Missing Home, Adolf Tega in collaboration with Qaqambile Bead Studio

Whilst you most likely have heard 1-54 is celebrating its 10th year in London at its flagship event at Somerset House, LUX casts an eye at one of their more surprising partnerships…Nando’s!

Founded in 2013, by Touria El Glaoui, 1-54 is the leading international art fair that focuses on contemporary art from Africa and its diaspora, with it name deriving from the 54 countries that make up the African continent. This year’s fair will host 50 international exhibitors across 21 countries, its largest number of countries to date. They will present over 130 artists working across an array of mediums from painting and sculpture to mixed media and installation.

Women’s Conversation by Nkoali Nawa

For the last three years, 1-54 has partnered with, Christie’s, highlighting the renowned auction house’s dedication to showcasing contemporary African art to its global client base. But even more astonishing is 1-54’s other significant partner. Nando’s.

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The fast-casual chicken shop chain is one of the greatest supporters of Southern African artists and their families by providing career development opportunities and exposure. Nando’s art programme have given over 350 artists a platform to further their careers, partly by hanging their works in 1200 restaurants across 24 coutnries.

Maideyi by Adolf Tega

Adolf Tega. Image by Retha Ferguson

“This opportunity is the pay-off for hard work and patience. It is a full circle moment for me; I recall so well receiving continuous feedback from Tamlin [Spier Arts Trust chief curator] to not be stubborn about my beliefs and preferences, to take my time to produce quality work and to find my own voice. Here I am now, seeing how far I have come and excited to be selected to present my work in London at 1-54. Thank you Nando’s and Spier Arts Trust for enabling my time to shine, it’s a very proud moment,” Says Adolf Tega.

A Celebration by Nkoali Nawa

Read more: PAD returns to Berkeley Square

Nkoali Nawa. Image by Retha Ferguson

Another artist on display who has become part of the Nando’s collection is Nkoali Nawa, who said “Nando’s and Spier Arts Trust are giving me a fantastic opportunity to expand my career and introduce my work to the international art market. It is so exciting that I will be able  to talk about my work, in person, on this platform with its incredible visitor base. It is the next step I needed as an artist, to grow.”

1-54 Contemporary African Art Fair is on at Somerset House, London, from Thursday 13th-Sunday 16th October 2022

Find out more:

www.1-54.com

www.nandos.co.uk/explore/art

Barrha Bar by Yann Le Coadic. Image courtesy of Pouenat

After two years online, PAD returns to its home in Mayfair, and with it brings its eternal reverence to craft and tradition, as well as new faces to the artistic hub – heritage and innovation await

From the 10-16th October, the 14th edition of PAD London, sister to PAD Paris residing annually in the Jardin des Tuileries, returns with its celebration of 20th century and contemporary design, with “a roster of world-class interior decorators and designers”, as the various disciplines of art and design meet again.

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Grounded by the history of its founder, Patrick Perrin, a fourth generation antique dealer, the art and design fair coalesce modernist tradition and contemporary works, as 67 galleries bring designers from across 27 countries, with visitors able to walk amongst cachet mid century Italian cabinets and historic names such as Portaluppi, Scandinavian textile compositions, works from Poland to Portugal, only to gloss over the worldly exhibits awaiting. The booths will be sites of collaboration, “sparking a conversation between past and present”, as stated by Perrin, with exhibitors placing retro-futuristic and contemporary metal work alongside Brazilian modernist design; natural, sculptural forms rubbing shoulders with American furniture.

‘Jackson Pollock’ Screen Room Divider by Dino Gavina & Kazuhide Takahama. Image courtesy of Portuondo London

“With their distinct approach to collecting, PAD London and PAD Paris epitomise how artistic genres across time and periods interact to reveal astonishing combinations and create the most individual and striking interiors.” says Perrin, “Over the past decades, the two PAD fairs have become a byword for connoisseurship, exquisite taste and curatorial flair, showcasing the very best in modern and contemporary design and decorative arts from the world’s leading galleries.”

Chaise Maurice Armchairs by David Nicolas. Image courtesy of Nilufar, Amendolagine and Barracchia

The week will show returning masters such as Joy de Rohan, a reminder of the unique platform PAD London provides French artistry, and 18 first time exhibitors, such as London’s own Francis Sultana and Beirut based Galerie Gabriel and Guillaume.

Read more: The Special Relationship of Sassan Behnam-Bakhtiar and Ali Jassim

The most established and emerging of  new voices across art and design are being exhibited, as age old techniques are adopted by young maestros. Equally a beacon of innovation, the fair promises many designers focusing on sustainable practice, with responsibly sourced materials and repurposed waste, reflecting upon materiality as a result.

Aqua Fossil Chandelier by Amarist Studio. Image courtesy of Priveekollektie

The artful world of jewellery will be presented by a triad of female gallerists, as women dominate across other mediums too, as PAD continues to deliver unending variety rooted by a deep care for craftsmanship.

PAD London will be taking place from the 10th to 16th October.

Find out more: www.padesignart.com
For tickets: tickets.padesignart.com

Portrait of artist Shezad Dawood at the sea’s edge in East Sussex

Shezad Dawood is seven years into ‘Leviathan’, a mammoth multidisciplinary project centred around our changing oceans. Maisie Skidmore visits the artist in his Hackney Wick studio to learn more about this monumental undertaking

Shezad Dawood is not one to back down from a big idea. “When I first called the project ‘Leviathan’, my partner asked, ‘Are you sure you want to do that?’” the artist says.

It was 2015, and London-based Dawood had begun to draw connections between the perilous journeys migrants were making across the Mediterranean, dominating the news at the time, and the environmental changes taking place under that same sea’s surface. He started speaking to environmentalists, oceanographers, political scientists, neurologists and trauma specialists, bringing together elements of their research on climate change, marine ecosystems, migration and mental health into the beginnings of what would become ‘Leviathan’ – a 10-part film cycle that also encompasses virtual-reality works, paintings, sculptures, textile pieces, talks and symposia featuring scientists and other thinkers. Inaugurated at the Venice Biennale in 2017, seven years on, ‘Leviathan’, the title taken from Thomas Hobbes’ 1651 work and the biblical sea monster of the same name, continues to gather momentum.

Disposable Mementoes (Dolphins), 2018

As an artist who is drawn to examine huge systems – language, history and legend being a few – the ocean had an irresistible draw for Dawood. “I make the slightly glib comment that calling this planet ‘Earth’ is a mistake, because it’s predominantly water,” he explains. “All life originates in water. Our human bodies are largely composed of it. We’re missing an important trick in thinking about who we are and where we come from.” With so many years in research, ‘Leviathan’ is still growing. “There is a universe of material.”

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Some of the pieces become universes in and of themselves. Take The Terrarium, the 2020 virtual-reality experience mapped out by evolutionary geneticists and marine biologists. It allows participants to step 300 years into a speculative future of the Baltic Sea, which runs from an eroded Kent coastline to the peninsula of Tallinn, on an Earth that is 90 per cent water. This “sci-fi, operatic” world sees the participant become a hybrid cephalopod released from a laboratory to the open seas to explore their surroundings. The immersive soundtrack, Shifter, by British composer Graham Fitkin, explores shifting baseline syndrome (the theory that each generation unconsciously shifts its expectation of what defines a healthy ecosystem). The Terrarium shows both the breadth of Dawood’s vision and the attention to detail in its execution.

