries that participate and an expanded offering: watches and collectibles, something Resch admits might alienate existing patrons. He added, 'Frieze has a chance to become the leading player in the art world. They just have to stop living in the past.' Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article.
Yahoo
09-05-2025
- Business
- Yahoo
Bill Gates Will Give Away $200 Billion and Shutter His Foundation by 2045
Bill Gates is doling out his fortune much sooner than we thought. The Microsoft cofounder's Gates Foundation has pledged to give away $200 billion by 2025, when the organization will shutter its doors. That's about 99 percent of Gates's fortune, Bloomberg reported. In its original timeline, the nonprofit would have closed 20 years after the billionaire's death. Currently, the 69-year-old Gates is the fifth-richest person in the world, with $168 billion to his name, according to Bloomberg's Billionaires Index. More from Robb Report Koenigsegg's Hypercar Just Set Two More Bonkers Speed Records Adam Lambert's Glam Sunset Strip Home Is Up for Grabs at $7.4 Million A Couple of Pop Culture Icons Just Sold Their Hollywood Hills Villa for $7.8 Million The new figure would double the Gates Foundation's spending, according to the publication. Since its founding back in 2000 by Gates and his then-wife, Melinda French Gates, the organization has gifted over $100 billion to a variety of charities, especially those that fall under the health, global development, and education umbrellas. 'There are too many urgent problems to solve for me to hold onto resources that could be used to help people. That is why I have decided to give my money back to society much faster than I had originally planned,' Gates said in a statement. 'I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.' Over its final 20 years, the Gates Foundation will focus on ending preventable childbirth deaths, eradicate deadly infectious diseases, and lifting people out of poverty, among its other goals, the foundation's statement said. The organization has helped to save 82 million lives through its efforts to fight against AIDS, malaria, and tuberculosis across the world, as well as increasing access to vaccines in low-income nations. Other UHNW individuals have pledged to donate their wealth, too. Jeff Bezos said he will give away much of his (at the time) $124 billion net worth in 2022. Warren Buffet, who just announced he was stepping down as the CEO of Berkshire, donated $1.1 billion in the company's shares to four charitable organizations MacKenzie Scott, Bezos's ex-wife, has been giving away her fortune at a rapid clip. Since 2020, She has donated $19.3 billion to over 2,450 charities since she began the endeavor. Austrian heiress Marlene Engelhorn took it one step further: She tapped a group of her country's residents to decide how her $27 million fortune would be spent. That's certainly one way to do it. Click here to read the full article.
Yahoo
26-04-2025
- Automotive
- Yahoo
WEC set for another Hypercar rules extension until 2032
The existing Hypercar World Endurance Championship rule book appears set for a further extension that could allow the current generation of cars to race until the end of 2032. Series boss Frederic Lequien has revealed to that a follow up on the two-year extension to the end of 2029 announced last summer is on the table. Advertisement 'The only thing I can say is that we must be realistic,' he said. 'We have something that is working so well, and we will soon be welcoming more manufacturers [Hyundai, Ford and McLaren]. 'To not think about extending the homologation would be a mistake. I am not saying we are going to do it, but we are thinking about it.' Lequien did not mention how long the existing rules might be prolonged for, but it appears that three years is the option being most strongly considered. The Le Mans Hypercar rules came into force in 2021, with the second route into Hypercar, LMDh, opening up for 2023. #51 Ferrari AF Corse Ferrari 499P: Alessandro Pier Guidi, James Calado, Antonio Giovinazzi #51 Ferrari AF Corse Ferrari 499P: Alessandro Pier Guidi, James Calado, Antonio Giovinazzi Paul Foster Paul Foster Advertisement At that point the initial five-year rules cycle for LMH was prolonged by two years until the end of 2027 to bring it in line with LMDh. The further extension was announced on the eve of last year's Le Mans 24 Hours when WEC rule makers the FIA and the Automobile Club de l'Ouest firmed up plans for the introduction of hydrogen-powered cars in 2028. The vision outlined by the governing bodies called for these cars to be able to compete with the next-generation of conventionally-fuelled Hypercar machinery from 2030. The idea of pushing back the end date for the current rules in both the WEC and the IMSA SportsCar Championship in North America has been welcomed by the manufacturers. Advertisement Urs Kuratle, who heads up the LMDh programme at Porsche, said: 'We would be in favour of it: it would be a good thing, good for the manufacturers in both championships. 'It is something we know is being discussed but as a manufacturer we are not yet involved in those discussions, but from our point of view it would make sense.' Urs Kuratle, boss of 963 programme at Porsche Penske Motorsport Urs Kuratle, boss of 963 programme at Porsche Penske Motorsport Porsche Penske Motorsport Porsche Penske Motorsport Peugeot Sport technical director Olivier Jansonnie echoed Kuratle's viewpoint. 