+ IntervIewS tIM wArD ZACHArIAS IOAnnIDeS DAvID ULrICH

CreAtIve ACCOUntInG the world’s ten Biggest Financial Scandals

529

1295

0005

77

00001>

the international investment, business & finance magazine of cyprus

ISSUe 04 JULy 2011 PrICe €6.95

INTEGRATING ART INTO A WEALTH MANAGEMENT STRATEGY

FROM ART LOVER TO ART INVESTORMANAGING THOSE

MILLION-DOLLAR DEALSTHE WORLD’S MOST

EXPENSIVE PAINTINGS

IntervIewChiara Corazza Greater ParisInvestment Agency

PLUS : MOney / BUSIneSS eCOnOMy tAX & LeGAL LIFeStyLe / OPInIOn

rUSSIA How much is its business worthto Cyprus?

4 the international investment, business & finance magazine of cyprus

COVER STORYINVESTING IN ART28 Integrating Art into a Wealth Management Strategy30 Collector, Investor or Both?31 The World’s Most Valuable Private Art Collections32 From Art Lover to Art Investor34 Never Mind the Aesthetics, What Are The Returns? 36 The Collector: Michael Zampelas38 Corporate Art Collections in Cyprus40 The Collector: Demetris Pierides

ThE DEbATE: “DO ThE ADVANTAGES Of mEmbERShIp Of ThE EuROzONE OuTwEIGh ThOSE Of RETAINING A NATIONAl CuRRENCY IN EuROpE?”by persella ioannides (yes)and sritha reddy (no) 21 ThE AlTERNATIVE CEE STRATEGY: DEfAulT AND DEVAluEby Dr. savvas savouri 24 A NEw ERA fOR pROpERTY buYERSby chris hadjikyriacou 50 whAT CYpRuS CAN lEARN fROm luxEmbOuRGby george savvides 62

A DOG’S lIfEby peter economides 98

70 {money}

74 {business}

82 {economy}

86 {tax&legal}

92 {lifestyle}

+ OpINION

6 EDITORIAl8 NEwS bRIEfING: GlObAl12 NEwS bRIEfING: lOCAl14 COmmODITIES/fOREx wATCh

issue 04 july 2011

26

4252

fEATuRES42 | CREATIVE ACCOuNTING AND EARNINGS mANAGEmENTTen of the world’s biggest financial scandals

48 | RuSSIA: OuR mulTI-bIllION EuRO INVESTORHow much is Russian business really worth to Cyprus?

52 | GOING ThE ExTRA mIlE Interview with Elias Neocleous

56 | EuROpEAN fOOTbAll mARkET GROwS TO €16.3 bIllIONFootball proves recession resistant as the ‘Big Five’ Leagues achieve revenue growth

58 | bACk TO ThE fuTuREInterview with Zachariades Ioannides

64 | ThE REAl lIfE RYAN bINGhAm? ThAT’S NOT mE!Management Guru David Ulrich speaks to Gold

the international investment, business & finance magazine of cyprus 69

{july 2011}

74 {business}

70 {money}

86 {tax&legal} 92 {lifestyle}

74 Fill ‘Em Up!Tim Ward on why banks should be doing more for SMEs

78 Learning to DelegateHow a Virtual Personal Assistant can free you of those time-consuming tasks

70 A Holistic Approach to InvestmentBank of Cyprus Group Markets

86 A Matter of Trust The Cyprus International Trust provides investors with security, tax saving opportunities and robust asset protection

88 A Life on the Ocean WaveBuying, registering, owning, maintaining and enjoying a yacht

94 Above and BeyondThe sky’s the limit when it comes to airborne luxury

80 {economy}80 Discussing the Crucial IssuesThe 2nd Limassol Economic Forum

82 Courting Global Investors for FDIWhat Cyprus could learn from the Greater Paris Investment Authority

business: What you see is What you get: my autobiography by alan sugar 79

economy: too big to fail: inside the battle to save Wall street by andrew ross sorkin 85

taX&legal: more money than god: hedge funds and the making of the new elite by sebastian mallaby 91

lifestyle: the hare With amber eyes: a hidden inheritance by edmund de Waal 96

+ BOOk rEvIEWs

IssUE04