Coral Alchemy II (Porites Columnaris), 2022

Other works seek to make visible the effects of climate change that are shrouded by the depths of oceans, bringing the present- day underwater world to ground level. ‘Coral Alchemy’ is a series of giant coral sculptures created for the exhibition Desert X AlUla 2022 in Saudi Arabia, where they were placed in a canyon that, some 10 million years ago, would have been the delta of what became the Red Sea. The colour of the sculptures changes to simulate the impact of rising temperatures on coral, transforming from carbon black in the morning, through their natural colour range, before bleaching fully in the midday sun. “People have become much more aware of coral reefs in terms of biodiversity,” Dawood explains, “but one thing that could be better communicated is their role as a membrane. Coral reefs act as a protective barrier in extreme weather events, such as tsunamis. They are nature’s barrier. If we keep seeing the same drop-off in reef ecosystems, coastal erosion will accelerate, and extreme weather events will have a much greater impact on coastal communities.”

Portraits by Jonathan Glynn-Smith

Other works focus on the intersection of climate change, migration and trauma. ‘Labanof Cycle’ is a series of large-scale textile works created in collaboration with Labanof (the Laboratory of Anthropology and Forensic Odontology) at the University of Milan, whose team recovers and documents lost possessions – even human remains – of migrants attempting the Lampedusa crossing from North Africa to Sicily. Dawood’s images, painted and screen- printed onto textiles, feature images of cigarette packets, Spider-Man gloves, batteries and tiny bags of earth taken from homelands. In immortalising what is lost at sea from boats that have capsized or sunk, Labanof creates a record of lives lost. It is a programme designed to serve both grieving families and legal and humanitarian protocol.

Disposable Mementoes (Crayfish), 2018

The subject matter is alarming. Yet, from enormous tactile images and immersive VR experiences, to the ghostly iridescent sheen of coral sculptures, Dawood’s work remains wondrous, enticing, empathetic. He is quick to mention the many scientists and thinkers who have contributed to it, sharing time and research to help him understand their specialisms.

Coral Alchemy I (Dipsastraea Speciosa), 2022

As well as communicating these issues of our time, Dawood has become determined to “close the virtuous cycle”. This is done, in part, through sharing information. “There is a web platform for ‘Leviathan’, and I have invited scientific informers to write short, accessible papers for it, bringing the science back to the forefront,” he explains. “We’re also upping the ambition.”

Read more: An Interview With KAWS

In collaboration with Professor Madeleine van Oppen at the Australian Institute of Marine Science (AIMS), Dawood is in the process of creating two grants, to be awarded annually to individuals working in coral research.

Leviathan, 2017. All artworks are part of Dawood’s ongoing ‘Leviathan’ project

It is both a chance to pay it forwards, he says, and an exercise in interdisciplinary collaboration. “I believe, increasingly, in an idea of convergence. How do we find ways to coexist, and take the broadest number of people along with us, into a more constructive set of notions of the future? How do we start having those conversations? We need new, fresh ways to think about how people can come together.” He smiles. “I’m an optimist, in spite of it all.”

Shezad Dawood is the official artist for the Deutsche Bank Wealth Management Lounge at Frieze London

Find out more: shezaddawood.com

This article first appeared in the Autumn/Winter 2022/23 issue of LUX

Jeppe Hein before a speech-bubble message and chalk panel, elements of the artist’s multimedia, interactive project for Ruinart Carte Blanche 2022, ‘Right Here, Right Now’

When Danish artist Jeppe Hein was given the coveted Carte Blanche commission by champagne house Ruinart, he was determined to create something quite different, by taking art-fair visitors back to nature and making an appeal to the senses. Candice Tucker reports

We are lying on the ground surrounded by by trees, breathing slowly, ever more slowly. The silence and peace is palpable. Stress ebbs away, nature flows through us. There is a gentle waft of incense and the sounds of the countryside.

It is a comforting, uplifting experience, probably about as far from the hubbub and glamour of an art fair as conceivable. And that is just what the Danish artist Jeppe Hein had in mind, when he took us on an excursion as part of his Ruinart Carte Blanche commission.

The artist experiencing the Ruinart estate through the senses, part of the responsive idea of his Carte Blanche work

Carte Blanche is Ruinart’s annual series, begun in 2017, in which leading global artists are given, well, carte blanche, to create what they like (well, almost – there are some limits, we imagine), as a tribute to the historic champagne house. The artists’ resulting work, in this case Hein’s ‘Right Here, Right Now’, and a rolling associated art programme (of which we were part in this moment) then travel the globe to be showcased at the world’s greatest art fairs, including Frieze in London and New York, Art Week Tokyo and Art Basel Miami.

A chalk face drawn on another panel

At this point, as part of his project, Hein was taking us, an assembled group of the world’s art media, back to nature. We were at the Royal Pavilion at the Bois de Boulogne in Paris, a peaceful setting in a huge park on the edge of one of the world’s great metropolises.

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In that moment, he succeeded, and again, as the nature vibe continued over a meditative lunch in the Pavilion (vegetarian because, of course, the artist wanted us to commune with the world of plants and trees). By extension, the concept of sustainability continued with it.

The artist at the exhibition

Nature, and a return to it, is a common theme in both Hein’s life and his often playful experiential art. He was raised on a biodynamic farm in Denmark, and his art has long explored the space between the natural world and what we make of it and from it. He famously declared burnout in 2009 and said he was going to slow down and reconnect with nature. He now lives by the Grunewald forest, a kind of equivalent to the Bois de Boulogne on the edge of Berlin.

visitors contribute to the artwork with chalk drawings

Champagne, meanwhile, is a product of nature, but one that also needs the careful craftsmanship of humans. Unlike wine, it could not occur naturally, as it needs a painstaking second fermentation process in the bottle to become what it is. Ruinart is a champagne beloved of the world’s art collectors. On any collector’s yacht, you are likely to be served its Blanc de Blancs, an ethereal, delicate yet richly seamed creation made of Chardonnay grapes. At a soirée, you will likely be drinking Ruinart Rosé, with its undercurrent of summer berries and autumn woodlands from the combination of Chardonnay and Pinot Noir grapes.

Jeppe Hein makes his own mark on a chalk panel

Hein’s ‘Right Here, Right Now’ considers peace, the senses and interactivity in response to the world of Ruinart. At the Palais de Tokyo in Paris, 10 minutes from our lunch, installations included a column with a hole. Put your hand in and a raisin comes out: you must eat the raisin following specific instructions to ensure you appreciate each of your senses. In another column hole, there is a spray of perfume. There are also installations on a wall on which you can draw faces in chalk, so your own marks become part of the artwork – chalk makes up the underlying soil of much of the Champagne region, and is intimately associated with Ruinart. Further artworks feature speech bubbles that carry messages of mindfulness. There is an appeal to all five senses and all four elements.

a speech-bubble message invites consideration of sensorial responses

The gastronomic side is equally important for Hein. And, we imagine, for Ruinart, as there can be few better accompaniments to very pure cuisine of the highest level than the highest quality champagne, with its clean direction and precision. Five leading chefs are creating a “gastronomic dialogue” with Hein as part of this “nomadic artistic adventure”, travelling during 2022 from Paris to London to Miami, and points in-between. “We invite people to experience Ruinart champagne, the chefs’ food and my art, at a totally new level,” says Hein.

