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<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>It’s bananas to regard art as an investment</title><meta name="description" content="Enjoy your paintings and sculptures. Just don’t expect a return on what you paid for them "/><link rel="canonical" href="https://www.ft.com/content/daf9da5e-3d76-4e02-bf81-3c68d39c0498"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","headline":"It’s bananas to regard art as an investment","datePublished":"2024-11-27T05:00:38.603Z","dateModified":"2024-11-28T10:14:16.000Z","description":"Enjoy your paintings and sculptures. Just don’t expect a return on what you paid for them ","isAccessibleForFree":"True","isPartOf":{"@type":["CreativeWork","Product"],"name":"Financial Times","productID":"ft.com:free"},"alternativeHeadline":"It’s bananas to regard art as an investment","image":{"@type":"ImageObject","@context":"http://schema.org","url":"https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F0c41c5b3-5ed4-4914-ab1e-79ae20bead7f.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1","width":2048,"height":1152},"author":[{"@type":"Person","@context":"http://schema.org","name":"Jonathan Guthrie","url":"https://www.ft.com/jonathan-guthrie","worksFor":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}],"articleBody":"Who is the butt of the joke here? Sotheby’s just sold a banana stuck to the wall with duct tape entitled “Comedian”. Cryptocurrency entrepreneur Justin Sun bought the artwork by Maurizio Cattelan for $6.2mn including fees.\n\nSun said he would eat the banana.\n\nIf you have conventional tastes in art, the joke is on Sun for wasting his money. But that would also mean the joke is on you, from Sun and Cattelan’s likely viewpoint. Enraging the hidebound bourgeoisie is a traditional pursuit of artists. Crypto bros now participate.\n\nWhat better way to wind up lovers of Old Masters and fans of investment-grade bonds than by awakening their fear of missing out? “Editions” of Cattelan’s duct-taped bananas (which can be replaced when required and come with certificates of authenticity) previously sold for $120,000-$150,000.\n\nBut you would be bananas yourself if you regarded art as an investment. That is my takeaway after selling a far cheaper artwork. I clung on to it for 20 years believing it was appreciating steadily. My return on capital was represented not by a banana, but a doughnut (zero).\n\nMy real reward was a lesson in behavioural finance, the subject of this column.\n\nThere is no objective benchmark for the quality of an artwork. To have serious value it needs to fulfil three mutually dependent criteria: exclusivity, authenticity and desirability. I owned an old oil painting. This made it unique and therefore exclusive. But was it authentic?\n\nI took it to an auction house.\n\n“There are an awful lot of fakers imitating this artist,” the expert said.\n\nMy heart sank into my boots as she examined the brushwork.\n\n“This is genuine,” she said.\n\nMy heart rose from my footwear.\n\n“But it’s a bad painting,” she concluded, leaving my ticker floating at knee height.\n\nHer judgment augured poorly for desirability. This is determined by expert opinion and fashion. Trends develop unpredictably at the whim of wealthy collectors and dealers. They decide which artworks are status symbols.\n\nThe cachet of the artist who created my painting has been waning. I sold for roughly the nominal price estimated 20 years ago, implying a real-terms loss.\n\nI have no complaints. A kind relative gave me the picture. I had enjoyed looking at it. My only outlay had been insurance premiums.\n\nPrice discovery is much more entertaining at a West End auction house than on a Bloomberg screen. There was an auctioneer with a gavel and assistants taking phone bids, like in the movies.\n\nLeaving the auction, I realised my own price outcome was only a surprise because I had fallen victim to the “endowment effect.” This is the tendency of owners to overvalue personal possessions.\n\nI had also deluded myself that my picture was appreciating because auction prices for art rise steadily with time. This fosters the idea that art can be viewed as an asset similar to equities.\n\nThat is also an error. But it does not stop some dealers from promoting “art as an investment”. Some quote auction price increases and indices derived from them as if they were investment returns. One brochure claims contemporary art has outperformed the FTSE 100 by 400 per cent over a few years. A commonly occurring “return” figure for contemporary art is 7.5 per cent annually.