Conceptual Anaylsis of Manets, Luncheon on the Grass Essay Example

Conceptual Anaylsis of Manets, Luncheon on the Grass Essay Conceptual framework analysis: Le dejeuner sur lherbe (The Lunch on the Grass), (1863) Artwork: One of his most famous paintings Le dejeuner sur lherbe (The Lunch on the Grass), was rejected by the prestigious Salon, however he was exhibited in the Salon des Refuses. This composition features juxtaposed well dressed men with a nude woman. His influence on this painting was the Judgement of Paris by Raphael and the Concert Champetre by Giorgione’s, both of which featured naked women with clothed men. This juxtaposition of the two fully clothed men and a naked woman caused a great controversy as it was seen as greatly taboo for a woman to be sitting causally with two men in a public place. The nude female’s body appears somewhat luminous and her gaze is directed at the viewer, this could be seen as a further grab for attention by the artist, drawing the viewer’s attention to the nude female’s body. The two men accompanying the woman seem to be ignoring the woman as they are engaged in deep conversation. Their posture and facial expressions give one the impression that they are not at all astonished at the woman’s presence. We will write a custom essay sample on Conceptual Anaylsis of Manets, Luncheon on the Grass specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Conceptual Anaylsis of Manets, Luncheon on the Grass specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Conceptual Anaylsis of Manets, Luncheon on the Grass specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The woman in the background bathing in the stream also seems ignorant or unbothered by this other nude woman sitting with the men. She appears rather large for figure supposes to be in the background and gives one the impression that she is floating or supernaturally present. The artwork features Manet’s signature blend of blocks of dark/black colours with contrasting lighter colours, the latter of which was influenced by the Impressionist movement, newly emerging at the time. Artist: Edouard Manet was a French painter who was born on January 23 1832 and who died on April 30 in 1883. He was a pioneer when it came to approaching modern-life subjects in his work, bridging the gap between the art movement’s realism and impressionism. His father, a judge, wished for Manet to pursue a career in law however he rejected this for a career in the arts, encouraged by his uncle Charles Fournier. He studied under Thomas Couture and Gustave Courbet, and began to paint in the style of Realism with focus on homeless people, cafes, events and scenery. However he produced very little historical, religious or mythological paintings. He was also influenced by other impressionists, very much so by Monet, this lead him to use lighter colours whilst retaining however use of blocks of black, unlike other Impressionists. His final days were filled with much pain as he died from syphilis. Audience: The Salon des Refuses was established as a reaction against the Salon’s jury refusing a large number of works (above 4000), which made other critics (some even conservative ones) at the time to say ‘that the jury had no right to reject an honourable mediocrity, or at least not before long and deliberate consideration’. The Salon des Refuses was commissioned by the Emperor Napoleon III who was ‘Wishing to let the public judge the legitimacy of these complaints, The Salon des Refuses was recognized as a jumbled mass of different kinds of art but this allowed the public to be presented with an alternative ‘repertoire’ to the usual romantic and classic characteristics of paintings largely sanctioned by academic and art officials. Some critics praised the Salon des Refuses realising that their art world was being prevented from moving forward into the future ‘The artists will always find the attentive public to receive an original try, because creation is one of the most precious qualities of art’, while others critics ridiculed the Salon des Refuses saying the ‘This is not Art’. Some have said that the Salon des Refuses had a ‘greater impact on the artists than the public’ as the exhibition inspired the new generation of artists to explore new art movements. The Salon the following year deliberately reduced it’s number of rejected works from 70% to 30% so that what was left to be exhibited in the Salon des Refuses were mainly unfinished and indecisive works. The Salon also in that same year exhibited Manet, which was placed ‘in the best place’. The Salon administration was able to manipulate the Salon des Refuses from gaining wide critical acclaim, press and the public’s attention. This caused the Salon des Refuses of 1964 to lack that same spontaneous sensationalism as the previous one. The Salon des Refuses is regarded as a turning point in the history of art and 1863 has been described as ‘the most convenient date from which to begin any history of modern painting’- Encyclopedia. com World: During the 19th century in Paris, art and artists were rapidly growing numbers, leading Paris to become ‘Drunk with Art’. After the French Revolution ‘the Salon’, a previously exclus ively owned gallery, was officially open to the public, it exhibited paintings and sculptures by member of the Academie Royale de Peinture at de Sculpture, a jury system was introduced in 1748, and the event became annual. However as the jury became increasingly conservative/academic artworks relating to the impressionist style were almost always rejected, preventing the acceptance of new art movements and promoting conservatism in art. This made it difficult for the Impressionists to have a successful career, as an artist’s reputation and legitimacy was only made concrete if it was exhibited in the prominent exhibitions, especially the Salon. During the year of 1863 an unusually large amount of works were rejected, this lead to the establishment of the Salon des Refuses, an exhibition held of works rejected by the jury of the Salon. The Salon des Refuses were highly ridiculed by critiques which included the work Luncheon on the Grass. Thanks to the Salon des Refuses the impressionists were able to successfully exhibit their works, which meant a greater chance of success in their careers. However Manet still seeked for acclaim by the original Salon as he wanted to be recognized as a traditionalist although he dabbled in his works with Impressionist characteristics. In 1881 the French government withdrew their sponsorship from the official Salon and the show was taken over by the Societe des Artistes Francais.

Personal Statement Essay Sample

Personal Statement Essay SampleYou might be surprised to find that there are quite a few essay samples online that claim to be your personal statement essay sample, but the sad fact is that the majority of these essays only work as personal statement examples because they use samples from their own teaching material and will not give you the most important piece of advice that you should be thinking about. By understanding this article you will be able to obtain a sample of a personal statement essay and help you rewrite your own.The most important thing that you can do to get a personal statement essay sample that you can be proud of is to research the things that you need to change. This will help you get a better written statement essay and also help you to work more quickly and effectively.Many students spend the majority of their high school years without any sort of scholarship, no matter how much they want to, because of bad grades and some really bad grades. As a result of th is they become aware of the importance of writing a better statement that gets them ahead in life. Although we all know that scholarship and good grades are essential for success, what we often do not understand is that they are just a starting point.In order to write a personal statement that gets you out of bad grades you must be honest with yourself and you must be determined to do whatever it takes to succeed. It does not matter what your parent's or teacher's opinion is on your essay; it doesn't matter what kind of grades you have had or what you have been doing. If you set your mind to doing anything and everything that you are asked to do, you can achieve your dream of going to college.The key to a personal statement is to start thinking about yourself and what you want to accomplish. Start by writing down a list of things that you want to accomplish in your life.Do not allow the bad grades to stop you from achieving anything in your life. While the bad grades will cause you to set the bar lower, you should still hold yourself to a higher standard and try your best to achieve the things that you want to do.To get a personal statement that gets you out of bad grades, you need to learn what it takes to make a better-written essay and to learn how to effectively rewrite your personal statement essay example. Many students have a list of things that they are working towards and while it is nice to have a decent grade you must realize that it is not everything that you will need to get out of bad grades.Your personal statement is an opportunity to set yourself apart from the rest of the crowd and it is an opportunity to prove to everyone that you are the one person that everyone should want to be like. So take full advantage of this opportunity and think about what it is that you are really trying to accomplish in life.

