ArtNews : Why Is Michelangelo’s David So Important?

Why Is Michelangelo’s David So Important?

Michelangelo, David, 1501–1504, Galleria dell'Accademia, Florence, Italy

Calling Michelangelo’s David iconic is something of an understatement: A monument of art history both literally and figuratively, it is undoubtedly the world’s most famous sculpture—and, with a height of nearly 14 feet and a weight of more than six tons, impossible to ignore.

Fashioned from white Carrara marble and depicting its subject completely nude, David (1501–1504) represented a high-water mark of the Florentine Renaissance, a paragon of the revival of classicism that marked Europe’s emergence out of the medieval period. “It cannot be denied that this work has carried off the palm from all other statues, modern or ancient, Greek or Latin,” Giorgio Vasari would later write in The Lives of the Artists, first published in 1550, “No other artwork is equal to it in any respect.”


Indeed, the acclaim it met upon its unveiling was such that when a committee of artists discussed where exactly David should be installed, an envious Leonardo Da Vinci suggested an out-of-the-way location. Instead the piece received pride of place in front of the Palazzo Vecchio, Florence’s seat of power, on the Piazza della Signoria (though it had been originally intended for the roof of the city’s cathedral, the Duomo).

The figure of David—the shepherd boy and future king of Israel who brought low the gargantuan Philistine champion, Goliath, with a slingshot—had already been a subject for other Florentine artists years before Michelangelo. During the 1440s, for instance, Donatello fashioned a bronze version of the biblical hero (also naked), depicting him in a rather louche pose with one hand on his hip and the other holding a sword as he steps on Goliath’s severed head.

David, then, was something of a civic symbol, but Florence’s identification with him intensified when France’s King Charles VIII invaded Italy in 1494. Florence’s ruling Medici family, accused of compromising the city’s independence from the French, was expelled, followed by the establishment of a new republic (which started inauspiciously with the two-year reign of the theocratic Dominican friar Girolamo Savonarola). Confronted by adversaries that included the Medici plotting a return to power, Florence embraced David as the embodiment of heroic resistance, ultimately leading to the creation of Michelangelo’s masterpiece.

Technically, Michelangelo was taking over a commission that had been in progress for decades. The Opera di Santa Maria del Fiore, the organization charged with the construction and maintenance of the Duomo, had initially awarded the grant to Donatello’s protégé, Agostino di Duccio, in 1463. It was assumed that the David would be carved from multiple pieces of marble, but when Agostino went to the quarry at Carrara to select the material, he chose a single, massive block of bianco ordinario, a lesser grade of rock that would eventually prove problematic. Agostino roughed out the torso, legs, and feet of David before abandoning the work upon the death of his master in 1466. Ten years later, another student of Donatello, Antonio Rossellino, was hired to resume the effort, but he immediately withdrew from the contract, citing the poor quality of the stone. The block, which became known as Il Gigante (The Giant), lay outdoors on its side in the Duomo’s courtyard for 25 years before Michelangelo entered the picture in 1500.

The Opera had already raised Il Gigante upright and built a scaffold around it when Michelangelo commenced carving on September 13, 1501. He worked in secret in the courtyard, exposed to the elements, demonstrating a talent for laboring under difficult conditions that would become mythologized with his work on the Sistine ceiling.

Once Michelangelo had finished, it became clear that there was no way to hoist the sculpture to the top of the Duomo as planned, and the aforementioned committee was convened to determine a suitable alternative location. Among the suggestions was a spot in front of the cathedral, which Sandro Botticelli endorsed. Others thought that, given the imperfections in the marble, it should be placed under the roof of the Loggia dei Lanzi on the Piazza della Signoria to protect it from the rain. The committee ultimately decided on putting David in front of the Palazzo Vecchio, where it served as a totem of defiance against Florence’s enemies.

Packed in a wooden crate, David was transported the half mile from the cathedral to the Piazza della Signoria in June 1504. It took 40 men more than four days to roll the sculpture along greased logs to its final destination. Michelangelo continued to add finishing touches to the statue once it was installed, and gold leaf was later applied to parts of the figure, a long-forgotten addition that wore off over time.

