Review

Art

Culture

6 January 2024

5 min read

Pesellino: making the vital visible

Great art doesn’t just delight, it educates. Andrew Davison recalls learning deep wisdom from a child as he reviews the Pesellino exhibition at the National Gallery, London.

Andrew Davison

Andrew works at the intersection of theology, science and philosophy. He is Canon and Regius Professor of Divinity at Christ Church, Oxford.

A painted altarpiece depicts a crucified Christ surrounded by followes, angels and soldiers.

The Pistoia Santa Trinita Altarpiece, Francesco Pesellino.

The National Gallery

My favourite idol features prominently in National Gallery’s new exhibition of paintings by Francesco Pesellino (1422–1457). I say that by way of provocation: I don’t really think it’s an idol, but that is how it was described to me – by a ten-year-old – in one of the best conversations I’ve ever had as a teacher.

That was fifteen years ago. I was in the gallery to give a theological tour, as part of a Confirmation class for Westminster Abbey. Half an hour in, we came to Pesellino’s Pistoia Altarpiece. It’s a glorious painting, but I was unconvinced by what it sets out to do, with its dead Christ within a portrayal of the Trinity of Father, Son, and Holy Spirit. The doctrine of the Trinity is about the nature of God, as love and life, and there’s no death there.

Not that I mean to single out Pesellino for criticism. He isn’t the only painter to represent God that way. Massacio’s version is one of the most significant works of the early Florentine Renaissance, resurrecting linear perspective in painting. Just down the road from the National Gallery, at the Courtauld Institute, there’s a similar painting of the Trinity by Botticelli. They’re all magnificent, I just think that if you’re going to try to depict God, the emphasis should be on life.

Standing before Pesellino’s painting fifteen years ago, with those misgivings in mind, I asked the dozen or so kids in the Confirmation class what might be wrong with what the painter as trying to do. One child replied instantly: ‘Please Father, it is an idol.’ Dread rose within me. This child was an Arab Christian. Had he, I wondered, grown up in a culture that treated religious art as idolatrous? Had I offended his conscience continuously for the past half hour, with painting after painting? Best to find out. ‘Have the other paintings been idols?’, I asked. ‘No’, he replied. ‘Why not? Why is this one bad?’ His reply came without pause: ‘Because there’s God the Father in it.’ This was getting interesting. ‘So’, I asked, ‘it’s OK to show Jesus, like the other paintings we’ve seen today, but not God the Father?’ ‘Yes’, was his firm opinion.

These are deep waters, and this was a thoughtful child. To this day, the Orthodox Churches generally forbid depicting of God the Father in icons. Then came one of the most glorious moments of my life as a teacher. ‘Why’s that?’, I asked. ‘Why can we paint Jesus, but not the Father?’ The boy stood silent for some moments. ‘Because’, he said, the cogs of his mind clearly turning, ‘because… because God has made an image of himself in Jesus… You could see Jesus… so you can paint him.’ This was no pre-packaged answer. He was not recycling anything he’d been told before. He was recapitulating the arguments of the Seventh Ecumenical Council (at Nicaea, in AD 787) in real time.

The eight century was a turbulent time when it comes to religious images. They were supressed in the Byzantine Empire from around AD 730, with a firm condemnation in AD 754. Twenty-three years later, at Nicaea, the church reversed the ban. The decisive argument was formulated by St John of Damascus (AD 675 or 676 – 749): ‘When the Invisible One becomes visible to flesh, you may then draw a likeness of His form.’ It’s the same position as our young theologian in the National Gallery had got to on his own.

In this way, Christian art rest on Christmas: on the Incarnation, on God’s coming-into-the-flesh. Heir to the Judaic prohibition of ‘graven images’ Christianity – or most of it – made its peace with depicting holy things, and art in churches, because of Christmas, where we see ‘God made visible’ in Jesus.

In the mystery of the Word made flesh

the light of your glory has shone anew upon our minds

that seeing here God made visible,

we may be caught up in love for God whom we cannot see.

Those are words from the central acclamation of Christmas (the Eucharistic preface) at Midnight Mass (and at Holy Communion for the rest of Christmastide). ