Front Communications

LG’s Retrofit Solution Offers a Seamless and Eco-Friendly Way to Upgrade HVAC Systems

As the world celebrates World Environment Day, LG Electronics (LG) showcases its Retrofit Solution for HVAC systems that is built to maximize energy efficiency, reducing environmental impact without compromising on performance. LG’s Retrofit Solution allows businesses to upgrade their existing air conditioning systems with minimal disruption, saving time, money and resources, and helping them make a positive impact on both their operational efficiency and the planet.

LG Retrofit Solution offers a seamless upgrade path for existing HVAC systems with a flexible installation process that allows to replace outdated indoor and outdoor AC units with an optimized inverter system. By reusing existing installation materials such as pipes, power lines, breakers, communications lines, and drains, LG eliminates the need for intrusive construction. This significantly reduces the environmental impact associated with traditional upgrades, saving resources as well as time and costs. LG Retrofit Solution also enables businesses to replace their existing unit with a higher capacity one that is the same size, ensuring it seamlessly blends into the interior and maintains the aesthetic appeal of the space.

The cornerstone of LG's Retrofit Solution lies in its unmatched energy efficiency and performance. LG’s Inverter Compressor, incorporated in the solution, brings an entirely different level of energy saving by automatically adjusting the operation range once the desired temperature is reached. This not only ensures powerful performance but also minimizes energy consumption, resulting in substantial energy savings. By leveraging LG's Life Cycle Cost (L.C.C.) analysis, businesses can estimate the energy savings and payback they can expect when utilizing LG's Retrofit Solution Inverter technology. With powerful operation, significant energy savings, low maintenance costs, quick and easy installation, LG’s Retrofit Solution ensures businesses can reduce their environmental impact while enhancing cooling and heating comfort.

LG invites you to learn more about LG’s Retrofit Solution and its benefits for business and the environment at the RetrofitTech Summit on 6-7th June in Abu Dhabi.

For more information about LG’s Retrofit Solution, please visit:

https://www.lg.com/ae/business/retrofit-solution

# # #

About LG Electronics Air Solution Business Unit

LG Electronics’ Air Solution Business Unit is a global leader in HVAC and energy solutions with a comprehensive portfolio of proven expertise and performance. Launching Korea’s first residential air conditioner in 1968, LG has paved the way for total HVAC solutions over the last five decades through strategic utilization of advanced technologies. With a well-established production base and industry-leading capacity, the company provides effective HVAC solutions for both the commercial and residential sectors. Its wide range of cutting-edge systems for heating, ventilation and air conditioning truly represent LG’s initiative in offering the most optimized solutions for a variety of uses. Pursuant to its mission of “Innovation for a Better Life,” the company offers solutions boasting high energy efficiency and reliability based on its state-of-the-art knowhow and technologies to ensure the most optimal environment for users. For more information, please visit www.LG.com.


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Contacts
LG-One     

Nora Nassar

Email: Nora.Nassar@lg-one.com

TCL, the world's top 2 TV brand and top 1 98-inch TV brand, today unveiled its latest multi-category products for the Middle East and Africa (MEA) market at an exclusive launch event in Dubai. TCL also announced its partnership with Arsenal Football Club as the Official Regional Consumer Electronics Partner of the Club, with the event being highlighted by a special appearance by Arsenal Legend, Robert Pires.

From stunning picture quality with its 2023 C Series Mini LED and QLED TVs and an exciting range of upgraded domestic appliances and air conditioners to enable a healthier and more convenient lifestyle, TCL’s latest product line-up underscores its commitment to bringing customers in the region the very best in technological innovation

Expanding Imaginations Through Innovative Display Technology – Introducing the Latest Generation of TCL Mini LED with the 2023 C Series



A pioneer and a leader of Mini LED technology, TCL proudly introduced its latest generation technology, to audiences in MEA. The C845 is the newest addition to TCL’s Mini LED TV line-up, with more local dimming zones at work providing infinite contrast dimensions, high efficiency, and wide luminous angle Mini LEDs to achieve the highest brightness levels to date of HDR 2000 nits available in 55’’, 65’’, 75’’, and 85’’ models and backed by AiPQ Processor 3.0, the TCL C845 delivers outstanding picture quality combined with unparalleled sound thanks to Dolby Vision IQ & Dolby Atmos.



Countless Colors and Endless Entertainment with All-New C745 & C645 QLED TVs

For gamers, TCL introduced its new TCL C745 which combines QLED with Full Array Local Dimming technology, 4K HDR and industry leading refresh rate of 144Hz VRR and a 240Hz Game Accelerator for smooth, sharp and colorful HDR picture quality. The new TCL C645 is equipped with TCL QLED technology for outstanding color expression, certified with Dolby Vision and Dolby Atmos and packed with a 120 HZ Game Accelerator, making it an excellent value option for those who seek high-quality and interactive home entertainment experiences.

Enhanced Domestic Appliances for a Healthier, More Convenient Lifestyle

TCL also launched a suite of new products for the home with the aim of enabling a seamless and healthy connected lifestyle. The brand shared updates on Air Conditioners, with its innovative Gentle Cool series with its new sleek, minimalist, easy-to-clean design. TCL also introduced its latest refrigerator and washing machine offerings to its consumers to help them live healthier and convenient lives.



Commenting on the new launch, Ms. Sunny Yang, General Manager of TCL MEA, said, “We are delighted to introduce TCL’s latest generation of Mini LED and QLED TVs in the Middle East and Africa market. Our purpose is to serve our evolving consumers’ needs and offer the latest cutting edge technology to give a premium, exceptional entertainment experience for them. We also look forward to showcasing our latest offerings in home appliances that will make lives easier.”

"TCL's growth in the MEA region has been truly remarkable over the past year." Mohammed Minhajuddin, Senior Marketing Manager of TCL MEA, stated, "We are expanding our TV portfolio in the MEA region offering more choices to customize with the technology matching their requirements and interests. The quality of our products speaks for itself as they have played a vital role in propelling our ambitions for the future even further."

These fresh offerings align closely with TCL's brand signature "Inspire Greatness," which not only conveys the brand's current corporate message but also embodies TCL's assurance and aspiration to offer global consumers values that motivate and enable them to strive for excellence in all aspects of their lives, surpassing mere product offerings.

Igniting Passion in Sports; TCL Highlights New Sponsorships for the MEA Market



TCL has long been a champion of sports, making it an integral part of its global strategy as it aims to strengthen its influence around the world. In the MEA Market, TCL unveiled its partnership with one of the most iconic football clubs in the world – Arsenal FC, as its Official Regional Consumer Electronics Partner.



In addition to this, TCL expanded its cricket portfolio in the region with partnerships with the Abu Dhabi Knight Riders, Peshawar Zalmi and Pakistan Cricket Team. Globally, TCL has set up a number of well-established partnerships with some of the world’s leading football teams, including the Spanish and Italian national teams and is an official partner of the most popular sport’s league in the US, the NFL.

Through this ambitious sponsorship pipeline, TCL hopes to further demonstrate its commitment to Asia Pacific, offering customers in the region access to the latest and greatest innovations and experiences.

-Ends-

About TCL Electronics

TCL Electronics (1070.HK) is a fast-growing consumer electronics company and a leading player in the global TV industry. Founded in 1981, it now operates in over 160 markets globally. TCL specializes in the research, development and manufacturing of consumer electronics products ranging from TVs, audio and smart home appliances.


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Contacts
Pradyuth Ramkishore

Watermelon Communications

Dubai, U.A.E.

+971 4 283 3655

Email: pradyuth@watermelonme.com

NTT’s Edge Advantage report surveyed 600 enterprises leveraging edge to enable data-driven decision making; uncovered concerns around infrastructure capabilities.

88% cite 5G as an important enabler; those combining private 5G and edge report highest benefits.
93% consider edge a competitive advantage.
Top reasons to invest in edge are to support automation and AI and real-time data access followed by operational efficiency and increase in IoT devices.
Industries tapping edge are manufacturing, healthcare, transportation and logistics, energy and utilities, and financial services.


(BUSINESS WIRE)--NTT Ltd., a leading global IT infrastructure and services company, today launched its Edge Advantage Report, which found that although two thirds of enterprises investing in edge are solving real-world business challenges and more than 8 out of 10 organizations expect their dependency on third-party edge services to grow over the next two years, nearly 40% of those planning edge deployments are concerned that current infrastructure capabilities won’t be able to support the promise of edge.

Enterprises around the world are discovering the edge advantage, benefitting from digital technologies that accelerate data-driven decision making, secure physical and virtual assets, and control sustainably resilient operations. But while more than 80% of technology decision makers say their edge investment expectations have been met or exceeded, many fear that the rapid pace of technology evolution could cost them in the long term.

Infrastructure capabilities

Current adopters see the fragmented management of compute, connectivity and IoT devices as a hindrance to realizing the potential of edge. As such, those organizations that are combining private 5G and edge technologies report the highest benefits over enterprises who have adopted a legacy segregated approach, or none at all.

The report also revealed that though most organizations believe their network infrastructure can handle their current edge requirements, almost 40% of enterprises planning edge deployments acknowledge a need to upgrade their network in order to support the expected spike in connected devices and applications. In fact, nearly two-thirds of enterprises that already deployed edge have coordinated a wide area network refresh.

In light of this, many organizations are planning to turn to partners to help them on their edge journey. So much so that 88% believe their organization’s dependency on third-party edge services will grow in the next 24 months, with 90% expressing a preference to consume edge services from a single partner that offers a central point of accountability and having more managed services options being rated as the #1 factor in making edge consumption easier.

“The growing need for faster processing and a distributed digital architecture is creating increased pressure on networks and infrastructure capabilities, driving both accelerated adoption of private 5G and edge,” said Shahid Ahmed, EVP New Ventures & Innovation at NTT Ltd. “Achieving the edge advantage will require end-to-end solutions with holistic management and uncompromising accountability. Only through utilizing these solutions can enterprises gain instant access to data, where it is generated or collected, with near zero latency, and harness it to drive powerful business outcomes.”