Michelangelo’s rendering of David was unlike any previous iteration. Whereas the subject had usually been presented in triumph over his defeated foe, Michelangelo chose the moment before the confrontation. David is presented with one hand raised, holding a sling draped over his shoulder, with the other hand hanging by his side, clenching the rock he’d soon let fly. His body is relaxed yet coiled for action, his countenance wary and alert as his eyes size up his target with a penetrating glare. His hands are huge, suggesting massive batteries ready to discharge their deadly energy. The power and subtlety with which Michelangelo conveys David’s inherent tension through musculature and facial expression are indeed unmatched, as Vasari stated, by any work before or since.

After cracks were discovered in the statue’s left leg, it was moved to the Gallery of the Academy of Florence during the 1870s. In 1882 it was moved again to a purpose-built alcove within the Academy, where it sits under a domed skylight. In 1910 a replica was placed in the statue’s former spot on the Piazza della Signoria.

Over the years, David has attracted millions of visitors, and on one occasion in 1991, the unwanted attention of a deranged artist named Piero Cannata, who attacked the sculpture with a hammer, breaking off the second toe on the left foot. He was detained, along with tourists attempting to make off with the pieces. But repairs were successfully made to David, renewing its role as a testament to human achievement.

FT : Activist investor fails to win Swatch board seat

Activist investor fails to win Swatch board seat
GreenWood Investors’ Steven Wood says he will consider requesting an extraordinary meeting

Investor Steven Wood has failed in his bid to win a board seat at Swatch Group, after the powerful Hayek family voted against his resolution at the struggling watch group’s annual meeting.

Wood, founder of US firm GreenWood Investors, had campaigned for a board seat to drive a turnaround at Swatch, which owns 16 brands including Omega, Longines and Harry Winston.

But his attempt faced long odds given opposition from the Hayek family, which owns 25 per cent of Swatch’s shares but controls 44 per cent of the voting rights. Nick Hayek Jr, son of founder Nicolas Hayek, and his sister Nayla are group chief executive and chair, respectively.

The board had recommended Wood’s bid be rejected before the company’s annual meeting on Wednesday, and the company said 79.2 per cent of shareholders voted against his election.

Wood, who owns about 0.5 per cent of Swatch stock but has the backing of another investor holding about 1 per cent, said he would consider his options including requesting an extraordinary meeting.

That would require the backing of 5 per cent of shareholders, with Wood then able to ask for a separate vote among Swatch’s bearer shareholders — generally institutions — to be elected as their representative.

Swatch has a dual-class share structure. The Hayek family own mostly registered shares, which carry greater voting rights than bearer shares. Wood wants to serve as a representative for holders of bearer shares, which represent 55 per cent of Swatch’s share capital.

Swatch shares are down 25 per cent over the past year. At their height in 2013, shares were trading at about SFr600 and it reported profits of nearly SFr1.6n ($1.9bn). Swatch reported a 75 per cent fall in net profit to SFr219mn last year and its shares on Wednesday were trading at SFr148.

The US-based investor said he was grateful to the majority — 62 per cent — of the bearer shareholders who voted in favour of him and for “fresh perspectives on Swatch Group’s board of directors.”

He also criticised confusing procedures at the meeting and unclear voting instructions for shareholders. Wood said he was not seeking to replace Jean-Pierre Roth, a former president of the Swiss National Bank who has served on Swatch’s board since 2010. Mr Roth is the designated representative of Swatch’s bearer shareholders.

The board presented it as an “either-or” option, instead of Wood being added to the board’s numbers.

“Given the improper invitation to the AGM and unclear voting instructions, it was not clear to bearer shareholders today, nor me, that a vote for Mr Roth was a vote against me,” Wood said.

Proxy advisers Institutional Shareholder Services and Glass Lewis had recommended voting against the re-election of Swatch’s supervisory board, citing corporate governance concerns.

Wood added that in recent weeks, GreenWood Investors had “received overwhelming support from investors, industry experts and Swatch employees”.

“This has only reinforced our conviction that fresh perspectives on the board are essential.”

