The underlying causes of the latest EM currency depreciation

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http://www.nationmultimedia.com/detail/Economy/30346203

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The underlying causes of the latest EM currency depreciation

Economy May 25, 2018 01:00

By SPECIAL TO THE NATION

THE MAJORITY of countries across the globe have been performing pretty well, thanks to the global trade expansion and expansionary phase of the current economic cycle.

Evidently, countries with outstanding economic performance are emerging countries with GDP growth of more than 5 per cent for those economies as a whole , the strongest since 2014. The robust economic growth together with expansionary monetary policy of major central banks have led to large foreign capital inflows into these emerging countries.

Unfortunately, due to increasingly heating economy, one of the major central banks decides to tighten their monetary policy after a long period of massive liquidity injection through QE programme and extremely low interest rate target.

After the tightening, outlook has been supported by several important economic indicators such as core inflation of more than 1.9 per cent and unemployment at near historical low of about 3.9 per cent. The financial markets of many emerging countries faced wild rides (MSCI Emerging market index dropped more than 10 per cent from its peak in January 2018), in particular, from the rapid and considerable foreign fund outflows despite the strong outlook of the emerging economies. One of the underlying reasons for this phenomenon is that US assets have now become more attractive since they provide higher rates of returns in terms of higher bond yields and stronger US dollar.

Therefore, investors divert their investments from emerging countries back to the US. This can be seen from the increase in US bond yields as well as US dollar value that was closely accompanied by a drop in MSCI Emerging market index.

Even though most of emerging countries have unavoidably encountered the same fate, the magnitude of the effects varied widely from country to country. The reason behind this is the countries’ external positions, namely the robustness of their balance of payment.

A way to gauge the healthiness of a country’s balance of payment is not only from how large its foreign reserves are but also how fast the funds can be diverted somewhere else if something goes wrong.

For example, Thailand and Indonesia both have international reserves of more than 8 months of imports, which are quite large compared to the rule of thumb of 3 months of imports. However, for Thailand, the surplus of foreign funds are mainly from current account surplus, which constitutes mainly of trade surplus and foreign tourism income.

These types of foreign currency receipts cannot be diverted back. In contrast, Indonesia’s foreign currency receipts are largely from foreign portfolio investments and these can be diverted quite easily, ie foreign investors can just liquidate the assets and take their money somewhere they find more attractive.

Therefore, US dollar received through current accounts can be considered as less volatile compared to the one received through portfolio investments. That is why a large chunk of US dollar can be pulled out of Indonesian market quite rapidly when the market saw higher yields for US government bonds, which has caused a strong depreciation of Indonesian rupiah of more than 1.5 per cent in just a week, while foreign capital outflows from Thailand are quite small compared to the inflows through current accounts. As a result, the baht depreciated only 0.8 per cent in that week.

Emerging markets have to encounter more intensified fluctuation not only in the financial market, but also in real market as the real economies could be greatly affected by trade protectionism and fluctuating commodity prices caused by resurfacing geopolitical risks in the Middle East after the US walked out from the Iran nuclear deal and re-imposed sanctions on Iran.

Even though emerging market outlook this year remains robust, investors must bear in mind the larger volatility especially in the financial market, eg exchange rates and bond yields.

Therefore, identifying, understanding and hedging risks is always a good strategy in this highly volatile environment.

Views expressed in this article are those of the author/s and not necessarily of TMB Bank or its executives. Contributed by DUANGRAT PRAJAKSILPTHAI and POON PANICHPIBOOL. They can be reached at tmbanalytics@tmbbank.com

Digital content industry on track for Bt26 bn mark

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http://www.nationmultimedia.com/detail/Economy/30346202

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Digital content industry on track for Bt26 bn mark

Economy May 25, 2018 01:00

By JIRAPAN BOONNOON
THE NATION

THE digital content industry in Thailand is forecast to reach Bt26 billion by the end of this year, supported by the efforts of the Digital Economy Promotion Agency (DEPA), which is fostering partnerships between the public and private sectors.

As part of this strategy, the agency is preparing to provide grants worth Bt2.4 million to help producers of digital content expand into international markets. Chatchai Khunpitiluk, senior executive vice president of DEPA, said that the digital content industry in Thailand is continuing to grow both in the domestic and international markets.

IDC conducted a survey that pointed to a valuation of Bt26.9 billion for the digital content industry in Thailand by the end of 2018.