An industry view

The motivation behind edge adoption can vary from industry to industry. Among manufacturing firms, operational efficiency is the top-ranked edge investment driver, with data security second. Manufacturing firms are striving to be just-in-time organizations that meet and even anticipate market needs, turning data into competitive advantage. Here’s the breakdown of the top reasons to deploy edge solutions:

Increasing employee safety, experience, and efficiency (79%)
Streamlining/digitizing business processes (76%)
Improving customer experience/anticipating customer needs (74%)
Increase use of data insights for decision-making (72%)
When it comes to improving supply chain efficiency and resilience, 100% of healthcare, transportation and manufacturing organizations have had their edge expectations met or exceeded. The same can be said for increasing employee safety, experience, and efficiency in the energy sector.

Edge-optimized applications take advantage of low latency, predictability and high bandwidth for real-time data collection to perform according to industry- specific needs. With the benefits of edge clear, it’s hardly surprising that more than nine in ten (93%) respondents consider it a competitive advantage within their industry.

Complex environments

According to organizations that have already deployed edge, the top reasons to invest are to automate and integrate AI into business processes, and to gain real-time access to data. But achieving these objectives is a formidable challenge because they require:

Tight orchestration of hardware, platforms, systems and devices
Consistent operational performance without compromising security
Overcoming legacy infrastructure and technical debt
Organizations need help to navigate the complexity of adopting edge and next generation technologies into what is, traditionally, a complex and change averse environment. Legacy protocols and systems need to be carefully managed to ensure production is not impacted while migrations are in progress.

The challenges that an organization can encounter are key drivers in why 94% of enterprises partner for edge expertise and 90% want a single edge partner that can do it all. But those that successfully harness the benefits of edge can look to grow their business, improve agility, enhance sustainable business practices, and improve quality control.

“Organizations striving to become real-time enterprises need help beyond design and launch of edge solutions,” said Camille Mendler, chief analyst at Omdia. “Managed services offer a pragmatic and adaptive way to keep ahead of complexity.”

Journey to the edge

At the end of last year, NTT announced the launch of its Edge as a Service offering to help secure, optimize and simplify organizations’ digital transformation journeys. Leveraging NTT’s network infrastructure capabilities and global footprint, the managed edge compute platform gives enterprises the ability to deploy quickly and securely manage and monitor applications closer to the edge.

At the end of the report, NTT has outlined a guide with suggested starting points and pathways for organizations to consider before embarking on their edge journey. To read the full ‘2023 Edge Advantage Report’ click here.

-ENDS-

About NTT Ltd.
As part of NTT DATA, a USD 30 billion IT services provider, NTT Ltd. is a leading IT infrastructure and services company serving 65% of the Fortune Global 500 and more than 75% of the Fortune Global 100. We lay the foundation for organizations’ edge-to-cloud networking ecosystem, simplify the complexity of their workloads across multicloud environments, and innovate at the edge of their IT environments where networks, cloud and applications converge. We offer tailored infrastructure and ensure consistent best practices in design and operations across all of our secure, scalable and customizable data centers. On the journey towards a software-defined future, we support organizations with our platform-delivered infrastructure services. We enable a connected future. Visit us at services.global.ntt



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Contacts
Media Contact:
Lori Bosio
External Communications, NTT Ltd.
Lori.bosio@global.ntt

Andrea MacLean
Wireside Communications for NTT Ltd.
amaclean@wireside.com

Food and Beverages Leader Joins Family-Owned Bacardi

(BUSINESS WIRE) -- Bacardi Limited, the world’s largest privately held international spirits company, announces the appointment of Alicia Enciso to the Company’s Board of Directors.

Alicia brings more than 30 years of experience with multinational Fortune 100 Companies in the Food and Beverages sectors with roles as General Manager, President, Chief Marketing Officer, and E-Business Officer. Since 2017, she has served as Chief Marketing Officer of Nestlé USA and previously served as President of the Beverages Division. She recently announced her retirement from Nestlé. Prior roles include Principal Consultant and Managing Director of Zyman Group, a subsidiary of MDC Partners and various marketing leadership roles at Procter & Gamble and Estée Lauder.

“Alicia is a well-rounded business leader and global marketer who has presided over some of the world’s best-known brands,” says Facundo L. Bacardi, Chairman of Bacardi Limited and fifth-generation family member. “Her enthusiasm for modern marketing and building sustainable brands are a great complement to our long-term business ambitions and to continuing the family legacy for generations to come.”

Originally from Mexico, Alicia has been recognized as one of “Most Influential 100 Latinas” by Latino Leaders Magazine and named “Latino Marketer of the Year” by the Hispanic Marketing Council. Alicia also serves on the Executive Board for the Association of National Advertisers and the Board of the Alliance for Multicultural & Inclusive Marketing. She previously sat on the Advisory Board of Google 21st Century Marketing.

The Bacardi Limited Board of Directors is comprised of 13 members.

