FT : The Morozov collection at Fondation Louis Vuitton — Russia’s Silver Age shi

The Morozov collection at Fondation Louis Vuitton — Russia’s Silver Age shines again
The remarkable collection of French and Russian art acquired by two wealthy brothers is on show in Paris


When Mikhail Morozov visited fin de siècle Paris, he said he “ceased to be a tourist and became a human being”. It’s little wonder the Russian industrialist and art collector felt revitalised by the French capital. Born into a cultivated family whose fortune derived from textile mills, Mikhail and his brother Ivan had grown up in a Moscow beau monde of Impressionist artists and wealthy patrons whose efforts were forging a new avant-garde era known as Russia’s “Silver Age”. In the throes of post-Impressionist ferment, Paris must have felt like an even more thrilling nirvana.

From the time of his first visit to Paris in 1898 to his death at the age of 33 in 1903 — he was a notorious bon viveur — Mikhail built a collection of 39 French paintings, including works by Monet, Manet (the first to enter Russia), Renoir and Gauguin, and 44 by Russian artists. Meanwhile, between 1904 and 1914, his brother Ivan acquired 240 French works, including the first Picasso to enter Russia, and 430 Russian.

Now, the Morozov collection is on show at the Fondation Louis Vuitton in Paris, the first time all these works have travelled outside Russia. It is the second leg of a journey that began with the foundation’s 2016-17 display of the collection acquired by Sergei Shchukin, a businessman and contemporary of the Morozovs.

Shchukin — owner of 50 Picassos — was the braver buyer. But visitors to the foundation won’t be disappointed. The scene is set with portraits of the collector brothers. Painted by Valentin Serov, a full-length portrait of Mikhail hints at his excessive tendencies, buttons straining over his tailcoat.

Ivan’s portrait, by Impressionist Konstantin Korovin, boasts a fluid liveliness he lacked in reality. Unlike Shchukin, who welcomed Russian artists into his home to view the French contingent, Ivan hoarded his collection for his privileged circle. And while luxury was a leitmotif at home, for workers in his Tver factory, grim conditions provoked regular strikes.


Whatever his character defects, Ivan’s eye was impeccable. In 1908, his purchase ensured that “The Harlequin and his Companion” (1901) became the first Picasso to enter Russia. Showing Harlequin and his friend slouched over a café table, chins propped on their hands in bored melancholy, the image exemplifies the tension between estrangement and intimacy that shines through Picasso’s early work.

Next to it is “The Cork” (1878), which became the first Manet to enter Russia when it was bought by Mikhail in 1900. Showing two barflies, it testifies to the radical shift made by this French trailblazer away from stiff, academic idylls towards images of life in all its compelling, chiaroscuro imperfections.

It was risky to take such bold pictures — scandalous, even, in conservative Parisian circles — back to far more puritanical Moscow. Curator Anne Baldassari says that the Morozovs’ collection of nudes caused particular outrage. But the city’s artists longed for novelty. On show here, “Portrait of a Chorus Girl” (1883) — painted by Korovin after he returned from a trip to Paris — shows a full-lipped young woman in a rakish straw hat sprawled in front of leafy trees, her casual fearlessness echoing the artist’s rapid, blurry, shimmering brushstrokes.


In 1907, Ivan started to commission the monumental cycles that would transform his mansion on prestigious Prechistenka Street into a trendsetting domus. Our first sight of these brave new roomscapes are the paintings commissioned from Pierre Bonnard between 1910 and 1912 that adorned the staircase. The centrepiece here is “The Mediterranean”, a triptych of 4m-high panels showing a sun-washed, tree-shaded terrace stretching towards a glimmering azure sea, clearly designed to bring a slice of Côte d’Azur summer to a chill, grey Moscow afternoon.

It’s the long-hidden French gems that are this show’s treasure

Detached and inward, Cézanne could not be more different from the sensual, sun-worshipping Bonnard. Yet Ivan became a passionate collector of the Aix-en-Provence-based artist’s work. His Damascene moment came in 1907 at the Salon d’Automne in Paris, where a posthumous Cézanne retrospective included “Paysage Bleu” (1904-06). Showing Cézanne at his late zenith, the painting translates the Provençal landscape into a symphonic hymn of mottled blues with splashes of ochre and terracotta to hint that the day’s heat still simmers. Between 1907 and 1913, Ivan bought no fewer than 18 Cézannes.