Of the total, the games market would account for Bt20.5 billion, following by animation at Bt4.4 billion and characters at Bt2 billion.

The value of the total digital content industry was projected to grow around 12 per cent from last year, when it was worth Bt24.2 billion.

To drive growth in the digital content industry, DEPA is working with companies in the public and private sectors. These entities include: the Department of International Trade Promotion (DITP), the Thailand Convention and Exhibition Bureau (TCEB) and five associations from Thai digital content industry, the e-Learning Association of Thailand (e-LAT), the Digital Content Association of Thailand (DCAT), the Thai Animation & Computer Graphics Association (TACGA), the Bangkok ACM SIGGRAPH (BASA) and the Thai Games Software Industry Association (TGA).

These entities are coming to conduct the Bangkok International Digital Content Festival 2018 on June 11-12 at the Intercontinental Hotel. The festival will help promote Thailand as a digital hub in the Asean region.

Business matching

The event will provide business matching between developers and investors and promote the work of digital content entrepreneurs and digital startups.

Chatchai said that, regarding the planned grants, the agency would provide Bt120,000 in support to each digital content business. The funds would help them promote their offerings, including roads shows pitched at the international market. In all, about 20 such grants would be provided, for the total of Bt2.4 million.

“I think that the digital content industry in Thailand will continue to grow since Thai digital content developers have imagination and are developing digital content with quality to support the demands of the market,” said Chatchai.

TCEB director Puripan Bunnag said that the agency expects that in the next three years the media and entertainment sectors will reach a value of Bt2 trillion and that Thailand will become regional leader in the fields.

It has the potential to host more than 300 studios and to become the No.1 location for exhibitions in the Asean region, backed by government policies that support the digital economy and the promotion of cultural industries.

Four-year tourism-development strategy unveiled

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http://www.nationmultimedia.com/detail/Economy/30346179

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Four-year tourism-development strategy unveiled

Economy May 24, 2018 13:13

By The Nation

The Ministry of Tourism has unveiled a tourism-development strategy for 2018-2021 to give guidance to other state agencies and stakeholders.

Anan Wongbenjarat, director general of the ministry’s Department of Tourism (DOT), said the strategy addressed the ever-increasing flow of visitors from around the world and ensured effective management and sustainable growth.

In line with Thailand’s 20-year National Strategy (2017-2036), the 12th National Economic and Social Development Plan (2017-2021) and the second National Tourism Development Plan (2017-2021), this strategy focuses on the participation of all stakeholders in achieving shared goals, Anan said as it was unveiled recently at the Siam at Siam Bangkok Hotel.

The four-year strategy provides guidelines for the development of goods and services and the improvement of quality, he said.

The DOT will also work on human-resources development and digital technology.

“Once other sectors are informed of the strategy, they can implement their plans accordingly and work together in the same direction – towards sustainable growth in tourism,” Anan said.

Thailand slips three spots to 30th place in competitiveness

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http://www.nationmultimedia.com/detail/Economy/30346150

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Thailand slips three spots to 30th place in competitiveness

Economy May 24, 2018 01:00

By WICHIT CHAITRONG
THE NATION

THAILAND competitiveness ranking has dropped three spots to 30th place among 63 countries rated, according the 2018 IMD World Competitiveness Rankings report released yesterday.

Thailand is among three countries down graded in Southeast Asia. The IMD says Singapore retains its lead in Southeast Asia among the regional economies, aided by its strong government efficiency. Malaysia is the only economy to register an improvement of two positions driven by a strong rebound in economic performance, especially in international trade. The remaining three economies decline, particularly significant in Thailand (down three spots) and Indonesia (down one spot). The Philippines experiences the most significant drop in the region, shifting nine places to 50th. The reasons for such a drop include a decline in tourism and employment, the worsening of public finances and a surge in concerns about the education system. Investing in quality infrastructure and strengthening investment in human capital are the key challenges for the Philippines.

For Thailand, declines are in areas such as worsening of budget deficits, issue of exchange rate stability, long term unemployment, youth unemployment, lower rate contribution of employers to social welfare scheme and adaptability of government policy and decision.

Improving areas include rising number of patent applications and paten in force, increasing spending on research and development by both business and pubic sectors and rising number of researchers in R&D field.

Dr Bandid Nijathaworn, President & CEO of the Thai Institute of Directors (IOD), said that this is a disappointment from a policy perspective but a good reality check on what Thailand needs to focus more on to boost the country’s competitiveness.