About Bacardi Limited

Bacardi Limited, the largest privately held international spirits company in the world, produces and markets internationally recognized spirits and wines. The Bacardi Limited brand portfolio comprises more than 200 brands and labels, including BACARDÍ® rum, GREY GOOSE® vodka, PATRÓN® tequila, DEWAR’S® Blended Scotch whisky, BOMBAY SAPPHIRE® gin, MARTINI® vermouth and sparkling wines, CAZADORES® 100% blue agave tequila, and other leading and emerging brands including WILLIAM LAWSON’S® Scotch whisky, ST-GERMAIN® elderflower liqueur, and ERISTOFF® vodka. Founded more than 162 years ago in Santiago de Cuba, family-owned Bacardi Limited currently employs approximately 9,000, operates production facilities in 10 countries, and sells its brands in more than 160 markets. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited. Visit http://www.bacardilimited.com or follow us on LinkedIn, Instagram or Twitter.



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Contacts
Jessica Merz, VP Global Corporate Communications, jmerz@bacardi.com

(BUSINESS WIRE)--

FRANCIS BACON’ TO BE THE FIRST ARTIST TRADED ON ARTEX
with Three Studies for a Portrait of George Dyer

ARTEX MTF AG (“ARTEX MTF” ― www.artex-stockexchange.com) announces that the first artwork to be admitted to trading is the ‘Three Studies for a Portrait of George Dyer’ (the “Artwork”), an oil on canvas triptych painted by British artist, Francis Bacon in 1963. It belongs to a unique series of five Dyer portrait triptychs that Bacon created between 1963 and 1969 at the height of his career. This portrait is the first of its series of Dyer who would go on to become Bacon’s greatest muse. It sold at auction in May 2017 for nearly $52 million and will be offered to investors at an attractive valuation starting at around $55 million.

The Artwork to be listed by Art Share 002 S.A. (the “Issuer”), a public limited liability company incorporated in Luxembourg, is a securitisation vehicle governed by the Securitisation Law of Luxembourg. The Issuer facilitates the offering to the public in the form of ordinary shares with a nominal value of $100, which will be regulated, liquid and tradeable on the ARTEX MTF.

The Issuer filed a Listing Prospectus on the 19th of May 2023 with the financial regulator of Luxembourg, the Commission de Surveillance du Secteur Financier. The Listing Prospectus will be published on www.artex-stockexchange.com at the start of the pre-marketing phase. It relates to the admission of trading and listing on the ARTEX MTF market, a Multilateral Trading Facility (“MTF”, as defined within the MiFID II regime) regulated by the Liechtenstein Financial Market Authority, of class B EUR shares of the issuer.

The Issuer intends to initially list on ARTEX MTF 385,000 class B EUR shares corresponding to 70% of all class B shares, at a price in EUR equivalent to USD 100 per share, through a secondary offering only (the “Offering”). The Offering is only available through the placement agents (banks and brokers), who have been appointed by the Issuer pursuant to the placing agreement. The investment opportunity shall be presented to potential investors during the pre-marketing phase, which may last up to 4 weeks, and which is expected to happen between 19th of June 2023 and 19th of July 2023. The book building phase is then expected to start on 5th of July 2023 and to end on 20th July 2023. Finally, it is expected that the admission to trading will become effective and that dealings will commence on 21st July 2023, under the symbol “BAC1EU” and International Securities Identification Number (“ISIN”) LU2583605592. The final terms of the Offering and the admission to trading will be published once the placement is concluded on www.artex-stockexchange.com.

H.S.H. Prince Wenceslas of Liechtenstein, ARTEX Co-Founder and Chairman stated: “To offer a masterpiece by Francis Bacon as the first listing on ARTEX is a great privilege but also a responsibility. Three Studies for a Portrait of George Dyer is one of the most famous triptychs in modern art history, realised at Bacon’s artistic peak, during a particularly turbulent and productive period in his life. Bacon is the first artist to be brought to the public by ARTEX. To fulfil this responsibility, ARTEX needs to operate a fair and fully transparent trading venue that is accessible and protective of all. ARTEX operates under one of the most rigorous regulatory frameworks to foster a high level of trust. For investors to see more iconic artworks be traded on the ARTEX stock exchange in the future, trust is essential.”

Yassir Benjelloun-Touimi, ARTEX Co-Founder and Chief Executive Officer, commented: “We are delighted to offer this masterpiece from one of the most successful 20th century artists, in a city that inspired him so much. Bacon's innovative drive led him to reinvent the genre of portraiture, through a unique realism, challenging painting in the photographic age. As he received strong public and institutional recognition during his life, the price for most of his work remained beyond the means of most people. ARTEX is bringing the opportunity not only to revisit his legacy but to finally make his work accessible for all. More content about his life and work can be explored through our dedicated upcoming website Artodyssey.”

The ARTEX MTF offers a continuous trading model in connection with auctions. It starts with an opening auction, followed by continuous trading via a central limit order book. Then,trading ends with a closing auction. The MTF participants consist of members and market makers in accordance with regulation and facilitate the trading of shares by the Issuer to trade with a certain liquidity.