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • VFC -11.8%, JHX -5.1%, WIX -4.5%, CVAC -4.4%, CLCO -3.6%, TGT -3.6%, PANW -3.5%, VSAT -0.9%
Other news:
  • WOLF -60.4% (preparing to file for bankruptcy within weeks, according to WSJ)
  • CRI -9.4% (lowers dividend) QXO -8% (launches stock offering totaling $1 bln)
  • CTRI -7.2% (Southwest Gas (SWX) announces pricing of secondary public offering of 9.0 mln shares of Centuri Holdings common stock at $17.50 per share)
  • GRDN -6% (announces launch of 7.5 mln share offering, comprised of 6,059,553 shares by selling stockholders and 1,440,447 newly issued shares offered by Guardian)
  • TTWO -4.3% (prices offering of 4.75 mln shares of common stock at $225.00 per share)
  • OSUR -3.9% (files for $300 mln mixed securities shelf offering)
  • TPG -3.7% (prices secondary offering of 21.0 mln shares of common stock at $47.25 per share)
  • CIFR -3.4% (prices offering of $150.0 mln of convertible senior notes due 2030)
  • GTX -3.3% (announces 17 mln share offering by selling shareholders; 2 mln share concurrent repurchase by GTX)
  • MRNA -2.6% (announced that in consultation with the FDA, the Company has voluntarily withdrawn the pending BLA for mRNA-1083)
  • NU -2.5% (COO stepping down)
  • IONQ -1.1% (partners with Sweden's Einride to develop quantum supply chain)
  • FOUR -1.1% (further extends previously announced tender offer to acquire Global Blue)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • GOOS +7.6%, DY +6.9%, KEYS +5.7%, XPEV +5.2%, EVLV +4.3%, WB +4.3%, TOL +4%, XP +2.3% (also authorizes new R$1 bln share repurchase program; also approves cancellation of existing treasury Class A shares), MOD +2.3%, BIDU +2.1%, FINV +2%, WRD +1.8%, LOW +1.8%, ZTO +0.9%, TUYA +0.8%
Other news:
  • AKYA +11.3% (received an unsolicited acquisition proposal from a third party to acquire Akoya in an all cash tender offer transaction)
  • BLTE +5% (receives FDA Breakthrough Therapy Designation for Tinlarebant)
  • GNFT +3.9% (to receive a €26.5M milestone payment)
  • SLNO +3.6% (data relating to VYKAT XR)
  • MTUS +3.5% (names new COO and new CFO)
  • SDHC +1.9% (two directors disclose insider buys)
  • BHC +1.9% (entered into letter agreements with Carl Icahn, John Paulson, among others)
  • RTX +1.4% (confirms plans for "Golden Dome for America")
  • SLSR +1% (enters into $200 million financing agreements with Royal Gold (RGLD) to advance the Warintza project)

