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Juin-Octobre 1985' by Chinese painter Zao Wou-Ki

A ten-metre-long triptych by Zao Wou-Ki — one of the 20th century’s most prominent Chinese painters — fetched $65 million (HK$510 million) at auction Sunday, Sotheby’s Hong Kong said.

Entitled “Juin-Octobre 1985”, the abstract artwork was commissioned personally by the world-renowned Chinese-American architect I.M. Pei.

Zao and Pei were both born to affluent bankers during the Chinese Republican era. They first met in Paris in 1952 and began a long-running friendship, according to the auction house.

The triptych — Zao’s largest work — set a world auction record for the late Chinese-French artist, surpassing the $26 million paid at Christie’s last year for the painting “29.01.64”.

The painting represents a period of Zao’s career which marks “a perfect example of how he merged Eastern and Western techniques and philosophy into the painting,” said Vinci Chang, head of modern Asian art at Sotheby’s, at a preview last week.

Born in China in 1920, Zao moved to Paris in 1948. He was influenced by Western modernism and moved towards abstraction before also returning to Chinese brush-and-ink techniques by the early 1970s, according to Christie’s. He died in 2013.

Source: Sotheby’s

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Inspire Brands, a private equity backed firm that owns Arby’s and Buffalo Wild Wings, is paying nearly 20% more for Sonic than what shares were trading at on Monday.

Sonic(SONC) is famous for its quirky ads and retro 1950s-esque drive-in locations.

Inspire Brands, which has both company-owned and franchised restaurant brands, has agreed to acquire drive-in fast-food chain Sonic Corp. SONC, -0.13% for $43.50 per share in cash, or about $2.3 billion, including assumption of Sonic’s debt. Sonic joins Inspire’s portfolio, which includes more than 4,700 Arby’s, Buffalo Wild Wings and Rusty Taco restaurants. Inspire is majority-owned by affiliates of private-equity firm Roark Capital Group, which owns Arby’s. Sonic will become a privately-held subsidiary of Inspire Brands and will continue to operate as an independent brand.

Roark Capital, an Atlanta-based invesment firm, is the majority owner of Inspire. It has also purchased big stakes in Auntie Anne’s, Carvel and Jimmy John’s. Just last year Inspire paid nearly $3 billion for Buffalo Wild Wings.

 

source: CNNMoney

Instagram Founders Leave Facebook

Mike Krieger and Kevin Systrom

 

The co-founders of photo-sharing giant Instagram,  Mike Krieger and Kevin Systrom, are both leaving the firm.

Mr Systrom, chief executive, said they were departing to “explore our curiosity and creativity again”.

Instagram, purchased by Facebook in 2012 for $1bn (£760m) in cash and stock, has more than a billion users. (and way too many hair companies)

There had been reports of tension between the pair and Facebook, and the departures add to what has been a troubling year for the parent company.

Mr Systrom, 34, the CEO, and Mr Krieger, 32, the chief technical officer, started the image sharing site in 2010 and continued to run the service after it was acquired by Facebook .Twitter post by @mikeyk: Over 8 years ago, Kevin and I started Instagram, hoping to build something that would bring out people’s creativity and spirit for exploration. Now it’s time for the next chapter. A huge thank you to everyone in the community who we’ve met along the way.

Versace Versace

Fashion company Michael Kors is buying Versace, the Italian luxury brand founded by Gianni Versace in 1978, for $2.12 billion. The two fashion houses made the announcement Today.

Donatella Versace, the artistic director of the Milan-based fashion house who helped lead the company after her brother’s death in 1997, said it’s the perfect time for the company to join with Michael Kors.

The deal, which would end the independence of one of the last prominent stand-alone fashion brands, is the biggest effort yet by Kors to build an empire. To reflect its growing collection of trophy brands, Kors said the company would change its name to Capri Holdings Limited once the deal is completed.

Kors described the purchase as a milestone in its expansion plans. The Michael Kors brand had its roots in the “middle market” of the luxury sector and relied on outlets and department stores, where deep discounting is common. But mall traffic has declined in North America — Kors’s biggest market — and shoppers too were changing, increasingly seeking brands at the extreme of the style and price spectrum.

Acquiring Versace, led by artistic director Donatella Versace, whose flamboyant gowns can sell for thousands of dollars, is part of the company’s strategy to woo more big spenders — and find more loyal customers in Europe and Asia. Last year, Kors bought the shoe designer Jimmy Choo for 896 million pounds, or $1.2 billion at current exchange rates.

source: PRNewsWire

Yusaku-Maezawa-and-Elon-Musk-1
During an event at SpaceX headquarters on Sept. 17, 2018, SpaceX CEO Elon Musk and Japanese entrepreneur Yusaku Maezawa playfully discuss the prospect of flying together on SpaceX’s mission around the moon, which could happen as early as 2023. Maezawa has bought all the seats aboard a SpaceX BFR vehicle for the trip and plans to bring six to eight artists along with him; he has asked Musk to come as well.

Credit: SpaceX

 

One of the most influential American artists of the 20th century, Jean-Michel Basquiat was a rock star of the early ’80s New York art scene.

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Colin Kaepernick has become the face of Nike’s “Just Do It” ad campaign as the company celebrates the 30th anniversary of the slogan, Kim Bell of GWOP Magazine reports.

Why it matters: Kaepernick is one of the most polarizing figures in sports. The former San Francisco 49ers quarterback has not played in the NFL since 2016, and is currently suing league owners for blackballing him because of his protests against racial inequality in the United States.

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