ARTEX has secured partnerships with well-established stock exchange infrastructure service providers to ensure a seamless trading experience and a robust trading platform. SIX will provide services relating to clearing as well as market data feed whilst settlement will happen through the bridge offered via Euroclear and Clearstream. UnaVista, an LSEG business, will support ARTEX in fulfilling its information exchange and reporting to the relevant supervisory bodies.

Rothschild & Co is acting as financial advisor to ARTEX in relation to the IPOs of the artworks.

About the artwork: Three Studies for a Portrait of George Dyer

Three Studies for a Portrait of George Dyer (1963) belongs to a unique series of five portrait triptychs that Bacon created between 1963 and 1969. Not only is the painting in question the first of the series, but it is also the very first of many portraits that Bacon painted of his greatest muse, a few months after they had met.

The work displays three views of Dyer’s face slightly under life-size, in this intimate 35.5 x 30.5 cm format that Bacon had just initiated a year before painting this triptych, and that he would continue employing from this point onward. The central panel is a front view of the figure – as it usually is in Bacon’s small head triptychs – flanked with three-quarter views of the left and right sides of Dyer’s face that appear as almost symmetrical.

Set against a dark background, the figure of Dyer emerges from the darkness of his own psyche. Shaped by dynamic brushstrokes, the shifting faces are rendered in a semi-abstract blur; however, they remain recognisable. Severely contorted, they reveal Dyer’s mental anguish and relate to Bacon’s general concerns about the human figure, as a means to reveal even more so the mortality and transience of life.

More reminiscent of muscle and tissue than skin, these representations emphasise Bacon’s fascination by the fact that body is simply meat. This carnal quality is typical of the artist’s work. In the present painting, Bacon paid particular attention to the treatment of the flesh, mostly by using a varied colour palette that ranges from white, carmine, and pink to green, grey, and brown. Only from that moment in time, has Bacon started to focus on the potential of colour, whereas from the late 1940s through to the mid-1950s, the rendering of flesh was mostly monochromatic in his work. In the early 1960s, his artistic style evolved, and his technique reached new heights. The dynamic, vigorous, and fluid brushstrokes featured in the present work mark a shift in Bacon’s practice and demonstrate the artist’s masterful handling of paint.

Three Studies for a Portrait of George Dyer is a prime example of Bacon’s artistic peak. It was executed in 1963, when the painter was enjoying an intensely busy career and his own personal highlights. Moving into his Reece Mews studio in 1961 – where he would continue working until his death – brought him a certain stability. Besides, beyond receiving increasing institutional recognition, his work started to be praised by the public, as evidenced by a first retrospective at the Tate Britain in 1962, that travelled to the Solomon R. Guggenheim Museum in New York in 1963. That year, he met George Dyer who would be his inspiration for his most powerful works. As a result, Bacon’s paintings became more sophisticated and reached maximum intensity, as shown by the present painting.

This triptych reflects how Bacon transcended his sources. He used the images of Dyer he had commissioned from Vogue photographer John Deakin as a starting point. Bacon’s painterly technique, that can be evidenced here, imparts a strong sense of movement, perhaps evoking the dissolution of the figure with morbid sensitivity.

Among the series of five head portrait triptychs depicting Dyer, the work in question is one of two that feature a dark background, whereas the others show a pink, violet, or beige ground; and is the only one that portrays him without his white collar, as if the heads were disembodied and deprived of any spatial or temporal reality. Almost symmetrical, the present triptych is the more balanced of the series in its composition. Less diluted than in the others, the heads sustain greater details that give it a sharp, almost more vigorous aesthetics.

This painting is a rare example of Dyer’s portrait in this intimate format, that is highly charged with emotion, almost recalling a private, devotional object.Also, the seriality that was dear to Bacon is multiplied here, given this painting is in a triptych format that belongs to a series of five.

Provenance
- Marlborough Fine Art Ltd, London
- Roald Dahl, Great Missenden
- Waddington Galleries Ltd, London
- Private collection, Paris
- Christie’s NY, 17 May 2017, Lot 38 – B
- Private collection (acquired at the above sale)

Exhibitions
- British Paintings 1945-1970, Kunstnerforbundet, Oslo; Kunstforening, Trondheim; Kunstforeningen, Bergen; Museum Narodowe, Warsaw; Museum Narodowe, Poznan, and Museum Narodowe, Krakow, January-July 1972, n.p., no. 10 (illustrated).
- Bacon-Freud: Expressions, Fondation Maeght, Saint-Paul-de-Vence, July-October 1995, pp. 46-47 and 204, no. 11 (illustrated in color).
- Wounds: Between Democracy and Redemption in Contemporary Art, Moderna Museet, Stockholm, February-April 1998, vol. 1, p. 171; vol. 2, n.p. (illustrated in color).
- Francis Bacon: Le Sacré et le Profane, Fondation Dina Vierny-Musée Maillol, Paris, April-June 2004, pp. 112 and 157 (illustrated in color).
- Francis Bacon: Portraits and Heads, Scottish National Gallery of Modern Art, Edinburgh, June-September 2005, pp. 60-61, no. 29 (illustrated in color).
- Francis Bacon. Die Portraits, Hamburger Kunsthalle, Hamburg, October 2005-January 2006, p. 73, no. 28 (illustrated in color).
- Francis Bacon: A Centenary Retrospective, Tate Britain, London; Museo Nacional del Prado, Madrid, and Metropolitan Museum of Art, New York, September 2008-August 2009, pp. 186 and 280 (illustrated in color).