It’s the long-hidden French gems that are this show’s treasure. There are two astonishing Van Goghs: “La Mer aux Saintes-Maries” (1888), a diminutive marine view whose zesty blues and whipped-cream whites prophesy the Fauvism that wouldn’t arrive for another two decades; and “The Prison Courtyard, Saint-Rémy” (1890), a tragic image of prisoners shuffling around a green-grey tower. Made after a drawing by Doré just two years after the life-affirming seascape, it was painted while Van Gogh was locked up in the Saint-Rémy asylum. Between them, these two images are a poignant witness to the turbulent psyche of this tormented talent.


Equally illuminating are the Matisses. A quartet of early still lifes — “The Bottle of Schiedam” (1896), “Blue Pot and Lemon” (1897), “Fruit and Coffee Pot” (1898) and “Blue Pitcher” (1901) — show the painter navigating away from Dutch-style grandeur towards the ecstatic chromaticism that, in the 1898 painting, transforms a fruit bowl into a sun-kissed festival of peachy pink, citron yellow and eau-de-nil.

By 1912-13, when Matisse painted his “Moroccan Triptych”, his surrender to pure colour was complete. In a palette of ultramarine, cobalt and turquoise, the paintings bind the north African sky, sea and architecture into a single radiant expression of sun-seared, ceramic-smooth blueness. It was acquired by Morozov with the assistance of Shchukin who, rather than being threatened, encouraged his fellow collector to buy bolder works.

This is not a flawless show. In 2021, to see Gauguin’s Tahitian paintings of pubescent, half-naked girls curated without so much as a nod to the creepy eroto-colonialism that underpins them, is unacceptable. And although Morozov called them the “pearls of his painting gallery”, the stylised panorama of flimsy, raspberry-skinned nudes ensures that the decorative cycle, “L’Histoire de Psyche” — commissioned from Nabis group painter Maurice Denis by Ivan for his Music Salon in 1907 — is a kitsch, reactionary, faux-Arcadian pastiche of the Renaissance cycle by Raphael on which they were based.


Yet the conservative anima of “Psyche” played a fascinating role in the rollercoaster journey the Morozov collection suffered after the Russian Revolution of 1917. When his collection was nationalised in 1918, Ivan fled to Finland before settling in Switzerland. In 1925, his Russian paintings were dispatched to Moscow’s Tretyakov Gallery.

In 1928, the collection was united with that of Shchukin as the State Museum of Modern Western Art, but a number of Denis panels were covered by Shchukin’s Matisse works. In 1937, when the Matisses were removed along with Fauvist and Cubist works because their “formalism” was deemed ideologically unacceptable, the “Psyche” cycle was reinstated.

Towards 1948, Stalin pulled the plug on the whole decadent enterprise. Squirrelled away in the Pushkin and Hermitage museums, the Morozovs’ paintings were not shown until after Stalin’s death in 1953 when some Impressionists found wall space. However, the later avant-gardes remained off-limits until the late 1960s and Morozov’s name was not mentioned until a show in 1981 at the Pushkin Museum.

In Paris, this story is recounted through documentary photographs of the Prechistenka mansion’s many transformations. But, shocked though we are by such suppression, we should remember that the freedom of Russian artists today is gravely at risk. President Vladimir Putin has written a note in the Louis Vuitton Foundation’s catalogue lauding Morozov’s “unique collection”. It’s a shame he is less compassionate towards contemporary dissident voices.

FT ; No easy options to ease semiconductor squeeze

No easy options to ease semiconductor squeeze
US bid to seek inventory transparency likely to have limited impact

As the global semiconductor shortage enters its second year, the US government appears to have decided that extraordinary times require extraordinary measures.

Supply shortfalls continue to weigh on sectors ranging from cars to home appliances, putting a dent in the world’s economic recovery from the Covid-induced slump and adding to a global supply-chain crisis.

In late September, commerce secretary Gina Raimondo told chipmakers that Washington wants them to provide data about details of their business such as inventory which would be used to help identify snags in the supply chain earlier and more clearly. Although participation is declared voluntary, Raimondo has flagged that the US might force those who fail to comply.

It is not hard to see why such drastic action is being contemplated, given the scale of disruption. But the US government’s intervention is likely to be futile.

“What the Biden administration wants is a control tower that sees everything in the industry: forecasting, inventory, capacity and utilisation. But that is unlikely to succeed,” says Peter Hanbury, a partner at Bain & Co.

Taiwan Semiconductor Manufacturing Company, the world’s largest contract chipmaker, and its peers “are not going to want to tell how much capacity they are giving to Apple, because then the US government might tell them to give that capacity to someone else instead”, says Hanbury.

“There could also be antitrust issues arising, because if [carmakers] could see all that data, they could collude to drive down prices.”

Companies are getting creative though in response to the supply shortages. At Luxshare, a Chinese electronics manufacturer and Apple supplier, executives say that searching for components from companies that are not its regular suppliers has become part of their job. Contract chipmakers try to “shape demand” by convincing customers to use slightly different specifications to be served faster.