The artist considers the scents of plant life on the Ruinart estate. Opposite page: work from previous Ruinart Carte Blanche projects

What does the artist himself think about what he is creating? “I was very inspired to go to Champagne and see so much creativity, precision and inspiration. There was a link to my own studio, to how I get an idea, or work around an idea and try to make models and express it and, in the end, it comes out. I fell in love with the champagne cellars – they have 11km of them. We walked along them, there was a yellow light and it was eight degrees or something. If you touch the walls they are wet. All these physical experiences got me totally engaged into trying to bring that feel to the art fair, to the experience of people there.”

Read more: An Interview With KAWS

‘Right Here, Right Now’ is, he says, “about the moment of being here. When you take the chalk in the interactive installations and start to draw, you are in the moment, not thinking too much. I’m trying a few things with the sense of smell, which goes straight to the brain and can reflect on something you smelt when you were five. Smell is always activating old memories, which I think is beautiful. When you’re working with all the senses, you can activate a lot of feelings. In my work, I’m not trying to be in your head, I’m trying to bring you into your body.”

It is a quite different experience to the usual art-fair hubbub; one perfectly enjoyed over a creamy, delicate glass of Ruinart Blanc de Blancs.

Past Masters

Since 2017, leading contemporary artists have responded to Ruinart via the champagne house’s annual Carte Blanche initiative. Here is a glimpse of some of the works

Lui Bolin, 2018
In ‘Reveal the Invisible’, the Chinese artist created eight almost hidden works that considered the quiet tasks undertaken by workers to create Ruinart champagne.

David Shrigley, 2020-21
Across 42 artworks, in ‘Unconventional Bubbles’ the British artist provoked witty debate about nature and raised awareness of the environmental challenges that motivate Ruinart

Vik Muniz, 2019
In ‘Shared Roots’, the Brazilian artist made a series of pieces using Chardonnay vines and other raw materials that form part of Ruinart’s transformative work

Find out more: ruinart.com/carte-blanche

This article first appeared in the Autumn/Winter 2022/23 issue of LUX

Sassan Behnam-Bakhtiar and Ali Jassim

One is an artist and the other a financier, but in coming together to create a charitable foundation, Sassan Behnam-Bakhtiar and patron, Ali Jassim have also found themselves blurring boundaries and creating art together, discovers Mark C. O’Flaherty

The relationship between artist and patron is one that has formed part of the bedrock of creative endeavours for centuries. The links between the Medici and Michelangelo defined Renaissance Italy with a complexity and intimacy far more than any of Brunelleschi’s domed architectural gestures, or the fictitious romance of Romeo and Juliet. Masterpieces simply flowed from the marriage of painter and family. Similarly, Peggy Guggenheim freed up Jackson Pollock to create his grand abstract-expressionist canvases through a $150-a-month contract between 1943 and 1947, from Mural, the piece he created for her Manhattan townhouse, to his first major drip-technique masterpiece, Full Fathom Five. Right now, artist Sassan Behnam-Bakhtiar and financial advisor, philanthropist and entrepreneur Ali Jassim are exploring what an artist and patron can achieve in the 21st century. Both men have Iranian heritage (Jassim’s on his mother’s side), with Behnam-Bakhtiar based in France and Jassim in Puerto Rico.

‘Garden of the Soul’ At Dusk, 2020

When I speak to Behnam-Bakhtiar, it is via Zoom and he is in bed, functioning at half speed
after contracting Covid from his wife and child. “It’s okay, it’s just boring,” he says, sitting up to talk enthusiastically about what he was working on before the virus landed, and what comes next. Much of that will involve his relationship with his patron and now partner in philanthropy, Jassim, as they establish the Jassim Bakhtiar Foundation in Monaco, to help children in Iran, Iraq, Afghanistan and the region. “We are doing our first fundraiser next year, in the south of France,” says the artist. “We want to have a huge impact. The language of arts and culture can create momentum and bring on the right people together for a cause, but this isn’t just about donating a few thousand dollars, we are looking at tens of millions.”

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The pair met around 10 years ago, at an exhibition in London. “We immediately knew we shared many of the same attributes, purely as human beings,” says Behnam-Bakhtiar. “Of course, we both have an Iranian heritage, but we found that we share core values. He was an art collector, and we talked a lot about my theories and philosophy, and he wanted to know where I wanted to go with my work. Then as he spends some time in Cap Ferrat, near where I am, we started talking more about Iran and the orphans of the conflict, and we decided to look at creating a foundation. But our relationship is about more than that. I believe we share experiences from past lives. We talk for about four hours on the phone every day. He likes to come and get his hands dirty in the studio, too, and the dynamic goes both ways: I’ve also become an advisor to him in his business endeavours.”

From the ‘Garden of the Soul’ series, At Midnight, by Sassan Behnam-Bakhtiar

Jassim is a fascinating character, who has worked extensively with high-profile figures in the business world of the Middle-East and Europe. “When I first met Sassan, I felt an inexplicable connection. Then, over the years, as I found myself growing emotionally and spiritually, I began to understand it was a connection beyond explanation, beyond science and mathematics. It is a feeling that spans many lifetimes,” he says. “I believe the greatest teacher we have in our life is our own soul. Sassan and I both believe this, and we often take time aside to connect and meditate multiple times a week. I would love to live in a world one day where I feel I’ve had a positive impact and where respect is present across the world throughout races and religions, most importantly for Mother Earth. Difference is what we want to portray on the canvas through the art we are creating, but the goal is unity.”

From the ‘Garden of the Soul’ series, Love Always Prevails (detail), 2020, by Sassan Behnam-Bakhtiar

Behnam-Bakhtiar has spent years exploring meditative practices as part of his work, grounding himself with Kundalini principles and, as he says, “focusing on my chakras and accessing dormant power”. He describes a William Blake-style revelatory moment of seeing bright colours after getting deeply into meditation, which fed through to how he creates his work. Many of his canvases have a romantic Monet-like quality to the florals, but also look like pixelated glitches on a monitor. Behnam- Bakhtiar tells me his peinture raclée technique is linked directly to his meditation: “When you strip layers of yourself away, you go inside yourself. I wanted to shut off external layers so I could feed the frequency of my soul. That promoted health and wellbeing and had a profound impact on me. So that’s what I started to do with my painting. I began to scrape off layers. And that physical process takes about six months, even for a relatively small painting. I play with the paint. The consistency of it is crucial. I need to wait after I’ve applied it so that it dries to a certain degree, at which point I can scrape it off to get the texture I am seeking. It is a technique that was born through meditation.”