Portraits of George Dyer in Francis Bacon’s artistic production
In the aftermath of the war, while many artists turned to abstraction, Bacon chose to investigate against prevailing trends. His creative output largely relates to the human figure and is mostly made up of portraits – a genre that was quite unpopular at the time.

His purpose was not only to represent the physical appearance of his models, but also to explore them psychologically and to convey their very essence. These depictions also served as vehicles to address the fundamental issues of the human condition and, above all, its sense of mortality. Through this unique realism, Bacon was also looking to challenge painting in the photographic age. As a result, Bacon completely reinvented the genre of portraiture.

Divided between full-length figures and head formats, Bacon’s portraits predominantly depicted his close friends and lovers. Among them, George Dyer has a very important part. The pair met in late 1963 and shared a passionate but also tormented relationship for almost a decade. Bacon was immediately drawn to this young, seemingly strong but fragile character with a history of petty crime. Dyer’s harmonious proportions and good looks were a constant source of inspiration for Bacon who sought to immortalise his appearance but, above all, his tormented psyche. Dyer soon became the most influential personality in Bacon’s private and artistic life. His figure dominated Bacon’s paintings from the 1960s, as the artist was exploring the genre of portrait more than ever. Dyer remained a major subject of Bacon’s work after his death in 1971. Two days prior to the opening of the artist’s most important exhibition in his lifetime at the Grand Palais in Paris, he was found dead in their hotel room, leaving Bacon racked with grief and guilt.
Dyer left a permanent mark on the artist, unlike any other of his muses and lovers. He appeared in more than 40 paintings over the course of Bacon’s career, whether it be large or small and intimate canvases. It was around the time they met, in the early 1960s, that Bacon set up a habitual structure for his portraits: either the small format of 35.5 x 30.5 cm for his heads or the grand scale of 198 x 147.5 cm for his full-length figures. These canvases would either stand alone or be grouped in two or three to form respectively diptychs or triptychs.

As Bacon stated in 1979, “Triptychs are the things I like doing most”. Indeed, Bacon’s triptych paintings, both epic and intimate, have largely defined his career. He started doing small head triptychs with each panel measuring 35.5 x 30.5 cm in 1962, a year before painting Three Studies for a Portrait of George Dyer, right after he had learned that his then-lover Peter Lacy had died on the day of the inauguration of his first retrospective at the Tate Gallery in London. The triptych format – that he borrowed from religious art – attracted him most for its seriality, which is an important aspect in Bacon’s oeuvre. Indeed, he would widely produce variations on the same subjects throughout his career, such as his Popes, men in suits or his van Gogh paintings. When set in triptychs, which he considered to be “the most balanced format”, the different variants arguably recall Eadweard Muybridge’s photographic studies of the figure in motion that widely inspired the painter. As regards to portraits, the triptych format allowed him to show different aspects of the same face, as is the case with Three Studies for a Portrait of George Dyer or to depict different people.

Bacon famously worked in isolation from his sitters to have the flexibility to distort their appearance as much as needed. Therefore, he had to rely on both photographs and his own memory. In the case of Dyer, he compulsively collected a hundred photos which were later found in his Reece Mews Studio. He had commissioned them from his friend, Vogue photographer John Deakin, and used them as a starting point for all the portraits he made throughout the 1960s and the 1970s, such as Three Studies for a Portrait of George Dyer. He then focused on deforming his subject to capture his essence, conveying an expressive force that mostly originated from the artist’s own emotions.

About the artist: Francis Bacon
Francis Bacon (1909-1992) is one of the most successful painters of the 20th century, marking undoubtedly the history of art. Away from the growing tendency of his time towards abstract art, the painting of Francis Bacon defies any classification. Instead, Bacon created a unique artistic style on the border between abstraction and figuration. This singularity requires a special treatment, falling outside of historical and stylistic patterns. Besides, Bacon was self-taught and did not receive any proper training. Yet, his work was instantly acclaimed by scholars and historians, as well as the public, for its distinctive and disturbing realism.
In the aftermath of the war, his painting reflects on humanity’s frailties and imparts an existential anguish, that was also rooted in his own personal experience. Above all, Bacon revolutionised the genre of portrait that allowed him to convey the psychological state of his subjects in addition to representing their physical appearance.

Francis Bacon was born in Ireland in 1909 and deceased in Madrid at the age of 83. He was of a generation that went through two world wars and witnessed the violence generated by deep political tensions. His father, Captain Anthony Edward Mortimer Bacon, served in the army and later worked in the War Office during World War I. His job certainly alerted the young Francis Bacon to the threat of violence, preventing him from living a quiet childhood. Bacon’s mother, Christina Winifred Firth, was heiress to a Sheffield steel business and coal mine. She lived the life of a socialite, while her son, who suffered from asthma, was often left to his own devices. Family relationships became more complicated as Bacon was dealing with his emerging homosexuality which was never accepted by his father. He was expelled from the family home in 1926, at only 16.

