Architectural Fictions

Architectural Fictions was a curatorial project that brought together the work of eight artist that in different ways addressed principles of fictioning and narrative in relation to the built environment. The project brought critical focus to the narrative structures implicit in the production of space. Through dialogue with the participants, the project developed speculative critical exchange, examining questions such as the interplay between the real and the virtual and the role of design in relation to processes of habitation. Architectural Fictions formed a keynote exhibition in South Hill Park Arts Centre program. SHP is funded by the Arts Council England and is in partnership with ARC which delivers events by professionals from the field of art and culture. A public lecture about Architectural Fictions was delivered by Mary Maclean and Tim Renshaw who together make up the group Outside Architecture. Outside Architecture aims to open up speculative dialogues and images on the materials and signs that compose the texture of shared and lived in spaces.

Flatpack revolution

The project consists of a trilogy of films and a live performance. The Future trilogy takes IKEA riot of 2005 as the starting point for a speculative history of a fictional future, culminating in a choreographed re-enactment of the original event. Shot on 16mm and 8mm film, the series explores the possibility of collective action emerging from the capitalist relations inherent in the consumer riot. The live performance No Haus Like Bau, staged at the HAU 1 theatre in Berlin for the 5th Berlin Biennale, continues this research into re-enactment and post-1989 politics by dramatizing the rise and fall of the soviet union as a neo-Constructivist mime using a stage set made of flatpack furniture. Using the aesthetics of Modernism and the avant garde, from Constructivist and Futurist constumes to biomechanics and Bauhaus theatre theory, the project transposes early twentieth century utopian ideology to a present day setting where mass uprisings are motivated by cheap commodities. These explorations of consumerism and revolution have been widely exhibited internationally and supported by Film London, Arts Council England, Collective Gallery and the Berlin Biennale. The Future Trilogy formed the basis of a solo exhibition at the Te Tuhi Art Centre in Auckland, New Zealand and was screened as part of the Signal and Noise media art festival in Vancouver, as well as other exhibitions and screenings including “Roll it to Me” at Collective Gallery, Edinburgh, and Apocatopia, Castlefield Gallery, Manchester.

Can objects perform?: agency and thingliness in contemporary sculpture and installation

In his 1967 essay, “Art and Objecthood”, Michael Fried bemoaned the theatricality of minimalist sculpture, which replaced the presentness of compositional sculpture with the staging of an experience for the viewer as performer. His argument has since been inverted by artists and art writers invested in the idea of sculptures as props forming part of an artistic experience economy. This discourse has accompanied the rise of relational aesthetics as a dominant paradigm for contemporary art. More recently, however, there has been a turn away from relationality to ‘object-oriented’ art, where objects are seen to stage their own theatrical experiences, performing themselves without requiring the activation of a viewer’s body. We trace parallels between the philosophy of Bruno Latour and the “Speculative Materialism” group and this emerging trend in sculpture. In ascribing agency to objects, Latour proposes a radical shift from philosophy’s traditional investigation of the relationship between the mind and the world. Drawn to the idea that matter can be creative, artists have embraced his thinking. However, we argue that this has lead to a generalized, universalizing humanism that disables political action. Moreover, it undermines the potential for anti-humanist critique latent in object-oriented philosophy.

The impact of buy to let residential investment on local housing markets: evidence from Glasgow, Scotland

The advent of the 'buy to let' (BTL) phenomenon in the UK. apart from producing a new wave of individualized rental market investment, has been widely judged to be a speculative and destabilizing force in the housing market. This paper provides a detailed empirical investigation of new residential investment in one city (Glasgow) where BTL has made a relatively large impact. In seeking to overcome data problems, the study employed qualitative (expert interviews and a landlord survey) and quantitative methods (census, the Register of Sasines, standardized house price information and modelling thereof) in order to assess the nature and scale of BTL, the motivations of investors and its impact on the private housing market. The evidence suggests that white Glasgow is in many re.spects different to rental markets elsewhere in the UK and although the investment has thus far largely occurred in a benign environment, the context for future investment, on balance, looks sustainable (i.e.favourable changes to pension planning law and the maturing market for BTL}. Long-term market impact is an empirical question that depends on the specific interactions of market niches or segments (i.e. the first-time buyer market for apartments} with potential buy to let investment. Our conclusion, to borrow a Scottish legal term, is that BTL induced volatility is 'not proven'.

