Posted 13 January 2006
Mehmet Dalman, the star of the German Commerzbank who in just three years as managing board member raised turnover from $25 million to $1.56 billion, now has his own firm, WMG Ltd, which offers wealth management services to its blue-chip investors and boasts Richard Greer, the British art collector, among its partners. Some are likely to be invited to invest in one of its funds of 20th- and 21st-century photography, currently being built up by Mr Dalman. Mr Dalman told The Art Newspaper that he has been collecting in this field for five years. He has hired the London dealer Zelda Cheatle to curate and build the collection, and she has closed her London gallery to devote herself to the project full time. Mr Dalman says that at least six of WMG’s clients are already interested in investing in the fund. The minimum investment is likely to be about $1 million, but, says Mr Dalman, “our clients don’t like publicity” and he is not prepared to give any further information about likely returns or the length of the fund. The collection will consist of “only things we like: anything that goes into it will be unique, and we believe that this uniqueness will get us the best prices.” The fund is sponsoring a Russian photography study day at the Courtauld Institute in February, and further exhibitions are planned.