Sassan Behnam-Bakhtiar at the unveiling of ‘The Journey’, 2022, presented by Ali Jassim

As well as exploring meditative practices and laying the groundwork for their foundation (the HQ of which will also house Jassim’s impressive art collection, putting Behnam- Bakhtiar canvases alongside work by Renoir, Damien Hirst, Andy Warhol and Richard Prince), the pair have been working on a collection of paintings entitled ‘The Journey’. Although the imagery has the same abstract beauty for which Behnam-Bakhtiar is renowned, it is also some of the most political and personal he has done in years, with skulls and crowns manifesting themselves in the mixture of oils, acrylics and crushed stone.

From the ‘Garden of the Soul’ series, At Sunrise, by Sassan Behnam-Bakhtiar

Years ago, Behnam-Bakhtiar worked in the medium of photo collage, and the subject matter was overt. Born in Paris in 1984, he grew up in post-revolution Iran against the backdrop of the Iran-Iraq war. One way of dealing with his traumatic experiences, which included imprisonment and life-threatening episodes, was to address the politics of Iran through imagery in works such as the 2016 series ‘This Way’, which features My Favorite Kinda Soldier is This Way and Tehran is This Way – the latter incorporating a collage of a figure with a gas mask and a dress of Iranian carpet pattern. Subsequently, as he practised meditation, it came to feature in his methodology, and his work became more visually romantic.

From the ‘Garden of the Soul’ series, At Peace, by Sassan Behnam-Bakhtiar

In everything Behnam-Bakhtiar does, there is the resonance of his trauma in Iran. War and its impact on the human psyche are common and essential themes in contemporary art. In 2022, one of the most talked-about installations at the Venice Biennale was Anselm Kiefer’s work that took over the vast walls of the Sala dello Scrutinio in the Doge’s Palace. The series of paintings, entitled ‘Questi scritti, quando verranno bruciati, daranno finalmente un po’ di luce (‘These writings, when burned, will finally cast a little light’)’ created a devastating immersive tableau incorporating blasted landscapes and remnants of clothing. With war raging in Ukraine, it felt apposite, but almost intolerably graphic and moving. I ask Behnam- Bakhtiar why his reaction to trauma is to create beautiful imagery, rather than aggressive pieces.

Trees of Paradise, 2019, by Sassan Behnam-Bakhtiar

“That’s probably the best question anyone’s asked me,” he says. “It’s been a very important value in my work. And I’ve had the privilege of being in group shows with Kiefer. My life has been filled with traumatic experiences. Back in the day, I would sit with some of my idols, who were older Iranian artists and friends of mine, and ask why we always had to paint sad things. And I knew the answer, of course – the art world wants us to show women in a hijab and show the sufferings of our people. The collages I used to do, that was when I had lost the plot. I had an exhibition in London and showed that work; it was about the children who were part of the war. Then I created another series, ‘The Real Me’, which was around the time we were all portrayed as bearded terrorists. I wanted to show that, despite the Islamic revolution, we lived like anyone else. I’d had enough of seeing sad work. Even if I start from a dark piece, it always ends up being beautiful. You can see the hurt, but I also want you to see the transformation in it, to bring hope and strength and love.”

‘Extremis’, Setareh Gallery, 2019

When Behnam-Bakhtiar talks about his patron “getting his hands dirty”, he means literally. Jassim has been working with him in the studio and, while he is operating under the artist’s direction, he has been physically making his mark on the canvas. The physical connection to the work is important for both of them. “What we are doing with the foundation together is so important,” says Behnam-Bakhtiar. “And this is a unique dynamic, for an established artist to work with someone who isn’t a painter. But I want him to have visual input. And I will credit those pieces to both of us.”

Read more: Domaine Clarence Dillon: L’Art de Vivre

With the duo also developing NFTs as part of their output, as well as building the Jassim Bakhtiar Foundation together, the potential for what began as a straightforward patron-and-artist scenario is limitless. The High Renaissance brought us Michelangelo’s Sistine Chapel, created with as many as 13 assistants and the infinite resources of the Vatican. With every advance in technology, and a will to use art for much more than religious decoration, Sassan Behnam-Bakhtiar and Ali Jassim could create unimaginable wonders.

Find out more: sassanbehnambakhtiar.com

This article first appeared in the Autumn/Winter 2022/23 issue of LUX

Château Quintus, so named as the “fifth child” of the Domaine Clarence Dillon family group

From Bordeaux to Paris and back again, Domaine Clarence Dillon, under the stewardship of HRH Prince Robert of Luxembourg, is delivering two of those most signature luxuries of French life, haute cuisine and Haut-Brion – and more besides, discovers Anna Tyzack

At Le Clarence, just off the Champs-Élysée, in the golden triangle of Paris, the staff are used to seeing familiar faces: not only the actors and politicians who dine there, but the guests who keep coming back. One distinguished French couple returns two or three times a week to enjoy haute cuisine and traditional service à la française in château- like surroundings; afterwards, they head back to their apartment to dance. So successful is head chef Christophe Pelé in recreating the French art de vivre, that Le Clarence, which opened in 2015, won two Michelin stars in one year, and in 2022 was honoured as the second finest restaurant in France, with a global ranking of 28th, in the World’s 50 Best Restaurants list.

The group’s Le Clarence, which has won two Michelin stars and is ranked 28th in the World’s 50 Best Restaurants list

Le Clarence echoes the tastes and spirit of its founder, HRH Prince Robert of Luxembourg, whose great-grandfather, Clarence Dillon, a Harvard-educated banker and Francophile, revived the fortunes of Château Haut-Brion, a Grand Cru on Bordeaux’s Left Bank, in 1935. The group also includes Château La Mission Haut-Brion, bought by Prince Robert’s mother, Joan Dillon, Duchess of Mouchy, in 1983.

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Prince Robert is devoted to his family legacy and became group president in 2008. Like his ancestors, the prince knows that the best way to preserve it is to innovate. Hence his decision in 2011 to expand the repertoire by acquiring a property now known as Château Quintus (meaning fifth in Latin, as the group’s fifth child), a Right Bank wine estate in the UNESCO World Heritage Site of St-Émilion, and in 2015 to bring the spirit of Domaine Clarence Dillon to a 19th-century townhouse, Le Clarence, in what could be described as the Mayfair of Paris. According to his devoted staff, the prince is not a man who likes to sit still and is permanently seeking new ways to capitalise on the company’s past to build its future.

HRH Prince Robert of Luxembourg, the fourth-generation scion of the Dillon family to look after its winemaking legacy

The building was in a sorry state when the prince first stepped inside. Built in 1884 as an hôtel particulier (grand residence), it had been an ophthalmologist’s for many years and was in need of major renovation. Yet the prince could see it was the perfect private mansion to house the passions of Clarence Dillon – fine wine and gastronomy – in Paris. Over the next five years, he meticulously restored the courtyard, marble staircase and exquisite formal rooms. He designed the interiors by researching and imagining how each room would have looked in the past, sourcing 18th- and 19th-century furniture, paintings and carpets from auctions around the world. When builders discovered a vaulted wine cellar beneath the building, the prince resolved to open a fine-wine boutique, La Cave du Château, in the style of the grandest cellars of Bordeaux and Champagne, stocking Haut-Brion (which had been enjoyed by Samuel Pepys and Thomas Jefferson), along with other fine wines, spirits and secret vintages.