Commercial real estate and equity market bubbles: are they contagious to REITs?

This paper uses a regime-switching approach to determine whether prices in the US stock, direct real estate and indirect real estate markets are driven by the presence of speculative bubbles. The results show significant evidence of the existence of periodically partially collapsing speculative bubbles in all three markets. A multivariate bubble model is then developed and implemented to evaluate whether the stock and real estate bubbles spill over into REITs. The underlying stock market bubble is found to be a stronger influence on the securitised real estate market bubble than that of the property market. Furthermore, the findings suggest a transmission of speculative bubbles from the direct real estate to the stock market, although this link is not present for the returns themselves.

No Haus Like Bau

The project consists of a live performance taking the 2005 IKEA riot as the starting point for a speculative history of a fictional future, culminating in a choreographed re-enactment of the original event. It is accompanied by a film series explores the possibility of collective action emerging from the capitalist relations inherent in the consumer riot. The performance, staged at the Berlin Biennale, continues this research into re-enactment and post-1989 politics, using a stage set made of flatpack furniture. Using the aesthetics of Modernism and the avant garde, the project transposes early twentieth century utopian ideology to a present day setting where mass uprisings are motivated by cheap commodities. By re-evaluating biomechanics and Bauhaus theatre theory, these explorations of consumerism and revolution propose that the mechanized movement developed in conjunction with industrial labour survives as a historical re-enactment in the wake of manufacturing work in the west. In the absence of a visual language apt to the contemporary, No Haus Like Bau uses re-enactment as a retrogarde tactic. Its purpose on the one hand is to invoke trajectories for alternate futures that never materialized at an originary moment. On the other hand, the clash of past forms with present content serves to accentuate the historical changes that have thrown into question these forms. Rather than reflecting the present, the projection of the past into a fictional future aims to destabilize the dominant narrative that suggests the current configuration of art, politics and human nature has always been this way. The project has been widely exhibited internationally and supported by Film London and Arts Council England. A theoretical essay on re-enactment as a strategy for performance has been published in Art Papers and in Memory [MIT]. The project also formed the basis of a solo exhibition at Te Tuhi Art Centre, Auckland.

The effects of corporate social performance on the cost of corporate debt and credit ratings

This study investigates the differential impact that various dimensions of corporate social performance have on the pricing of corporate debt as well as the assessment of the credit quality of specific bond issues. The empirical analysis, based on an extensive longitudinal data set, suggests that overall, good performance is rewarded and corporate social transgressions are penalized through lower and higher corporate bond yield spreads, respectively. Similar conclusions can be drawn when focusing on either the bond rating assigned to a specific debt issue or the probability of it being considered to be an asset of speculative grade.

Testing for bubbles in indirect property price cycles

Speculative bubbles are generated when investors include the expectation of the future price in their information set. Under these conditions, the actual market price of the security, that is set according to demand and supply, will be a function of the future price and vice versa. In the presence of speculative bubbles, positive expected bubble returns will lead to increased demand and will thus force prices to diverge from their fundamental value. This paper investigates whether the prices of UK equity-traded property stocks over the past 15 years contain evidence of a speculative bubble. The analysis draws upon the methodologies adopted in various studies examining price bubbles in the general stock market. Fundamental values are generated using two models: the dividend discount and the Gordon growth. Variance bounds tests are then applied to test for bubbles in the UK property asset prices. Finally, cointegration analysis is conducted to provide further evidence on the presence of bubbles. Evidence of the existence of bubbles is found, although these appear to be transitory and concentrated in the mid-to-late 1990s.

Booms and busts in commodity markets: bubbles or fundamentals?

This paper considers whether there were periodically collapsing rational speculative bubbles in commodity prices over a 40-year period from the late 1960s. We apply a switching regression approach to a broad range of commodities using two different measures of fundamental values—estimated from convenience yields and from a set of macroeconomic factors believed to affect commodity demand. We find reliable evidence for bubbles only among crude oil and feeder cattle, showing the popular belief that the extreme price movements observed in commodity markets were caused by pure speculation to be unsustainable

Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.