Bacon left his rural Ireland and moved to London on an allowance of £3 a week from his mother. Although he was in severe economic difficulty, he could survive by doing various jobs as a secretary and cook. In 1927, he left for Berlin at the suggestion of his father, who entrusted him to a relative in an unsuccessful attempt to make him change. He later stayed with a French family near Chantilly. There, he discovered museums and galleries, and started to take a definitive interest in art. He spent the next year-and-half in Paris, where he saw the exhibition ‘One Hundred Drawings of Picasso’ and from that crucial moment, he started to conceive his first watercolours and drawings.

In 1929, he left for London and started a career as a decorator and designer, which allowed him to acquire notoriety and an interesting clientele. Nevertheless, he abandoned the design field to focus on painting as early as the following year. This radical move was encouraged by his participation in an exhibition with Jean Shepeard and Roy de Maistre – his most influential artistic contacts in the 1930s.

In 1933, Bacon produced his first significant paintings, including notably The Crucifixion. It was immediately exhibited at the Mayor Gallery, purchased by Sir Michael Sadler, and reproduced in Herbert Read’s Art Now. From this moment on, as many satisfactions as disappointments were to follow, making Bacon’s relationship with art rather tormented. In the following years, although Bacon was artistically inspired, he destroyed almost all the paintings he had produced out of self-criticism. Only from the end of the 1950s did he allow an important quantity to survive.

The reactions of the public were varied: some did not appreciate Bacon’s excesses, while others immediately understood his potential. In 1948, Alfred Barr acquired Painting 1946 from Brausen for the Museum of Modern Art, New York, marking the beginnings of Bacon’s international recognition. In November 1949, German art dealer Erica Brausen organised the artist’s first solo show at the Hanover Gallery. On this occasion, the art critic Robert Melville, who was also an early biographer of Picasso, published an article in Horizon which identified Bacon as a major artist.

Early established as one of the leading post-war painters, Bacon’s success would only grow over the decades. Throughout the 1950s, he participated in numerous other events that contributed to the development of his career internationally, such as the Venice Biennale in 1954. However, it was at the turn of the 1960s that he made a real breakthrough: on the 16th of October 1958, he signed a contract with Marlborough Fine Art that acted as his representative dealer for the rest of his life. He also set up a studio at 7 Reece Mews in 1961 where he would continue to work until he died.

The sixties proved to be the most important decade in Bacon’s artistic career. His work had attracted both gallery owners and art dealers and started to be demanded by the most prestigious museums. In 1962 he had his first major museum retrospective at the Tate Gallery in London, which later travelled to the Solomon R. Guggenheim Museum in New York. Bacon’s oeuvre also started to attract the attention of the most established artists, such as Pablo Picasso who was fascinated by the catalogue and went to see the exhibition in London. That same year, David Sylvester, a British art critic and curator, began making a famous series of interviews with Bacon on BBC Radio, favouring his promotion.

Furthermore, new sources of inspiration enriched his artistic musing, as he met George Dyer in 1963. Dyer became his companion, but also the protagonist of his most successful works conceived between the 1960s and the 1970s.

Bacon’s work spread more and more around the world thanks to a constant exhibition activity. On his second retrospective at the Tate Gallery in 1985, the then director Sir Alain Bowness had so much appreciated his work, that without hesitation, he defined him as “The greatest of living painters”.

Aggravated asthma caused Bacon severe breathing problems, and he eventually died of a heart attack in 1992 in Madrid, leaving behind an eternal artistic legacy.

Market analysis
A dominant figure of the British art scene, Francis Bacon was already recognised during his lifetime as one of the most important painters of the 20th century by museums and scholars. The development of his market followed the same trend, making Bacon the highest valued post-war artist at auction, when his Triptych 1976 sold for $86.2 million in 2008. Since his death in 1992, three of his works have set records for the artist. The current one is held by Three Studies of Lucian Freud (1969), that was sold for $142.4 million in 2013. At the time, it became the most expensive artwork to ever sell at auction; it has then moved to the seventh position.

The total sales revenue for Bacon’s market over a period ranging from 1986 to November 2021 amounts to $3.4 billion. Paintings by Bacon of the greatest quality belong to the High-End of the Post-War and Contemporary market and are sought after by the most prominent collectors in this field, when they are not already part of major public collections and institutions worldwide.

Only a rough 580 paintings survive today in Bacon’s production, as he used to destroy his own works out of self-criticism. Out of a few 90 iconic paintings by the artist, 54 are currently held in private collections – including the present work –, while the remaining 36, accounting for 40% of that sample, are part of public collections. Therefore, the bulk of Bacon’s oeuvre remains mostly in private hands today: a favourable situation allowing the market to sustain its development, although the total number of works is rather limited.