Seasonal, creative haute cuisine at Le Clarence

The prince knew, however, that it was people who would bring Le Clarence to life – in particular a head chef to recreate the ethos of Domaine Clarence Dillon in Paris. He was determined to find a chef with their own ideas, style and expertise who would bring a blast of modernity to this historic house. After many months of searching, Prince Robert came across Christophe Pelé through word of mouth; Pelé had worked at some of the best restaurants in France before shocking the gastronomy world in 2012 by closing his two-star restaurant, La Bigarrade, to focus on learning more of his art. Prince Robert invited Pelé to cook for him at Haut-Brion, where, along with creating a world-class gastronomy and wine library, he has installed a kitchen fit for Michelin star- winning chefs. First thing in the morning Pelé headed off to the local market, then spent the day creating a menu that combined ingredients from earth and sea; Prince Robert was so impressed by Pelé’s ingenuity and creativity that he invited him to collaborate right away.

Le Clarence has earned two Michelin stars since its opening in 2017

By 2017, Pelé had earned Le Clarence two Michelin stars, adding the ranking of 28th best restaurant in the world in 2022. There is no formal menu: each artful dish is inspired by a classic recipe and prepared uniquely for each guest to express terroirs, cultures and seasons, and served with a number of smaller dishes to complement the flavours. Pelé, a horse rider and nature lover, devotes a huge amount of time to cultivating relationships with his favourite farmers and producers.

Head chef Christophe Pelé, who prizes classic service à la française alongside his modern cuisine

He is adamant that if his guests are to taste the seasons, he has to be great friends with his fishermen, farmers and suppliers. For example, Pelé works with family company France Ikejime for the freshest fish, while the organic sourdough is from local Parisian bakery Ten Belles. But while his cooking is unashamedly modern, Pelé’s presentation and service is resolutely traditional. “Some say that the art of service à la française is outdated, but what we offer is as relevant now as it always was: the extraordinary luxury of taking your time,” Pelé maintains.

Le Clarence has achieved the rank of second finest restaurant in France

A little over 600km away from Paris on Bordeaux’s Right Bank, the staff at Château Quintus are also aware of the significance of time and deep-rooted relationships. In 2013, the prince expanded this newly named estate, where some of the vines, planted to Merlot, Cabernet Franc and Malbec, date back 100 years, with an average age of 30 years. In 2021, he added another venerable château. Along with Jean-Philippe Delmas and Jean- Philippe Masclef, Haut-Brion’s most senior winemakers, the prince has adopted the same vine-by-vine, plot-by-plot approach used at Château Haut-Brion and La Mission Haut- Brion. “At Haut-Brion there are centuries of knowledge; here we’re starting afresh but we have the fundamentals,” explains Delmas, who is the third generation of his family to be in charge of producing Château Haut-Brion wines. “Château Quintus is deeply rooted in the heritage of St-Émilion, one of the oldest vineyards in the world. Now we’re applying principles from our other properties to get the very best from this ancient terroir.”

Château Quintus vineyards, lined with trees and wildflowers to nurture the terroir and promote biodiversity

The prince set out his intention for Quintus to become the new star of St-Émilion when he commissioned a huge sculpture of a dragon to tower over an estate promontory. The outlook of Le Dragon de Quintus is nothing short of intimidating, as surrounding vineyards belong to the Grand Cru estates of Château Ausone, Château Angélus and Château Le Dome, as well as Château Berliquet and Château Canon, whose owners, Alain and Gérard Wertheimer, own Chanel. Yet the first vintages of Château Quintus have received critical acclaim. At a blind tasting with 28 top wine tasters in spring 2022 in London, three of the Quintus vintages were scored in the top 15 of 48 peer wines, with the 2016 Quintus ranking fourth. Of four perfect scores, three went to Quintus. It seems Prince Robert’s ingenuity is paying off. “The aim at Quintus is to make elegant wine in the spirit of Haut-Brion with typicity of St Émilion’s Right Bank,” explains Mariette Veyssière, manager of Quintus, who previously worked at both Haut-Brion and Pétrus, and whose father and grandfather are both cellar masters in St-Émilion. “The fact that there are 42 acres of vines on three orientations surrounded by oaks and acacia gives us a huge palette when it comes to the blending process.”

A first vintage of Château Quintus, 2011, with an antique Haut-Brion bottle found in a pirate’s cache

As a fourth-generation wine producer, Prince Robert is well aware that, to make the best wine, you need to nurture the terroir – not just for the next vintage but for the coming decades. “‘Terroir’ is a big word in France; it means more than just ground – it’s the whole ecosystem,” says Veyssière. “We are very gentle with it; not just with each vine but the whole terrain; we have to try to envisage what it will be like in 10 and 20 years time.” At Quintus, 800 types of auxiliary fauna with more than 80 species of wildflower have been recorded, as well as a profusion of bats, bees, insects and birds. Each year, parts of the vineyard are replanted, hedgerows are relaid and more trees and wildflowers are planted. No insecticides are used, and any ploughing is done with care to avoid soil erosion. “In order to have the best grapes, the vines have to suffer a little; at the top of the limestone slope where it is rocky there is a natural limitation to how much they can thrive, but where the soil is more sandy and fertile, we grow grass to prevent the vines from growing too vigorously,” Veyssière explains.

Read more: Prince Robert de Luxembourg on wine, gastronomy & storytelling

Harvest at Château Quintus is a painstaking three-week process with each plot (74 per cent Merlot, 24.3 per cent Cabernet Franc and 1.7 per cent Malbec) harvested by hand. “We’re gradually learning the soul of the plots and the grapes,” Veyssière continues. Once the grapes are off the vine, they’re sorted in terms of quality using a gravity sorting system: the best flow down into tanks: steel and concrete for Merlot and Malbec, oak for Cabernet Franc. Then, in November, an expert panel, including the technical teams from Haut-Brion and La Mission Haut-Brion, decide on the blending of Château Quintus and the second wine, Le Dragon de Quintus. Only afterwards will it be put into barrels. “We decide on the blend first to ensure the oak is not masking the berries’ potential,” says Veyssière. “We use a ratio of 35 per cent new oak, 65 per cent old, as the newer the barrels, the oakier the taste of the wine.”

A view of Château Quintus looking towards the spire of St-Émilion church

For Prince Robert, who in 2018 joined Primum Familiae Vini, an association of the world’s most historic and celebrated wine-producing families, Château Quintus is a cherished fifth child, not only as it expands Domaine Clarence Dillon into St-Émilion but because it fulfils the wishes of his great-grandfather. Clarence Dillon had great affection for the ancient vineyards around St-Émilion, yet he never succeeded in buying a château there. Nine decades later, the Quintus estate, like Le Clarence, is a nod both to the past and the future of Domaine Clarence Dillon. “When Prince Robert is here, he likes to walk slowly through the vines and oak copses, taking it all in,” says Veyssière. “There’s no better place to catch up with his team than walking through the terroir with the butterflies and bees and the church spire of St-Émilion in the distance.”