“Most of our problems are structural such as education, infrastructure, corporate innovative capability, and public sector efficiency and governance. Effectively addressing these issues will go a long way in raising the country’s competitiveness,” he said.

The IMD said Thailand is facing many challenges in 2018 and the country need to create public awareness on the urgency and the magnitude of disruptive change, accelerate education reform, and retraining/reskilling of workforce to cope with future challenges, take immediate action on applying technology and digital platforms for access to social services i.e. education and healthcare, enhance government/public services transformation to support changing needs of businesses and citizens and manage political transformation and public conflict during election process.

The top five most competitive economies in the world remain the same as in the previous year, but their order changes. The United States returns to the first spot, followed by Hong Kong, Singapore, the Netherlands and Switzerland. The United States improves three positions from last year while Hong Kong drops one spot and Singapore remains 3rd. The return of the United States to the top is driven by its strength in economic performance (1st) and infrastructure (1st). Hong Kong takes a somewhat different approach exploiting its government efficiency (1st) and business efficiency (1st).

China

China (13th) continues its steady rise in rankings over the past five years, rising 10 spots since 2014. This is fuelled by a strong economic performance of its domestic market and workforce employment. Improvements in infrastructure, are however marred by limited government efficiency. Stimulating domestic consumption, institutional reforms and resolving trade disputes are the key challenges for China. And Austria (18th) also advances notably.

Arturo Bris, director of the IMD World Competitiveness Center, says “economic growth, reduction of government debt and increased business productivity enable Austria to move up. In the case of China, investment in physical and intangible infrastructure as well as improvement on some institutional aspects such as the legal and regulatory framework boost its performance.”

The bottom five economies show a slight change in their performance especially those countries that have experienced economic and political distress in the last few years. While Mongolia (62nd) and Venezuela (63rd) remain in the last positions, Ukraine (59th) and Brazil (60th) improve. Brazil’s improvement is the first since 2010 due to a positive shift in real GDP and employment. Ukraine increases because of its business efficiency. Their rise pushes Croatia down two places to 61st.

Bris notes that “This year’s results reinforce a crucial trait of the competitiveness landscape. Countries undertake different paths towards competitiveness transformation.” He adds “countries at the top of the rankings share an above the average performance across all competitiveness factors, but their competitiveness mix varies. One economy, for example, may build its competitiveness strategy around a particular aspect such as its tangible and intangible infrastructure; another may approach competitiveness through their governmental efficiency.”

Broader economic focus advocated for Myanmar

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http://www.nationmultimedia.com/detail/Economy/30346118

U Myint, former chief economic adviser to the President, at a seminar held at UMFCCI office in Yangon.
U Myint, former chief economic adviser to the President, at a seminar held at UMFCCI office in Yangon.

Broader economic focus advocated for Myanmar

Economy May 24, 2018 01:00

By KHINE KYAW
THE NATION
YANGON

2,083 Viewed

EVEN as international agencies pronounce a favourable outlook for Myanmar, former chief economic presidential adviser U Myint has identified policy areas that can help ensure that an improving economy benefits ordinary people.

The economist endorses a move that will see fresh studies conducted into patterns of expenditure in household consumption starting from 2010. He hailed the Central Statistical Organisation’s efforts to undertake such an update with the support of World Bank, which, with the International Monetary Fund, has maintained its positive outlook for the national economy.

“I believe the study will provide useful information on the state of life and labour for the common folk in our country,” U Myint said.

He said that average incomes of families in many parts of Myanmar were inadequate to meet household consumption expenditure. Estimated monthly incomes of average households were insufficient to cover consumption costs in all the states and regions except Yangon and Ayeyarwady.

He referred to a previous study that showed spending on food was very high in Yangon, the nation’s commercial hub, accounting for 68 per cent of total household consumption. He said it seemed to be among the highest in Asia, taking into account a very low level of income for the nation.

“With rising incomes, the share of food declines while there is a corresponding increase in the share of other items such as housing, consumer durables, transport, education, health, recreation, and family welfare services,” he said.

He also pointed out that there had been a rise in the share of charity and ceremonials (C&C), which has become a major item of expenditure since 2001. Spending on C&C was higher than what the typical household spent on renting a home, home improvements, education, clothes, and health.

He sees families doing meritorious deeds and playing an active role in ceremonies – including celebrations, conventions, festivals, musical events and rituals – as major reasons for the rise in C&C expenditures.