Real Estate Investment Trusts KIMCO

Introduction KIMCO Reality is a REIT (Real Estate Investment Trust) company that is mainly based in the United States, Canada, and South America (Deloitte 4). As a REIT company, KIMCO Reality owns and runs multiple real estate properties that mainly include shopping centres. The backbone of KIMCO operations is in the US where the company operates the largest database of shopping stores in 44 states.Advertising We will write a custom research paper sample on Real Estate Investment Trusts: KIMCO specifically for you for only $16.05 $11/page Learn More In total, KIMCO operates over 900 shopping stores within North America and South America included in a leasable area of over 120 million square feet. KIMCO Reality trades at the NYSE (Emily 128). The focus of NYSE includes acquiring, developing, and running multiple shopping centres within the US, North America and South America. Despite multiple challenges in the real estate industry, especially the REIT seg ment, REIT presents a range of opportunities to investors (Deloitte 4). Economic Status The US economy is still recovering from the recession that started a few years back. Multiple sectors of the economy, including the real estate sector, are heavily reliant on the state of the economy. Although some economists are of the opinion that the US economy will need more years to completely emerge from economic recession, a range of indicators predict an improving economy. The rate of unemployment is now 7%; thus, indicating that thousands of jobs are starting to re-emerge in the market (Deloitte 4). Over the last three years, the US economy has grown by an average of about 2.5% (Deloitte 4). Although such a growth is below the 3% threshold required to create considerable jobs for the economy, a positive growth has contributed to the expansion of the US economy (Andrew 87). Generally, the US economy provides a good business environment for companies. Here, the US consists of a capital mar ket regulated by appropriate legal provisions and a suitable environment for business growth. The US is mostly an industrial service economy; hence, a relative high wage bill for workers. Although a high wage bill presents US consumers with a capacity to invest in high expense opportunities such as in real estate, such a direction is resulting in several shortcomings. Multiple multinational companies have transferred operations from the US to cheaper labour markets such as China.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, although many economies in South America and North America remain affected by the economic crisis, Canada is making significant progress in strengthening her economy; thus, providing a strong base of future investments in real estate. Moreover, despite the economic crisis, the US accounts for a total of about 45% of all real estate securities (Deloit te 5). Population Trends The US consists of a large, multi-racial, and multi-ethnic population. The current population of the US stands at about 320 million people. Here, European whites form about 65% of the US population. About 13% of US citizens are African Americans while the Hispanic population is about 16%. However, there are a large number of undocumented immigrants in the US (Deloitte 4). The estimate number of undocumented immigrants range from 12 million to 30 million (Deloitte 4). The average birth rate in the US stands at about 1.85% (Deloitte 4). The replacement rate is just below 2. Such a direction would imply a decreasing population (Emily 128). However, the high number of immigrants who enter the United States from Mexico and other parts of the world is contributing to a high population increase in the United States. The proportion of Hispanics is especially projected to increase significantly in the near future. Despite a high number of Hispanic immigrants who cros s to the United States from Mexico, Mexican women have a higher birth rate when compared to white women (Andrew 89). However, such a projection can change as a result of decreasing birth rates among Mexican women who permanently settle in the US. About 38% of the US population consists of persons aged 25 years and below. On the other hand, senior adults (aged 65 years and above) form about 12% of the US population (Deloitte 8). Capital Capital investments in REIT companies are on an upward trend. Here, an array of parameters that include good cash flows in REIT companies, the weakening of the US dollar in comparison to other currencies and partnerships between the US REITS and foreign subsidiaries contributes to high investment in REIT securities (Emily 128).Advertising We will write a custom research paper sample on Real Estate Investment Trusts: KIMCO specifically for you for only $16.05 $11/page Learn More Currency Risk Because of its use as the main currency of trade in the international market, the US dollar is a very stable and low risk currency as well. However, currency risks could occur from a necessity to exchange into other forms of currency that are rarely used in the international trade. Taxation Usually, REIT companies are under a legal obligation to pay a minimum proportion of 90 percent income to shareholders. KIMCO pays as much as 100% of its income to shareholders (Emily 128). As such, REIT companies are not under an obligation to pay corporate tax (Deloitte 11). However, shareholders pay tax on