Prince Robert on creating a new legacy

HRH Prince Robert of Luxembourg has been expanding the family business since taking over at the helm of Domaine Clarence Dillon, owner of Château Haut-Brion and other prestigious estates, in 2008. He speaks to Darius Sanai about the past, present and future.

On creating wine and gastronomic experiences
Wine is an experience. It has always been valuable only because it is something we share,
a shared experience. The fine-dining restaurant in Paris, Le Clarence, is part of that: we are bringing people into the heart of the world we have created. The style of the place is a reflection of the style of our Bordeaux château which I saw born around me when my mother redesigned and decorated it back in the early 1970s. I wanted to recreate that atmosphere in Paris. The cooking is totally different because it is hypermodern and the chef is innovative yet respectful of the ingredients. His cooking, to me, is close in style to the wines of Haut-Brion because it is subtle and elegant. It’s a composition. He treats all the contents of the plate in the same manner that our oenologues would the composition of the wine. You have a little bit of everything, but not too much of anything. It is a real art.

The group’s Le Clarence restaurant, with wine boutique La Cave du Château, elegantly housed in a renovated 19th-century Paris hôtel particulier

On building a new carbon-neutral winery at Château Haut-Brion in Bordeaux
The mandate I gave to the architects emphasised that it is not about a cult of personality, about the architect or about ego – whether that is the winemaker, the owner or the architect. We have an extraordinary story here, and we have to really put the focus on that and share it. It can’t be heavy-handed. The design element should not be too important, either. As much as I like Disney and am a big fan, we can’t recreate that kind of experience at Château Haut-Brion. It is like our wine and food: it has to be very subtle.

The carbon-neutral project was born 10 years ago, so we have been working on this with the architects. The technology we are using has improved significantly over that time, so we are going to be in better shape than we anticipated when we started, whether it is the geothermal energy we are using or solar cells. It is important for all of us and the planet, but especially important when you have a long-term vision of a family company that we represent. We are farmers, and our most important asset is our soil and our planet – without that we are nothing, so we have to look after it. I think that is why we see a lot of positive messaging coming out of this space. We are physically using our soil to build our buildings because the construction is going to be significantly made of rammed earth, so we are extracting our soil and we will have that reflected in the walls of our chai building. It is an exciting message, and we will literally be able to see quite gravelly soils within the actual walls. Some of it will be more traditional construction, but much of it will be rammed earth.

On creating a new St-Émilion first-growth wine, Château Quintus, on land that was previously three older properties
Creating a new name and brand ultimately means the promise of quality to the consumer. The reason for creating a new name is that we are not trying to make a better version of what was there before. We are making a totally different, better wine than all those estates. The selection process of the grapes for the wine is so drastically different compared to what was done beforehand. It is a totally different way of making this Right Bank wine. We are adopting the same kind of principles that we have at the Left Bank at Château Haut-Brion and Château La Mission Haut-Brion. It is daunting, but, ultimately, it is very exciting.

While the reconstruction of Château Haut-Brion continues, visitors can experience the group’s wines and hospitality at its new Pavillon Catelan, Bordeaux

Find out more:
domaineclarencedillon.com
le-clarence.paris
chateau-quintus.com

This article first appeared in the Autumn/Winter 2022/23 issue of LUX

Sakshi Chhabra Mittal is the founder and CEO of FoodHak, a startup revolutionising the food industry by combining science, tech and traditional Ayurvedic principles to make healthier meals more accessible to all. Here Sakshi, speaks to Samantha Welsh about starting an innovating company and the potential for food science

LUX: What were your first entrepreneurial steps?
Sakshi Chhabra Mittal: I started working with doctors while in a full time job, to create a health-focussed line of food that was anti-inflammatory, low glycaemic index, gluten-free, dairy-free and free from refined sugars. Their patients heard about this and asked to subscribe. This pushed me to do a soft launch from my home kitchen; intended to be one week, it stretched to over four months with strong demand (purely word of mouth) and nearly 100% retention. I then found a kitchen near my office, woke every day at 5am to start operations with a part-time chef, kitchen assistant and an operations team. We learned a lot, most importantly, if you are building a business in the D2C space, your product becomes your life!

Follow LUX on Instagram: luxthemagazine

LUX: How did this evolve into a tech specialism?
SM: While I was studying for my MBA at Wharton in US, I was fascinated how tech can help scale science and business innovation. After graduating, I joined an early-stage tech VC where I invested in Babylon, Deliveroo and Darktrace, and was then invited to join SoftBank in Silicon Valley where I used my biotech training to invest in companies innovating in oncology, immunology, data science.

LUX: What brought about the pivot to food science?
SM: I had studied diseases professionally but personally I developed a rare liver breakdown during my first pregnancy. Known as OC, Obstetric Cholestasis recurs in subsequent pregnancies in more than 90% of cases. There is no known cause or cure but as our bodies are machines, science can offer answers, so I did clinical research into food types, changed my diet and managed to avoid OC recurring. I had found a gap in the market! Food science can help us potentially reduce chronic disease, relieve government healthcare budgets, live more sustainably, foster education in nutrition.

LUX: Clinical evidence links poor gut health with inflammation and disease; how does FoodHak’s proprietary tech bespoke complementary dietary solutions?
SM: We have built proprietary data models, taking all published clinical research on food, and making ingredient-disease links. This is our personalisation engine. We are launching personalisation features on our website, where people select meals according to their health goals, for example, to aid in adjusting cholesterol, blood pressure, immunity. We are also developing a personalised AI recipe generator App.

LUX: Tech or taste, what comes first?
SM: TASTE! Food is an experience, you have to get the taste right, everything else like lifestyle changes and customer retention follow on.

LUX: How does FoodHak fit within the fast-growing plant-based nutrition market and what is your USP?
SM: We are a first mover in the ‘food as medicine’ space. We bring clinical research to the table via delicious dishes that can help people live a long, disease-free life. Tech companies tell you what you should and shouldn’t eat based on data sets but none completes the loop and personalises food. Our proprietary data models create bespoke recipes, our AI recipe generator varies and extends choices. The market opportunity is the vast population suffering allergies, inflammation, sugar-related issues etc. FoodHak’s dishes are plant-based using around 30 varieties with superfoods. We focus on a low glycaemic index, being gluten free, dairy free, free from refined sugars, we use science and tech, and we deliver bespoked gourmet meals to your door!

LUX: How do you achieve operational efficiencies with this model?
SM: We use sophisticated food packaging technology where we heat seal food in pouches. This gives us a naturally longer shelf life on fresh food and helps us with our zero-food waste policy. Our customers enjoy the extra flexibility in the shelf life as well. This enables us to run large-scale batches in food manufacturing, which reduces workshifts, encourages less frequent deliveries, and so saves on operational costs.

LUX: How has working in diverse industries influenced your leadership style?
SM: We make a deliberate effort to interview women to join the company. I learnt from working in finance that if you don’t seek out women to join the company you will never have an equal opportunities workforce. Over 50% of our employees are women. I am also proud that virtually 100% of our workforce is diverse, including minorities and people from developing nations. Diversity of opinion around the table is critical to making the right decisions.