In its latest Myanmar Economic Monitor launched last week, World Bank projected Myanmar’s economic growth would increase to 6.7 per cent next year. Yet, the economist warned that the authorities should not become “too happy” with a narrow focus on gross domestic product (GDP) growth alone.

“In Myanmar, like in most countries, a lot of attention is devoted to GDP and its components in reporting about economic conditions in the country and plans for the future. There is a tendency to think the higher the growth rate, the better [the economy]. Whether this is really true has been debated for a long time,” he said.

“Too much pre-occupation with GDP is not good.”

He urged that the government should focus on the distribution of income that accompanies growth in GDP.

“In addition to looking at GDP, which deals with production and output aspects of an economy, it will be instructive to pay some attention to the consumption and expenditure aspects to get a better idea of our people’s economic situation,” he said.

He also warned of the impact of a brain drain, and urged the authorities to encourage Myanmar people living abroad to return to their homeland. In 2016, the International Organisation for Migration estimated that 4.25 million Myanmar nationals are living abroad. A large number of them work in Thailand and Malaysia, driven by the need to earn more for their families.

According to the economist, the major reasons for migration are higher wages in neighbouring countries, conflicts, and environmental migration caused by natural disasters.

“Children of the cream of Myanmar society in government, business, defence, academics and the professions are mostly all residing abroad either studying to acquire skills or settling down and working abroad,” he said.

Yet, he believes Myanmar now has a better political landscape.

“Now our situation is different. I believe we have made some progress with regard to freedom of legitimate thought, word, action and expression. Such progress should be maintained and strengthened,” he said.

More than just child’s play

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http://www.nationmultimedia.com/detail/art/30346122

  • “Puno” by Papermoon Puppet Theater from Indonesia
  • Adjjima Na Patalung, Fiona Ferguson, Luanne Poh and Hisashi Shimoyama, from second left, are all involved in organising children’s festival
  • The character WaWa comes to life as a sand drawing in “The Rice Child”
  • “The Rice Child” presents by Crescent Moon Theater from Thailand

More than just child’s play

Art May 24, 2018 01:00

By KUPLUTHAI PUNGKANON
THE NATION

2,156 Viewed

A forum held as part of the Bangkok International Children Theatre Festival 2018 looks at the very real challenges involved in organising plays for kids

“WHY IS it important to have an international theatre festival for young audiences?” This might seem like a silly question – kids, after all, deserve to have their imagination stimulated – yet it was also the major topic up for discussion at the forum hosted by the biannual Bangkok International Children Theatre Festival 2018 (BICTFest) last week at Chulalongkorn University.

On hand to give an answer to this and other questions were two representatives of renowned and well-established international festivals around the world, namely Fiona Ferguson, creative development director of the “Edinburgh International Children Festival”, formerly known as Imaginate, and Hisashi Shimoyama, general producer of the “ricca ricca *festa” from Okinawa in Japan. They were joined by Luanne Poh, artistic director of “100 and 100 more Festivals” of The Artground in Singapore and Adjjima Na Patalung, director of the BICT Festival in Thailand.

Despite being rather new – this is only the second edition of BICTfest –and still medium in terms of size, Adjjima stresses its importance in focusing attention that young audiences need creative and artistic performances to develop.

“These children are tomorrow’s adults so it’s vital that instil in them an appreciation of the arts. Live performance allows the audience to engage and share their feelings. The details and surroundings arouse and shape these young minds and allow the children to grow up as more complete human beings,” she says.

“They also learn about the cultural differences in the world. I believe and hope that we will see more people eager to experience this type of theatrical art.”

The Edinburgh International Children Festival is the role model of the successful festival. Inaugurated in 1989 and already preparing for its 30th anniversary next year, the festival has experienced plenty of challenges over the years.

“Putting together any festival is difficult,” Ferguson says. “There are always problems in securing funding and finding quality works including those made in the home country.

“But children’s festivals are even more challenging. It’s the same here as everywhere: adults who haven’t seen high-quality works for children, whether theatre or dance, tend to have a real misconception of the standard. Making a good work needs skill and support, as well as recognition. Next year will be our 30th festival and we are relying on those skills, which are affected by government policy, how much money they have for theatre and how much value they put on the art. These are the main challenges,” she adds.

“In Scotland, we are exceptionally lucky that we have a relatively large number of artists in our population. That’s partly because Imaginate has been around for 29 years. But again, it comes back to the same thing: if you want to turn children’s theatre into a career, you have to be aware that a lot of people will pick adult work because it is more serious art. They don’t see how interesting or hard it is to create an artistic work for a two-year-old.