dividend benefits (Deloitte 7). Market The backbone of KIMCO operations (about 80%) is in the US where the company operates the largest database of shopping stores in 44 states. In total, KIMCO operates over 900 shopping stores within North America and South America included in a leasable area of over 120 million square feet (Deloitte 3). The focus of KIMCO is thus in the operation of shopping canters. In 2009, KIMCO init iated a program of disposing unusable assets. As a result, KIMCO disposed over 80 assets valued at about $850 million. Apart from disposing non usable assets, the management of KIMCO is acquiring strategic properties in the international REIT market. Such a direction is leading to the strategic growth of KIMCO. Indeed, KIMCO’s path for growth has remained clear over the past years. MOAT/ Competitive Advantage A critical requirement for companies to grow is a recognition and use of competitive advantages against rivals. One if the most distinct factors present in KIMCO, unlike other REIT companies in the US, includes its low cost capital. KIMCO utilizes low cost funds in strategic investments. Such a direction is leading to a high return to capital ratio; thus, increasing the value of KIMCO shares (Andrew 87). Here, KIMCO has a knack of disposing non critical assets as well as obtaining new strategic assets. Because the shares of KIMCO are projected to continue in an upward tr end in the coming years (due to an effective use of cheap capital there), the idea of a MOAT holds in KIMCO.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Investors can thus buy KIMCO shares at the current price (cheap) with an expectation that the shares will significantly increase in value in the following years (Deloitte 4). The latest report of the 2012 first quarter financial results indicate a robust management of resources. Here, the total asset value of KIMCO stores stands at just over one billion dollars. Moreover, KIMCO sold over 1.6 million square feet of leasable space for undisclosed value. The management of KIMCO consistently evaluates low performing stores with a view of increasing income. Robust management and investment at KIMCO is leading to a significant increase in the total value of the company (currently valued at about 16 billion dollars). Issues of Control All important indicators of performance such as growth in profits, increase in share price, and a high income to capital ratio point to good results at KIMCO. The high performance KIMCO is mainly as a result of an effective management team which is not deterr ed by the main shareholders. The interest of the management to increase the value of KIMCO mainly aligns with the interest of shareholders to increase the value of their assets (Andrew 87). No series conflicts of interest have been reported between the KIMCO management and major shareholders. Still, there are clear provisions on the handling of disputes that could arise between the management and the major shareholders. Top Shareholders A number of institutions form the top ten shareholders of KIMCO group. About 7 billion of the total equity at KIMCO is from institutions while about 4 billion is from mutual funds. On the other hand, insiders contribute about 230 million dollars of the total equity at KIMCO. The table below provides the detail of major shareholders at KIMCO group (Deloitte 15). Table 1: Current Top Ten Shareholders at KIMCO Name Shares Percentage of Shares Vanguard REIT 25,353,347 6.23 Fidelity Real Estate 8,149,300 2 Rowe Price Real Estate 4,916,100 1.21 Vanguard Mid Cap 5,194,277 1.3 America Funds Capital World 4,964,193 1.2 Goldman Sachs Mid Cap 4,132,329 1.02 iShares Cohen and Steel Majors 4,217,036 1.01 iShares Dow Jones US Real Estate 3,996,332 0.99 DFA Real Estate Securities 3,896,058 0.95 Permanent Portfolio 3,688,342 0.9 Source: Investors.morningstar.com As indicated in the table above, there is no institute/individual that is currently holding shares worth over 7%. However, a number of major shareholders offloaded significant amounts of KIMCO shares in previous trading. Such a direction is inevitable due to the ever increasing price value of KIMCO shares. Short Positions As of mid October 2012, about 20.5 million shares were sold short. Here, the number of short position shares reduced by about 2% from the previous session of trade. Incentive for Managers Like any other large corporation, KIMCO group is designing programs that compensate the top management for performance. KIMCO management is paid on two vari ables. Therefore, part of the salary for KIMCO management is fixed. On the other hand, part of the salary for KIMCO management is based on performance. The high level of performance witnessed at KIMCO in the past years is a direct result of effective management. A program that adequately compensates the top management to improve performance is therefore fruitful in enhancing the capacity of KIMCO. Benchmark In comparison with other REITs companies in the US market, the performance of KIMCO is top class. The consideration of performance parameters such as stock value, profits, ratio of income to capital, among others indicates a top performance at KIMCO group (Andrew 87). KIMCO remains among the high yielding REITS at the New York Stock Exchange. Besides, KIMCO is among the best performing REITS that specialise in the management of shopping canters. KIMCO has a healthy leverage