'There are new manufacturers entering the WEC in 2027 and them having only three years of racing to try to create some value from the investment they are making is a bit short, so it would all make a lot of sense,' he said. Advertisement 'The conditions of the extension have not been discussed with us: now we are waiting to see what the ACO and the FIA wants to do officially.' What is not clear is whether there will be attempts to bring the LMH and LMDh rules together during any extension period. But the manufacturers appear unanimous in a belief that there should only be one platform when the next rules cycle comes into force. 'No one likes having two platforms,' said Kuratle. 'If everyone sits around the table, and I can see that happening in the future, and discusses openly for the good of the sport, and says 'let's take this from LMH and that from LMDh', we could make a common ruleset or platform.' #93 Peugeot Totalenergies Peugeot 9X8: Paul Di Resta, Mikkel Jensen, Jean-Éric Vergne #93 Peugeot Totalenergies Peugeot 9X8: Paul Di Resta, Mikkel Jensen, Jean-Éric Vergne JEP / Motorsport Images JEP / Motorsport Images Advertisement Jansonnie stressed the importance to Peugeot of being able to develop its own chassis and the hybrid element of the powertrain, an option allowed to its LMH. That is not the case in LMDh where manufacturers develop their machinery around a so-called spine supplied by one of four licensed constructors and have to run an off-the-shelf energy-retrieval system. He affirmed that a move away from a front-axle hybrid drive would not be a sticking point for the French manufacturer. 'If tomorrow the regulations have to change saying we have to do two-wheel-drive, but with the way the LMH regulations are done where you are in control of the complete design of your car, it would be fine for us,' said Jansonnie. Advertisement It is also unclear if the hydrogen class, which would allow both internal combustion and fuel cell cars, will come into force in 2028 as planned. There are no hydrogen regulations as yet and Toyota, which confirmed its interest in running the alternative fuel in the WEC at Le Mans in 2023 by showing its the GR H2 concept, has stressed the difficulties in being ready to race in '28. Toyota Gazoo Racing Europe technical director David Floury said that having a car ready for the current start date would be 'extremely challenging' given the absence of regulations. Read Also: Pascal Wehrlein could join Porsche for Spa 6 Hours ahead of Le Mans debut To read more articles visit our website.
Forbes
21-04-2025
- Automotive
- Forbes
Cars, Dining, Fashion Collabs: Genesis House Sets The Stage For Luxury
New York City's Genesis House The most exciting reveal at the New York Auto Show didn't happen at the Javits Center; it unfolded a mile south at Genesis House, the showroom, restaurant and event space in the city's Meatpacking District. There, in an expansive light-filled space paved with honeyed floors and accented by modern artwork, the Genesis team created the ultimate setting to reveal its latest innovation, the X Equator off-road SUV. Following the fanfare and snapping of cameras, the guests were guided down a flight of stairs and into a lower level theater where yet another reveal would take place. There, with more tightly curated lighting, screens and sound, a true theatrical experience took place: Amid a zooming swirl of speed and sound emerged the Genesis Hypercar and the debut of the Genesis Magma Racing team, a new world-class effort focused on competing at Le Mans. Just after the Hypercar took the stage but before media and fans came closer, Hyundai executives including global CEO José Muñoz, North American CEO Randy Parker, chief creative officer Luc Donckerwolke and vice president of design Sang Yup Lee took to the stage for a group photo to celebrate the announcement. The evening's showcase is just one raison d'être for Genesis House, the three-level showroom and 'embassy of Korean Culture,' said Rachel Espersen, executive director, brand experience at Genesis House. Drawing on an expression Donckerwolke is known for, 'design is brand and brand is design,' the mission of the venue is to embody the Genesis philosophy of creativity and hospitality in a single immersive space through events and collaborations. With this mission, Genesis House opened in New York just nearly four years ago. In the time since, Genesis House has become a go-to place in the fashionable Meatpacking District as well as a destination for immersion in modern Korean culture. Creative collaborations include those with production designer Ethan Tobman, floral designer Jeff Leatham and with the Council of Fashion Designers of America on a fashion incubator, the Genesis House AAPI Design + Innovation Grant. And, it's become known for as a culinary destination. Guests get a ringside seat to the Genesis House kitchen You'd be forgiven for darting into Genesis House and dashing right up the stairs to the second floor restaurant and tea house. The setting, notable for a traditional wood ceiling that mimics the