And, Ferguson adds, because artists have to focus much harder on creating a work for a young audience than for an adult one, it’s really good training.

“For example, if you making a dance piece for six and seven year-olds, then you cannot go into the performance without thinking about the audience and what the response is going to be. Some adult artists don’t think about the audience but instead only look at the hook they want to see. The adult audience tends to be polite; even if they don’t like it, they will sit in silence. They will talk to friends about how they feel after the show. Children aren’t like that. You can feel the response immediately; if they are bored, they start fidgeting, playing with things and talking with friends. If they are enjoying it, you can feel their engagement in the work immediately and that’s very gratifying. Artists can still produce the work that they want to make and be driven by their artistic aims, but they also need to think about the audience,” she notes.

Japan’s “ricca ricca *festa”, an international theatre festival for young audiences, was launched in Okinawa back in 1994. Organised jointly across several towns on the island, it was the very first international performing arts festival for families in Asia.

It’s based on the belief in “nuchigusui”, an Okinawan word that means “medicine for life” or “medicine for long living”. This is no ordinary medicine though, but a nutrient for the heart, and so the festival strives to deliver quality performances that enrich the experience of art.

Shimoyama says that one of the key ingredients for success is giving children the opportunity to participate in the show. “Every year the schools organise a show on their premises because they recognise the importance of theatre for children. The festival also organises workshops for children so that they can be part of the show. Many artists try to understand the child’s world by lowering themselves and looking at things from the same eye level as the children and not from the top down. In short, these artists are seeing society from children’s perspectives,” he explains.

Although Japan certainly has more artists wanting to create performances for adults than for youngsters, a new movement has been launched as part of the festival’s mission to be the hub of TYA (Theatre for Young Audiences) in Asia. The aim is to cultivate creative activities by participating in the festival, which presents high-quality productions for children and young people from all over the world, and also actively organises symposiums, workshops, networking programmes as well as international co-productions.

Ferguson adds that children’s theatre is not just entertainment.

“As the festival organiser, we try not influence the artist but we are always looking for works that don’t preach about, say, gender or immigration. But we are interested in works that talk about such topics in artistic ways. A good work tells the story not by confronting people but as something that stimulates conversation by a teacher or parent in the classroom or at home.”

Indeed, the performance, “The Rice Child” by Thailand’s Crescent Moon Theatre last weekend was a prime example of what Ferguson was explaining. The performance featured various types of arts including puppets, sand drawing, a shadow play through an overhead projector, and singing. Creative director Sineenadh Keitprapai, says the story of WaWa, which reflects the life of migrant children whose parents are labouring in Thailand, sets out to bring the problem closer to Thai children and their environment.

“Teaching young children to get over their differences is not easy,” she says, “In our works for children we have to create provocative thinking but at the same time it mustn’t be aggressive. I’m thrilled to hear my young audience members engaging with the performance and speaking out loud to one of the other characters, Kao, not to bully WaWa or whispering how much they pity her to their mothers. They learn about life of others through these puppeteers.”

THREE MORE DAYS

– The Bangkok International Children Theatre Festival 2018 continues through Sunday at the Bangkok Art and Culture Centre.

– Find out what’s showing at http://www.BICTFest.com.

From graffiti to gothic mythology

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People look at the art of the conceptual artist, graffiti artist and hip-hop pioneer, Rammellzee at Red Bull Arts New York/ AFP
People look at the art of the conceptual artist, graffiti artist and hip-hop pioneer, Rammellzee at Red Bull Arts New York/ AFP

From graffiti to gothic mythology

Art May 21, 2018 01:00

By Agence France-Presse

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Conceptual artist Rammellzee is remembered in New York

NEARLY a decade after his death, a New York retrospective of the rapper, composer, graffiti artist, painter, sculptor and cosmic theorist Rammellzee hopes to reveal to the world his multifaceted, iconoclastic work.

While street art has worked its way into everyone’s living room, and a painting by Jean-Michel Basquiat can fetch more that $100 million (B3.1 billion) Rammellzee, although a key figure of 1980s New York, remains – as Sotheby’s put it – “perhaps the greatest street artist you’ve never heard of”.

Like many aspiring artists of his time, a teenage Rammellzee in 1970s Queens, New York, started out spraying on subway trains.

But as time passed, his letters transformed into abstract figures – compositions that by the start of the 1980s could be found in galleries, even Rotterdam’s prestigious Boijmans Van Beuningen museum in 1983.

