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Saturday, 23 June 2012

American street artist Frank Shepard Fairey works on his latest piece, Envision, above a shop in Turnpike Lane

American street artist Frank Shepard Fairey
.Photograph: Teri Pengilley

The natural territory of the street artist Shepard Fairey would seem to be as all-American as it gets. Emerging from the country's skateboarding scene he achieved global prominence with his much copied, much parodied Hope poster displaying a stylised Barack Obama in shades of blue and red.

He spent much of Friday assembling his latest street mural in a seemingly less likely locale – a suburban street in Turnpike Lane, one of north London's more economically mixed neighbourhoods.

Hoisted aloft by a rented cherry picker, the 42-year-old artist used stencils and paint to create Envision, an image of a giant, stylised eyeball design, set in the frame of a disused Victorian placard site on the wall of a local shop.

The unlikely public commission, carried out with any charge by the artist, was the almost accidental result of a wider community regeneration programme carried out by the local council, Haringey, and the green travel charity Sustrans.

In getting together to decide options for more pedestrian-friendly street layouts, locals pondered what to do with the crumbling and slightly tatty shop wall, and decided the existing frame left by the long-disappeared Victorian placard would be best filled by a mural.

James Straffon, a local who helped organise the project, went to a London art gallery specialising in graffiti artists to seek help.

He said: "The woman from the gallery asked: 'Ideally, who would you like?' I said: 'I know it would never happen, but Shepard Fairy.' She said: 'Shall I get in touch with him, then?' I stuck my neck out and said yes and sent them a diagram with the sizes, thinking nothing would happen. Literally a week later they said, he's interested and he's coming over."

Straffon says he remains unsure why such a celebrated artist would be interested in a relatively out-of-the-way location. He said: "I think what sold it was that it's an old Victorian billboard. I think they like the fact it's the old London thing."

Before Fairey arrived, Straffon and some neighbours spent a day preparing the wall, painting it in a specified shade of red for a background to the stencilled design.

The US artist and his team spent several hours in decidedly mixed weather putting the design in place. Straffon said: "He's come from west coast America to dreary, sodden London. He must be thinking: 'Great, I've got to do this.' It's quite windy, too."

Another oddity is that this is Turnpike Lane's second work by a globally-known street artist in a matter of months. Last month, a mural believed to be by Banksy, a rough UK equivalent to Fairey, appeared on the wall of the area's local Poundland shop, showing a child sweatshop worker sewing jubilee bunting.

George Washington's copy of US constitution sells for $9.8m

George Washington
Portrait of George Washington, whose personal copy of the US Constitution and Bill of Rights fetched $9.8m at auction. Photograph: Stock Montage/Getty Images

George Washington's personal copy of the US constitution and bill of rights sold for $9.8m (£6.3m) at auction on Friday, setting a record for any American book or historic document.

Bidders at Christie's New York salesroom and others on the telephone competed for the first US president's signed, gold-embossed volume dating to 1789, which had a pre-sale estimate of up to $3m.

The non-profit Mount Vernon Ladies Association of the Union, which maintains the historic Mount Vernon estate in Virginia that was Washington's home and is now open to the public, was the successful bidder.

"The unique book had been in the Mount Vernon library until 1876, and will soon be returned to that library," said Chris Coover, senior specialist of books and manuscripts at Christie's.

The bound volume was Washington's personal copy of the Acts of Congress and is noteworthy for his bold signature marking it as his own.

The Acts of Congress include the Constitution, whose preamble promises to "secure the blessings of liberty to ourselves and our posterity," and the Bill of Rights, the first 10 amendments to the constitution, which establish such fundamental liberties as the right to free speech, press, assembly and religion.

Christie's described the book as being in near-pristine condition after 223 years. It was specially printed for Washington in 1789, his first year in office as president.

The margins include Washington's handwritten brackets and notations highlighting key passages concerning the president's responsibilities.

The Acts of Congress volume was sold from Washington's library at Mt Vernon in 1876 and eventually bought at auction by collector Richard Dietrich in the 1960s. It was being sold by the family's estate.

Similar volumes created for Thomas Jefferson, the first secretary of state and third US president, and attorney general John Jay, are in Indiana's Lilly Library and a private collection, respectively.

Rare books and manuscripts have achieved impressive prices in recent years.

An autographed manuscript of Lincoln's 1864 election victory speech sold for $3.4m in February 2009, which set a record for an American manuscript at the time. A 1787 letter written from Washington to his nephew on the subject of the ratification of the Constitution fetched $3.2m in December 2009.

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Thursday, 7 June 2012

Bank of England meets amid talk of £50bn stimulus

Bank of England policymakers meet today to decide whether to change interest rates or to pump in more money into the ailing economy, with leading economist saying they may opt to inject a further £50bn of stimulus.

Europe is on the verge of financial chaos.