Institutions have been actively committed around Bacon’s oeuvre, which ensures stability and durability to his market. Their ongoing support also rests on recurring exhibitions. The most recent solo shows were held at the Royal Academy of Arts, London in 2022, as well as the Centre Pompidou, Paris in 2019-2020, and the Museum of Fine Arts, Houston in 2020. Such major events – that generate new research and discoveries on Bacon’s oeuvre and prompt a surge of public interest – are expected to have profound effect on the market, with works increasing in value.

Besides, the publication of Bacon’s catalogue raisonné by Martin Harrison in 2016, after ten years of endeavour, also plays an important part in strengthening Bacon’s market. Acting as a cornerstone, it casts a new light upon the artist’s production as a whole and builds greater confidence in the authentication process of his works.

Although works by Bacon come to the market on a recurring basis, only 191 paintings have been offered at auction over the reference period from 1986 to November 2021. A succession of major works was put up for sale since the 2000s causing Bacon’s market to rise with escalating values.

Bacon’s market is dominated by high value sales, with a share of 35% by value made by works with actualised prices above $10 million, accounting for 83 lots sold over the reference period. Among these works, 65 were sold between $10 million and $50 million (all prices are actualised unless a specific sales date is mentioned), which accounts for a share of 27% by value; 16 works sold between $50 million and $100 million, representing 7% by value; and 2 works sold for over $100 million, accounting for 1% of Bacon’s market by value.

This market has remained steady until now for top-end works, with the highest prices mostly achieved during two peaks: in 2007-2008 and 2013-2014. Over a period from 2007 up until November 2021, 29 paintings were sold above an actualised price of $40 million. 14 of these works were sold during the two peaks that experienced a supply spike, and the remaining 12 found buyers over the rest of the period, except during the years 2009-2010.

In 2020, right in the middle of the pandemic, inspired by the Oresteia of Aeschylus (1981) was acquired for a price of $84.5 million with an actualised price of $93 million. It became the third most expensive work by the artist: a record implying that the market has remained solid for paintings of the highest quality, which are always in demand.

The paintings that perform the highest prices share almost each time a large-scale format (9 out of 10 most expensive lots sold); a triptych format (6 out of 10 most expensive lots sold); a creation date between 1960 and 1969, as the most important decade in the artist’s career (5 out of 10); and a known sitter, with the most valuable being George Dyer and Lucian Freud (5 out of 10; 3 being of George Dyer).

The present work, Three Studies for a Portrait of George Dyer, was brought to auction on one occasion, selling for $52 million in 2017. Therefore, it ranks ninth among Bacon’s most expensive paintings at public sale and achieved an auction record for a small triptych by the artist. Considering its 2017 sale, this single artwork represents a share of 1.7% of Bacon’s total sales revenue by value over the reference period.

Bacon made 40 or so small portrait triptychs that represents just 7% of his existing oeuvre – and they are rarely put up for sale. Only 19 distinct small triptychs have been brought to auction until today, nine of which were executed in the 1960s and three of which depict George Dyer including the present work. Among these existing triptychs, only five depict George Dyer: a unique series that remains partly in private hands, since two of these paintings are already part of museum collections (the Tel Aviv Museum of Art and the Louisiana Museum of Art, Humlebæk). Three Studies for a Portrait of George Dyer is a rare example of Bacon’s moving tribute to his muse in this intimate triptych scale still available for acquisition.

Iconic works by Bacon come occasionally at auction, and their public offering always generates record prices, given the ongoing demand for them. In June 2022, Study for Portrait of Lucian Freud was one of the top lots of Sotheby’s Jubilee auction taking place in London. Acquired for $52 million, it was the most expensive contemporary painting sold in London since 2014 and confirmed the strong interest for Bacon’s most important paintings. As per Art Tactic’s review on the Art Market in 2022, the top three artists in the modern art segment are Pablo Picasso with $388.8 million in auction sales, ahead of Francis Bacon with $224.9 million, and Rene Magritte with $191.5 million.

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About ARTEX
“ARTEX MTF” operates a secure and liquid art shares exchange, regulated and supervised by the Financial Markets Authority of Liechtenstein within the European MiFID II legislative framework. Providing easy access to a traditionally exclusive fine art market, ARTEX aims to democratise investing in artworks from the world’s greatest masters, spanning a period from the Renaissance to the twentieth century. ARTEX-listed masterpieces will be on public display, in museums and exhibitions around the world. ARTEX will strive to empower investors by offering the latest news, market insights and educational content to level the playing field in art investing. ARTEX was co-founded in 2020 by art enthusiasts and financial markets experts H.S.H. Prince Wenceslas of Liechtenstein and Yassir Benjelloun-Touimi. For more information about ARTEX, please visit www.artex-stockexchange.com.

“ARTEX MTF” is a Multilateral Trading Facility operated by ARTEX MTF AG, a Company incorporated in the Principality of Liechtenstein under company number FL-0002.682.571-2 with registered offices at Aeulestrasse 24 9495, Triesen, Liechtenstein. ARTEX MTF is regulated by the Financial Markets Authority under reference number 307407.



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