\n\nAuction prices rise in line with the finances of the wealthy. But auction houses and dealers only handle art they believe they can sell, embracing newly fashionable artists and shunning those that have lost lustre. They take a top slice of available inventory.\n\nArt index compilers may cherry pick further, by excluding rarely-traded names from the auction price data they use. The level of survivorship bias in art price indices is far more extreme than for key share indices. Unsurprisingly, you cannot buy into them directly.\n\nDealing costs are much higher for individual artworks than for securities and depress paybacks accordingly. Unless you are good at haggling, expect buyers’ fees at art auctions of 20 per cent or more. Sellers pay roughly half that.\n\nIn an oft-cited 1986 paper, William Baumol described art investment as “a floating crap game”. That made it sound rather like the business model of UK water utilities. What the US economist actually meant was that prices are highly unpredictable and dealings are unregulated.\n\nTracking the price performance of a series of artworks, he calculated median annual returns of 0.85 per cent. That was two percentage points less than the risk-free return provided by US Treasuries.\n\n“The overriding message is that you should buy art because you love it,” says Peter Stanyer, co-author of How to Invest. He has further advice as a former investment director of Railpen, a pension fund that sold off its art: “Commend yourself on your great skill if it goes up in value. Curse your bad luck if it falls in price.”\n\nSo what happens to all the artworks collectors are continually buying? The melancholy truth, according to Stanyer, is that most of it is eventually destroyed, intentionally or through neglect. Art is not just a prestige consumer good. It is a consumable like margarine, only over a longer period.\n\nMy own attempt to break into the art business did not even outlast non-dairy spread. I sellotaped some celery to our kitchen wall, creating an artwork entitled Sticky Situation 1. I was hoping to challenge Cattelan’s monopoly on vertically-presented foodstuffs.\n\nMy wife took the celery down and put it in a stew. A portion consoled me for the setback.\n\nJonathan Guthrie is a journalist, adviser and former head of Lex. jonathanbuchananguthrie@gmail.com","wordCount":946,"publisher":{"@type":"Organization","@context":"http://schema.org","name":"Financial Times","legalName":"The Financial Times Ltd.","logo":{"@type":"ImageObject","@context":"http://schema.org","url":"https://im.ft-static.com/m/img/masthead_main.jpg","width":435,"height":36},"url":"https://www.ft.com","sameAs":["https://www.twitter.com/FT","https://www.facebook.com/financialtimes","https://www.linkedin.com/company/financial-times","https://www.youtube.com/user/FinancialTimesVideos","https://www.instagram.com/financialtimes"]}}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Life & Arts","item":"https://www.ft.com/life-arts"},{"@type":"ListItem","position":2,"name":"Arts","item":"https://www.ft.com/arts"},{"@type":"ListItem","position":3,"name":"Insight & Comment","item":"https://www.ft.com/insight-comment"}]}</script><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"http://www.ft.com"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="It’s bananas to regard art as an investment"/><meta property="og:description" content="Enjoy your paintings and sculptures. 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class="article-info__timestamp o-date" dateTime="2024-11-27T05:00:38.603Z">November 27 2024</time></div><a id="o-comments-count" data-o-component="o-comments" data-o-comments-article-id="daf9da5e-3d76-4e02-bf81-3c68d39c0498" data-o-comments-count="true" data-o-comments-article-url="https://www.ft.com/content/daf9da5e-3d76-4e02-bf81-3c68d39c0498" data-o-comments-title="It’s bananas to regard art as an investment" class="article-comment-count" title="Jump to comments section" href="#comments-anchor"><span class="o-normalise-visually-hidden">Jump to comments section</span></a><button class="article-print" data-component="print-button" data-trackable="print" title="Print this page"><span class="o-normalise-visually-hidden">Print this page</span></button></div><div class="article__content-sign-up"><div class="article__content-sign-up-topic-title">Unlock the Editor’s Digest for free</div><p class="article__content-sign-up-topic-description"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.