James Murdoch’s Firm to Invest in Art Basel

Amid the cancellation of Art Basel Hong Kong and Art Basel in Switzerland due to the pandemic – MCH Group, the Swiss live marketing company that owns Art Basel, will have a new anchor shareholder – Lupa Systems.

Lupa Systems is an investment company founded by James Murdoch and is set to take on one-third of shares at the company, the deal is to be finalised at a meeting on August 3rd.

In a statement Murdoch stated that: “MCH Group’s long history of innovation for customers, civic commitment to economic and cultural life, and deep investment in its platforms and communities make for a long-term business that can grow, invest, and flourish,”

Murdoch’s company has made several investments of note, including a majority stake in Vice Media, the company behind the publication Vice, and a controlling one in Tribeca Enterprises, which facilitates New York’s Tribeca Film Festival. He is currently a member of the Dia Art Foundation’s board, and he previously was on Sotheby’s board. Murdoch formerly served as CEO of 21st Century Fox. His father is Rupert Murdoch, who founded Fox Media.

Ulrich Vischer, chairman of MCH’s board said in a statement: “The approval and support that we received from the public sector shareholders is decisive for a successful turnaround of the company. With Lupa Systems we have not only found an additional anchor shareholder but also a strategic partner that brings a breadth of experience and will help to accelerate the necessary transformation of the company.”