People look at the art of the conceptual artist, graffiti artist and hip-hop pioneer, Rammellzee at Red Bull Arts New York/ AFP 

He also rapped – and Basquiat produced – his single “Beat Bop,” which would go on to be sampled by the Beastie Boys and Cypress Hill. Next, he made a stealthy cameo in Jim Jarmusch’s cult film “Stranger Than Paradise”.

But instead of being propelled to the same heights as Basquiat, Rammellzee changed course — inventing the concept of gothic futurism, creating his own mythology based on a manifesto.

In his Tribeca studio, he materialised his creation in the form of the “Letter Racers” – huge letters on skateboards that symbolise the possibility of free language as an emancipation tool.

He also made the “Garbage Gods”. figurines made of recyclables – half the “Recyclers”, and half the “Trashers”.

From the 1990s, Rammellzee would appear in public disguised in futuristic warrior get-up. Until his death from heart disease at 49, he remained in this imaginary world, current trends far from his mind.

People look at the art of the conceptual artist, graffiti artist and hip-hop pioneer, Rammellzee at Red Bull Arts New York/ AFP 

“Our biggest challenge was how to find a way to take such a multi-faceted artist, character, myth and try to create a narrative arch that could convey his intentions,” explains Max Wolf of Red Bull Arts New York, which is hosting the retrospective until August 26.

The pieces come from private collections and Rammellzee’s family.

“The US doesn’t really know a lot of that work, that was created and put into collections in Europe and never seen again,” Wolf adds. “So it was important that we try to forage all that and present it here.”

“He had a purpose. He had a certain body of work that he had to complete, to complete this capsule of gothic futurism. He finished it and he passed away.”

At a gallop

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http://www.nationmultimedia.com/detail/art/30345767

  • Photos/Deun Chongmankhong
  • In just seven days, Kabinet K managed to create a performance worthy to raise the curtain of the BICT Fest at BACC. Photos/Deun Chongmankhong

At a gallop

Art May 21, 2018 01:00

By Pawit Mahasarinand
Special to The Nation

4,690 Viewed

“Horses”, the opening work of the second BICT fest, is both a surprise and a good omen of what’s to come

WHILE THAILAND will soon play host to three art biennales– the first ever held here – there remains only one biannual international children’s theatre festival in the country. This clearly proves the lack of support for children’s performing arts, a tool that helps them develop into quality adults, and reminds us of the sad fact that here the focus is on talent shows and competitions.

At the opening ceremony of the second biannual Bangkok International Children’s Theatre Festival on the first floor of the Bangkok Art and Culture Centre (BACC), part of BACC’s seventh annual Performative Art Festival (PAF), last Thursday, audiences saw plenty of logos of cultural and educational partners but few of supporters on the poster backdrop. Despite this, festival director Adjjima Na Patalung, and her team at Arts on Location and Democrazy Theatre Studio have managed to bring in performances, artists, scholars and producers from nine countries.

In just seven days, Kabinet K managed to create a performance worthy to raise the curtain of the BICT Fest at BACC. Photos/Deun Chongmankhong

In her opening speech, Adjjima noted that as the festival puts emphasis on the process, rather than product, the show that we were about to watch was a work developed from a seven-day workshop – hardly the usual curtain raiser for any performing arts festival.

Later, when we moved to the fourth floor studio, Adjjima introduced the Belgian choreographer Joke Laureyns, who’s part of Ghent-based company Kabinet K. She described the concept of “Horses” as an “intense sharing” rather than a “performance”. The work premiered in 2016 and toured many European cities following five months of creation and rehearsals, and Laureyns applied this intense sharing to six adult and six children performers here in Bangkok.

Forty-five minutes later and most audience members would agree that she was being humble. It was a risk well taken for the festival, and the Thai version of “Horses” didn’t look like a work from a seven-day workshop at all. Centred on the theme of trust through physical movements, professional dancers and children engaged in a variety of movements and at various paces set to original music. It was also proof that to enjoy dance, kids don’t necessarily have to just watch music videos and copy their movements then perform in a dance competition in a department store.

Photos/Deun Chongmankhong

Yet the number of adults in the audience far surpassed the kids at this opening show – perhaps because it was weekday evening –and a boy in front of me fell asleep after 20 minutes, allowing me a full view of the work. I found myself wishing that, since the original version was presented with a live music performance, Thai musicians, composers or sound designers able to work in such a limited time, could have participated in this Thailand-Belgium collaboration, thus adding to the local input.