Chip manufacturers’ customers are also adjusting. “Companies have gotten used to paying for capacity upfront, and to signing long-term agreements for 12 to 18 months in advance,” says Phelix Lee, an analyst at Morningstar.

“Sometimes the shortfall is such that you would need them to sign for 36 to 60 months,” Lee adds. “But some producers are turning down orders instead rather than letting any more backlog build, because if customers get to book that much in advance, they can lock in the price.”

Beyond short-term fixes, the supply-chain squeeze is triggering a broader rethink of operations.

“While in the past the production process was broken up into many tiny components, they [companies] realise now that while that may be most cost-effective, it is also more disruption-prone,” says Hanbury. He therefore predicts vertical integration through mergers and acquisitions.

Some of that is already happening: Foxconn, the world’s largest contract electronics manufacturer, has acquired stakes in two chipmakers to secure supplies for its fledgling electric vehicle business. Meanwhile, some chip design houses that have been using just one contract manufacturer are now looking to add second or third manufacturing partners.

Companies are also seeking to understand better where the electronic components going into their products come from. After Japan’s Fukushima earthquake and tsunami which disrupted supply chains in 2011, Toyota built a system in-house to trace the origins of the many different electronic control units that go into each car. More such efforts will create the transparency Raimondo’s initiative is seeking.

The supply-chain spasms could also incentivise manufacturers to move away from a production footprint overly concentrated in one country. This would inadvertently help bring about the decoupling of supply chains from China that the US government has long pursued.

But to exclude a repetition of the massive shortages seen over the past year, a more radical approach would be needed.

“The fundamental issue is that in semiconductors, we have a concentrated industry structure with huge multiyear investments, which are slow in responding to V-shaped demand movements as we are seeing now,” says Andrew Tilton, Asia economist at Goldman Sachs. “In theory, efforts to duplicate supply chains and build surplus capacity could help, but that would be very costly and take time.” 

>>> US Close

Closing Stock Market Summary

The S&P 500 fell 1.3% on Monday, coughing up last Friday's rebound rally, amid noticeable weakness in the mega-cap stocks. The Nasdaq Composite was disproportionally affected with a 2.1% decline while the Dow Jones Industrial Average (-0.9%) and Russell 2000 (-1.1%) declined closer to 1.0%.

The major indices, except for the Nasdaq, started the session little changed, but it didn't take long for the mega-cap losses to trickle over to the broader market. The disappointing price action extended a recent trend of selling into strength amid unresolved issues on infrastructure, the debt ceiling, supply chain logistics, and raw material inflation. 

The Vanguard Mega Cap Growth ETF (MGK 232.18, -5.33) fell 2.2% while the Invesco S&P 500 Equal Weight ETF (RSP 150.88, -0.96) declined 0.6%. Eight of the 11 S&P 500 sectors finished lower, led by the information technology (-2.4%) and communication services (-2.1%) sectors with losses over 2.0%.

Facebook (FB 326.23, -16.78, -4.9%) was the big loser amid claims from a whistleblower that the company prioritized profits over safety. The semiconductor space was another weak spot amid an observation from Marvell (MRVL 57.59, -2.24, -3.7%) that the semiconductor shortage could extend through 2022. The Philadelphia Semiconductor Index fell 2.5%. 

The energy (+1.6%), utilities (+1.4%), and real estate (+0.1%) sectors bucked the negative trend. Energy stocks followed oil prices ($77.69/bbl, +1.82, +2.4%) higher after OPEC+ agreed to maintain its plan for gradual supply increases, which was expected. 

Tesla (TSLA 781.53, +6.31, +0.8%) was spared from the mega-cap selling after the company reported a record number of deliveries (241,300 vehicles) in the third quarter. 

In Washington, the House will reportedly delay its vote on the $1 trillion bipartisan infrastructure bill until a deal is reached on the larger reconciliation package. President Biden suggested the latter could be trimmed down to $1.9-2.3 trillion from $3.5 trillion. Separately, the USTR confirmed that current Chinese tariffs will remain in place. 

U.S. Treasuries settled mostly lower, meaning yields rose modestly. The 10-yr yield increased two basis points to 1.48%, and the 2-yr yield increased one basis point to 0.27%. The U.S. Dollar Index decreased 0.3% to 93.78. 

Monday's economic data was limited to Factory Orders for August, which increased 1.2% (consensus 1.0%) following an upwardly revised 0.7% increase (from +0.4%) in July. On Tuesday, investors will receive the ISM Non-Manufacturing Index for September, the Trade Balance for August, and the final IHS Markit Services PMI for September.