</span></p><iframe class="article__content-sign-up-iframe close" scrolling="no" id="signUpIframe" data-prev-url="/register/in-article-sign-up?ft-content-uuid=daf9da5e-3d76-4e02-bf81-3c68d39c0498"></iframe></div><article id="article-body" class="n-content-body js-article__content-body" data-attribute="article-content-body" data-component="article-content-body"><p>Who is the butt of the joke here? Sotheby’s just sold a banana stuck to the wall with duct tape entitled “Comedian”. Cryptocurrency entrepreneur Justin Sun bought <a href="https://www.ft.com/content/c53c1bfc-67cf-4793-915c-6dea2712d6a9" data-trackable="link">the artwork</a> by Maurizio Cattelan for $6.2mn including fees.</p><p>Sun said he would eat the banana.</p><p>If you have conventional tastes in art, the joke is on Sun for wasting his money. But that would also mean the joke is on you, from Sun and Cattelan’s likely viewpoint. Enraging the hidebound bourgeoisie is a traditional pursuit of artists. Crypto bros now participate.</p><p>What better way to wind up lovers of Old Masters and fans of investment-grade bonds than by awakening their fear of missing out? “Editions” of Cattelan’s duct-taped bananas (which can be replaced when required and come with certificates of authenticity) previously sold for $120,000-$150,000.</p><blockquote class="n-content-pullquote n-content-pullquote--no-image" aria-hidden="true"><div class="n-content-pullquote__content"><p>I realised my own price outcome was a surprise because I’d fallen victim to the ‘endowment effect’ — the tendency of owners to overvalue personal possessions</p><footer class="n-content-pullquote__footer">Jonathan Guthrie</footer></div></blockquote><p>But you would be bananas yourself if you regarded art as an investment. That is my takeaway after selling a far cheaper artwork. I clung on to it for 20 years believing it was appreciating steadily. My return on capital was represented not by a banana, but a doughnut (zero).</p><p>My real reward was a lesson in behavioural finance, the subject of this column.</p><p>There is no objective benchmark for the quality of an artwork. To have serious value it needs to fulfil three mutually dependent criteria: exclusivity, authenticity and desirability. I owned an old oil painting. This made it unique and therefore exclusive. But was it authentic?</p><p>I took it to an auction house.</p><p>“There are an awful lot of fakers imitating this artist,” the expert said.</p><p>My heart sank into my boots as she examined the brushwork.</p><p>“This is genuine,” she said.</p><p>My heart rose from my footwear.</p><p>“But it’s a bad painting,” she concluded, leaving my ticker floating at knee height.</p><p>Her judgment augured poorly for desirability. This is determined by expert opinion and fashion. Trends develop unpredictably at the whim of wealthy collectors and dealers. They decide which artworks are status symbols.</p><aside aria-labelledby="aside-label" class="n-content-recommended--single-story n-content-recommended--inset" data-component="recommended"><p class="n-content-recommended__title">Recommended</p><div class="o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser" data-id="c53c1bfc-67cf-4793-915c-6dea2712d6a9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/currencies" aria-label="Category: Currencies">Currencies</a></div><div class="o-teaser__heading"><a href="/content/c53c1bfc-67cf-4793-915c-6dea2712d6a9" data-trackable="heading-link" class="js-teaser-heading-link">Crypto chief buys banana for $6mn at contemporary art auction </a></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/c53c1bfc-67cf-4793-915c-6dea2712d6a9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="aspect-ratio:2159/1214"><img class="o-teaser__image" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252F27dc36c7-b728-408d-9d3d-82854e077329.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240" alt="A picture of Justin Sun sitting in an egg-like chair"/></div></a></div></div></aside><p>The cachet of the artist who created my painting has been waning. I sold for roughly the nominal price estimated 20 years ago, implying a real-terms loss.</p><p>I have no complaints. A kind relative gave me the picture. I had enjoyed looking at it. My only outlay had been insurance premiums.</p><p>Price discovery is much more entertaining at a West End auction house than on a Bloomberg screen. There was an auctioneer with a gavel and assistants taking phone bids, like in the movies.</p><p>Leaving the auction, I realised my own price outcome was only a surprise because I had fallen victim to the “endowment effect.” This is the tendency of owners to overvalue personal possessions.</p><p>I had also deluded myself that my picture was appreciating because auction prices for art rise steadily with time. This fosters the idea that art can be viewed as an asset similar to equities.