
While meeting my first squillionaire of the day, I dined on gold.
Literally. Not gold plates or gold cultery. I ate gold.
I was at the Emirates Palace, a waterfront Abu Dhabi hotel famous for being the most expensive ever built – a piffling US$3billion or so – and which is of a scale and level of detail that serves only to confirm all known stereotypes about the Gulf states’ finances.
When you order coffee at the lobby cafe at the Emirates Palace, a latte costs a hefty-but-proportionate Dh34/US$10/AU$14/NZ$17 and comes with a couple of “complimentary” chocolates.
And the chocolates emerge topped with a thumbnail-sized piece of gold sheet. It was my tiny part of the estimated 5kg – kg! – of gold that is ingested by the palace’s patrons each year. That’s US$144,000 worth on today’s spot price.

I was there to do a story about artparis Abu Dhabi, a French contemporary art fair transplanted into Abu Dhabi by the Government as part of its bid to establish the UAE capital as the cultural hub of the Middle East. Just as with the Emirates Palace hotel, also built by the Government, no expense is being spared in this, and a Dh100 billion (US$27bn/AU$42bn/NZ$50bn) development is turning a former tidal sand bank beside Abu Dhabi into a cultural centre in which the Louvre and the Guggenheim will be represented. It’s the former’s sole venue outside of Paris.
More specifically, I was there to interview some of the 100 invited art collectors flown out by – well, you guessed – and put up in the tennis court sized suites at the Emirates Palace.
First up was Nadhim Zahawi, founder and CEO of online pollster YouGov.com, whose estimated wealth was somewhere north of US$15m but who was particularly down to earth. This was good because he came straight from the pool and was dressed in board shorts and an expensively casual T-shirt which would have made it difficult for him to maintain an air of patrician superiority. Mind you, he also let me buy the coffee and aforementioned bullion-blended chocolates, which probably helps explain why he’s a multimillionaire.

The topic was how the art fair’s Abu Dhabi presence should evolve and we discussed issues about value for money (the dealers were charging up to US$50,000 for works by emerging artists who had yet to warrant a solo exhibition) and about the quality of the art (he was chuffed to “discover” Egyptian photographer Osama Esid) and about mixing with 99 of the world’s other top private collectors.
The encounter confirmed my theories about the wealthy, who display the same gamut of human traits as anyone else. I’d always found it easy to relate to those who use their wealth to pursue pleasure without hedonism (as in collecting art) and who used their money to achieve goals other than consolidating their power and prestige

That theory was emphasised by the next pair, displaced New Yorkers Don and Mera Rubell, who are listed among the top 200 private collectors in the world.
We got on extremely well, except for an early faux pas in which I made the mistake of calling them art investors. “We’re collectors,” Don pleasantly corrected me. “Investors intend to sell at some point and we don’t intend to sell anything.”
Their back story was really interesting. They’d met and married as teenagers in the early 1960s and while he went to grad school and they lived on her $100 a week teachers salary in New York, they still made a point of assigning a quarter of their income to buy art. More than 45 years later and thanks to his subsequent career as a gynecologist and other serendipitous fiscal events, the ratio assigned to acquire art remained the same but the numbers had rather a lot more zeroes at the end.

Even more impressive was their ability to spot talent very, very early in artists’ careers, and many of their 5000 or so works of modern and contemporary art were bought for the price similar to that of a pair of shoes or a haircut rather than with the blunt force of their chequebook. They were among the first, for example, to recognise Jeff Koons‘ potential.
When they “committed” to an artist, they explained, they liked to pick up between 10 and 80 of their works. It was not said in a boastful way at all and they were too nice to say on record that the art on display at the fair was overpriced, especially considering the slump in art prices in New York prompted by the chaos on Wall Street.
There were many reasons to be impressed by this pair, whether it was the fact they bought a former Drug Enforcement Agency secure warehouse in Miami to set up their museum, by their down-to-earth manner or, as I remarked to them at the end of our rambling interview, the fact they took the effort to put the chairs back into place rather than leaving it to the army of liveried minions at the Emirates Palace.

The fourth squillionaire was Martin French, an indeterminately wealthy and quietly influential English collector who managed to maintain an impressively tiny Google footprint. He also bolstered my theory about wealthy art collectors being pleasant and down to earth, as he too explained about the challenges ahead for artparis Abu Dhabi.
This was the most enjoyable assignment I’d done since I arrived in the UAE nearly three months ago. The combination of interesting and intelligent subjects, along with tightness of the timing (I had about an hour to Google-swat on the four collectors’ back stories before meeting them and then half a day to turn it into a 1500-word article) reminded me again how much I enjoy journalism and why I’ve avoided going higher up the career ladder towards management.
And, after all, how often do you get to eat gold with a squillionaire?




