Global capital markets, now the most powerful force on earth, are rapidly losing confidence in the financial coherence of the 17-nation euro zone. A market implosion there, like that triggered by Lehman Brothers collapse in 2008, may not be far off. Not only would that dismantle the euro zone, but it could also usher in another global economic slump: in effect, a second leg of the Great Recession, analogous to that of 1937. This risk is evident in the structure of global interest rates. At one level, U.S. Treasury bonds are now carrying the lowest yields in history, as gigantic sums of money seek a safe haven from this crisis. At another level, the weaker euro-zone countries, such as Spain and Italy, are paying stratospheric rates because investors are increasingly questioning their solvency. And there’s Greece, whose even higher rates signify its bankrupt condition. In addition, larger businesses and wealthy individuals are moving all of their cash and securities out of banks in these weakening countries. This undermines their financial systems. 423 Comments Weigh InCorrections? Personal Post The reason markets are battering the euro zone is that its hesitant leaders have not developed the tools for countering such pressures. The U.S. response to the 2008 credit market collapse is instructive. The Federal Reserve and Treasury took a series of huge and swift steps to avert a systemic meltdown. The Fed provided an astonishing $13 trillion of support for the credit system, including special facilities for money market funds, consumer finance, commercial paper and other sectors. Treasury implemented the $700 billion Troubled Assets Relief Program, which infused equity into countless banks to stabilize them. The euro-zone leaders have discussed implementing comparable rescue capabilities. But, as yet, they have not fully designed or structured them. Why they haven’t done this is mystifying. They’d better go on with it right now. Europe has entered this danger zone because monetary union — covering 17 very different nations with a single currency — works only if fiscal union, banking union and economic policy union accompany it. Otherwise, differences among the member-states in competitiveness, budget deficits, national debt and banking soundness can cause severe financial imbalances. This was widely discussed when the monetary treaty was forged in 1992, but such further integration has not occurred. How can Europe pull back from this brink? It needs to immediately install a series of emergency financial tools to prevent an implosion; and put forward a detailed, public plan to achieve full integration within six to 12 months. The required crisis tools are three: ●First, a larger and instantly available sovereign rescue fund that could temporarily finance Spain, Italy or others if those nations lose access to financing markets. Right now, the proposed European Stability Mechanism is too small and not ready for deployment. ●Second, a central mechanism to insure all deposits in euro-zone banks. National governments should provide such insurance to their own depositors first. But backup insurance is necessary to prevent a disastrous bank run, which is a serious risk today. ●Third, a unit like TARP, capable of injecting equity into shaky banks and forcing them to recapitalize. These are the equivalent of bridge financing to buy time for reform. Permanent stability will come only from full union across the board. And markets will support the simple currency structure only if they see a true plan for promptly achieving this. The 17 member-states must jointly put one forward. Both the rescue tools and the full integration plan require Germany, Europe’s strongest country, to put its balance sheet squarely behind the euro zone. That is an unpopular idea in Germany today, which is why Chancellor Angela Merkel has been dragging her feet. But Germany will suffer a severe economic blow if this single-currency experiment fails. A restored German mark would soar in value, like the Swiss franc, and damage German exports and employment. The time for Germany and all euro-zone members to get the emergency measures in place and commit to full integration is now. Global capital markets may not give them another month. The world needs these leaders to step up.

Monday, 4 June 2012

A Facebook crime every 40 minutes

A crime linked to Facebook  is reported to police every  40 minutes. Last year, officers logged 12,300 alleged offences involving the vastly popular social networking site. Facebook was referenced in investigations of murder, rape, child sex offences, assault, kidnap, death threats, witness intimidation and fraud.

Prince Philip in hospital

The Duke of Edinburgh has been taken to hospital with a bladder infection and will miss the rest of the Diamond Jubilee celebrations. Buckingham Palace said Prince Philip, 90, had been taken to the King Edward VII Hospital in London from Windsor Castle as a "precautionary measure". The Queen is still expected to join 12,000 others at the Jubilee concert which is under way at the palace. The prince will remain in hospital under observation for a few days. The prince had appeared to be in good health when he accompanied the Queen on Sunday on the royal barge the Spirit of Chartwell, which formed part of the rain-drenched Jubilee river pageant. He and the Queen stood for most of the 80-minute journey, as they were accompanied by 1,000 boats travelling seven miles down the river to Tower Bridge.

Luka Rocco Magnotta, the 'Canadian Psycho,' arrested in Berlin

Luka Rocco Magnotta was arrested in Berlin Monday after a four-day international manhunt that spanned three countries. The 29-year-old Canadian wanted over a horrific Montreal ice pick murder and decapitation of a Chinese student that he allegedly filmed and posted to the Internet, was arrested in or near an Internet cafe, Berlin police said. Montreal police confirmed they are aware of the reports that Magnotta was arrested, but said they are still in the process of contacting their Berlin counterparts. The arrest comes after French authorities said they were investigating a tip that Magnotta travelled from Paris to Berlin via bus on the weekend. “Somebody recognized him and (then) all the police recognized him,” Berlin police spokesperson Stefan Redlich told CP24 Monday. Handout (Click to enlarge) Magnotta's alleged victim is Lin Jun, a 33-year-old Concordia University student from Wuhan, Hubei, China. He was last seen on May 24, police said, and reported missing on May 29. Redlich said police were called in by a civilian who spotted Magnotta and he was arrested after police asked for his identification at about 2:00 p.m. local time in Berlin. Reuters is reporting it was an employee of the cafe, Kadir Anlayisli, that recognized Magnotta. The cafe is on Karl Marx Strasse, a busy shopping street filled with Turkish and Lebanese shops and cafes in the Neukoelln district of Berlin. German television quoted the owner of the cafe saying Magnotta was surfing the Internet for about an hour before his arrest. Redlich said Magnotta has been taken into custody without incident and will go in front of a judge Tuesday. Canadian officials are expected to start the extradition process for Magnotta in the near future.

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