And since I cannot take my four-legged son to any of BICT Fest’s programmes, I replicated some of the dance movements in our midnight playtime to prove that we also have trust in one another.

But as neither of us are dancers and he weighs 28 kilos, his facial reaction read, “Hey, wouldn’t you rather have a human son instead of me?”

OFF WITH THOSE SMARTPHONES

The “Bangkok International Children’s Theatre Festival 2018” runs through May 27 at BACC (BTS: National Stadium), Chulalongkorn University (BTS: Siam) and Creative Industries (at M Theatre, on New Phetchaburi Road, between Thonglor and Ekamai).

It features performances, workshops, talks and forums.

For more details and ticket reservations, visit http://www.BICTfest.com and Facebook.com/BICTfest, call (081) 441 5718, or email BICTfest@gmail.com.

Bourgeois beyond the spiders

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“Single I”, from 1996, is part of the Bourgeois collection at the Glenstone Museum just outside Washington. /AFP
“Single I”, from 1996, is part of the Bourgeois collection at the Glenstone Museum just outside Washington. /AFP

Bourgeois beyond the spiders

Art May 21, 2018 01:00

By Agence France-Presse

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Traumatised in youth, the French-American artist left behind a haunting body of work

THERE’S SOMETHING deeply unsettling about navigating through the latest Louise Bourgeois exhibition, an experience that feels like trespassing in the late French-American artist’s psyche.

A five-decade survey that opened last week at the private Glenstone museum in the town of Potomac, Maryland, outside Washington, explores the breadth of deeply autobiographical, sexually-charged creations by this prolific artist, best known for her giant metal spider sculptures displayed around the world.

Traumatised as a child by her philandering father’s infidelities, including with her nanny, Bourgeois took a revenge of sorts with “The Destruction of the Father” (1974), her first large-scale installation.

A red-lit room lined in soft fabric suggests a womb-like bedroom-dining room, but also a crime scene.

“He Disappeared into Complete Silence” (19472005) is a limited edition book of 11 engravings./AFP

Abstract blobs represent children who have rebelled against their overbearing father, murdered him and eaten him up, his body reduced to lamb shoulders and chicken legs cast in soft plaster.

“So he was liquidated … the same way he had liquidated his children,” Bourgeois once said about the piece.

Nothing surprising, really, for someone who said “art is a guarantee of sanity”.

The ferocious aspects of Bourgeois’ femininity are on display in an untitled piece from 1996 that’s a macabre take on a mobile or clothing tree, with fine undergarments hanging from huge bones.

Jerry Gorovoy, Bourgeois’ long-time assistant who now leads the Easton Foundation dedicated to her life and work, recalled that the artist kept most of her old clothes – including from her childhood – and used them for her creations.

“Single I”, from 1996, is part of the Bourgeois collection at the Glenstone Museum/ AFP

“Ode a la Bievre” (2002), an embroidered book made of fabric pieces, pays tribute to the tannin-rich river that ran near the Bourgeois family’s tapestry-restoration workshop.

In “Cell (Choisy)” (1990-1993), Bourgeois placed a guillotine in front of a reproduction of her childhood home in hollow pink-yellow marble inside a metal enclosure lined with knocked out windows.

There are architectural qualities to “He Disappeared into Complete Silence”, a book of engravings and letterpress text Bourgeois first made in 1947, seen here in an edition she reworked through 2005.

“Je t’aime” (2005) is a series of 60 double-sided drawings./AFP

Various figures are represented as large, inhuman structures in a world where communication is often problematic.

On one page, a tall figure holds up a smaller one. Bourgeois’ accompanying parable: “Once a man was angry at his wife, he cut her into small pieces, made a stew of her. Then he telephoned to his friends and asked them for a cocktail-and-stew party. They all came and had a good time.”

Glenstone founders Mitch and Emily Rales amassed this varied assemblage of the artist’s works over just a few years.

Having an in-house collection has its advantages. Totem-like wood structures were drilled directly into the floor, as originally intended, rather than fixed on a metal base, as other museums have traditionally done.

Gorovoy calls Glenstone’s holdings of late pieces in particular “unparalleled”. “To take this in-depth trajectory is really significant,” he says.

There’s a series of six hand-coloured etchings, “I Give Everything Away”, that Bourgeois created in 2010, the year she died at age 98.