>>> US Research Calls I

Research Calls I
  • Upgrades
    • Acadia Pharmaceuticals (ACAD) upgraded to Buy from Hold at Deutsche Bank, tgt $35
    • AutoZone (AZO) upgraded to Buy from Neutral at BofA Securities, tgt $4,800
    • Bilibili (BILI) upgraded to Buy from Hold at HSBC, tgt $22.50
    • Home Depot (HD) upgraded to Buy from Hold at Stifel, tgt $425
  • Downgrades
    • CAE (CAE) downgraded to Sector Perform from Outperform at RBC Capital
    • Myriad Genetics (MYGN) downgraded to Sector Perform from Outperform at Scotiabank, tgt $6
    • PennantPark (PNNT) downgraded to Sell from Neutral at Compass Point, tgt $5.75
    • UnitedHealth (UNH) downgraded to Reduce from Hold at HSBC, tgt $270
  • Others
    • Atlas Energy (AESI) initiated with a Buy at Stifel, tgt $15
    • Atlantic Union Bankshares (AUB) initiated with a Buy at Jefferies, tgt $37
    • Axos Financial (AX) initiated with a Buy at Jefferies, tgt $90
    • Banc of California (BANC) initiated with a Buy at Jefferies, tgt $18
    • BankUnited (BKU) initiated with a Hold at Jefferies, tgt $39
    • BOK Financial (BOKF) initiated with a Hold at Jefferies, tgt $105
    • Cathay General (CATY) initiated with a Buy at Jefferies, tgt $53
    • CF Bankshares (CFBK) assumed with an Overweight at Piper Sandler, tgt $29
    • Citizens Financial (CFG) initiated with a Buy at Jefferies, tgt $50
    • Columbia Banking (COLB) initiated with a Hold at Jefferies, tgt $27
    • Comerica (CMA) initiated with an Underperform at Jefferies, tgt $47
    • Cullen/Frost (CFR) initiated with an Underperform at Jefferies, tgt $105
    • Eagle Bancorp (EGBN) initiated with a Hold at Jefferies, tgt $20
    • East West Bancorp (EWBC) initiated with a Buy at Jefferies, tgt $115
    • Fifth Third (FITB) initiated with a Buy at Jefferies, tgt $47
    • First Citizens (FCNCA) initiated with a Hold at Jefferies, tgt $2,050
    • First Foundation (FFWM) initiated with a Buy at Jefferies, tgt $7
    • First Horizon (FHN) initiated with a Buy at Jefferies, tgt $25
    • Flagstar Financial (FLG) initiated with a Buy at Jefferies, tgt $15
    • Huntington Bancshares (HBAN) initiated with a Buy at Jefferies, tgt $20
    • Intel (INTC) resumed with a Hold at Deutsche Bank, tgt $23
    • KeyCorp (KEY) initiated with a Hold at Jefferies, tgt $18
    • M&T Bank (MTB) initiated with a Buy at Jefferies, tgt $225
    • Old National Bancorp (ONB) initiated with a Hold at Jefferies, tgt $24
    • Pinnacle Financial (PNFP) initiated with a Buy at Jefferies, tgt $135
    • Prosperity Bancshares (PB) initiated with a Buy at Jefferies, tgt $85
    • Regions Financial (RF) initiated with a Hold at Jefferies, tgt $24
    • SelectQuote (SLQT) initiated with a Hold at Jefferies, tgt $2.75
    • South State (SSB) initiated with a Buy at Jefferies, tgt $110
    • Synovus (SNV) initiated with a Hold at Jefferies, tgt $55
    • Texas Capital (TCBI) initiated with a Hold at Jefferies, tgt $80
    • Tvardi Therapeutics (TVRD) initiated with an Outperform at Oppenheimer, tgt $65
    • Tyra Biosciences (TYRA) assumed with an Overweight at Piper Sandler, tgt $33
    • Valley National (VLY) initiated with a Hold at Jefferies, tgt $10
    • Webster Financial (WBS) initiated with a Buy at Jefferies, tgt $65
    • Western Alliance (WAL) initiated with a Buy at Jefferies, tgt $95
    • Wintrust Financial (WTFC) initiated with a Buy at Jefferies, tgt $145
    • Zions Bancorp (ZION) initiated with an Underperform at Jefferies, tgt $40

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • GOOS +6.3%, WB +6.2%, XPEV +5.1%, BLTE +5%, TOL +4.8%, EVLV +4.7%, KEYS +4.7%, TUYA +4.3%, FINV +4.3%, GNFT +3.9%, WRD +3.8%, SLNO +3.6%, MTUS +3.5%, LOW +2.6%, BIDU +2.4%, SDHC +1.9%, AKYA +1.9%, BHC +1.9%, RTX +1.6%, MOD +1.4%, SLSR +1%, XP +0.8%, KHC +0.7%, FLNG +0.7%
  • Gapping down:
    • WOLF -57.2%, VFC -10.7%, QXO -8.7%, CRI -7.6%, CTRI -7.2%, GRDN -6%, JHX -5%, TTWO -4.6%, TPG -4.4%, CIFR -4.2%, CVAC -4.2%, OSUR -3.9%, PANW -3.7%, GTX -3.4%, CLCO -3.4%, WIX -2.9%, NU -2.8%, TGT -1.6%, FOUR -1.1%, UBER -0.9%, VSAT -0.9%, BILI -0.8%