  • S&P 500 +14.5% YTD
  • Russell 2000 +12.4% YTD
  • Nasdaq Composite +10.6% YTD
  • Dow Jones Industrial Average +11.1% YTD

>>> US After Hours Summary: Pretty quiet after hours, but CMTL -11.3% falls on e

After Hours Summary: Pretty quiet after hours, but CMTL -11.3% falls on earnings; LUV +0.3% is latest airline to require all employees to be vaccinated; LULU +0.6% ticks higher on bump to its stock buyback plan

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NAPA +4.2%, EVRI +0.7% (tightens FY21 net income and adjusted EBITDA guidance to top of prior guidance range)

Companies trading higher in after hours in reaction to news: TISI +20.1% (awarded multi-year contract from Chevron), AGFY +14.5% (acquires Precision Extraction Solutions and Cascade Sciences for $50 mln in cash and stock), RYAM +4.4% (to increase prices for Cellulose Specialties products), SB +2.5% (enters into new period time charter for a duration of 3 years), XENE +2.1% (commences $250 mln common share offering; also files mixed securities shelf offering), ASXC +1.7% (announces upcoming departure of Boad Chair), CRMD +1.5% (CEO retires), LULU +0.6% (approves $500 mln increase to stock repurchase authorization), FB +0.4% (Facebook apps all go down simultaneously, according to NYT), LUV +0.3% (to require all employees to be vaccinated), ZETA +0.2% (to acquire technology platform and data from Apptness), SGMS +0.1% (awarded 10-year contract from the Pennsylvania Lottery), OEC +0.1% (to implement carbon dioxide surcharge for carbon black products manufactured in Europe)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CMTL -11.3% (also promotes COO Michael Porcelain to CEO)

Companies trading lower in after hours in reaction to news: MGPI -6% (stock offering; also files mixed securities shelf offering), CALM -1.3% (announces strategic investment in new egg products manufacturing co), PCAR -0.9% (says chip shortage reduced its truck deliveries in Q3 by 7,000), HMN -0.1% (announces estimated Q3 pre-tax catastrophe losses), FDS -0.1% (names new CFO)

>>> US Gapping up

Gapping up

News:

  • ADVM +10.6% ( Presents 2-Year OPTIC Data)
  • OSUR +9.7% (receives $109 mln from DOD for InteliSwab COVID-19 Rapid Test)
  • KCAC +7.3% (completes closing of business combination with Wall Box Chargers; will trade on NYSE under ticker "WBX" on Oct 4, 2021)
  • PERI +6.4% (acquires Vidazoo; raises FY21 and FY22 guidance)
  • XNCR +5.8% (enters global collaboration and license agreement with Janssen (JNJ) to advance plamotamab and xmab cd28 bispecific antibody combinations for the treatment of patients with B-cell malignancies)
  • TSLA +2.9% (reports Q3 deliveries)
  • ESTE +2.8% (announced that it has entered into definitive agreements to acquire privately held operated assets located in the Midland Basin)
  • LYRA +2% (presents new Phase 2 LANTERN 6-Month Follow-Up and LYR-210 pharmacokinetic data)
  • ADPT +1.3% (Presents New Data During IDWeek Demonstrating the Capability of Its Immune Medicine Platform to Distinguish Between SARS-CoV-2 Infection and Vaccine Response and Detect Lyme Disease)
  • ARQQ +1.1% (files for 117,925,000 share common stock offering by selling shareholders)
  • DHT +1% (purchased 1.23 mln of its own shares, or 0.7% of its outstanding shares, during Aug 12-23)
  • MCRB +1% (Presents Late-Breaking Data from SER-109 Phase 3 ECOSPOR III Study in Recurrent C. Difficile Infection at IDWeek2021) 

Analyst comments:

  • DD +2.6% (upgraded to Overweight from Neutral at JP Morgan)
  • LUV +1.6% (upgraded to Overweight from Equal Weight at Barclays)
  • UNP +1.6% (upgraded to Overweight from Equal Weight at Barclays)
  • SJI +1.3% (upgraded to Overweight from Equal Weight at Wells Fargo)
  • ROP +1% (upgraded to Strong Buy from Outperform at Raymond James)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • ARQQ +9.2%, ADVM +7.8%, KCAC +7.3%, PERI +5.8%, TSLA +2.8%, ESTE +2.8%, MCRB +1.8%, ADPT +1.3%, DHT +1%, AZN +0.6%
  • Gapping down:
    • AMPY -34.3%, IMNM -5%, PRTA -3.9%, CTIC -2.8%, PLTR -1.4%, XM -1.1%