LUX: Has Covid changed corporate culture at FoodHak?
SM: I believe to build a strong culture and values from day 1 in a start-up is impossible with people working from home (WFH). The feeling of connection and ownership comes when you sit with your team and see them problem-solve in their respective areas. You see your product being made and packaged with love. You see the values exhibited by the senior leadership on a day-to-day basis. There is no reason to be WFH unless you really need to. It’s also important that each employee at FoodHak has equity from Day 1. They have a sense of ownership over the business, the product they are making, they want to come into work and give it their best shot to make the company succeed. We believe that the early employees have sacrificed so much to help build the product and they should be growing their wealth as the company grows.

LUX: How successful have you been in attracting investment?
SM: We went out to raise $5M but were oversubscribed and ended up extending the round. It became clear that our proposition is strong, the product is differentiated, and the time is now to lead the future development of food, which is not into fake meats or other processed alternatives. It is real food powered by science and tech. We have one of the best cap tables (possibly) in Europe, with Venture Capital firms like First Minute Capital, Urania Ventures, strategics like Holland and Barrett, and influential business angels like CEO of the Vision Fund, CEO of Palo Alto Networks, Jim Mellon, Jeremy Collar, Mervyn Davies, Lydia Jett and others!

Read more: Chef Rasmus Kofoed: The Vegetable King

LUX: How do you see tech continue to drive FoodHak’s success forward?
SM: We can use this tech to create any food in any category really quickly, while continuously adding variety on a weekly / monthly basis. We can also use ingredient swaps to create personalised recipes at scale. So, think of us as the new age, health-focussed, food conglomerate that’s powered by science and tech!

Find our more: foodhak.com

Photo by Sheherazade Photography

“Technologies like renewables have their limits,” says Markus Muller. “The real potential for a sustainable global economy lies in using the wonders of nature to help rectify the planet.”

As has been previously discussed, a fundamental issue underpinning climate change is that the current economic system does not recognise nature as capital. We use and degrade nature freely. But we can go further than that, and say that putting nature at centre stage and appreciating the ecosystem services that it can deliver, would significantly help us counter climate change.

Markus Müller

It is easy to believe that technology, correctly implemented, will be enough to combat climate change. And it is true that technological transformation, moving away from fossil fuel based production chains towards more electric and alternative energy based production chains, will support the reduction in CO2 emissions and in mitigating the climate change problem. But, if we wanted to electrify the entire world so that everything is based on renewable energy, it would require a vast amount of commodities that we currently do not have. Current estimates suggest we would need 500% of the commodities we already use today. And the extraction of these commodities will harm nature as well. So, technology has natural limits in its ability of adapting to a future counteracting climate change.

Follow LUX on Instagram: luxthemagazine

We need the help of nature.

Nature based solutions (NBS) are one of the most important ingredients here. As defined by the IUCN, they leverage nature and the power of healthy ecosystems, to protect people, optimise infrastructure and safeguard a stable and biodiverse future.

Their potential is massive. One exciting aspect is that they can include local communities, especially in the global south, which are currently excluded from global developments. NBS produce societal benefits in a fair and equitable way, in a manner which promotes transparency and broad participation. They also maintain biological and cultural diversity, as well as the ability of ecosystems to evolve over time.

Photo by Francesco Ungaro

The IUCN have estimated that NBS have the potential to reduce roughly 10-18 gigatonnes of CO2 emissions each year (by 2050). This would be a major contribution to reducing CO2 emissions. And NBS also mean the reinvigoration of nature, which will further increase the climate mitigation benefit, including in such crucial areas as the resilience of the coastline.

One discussion in the global market is how to use NBS for carbon credit trading. NBS are one of the carbon sinks and these credits can be traded by companies not just to offset their C02 emissions, but also to steer those companies, via these carbon credit markets, to reduce their greenhouse gas emissions.

And there are other potential benefits. In the ocean, if we put some areas under protection because of NBS, the fish stock will be very likely to recover. The fish stock will swim around, outside the protected area, which could benefit sustainable fisheries also outside such areas; scientists having found that this led to an increase in output. So NBS have multiple potential benefits to the entire planet.

Read more: Markus Müller On Natural Capital

As another example, a healthy coral reef absorbs 97% of the energy of a wave. And this speaks to the further economic potential of NBS. New jobs, for example. We have forest rangers, so why not have coral rangers or gardeners?

Photo by Vishwasa Navada

In fact, they already have coral gardeners in Tahiti, where they are a source of labour on this breakwater. Creating a coral reef produces environmental and biodiversity benefits, creates labour, and can generate a profit.

There is however, a challenge: complacency and the rebound effect. We know this from countries where recycling has become a tool for reducing plastic waste, but the high recycling ability of a country (Germany is a good example) leads to more plastic production. Therefore believing that NBS will do the trick and lead to absorption should not lead us to think that we can emit further CO2. NBS will only ever work while we are reducing CO2 emissions at the same time. The priority is to reduce CO2 emissions while using the ability of NBS for absorbing CO2 as a mitigation strategy.

Markus Müller is Global Head of the Chief Investment Office at Deutsche Bank’s International Private Bank

Find out more: deutschewealth.com/esg

The drawing room

One of the grandest residences in London has been created out of the former head offices of a British institution. Samantha Welsh takes a look around and imagines a future inspired by the past

You stroll along your 30 metre long, south facing terrace balcony, lined with Ionic columns. Your view extends from the House of Lords to your left, the River Thames in the middle, M15 and Lambeth Palace, the London residence of the Archbishop of Canterbury, across to the right. Directly below spread the waterside gardens of the Palace of Westminster. You sit back and enjoy a glass of champagne and look forward to the grand reception gala you are going to host ‘at home’ next weekend.

Views from the terrace at night

Your home is in the heart of Westminster, London, but it is not created from a dusty terraced house with a view just across the street, and nor is it a unit in a shiny new glass building. Your London base is the former headquarters of Imperial Chemical Industries, the largest manufacturer in UK at the time when Britain had an empire, and the Residence comprises its board room, executive offices and more.

Follow LUX on Instagram: luxthemagazine

Grandeur and power ooze from every centimetre – or should that be every inch – of the 5.5 metre ceilinged, 970 square metre, 4-bedroom 5-bathroom penthouse atop this trophy building, whose colonnaded terrace offers a view of every ship passing down the Thames.

The kitchen

The heritage features of this Grade II listed building have been restored while enhancing volume and light through a palette of contemporary greens and blues. Architect-designers Goddard Littlefair conserved door frames, panelling, plastering, introduced flooring in oak parquet, black and white marble tiling, bespoked light installations, carpeting, rugs, velvet and silk furnishings, and sourced objets.

A bedroom

The double height reception salon, with its grand piano, feels as if it should have David Niven and Cary Grant singing a duet – what a marvellous thought – while Ava Gardner and the young Joan Collins dance tipsily with their coupes de champagne.

Read more: A tasting of Bond, California’s new luxury wine

A secret directors’ bar and games room was discovered under the eaves and reimagined as an inner sanctum, while a subterranean suite of services includes 24/7 golden key-style concierge, gym and fitness, the GL-designed lap pool, spa, cinema, and parking.