ratio. Here, the ratio of debt to equity is about 0.8 (Deloitte 4). Analysis Performance As noted earlier, the financial performance of KIMCO has generally been good. The use of cheap capital to invest in strategic properties is paying off for KIMCO management. The balance sheet of KIMCO group is generally good. Although KIMCO group is among the highest yield performers in the US REITs, dozens of other REITs produce better yields than KIMCO. However, KIMCO is among the best performing REITs in terms of low leverage ratio. Investors that buy KIMCO shares are thus guaranteed of consistent (about 0.2 dollar per share) returns on their shares over a long-term period (Emily 128). Since the yield on KIMCO shares is consistent over a long period of time, KIMCO shares offer a better alternative to investment that treasury rates. Figure 2 shows the value of 10 year bond treasury rates in previous years. As it can be seen below, the value of treasury rates has significantly decreased over the past years. On the other hand, the value of KIMCO shares is steadily increasing due to increasing equity t here. It is therefore more profitable to invest in performing REIT shares, such as KIMCO shares, than in treasury bonds. Short term investors can exploit the large MOAT capacity at KIMCO to sell shares at a much higher price in the future. The cap rate of KIMCO stands at a healthy 6%. Moreover, long term investors can hope for consistent returns on invested shares. Still, it is important to note that at an average of 20 dollars, KIMCO shares remain overvalued. A theoretical valuation of KIMCO shares yields a market value of about 15 dollars. Since KIMCO shares are currently trading above their theoretical value, some stock market analysts are advising investors to wait for the stock value of KIMCO shares to fall before buying. However, a consistent and a high dividend payout may contribute to a high value of REIT shares (Emily 128). Although a fluctuation in real estate prices (as it happened at the start of the US economic crisis) may affect real estate companies including REITs, t he focus of REITs on property management can help to limit the risk of property fluctuations (they can always generate income by running business properties). Figure 2: Graph showing the value of treasury rates (10 year) from 1980-2010 Figure 3: Five Year Share Chart Key Ratios As observed earlier, KIMCO is among the US REITS with a low leverage ratio. Currently, KIMCO’s leverage ratio stands at a healthy 0.8%. KIMCO is showing signs of improvement over the past years due to a falling leverage ratio. For example, the leverage ratio has decreased from 1.25 in 2008 to just 0.8 in 2012. KIMCO’s cape rate (return on capital rate) is also very healthy at 6.0%. On the other hand the WACC (Weighted Average Cost of Capital) discount rate for KIMCO group is 10.0%. Financial Recap Figure 4: Financial Recap for KIMCO: 52 Weeks Period Component Value Range of Share Value 19.3-19.6 Average Volume 3.2 Million Market Capitalization 7.6 billion dollars Price per Earning R atio $65 Dividend /Yield 0.2/4.3 Total shares 407.61 Million Percentage of Shares owned by Institutes 97% Generally, the data above shows a healthy financial performance at the KIMCO group. Importantly, multiple parameters above ascertain the capacity of KIMCO group to perform consistently in the coming years. For example, the share price of KIMCO group is within a stable range. Besides, most of the shares at KIMCO group (97%) are held by institutions; thus, helping to stabilize the share price of KIMCO shares due to the long term interest of institutions. Apart from having a significant rate of yield return, KIMCO returns considerable dividends from yields; hence, offering a good opportunity for real security investment (Andrew 87). Legal Risks Like other business corporations, REITs can encounter multiple legal risks. Since KIMCO and other US REITs are mainly international companies, a conflict in different legal provisions within countries of operation can frustrate thei r operations. Besides, the business of acquiring and running properties can easily result in multiple legal disputes on ownership. To mitigate legal risks, REITs functionalities must limit themselves to legal procedures, rules, and provisions in areas of operation (Emily 128). Conclusion Because of their versatility and capacity to serve business communities, REITs provide a better alternative of investing in real estate than other segments of the real estate such as the housing segment. Moreover, REITS provide a framework where the input of the management has a great bearing on performance than other real estate investments. REITS will thus continue to offer multiple opportunities for investment in real estate securities. The success of REITs can be enhanced through the creation of economies that have necessary support infrastructures such as non-hostile tax rates, a suitable legal environment, and a robust business environment. Works Cited Andrew, Robert 2012. Investors, PDF file. 7 Nov. 2012 Investors.morningstar.com Deloitte. REITs and Infrastructural Projects: the next Investment Frontier, New York: McMillan, 2011. Print Emily, Jones. The risk of REITs Securities, Washington: McMillan, 2011. Print This research paper on Real Estate Investment Trusts: KIMCO was written and submitted by user Aria N. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.