rooflines of Korean villages built with age-old tongue and groove carpentry rather than hammer and nails, creates a space as quaint as it is chic. And it sets the stage for a culinary experience, with lunch and dinner offered as a tasting menu of traditional Korean dishes in a modern presentation, or an a la carte dinner menu featuring many of the same items on the tasting menu. To complement, Genesis House cellars a world-class wine lists and the most expansive list of Korean spirits in New York, 28 in all. The Genesis GV80 Coupé on display at Genesis House At the first floor entrance to Genesis House, guests are greeted by product specialists who are knowledgeable about the cars on display as well as the materials, design details and other factors that go into commissioning a Genesis vehicle. Armed with iPads and sample materials on display, buyers can see, touch and feel the variety of trim and color options available for any of the brand's models. Throughout the space guests will find the lineup of vehicles, from the GV60 electric SUV to the G80 luxury sedan to the GV80 Coupé, the brand's latest SUV. There, they can sit in the cars, try the technology and get a feel for the seats and upholstery, though test drives are not available; that requires a visit to a dealership, something product specialists can also help with. On some days, however, not all vehicles will be on display; guests may instead find concept cars or other displays that set the tone for the brand's design vision. And yet on other days, a collaborative exhibition may dominate the space, but the mission is always the same: to tell the Genesis story in a way that resonates among all the senses. The Genesis X Equator at its Genesis House Reveal Genesis could hardly have picked a better location for Genesis House, the only such space in the Genesis portfolio. Nestled between 14th Street and 10th Avenue, just West of the High Line and just south of Little Island Park, the venue's expansive windows offer a view of these iconic destinations. In warmer weather an outdoor terrace allows guests to bask in the sun and take in an even better view of the neighborhood. Genesis House is open to the public, offering lunch and dinner, as well as tea service, Tuesday through Sunday. Guests are invited to tour the first floor showroom, dine on the second floor or simply relax in the reading room. Special events, however, are by invitation (and may impact restaurant hours) and are quite the coveted ticket, even when its not leading the fervor of the auto show just down the street.
Yahoo
15-04-2025
- Automotive
- Yahoo
WEC reveals BoP tweaks for Imola 6 Hours
Motorsport photo Porsche has received the biggest weight break for this weekend's Imola round of the World Endurance Championship under the Hypercar Balance of Performance. The German manufacturer's 963 LMDh will race at the Imola 6 Hours on 20 April 11kg lighter than at the Qatar season-opener in February. Advertisement But its weight for the 2025 WEC's second round of 1053kg is 20kg higher than at the corresponding fixture last year. Maximum power for the 963 is down 5kW (6.7bhp) on Qatar under the BoP, which is designed to equate performance each manufacturer's car in Hypercar. The adjustment follows a disappointing performance at the start of the defence of its WEC drivers' title crown, the two factory Porsche Penske Motorsport entries ending up 10th and 11th in Qatar. Last year, the pair of works PPM entries took second and third at the Italian race, which finished in wet conditions. #6 Porsche Penske Motorsport Porsche 963: Kévin Estre, Laurens Vanthoor, Matt Campbell #6 Porsche Penske Motorsport Porsche 963: Kévin Estre, Laurens Vanthoor, Matt Campbell JEP / Motorsport Images JEP / Motorsport Images Advertisement Alpine's A424 LMDh and the Peugeot 9X8 2024 have also had weight breaks for Imola of 2kg and 1kg respectively: the Peugeot Le Mans Hypercar is now down on the Hypercar minimum of 1030kg and at the maximum power of 520kW (697bhp). Cadillac had received the biggest increase in weight in the new BoP table released at the start of this week. The American manufacturer's V-Series.R LMDh has been set a minimum weight of 1041kg, up from the 1030kg minimum at Qatar, but has gained 7kW (9.4bhp). Ferrari has gained 8kg from the 10-hour race in Qatar, in which its three 499P LMHs blocked out the podium positions. Advertisement It will also race 4kg heavier than in 2024 when it was on course for victory at its home race before a tactical mistake on the arrival of the rain, but has gained 7kW from Qatar. Toyota's GR010 HYBRID LMH remains on a minimum weight of 1065kg but has lost 3kW (4bhp) in power since the 2025 WEC curtain-raiser. BMW has been given a weight increase of 5kg, while getting an increase of 8kW (10.7bhp) in maximum power. That explains why the German manufacturer's M Hybrid V8 LMDh has received the biggest swing under the 'power gain' element of the BoP, which adjusts max power above 250km/h (155mph). It has gone from gaining 0.6% in power to losing 1.6%. Advertisement The minimum weight for Aston Martin's new non-hybrid Valkyrie LMH rises 9kg for Imola. Practice for the Imola 6 Hours begins on Friday 18 April. Read Also: McLaren bids for Le Mans outright victory with future WEC entry