The dining room

LUX held a soirée here, celebrating the work of renowned British artist Petroc Sesti, who exhibited at the Royal Academy summer show this year. His work was on display in The Conrad. Our guests didn’t want to leave. And if you don’t want to leave, you don’t have to: the entire site will be delivered in 2023, The Conrad being the only residence that is completed and ready for occupation, fixtures and furnishings optional.

Residences starting from £18 million

Find out more: 9millbank.com

Can we put a price tag on nature? Valuing the carbon services of plants and animals is essential to bridging the gap between finance and conservation, says Professor Connel Fullenkamp, the leading academic working at the intersection of science and economics. Here, Fullenkamp speaks to LUX about the importance of engaging capital markets in biodiversity financing, and why necessity is the mother of invention

Professor Connel Fullenkamp

LUX: You have spoken profoundly about the value of natural assets.
CF: We’re bringing economics, finance, and business into an area where it really hasn’t been brought in before. We start with the approach that says these natural assets have a lot of value, but we don’t necessarily know how to put a price tag on that value. So, we start only with the things that we can find a market price for. This is because we want to speak the same language as investors and policymakers who have to keep their eye on the bottom line all the time.

When we go out and try to put a value on a natural asset, be it an elephant or a mangrove forest, we’re really thinking about this as trying to attach the lowest, believable value. We’re trying to convince people that the value is way more than that. That has got a lot of people’s attention, because it acquaints them with the tremendous value that resides in many natural assets.

LUX: Can there be a system that’s devised for transferring payments? For example, if a company destroys a coastal mangrove plantation, who does it pay for that lost value?
CF: Part of the desire behind this is to prevent the destruction from happening in the first place. But we’re living in a world in which we already have those kinds of swaps going on. So, what we’re trying to do is put an adequate value on that. We are also trying to create the impression that the contributions to things like biodiversity are worth even more. In many cases, of course, it’s the government that owns these assets, so we have to inform them what they are worth.

Follow LUX on Instagram: luxthemagazine

For example, we were approached by the UK Environment Agency to help them value their salt marshes, given that they have diminished by 90% in the last century or so. If we can put a price tag on these things, we can help governments make the argument that, firstly, you shouldn’t destroy these things in the first place, and secondly, if you do harm these assets, there’s going to be a steep price to pay.

LUX: How hard is it to find a valuation when there are so many different factors? For example, with a salt marsh, you have to incorporate the carbon storage or the flood protection, and then the ecosystem’s biodiversity.
CF: It’s difficult to put a total valuation on most of these natural assets because it has proven to be difficult to value something like the contribution to biodiversity. It’s hard to even define what biodiversity is. Biodiversity in a desert is very different to that 1,000 or more kilometres south in rainforests.

LUX: What opportunities are there in terms of constructing a financial pathway for investors?
CF: This is something we’re very keen to create. Ideally, we’d have investors who are interested in investing in natural capital services, such as carbon sequestration, because there’s a fairly well-established market for it. These investors would like to purchase either carbon offsets or have other reasons for wanting to hold carbon credits. They would pay for certificates that would deliver the carbon credits, and then the proceeds would function like a sovereign wealth fund.

Read more: Professor Nathalie Seddon On Biodiversity And Climate Resilience

Hopefully, the main use of that money would be, of course, to establish conservation restoration programmes. This is a long pathway between the financial markets all the way to the people on the ground doing conservation restoration. But unless we create that pathway, I think we’re missing out on a huge opportunity.

LUX: Which opportunities should investors be looking towards, in terms of creating the new financial system to support this?
CF: There are two things that should create excitement. They’d be investing on the idea that these are natural resources will continue to deliver these different environmental services, like carbon sequestration. We’re betting on the recovery of those things. Also, they’re betting on the plus in which carbon will help us understand what the biodiversity benefits are, that can also then be priced. If we get good at establishing these carbon markets, we kind of wrap in these biodiversity services as a plus.

LUX: What are the main hurdles to be overcome?
CF: Governments are very reluctant to think about selling their natural assets to the private sector. And so, our first hurdle is to convince them that, no, you’re not selling the assets. We’re trying to get you to sell the services of the natural assets; in fact, governments need to retain ownership of these assets.

We have to establish a conduit that will help governments protect these assets so that they can continue to generate services and support: mainly the beauty and culture of their countries. Governments are naturally reluctant because this is a brand new thing that they’ve never seen before. The markets are sceptical for similar reasons, and because there are some less-savoury actors out there who’ve already been trying and failing with certain initiatives.

Also, there is, especially in the case of wild animals, scientific uncertainty. So many of these species are facing near extinction across the board. We don’t have time. We need people to say, okay, the science is good enough. We’re willing to believe in it and bet on it.

LUX: Are these outcomes possible?
CF: I’m optimistic. The reaction we get when we talk to people has been overwhelmingly positive. When you get the capital markets involved, you can unleash a tremendous amount of financing that can do a lot of good, hopefully for conservation and restoration.

It is hard to imagine being able to cover that biodiversity financing gap without the participation of the financial markets. So, one of the things that drives my optimism is the fact that necessity is the mother of invention. For addressing climate change, this is one of our best chances. The trick is to put everybody together and get them to work together toward this common goal.

LUX: Will there be developments in attaching more specific prices, in terms of the science around biodiversity and nature-based capital?
CF: Absolutely. I think there’s a lot of excitement in that research. In particular, for example, one of the leading seagrass researchers is very excited about our work and is writing a paper for us. Seagrass is again one of these unsung heroes of blue carbon that sequesters a tremendous amount of carbon. We still don’t know what the full extent of seagrass coverage is anywhere, because nobody’s really had the money or the gumption to go look for it. So just finding out where the seagrass is, how much it covered it can sequester and where it can be restored: those kinds of issues are the type of research that we see coming out of this in the short term.

LUX: Are there accessible ways of investing in natural capital in the way that you’ve outlined?
CF: What we’ve got in mind is a bit different from, say, the sustainability linked bonds or green bonds that we see out there. There again, I think these are they’re all great and part of the solution here. But really, when you’re investing in something like a sustainability linked or a green bond, you’re basically a bond investor. You’re hoping that the money gets put to a certain type of a purpose. And in some cases, you’re going to get some either yield pick up or yield penalty depending on the performance. But really, you’re not making a direct investment, so to speak, or a direct bet on the actual natural capital itself. You’re really not investing in environmental services. That’s to me, in my mind, that’s a really big difference here, that what we’re what we have in mind and what we’re trying to create is really an asset backed market. And the asset that is being used to back the market is the natural capital services.

Read more: Dimitri Zenghelis on Investing in the Green Transition

LUX: In an optimistic scenario, how do you see this looking in 10 years’ time with the landscape?
CF: This will be just another asset class that people have available to them to invest in and it will have certain properties. Hopefully it will be sufficiently uncorrelated with other types of market returns to make it attractive as a diversification tool, if not for its own sake, and what it represents in terms of investment in the environment. So ideally, that’s what we’d see people would say. Well, I’ve got some of my portfolio in stocks and bonds, real estate alternatives. And one of the alternatives is going to be these natural capital assets.

Connel Fullenkamp is Professor of the Practice and Director of Undergraduate Studies in the Department of Economics at Duke University 

Find out more: duke.edu