</p><p>That is also an error. But it does not stop some dealers from promoting “art as an investment”. Some quote auction price increases and indices derived from them as if they were investment returns. One brochure claims contemporary art has outperformed the FTSE 100 by 400 per cent over a few years. A commonly occurring “return” <a href="https://www.cnbc.com/2019/12/07/art-has-shown-long-term-returns-that-rival-bonds.html" data-trackable="link">figure</a> for contemporary art is 7.5 per cent annually.</p><p>Auction prices rise in line with the finances of the wealthy. But auction houses and dealers only handle art they believe they can sell, embracing newly fashionable artists and shunning those that have lost lustre. They take a top slice of available inventory.</p><p>Art index compilers may cherry pick further, by excluding rarely-traded names from the auction price data they use. The level of survivorship bias in art price indices is far more extreme than for key share indices. Unsurprisingly, you cannot buy into them directly.</p><p>Dealing costs are much higher for individual artworks than for securities and depress paybacks accordingly. Unless you are good at haggling, expect buyers’ fees at art auctions of 20 per cent or more. Sellers pay roughly half that.</p><p>In an oft-cited 1986 paper, William Baumol described art investment as <a href="https://news.fbc.keio.ac.jp/~hayami/pdf/cultural/Baumol1986.pdf" data-trackable="link">“a floating crap game”</a>. That made it sound rather like the business model of UK water utilities. What the US economist actually meant was that prices are highly unpredictable and dealings are unregulated.</p><blockquote class="n-content-pullquote n-content-pullquote--no-image" aria-hidden="true"><div class="n-content-pullquote__content"><p>Buy art because you love it. Commend yourself on your great skill if it goes up in value. Curse your bad luck if it falls in price</p><footer class="n-content-pullquote__footer">Peter Stanyer</footer></div></blockquote><p>Tracking the price performance of a series of artworks, he calculated median annual returns of 0.85 per cent. That was two percentage points less than the risk-free return provided by US Treasuries.</p><p>“The overriding message is that you should buy art because you love it,” says Peter Stanyer, co-author of <em>How to Invest</em>. He has further advice as a former investment director of Railpen, a pension fund that sold off its art: “Commend yourself on your great skill if it goes up in value. Curse your bad luck if it falls in price.”</p><p>So what happens to all the artworks collectors are continually buying? The melancholy truth, according to Stanyer, is that most of it is eventually destroyed, intentionally or through neglect. Art is not just a <a href="https://www.ft.com/content/ecf5bb79-60e7-4778-be5d-24ae92908594" data-trackable="link">prestige consumer good</a>. It is a consumable like margarine, only over a longer period.</p><p>My own attempt to break into the art business did not even outlast non-dairy spread. I sellotaped some celery to our kitchen wall, creating an artwork entitled <em>Sticky Situation 1</em>. I was hoping to challenge Cattelan’s monopoly on vertically-presented foodstuffs.</p><p>My wife took the celery down and put it in a stew. A portion consoled me for the setback.</p><p><em>Jonathan Guthrie is a journalist, adviser and former head of Lex. </em><a href="mailto:jonathanbuchananguthrie@gmail.com" data-trackable="link"><em>jonathanbuchananguthrie@gmail.com</em></a></p> </article><script class="js-magnet-data" type="application/json">{"contentId":"daf9da5e-3d76-4e02-bf81-3c68d39c0498","annotations":[{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Personal Finance","id":"67ad3178-01ca-47bd-bac2-c097941f00df","url":"https://www.ft.com/personal-finance"},{"type":"TOPIC","predicate":"http://www.ft.com/ontology/annotation/about","prefLabel":"Insight & 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class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li 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o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li 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class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li 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o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a 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data-trackable="Next Act">Next Act</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li 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