The elderly artist here made her final goodbyes with messages such as “I am packing my bags” in shaky handwriting alongside large images of people, plants and abstract forms.

After taking this journey, it’s a relief to step out into Glenstone’s carefully manicured landscape of rolling hills, meadows and woodlands, the air filled with birdsong and the sun-tinged fragrance of spring.

“Louise Bourgeois: To Unravel a Torment” continues through January 2020, with a temporary closure in September as Glenstone prepares to unveil on October 4 a stunning expansion that will make it America’s biggest private art museum.

New York art sales near $3 bn as uber-rich hunt trophies

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New York art sales near $3 bn as uber-rich hunt trophies

Art May 19, 2018 07:19

By Agence France-Presse
New York

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Global buyers have dropped nearly $3 billion on art in New York in two weeks, a record haul rooted in a billionaire thirst for trophies, Chinese purchasing power and growing diversification.

Christie’s chalked up $1.79 billion in sales, including every single item from the iconic collection of the late David and Peggy Rockefeller which, for the first time, spread their flagship May sales across two weeks.

Sotheby’s sold $859 million, including $157.2 million for a Modigliani nude — the most expensive lot of the season, after Christie’s last November smashed records by selling a single Leonardo da Vinci for $450.3 million.

“It’s colossal. It really is huge and especially after the dip of 2016,” says Georgina Adam, author of the “Dark Side of the Boom: The Excesses of the Art Market in the 21st Century.”

“As long as the auction houses have really managed to do their marketing very well and reach a big audience of collectors, the top end of the market is still doing very well,” says Rachel Pownall, a professor of finance at Maastricht University School of Business and Economics.

Christie’s sold the Rockefeller collection for $832.5 million, breaking the previous record for most expensive private collection — that of Yves Saint Laurent and Pierre Berge which went for $484 million in 2009.

The Rockefellers’ jewels included a $115 million Picasso, the seventh most expensive artwork sold at auction, and new auction records for work by Claude Monet at $84.6 million and Henri Matisse at $80.7 million.

“The Rockefeller did have an influence. Those were very, very good works and they had this really fantastic provenance,” Adam said. “I think that sort of set the scene for the whole week.”

‘Diddy’ wins

The 21st century art market is a global one.

Christie’s said 38 countries and six continents took part in its Post-war and Contemporary Evening Sale, which scored seven world auction records for lesser-known artists such as Richard Diebenkorn and Joan Mitchell.

Sotheby’s sale of Kerry James Marshall’s “Past Times” for $21.1 million set a record for Marshall and any living African American artist. Rap mogul Sean “Diddy” Combs was identified as the buyer by Marshall’s dealer.

“There’s more diversity occurring in the market, which is great,” says Pownall. “If you’re finding more diversity in the buyers, then they’re also looking for more diversity in who they’re buying,” she added.

The super-rich invest in art as a status symbol but also to make money, hoping for big returns on their down payment.

The 1917 Modigliani “Nu Couche (sur le cote gauche)” for example, sold for $157.2 million but had been bought by its seller for $26.9 million in 2003.

“People who spend serious money on this generally didn’t become rich by being stupid,” says Jean-Paul Engelen, co-head of 20th-century and contemporary art at the much smaller auction house Phillips.

The US market is still the biggest, but new money from China is moving in and their aggressive bidding helps to push prices up.

Sotheby’s said a quarter of all works sold at its Impressionist and Modern Evening Sale were acquired by Asian private collectors. Christie’s said 40 percent of buyers at its own Modern Evening Sale were from Asia.

Trophy assets

Big names — namely Picasso, Monet and Van Gogh — are the most coveted, giving what Adam calls a “bragging aspect” to acquisitions.

“We have very, very rich people fighting over a few trophy assets, a few what they call ‘blue-chip’ artists,” she told AFP.

A strong market means improving supply, as sellers look to capitalize.

“We see… our clients responding to things that are completely fresh to the market, and that have been owned and loved for many, many years,” said Sara Friedlander, Christie’s head of postwar and contemporary art in New York.

“There’s tremendous appetite,” acknowledged Simon Shaw, co-head of impressionist and modern art at Sotheby’s.

But the market as a whole has deviated little over the last 10 years. While the top lots fetch astronomical prices, Adam warns the bottom is falling out of the $50,000-500,000 bracket.

Professional and banker buyers are being priced out, no longer able to afford the art they admire.

“We are seeing is the closure of the mid-market galleries and this is really quite serious,” she warned.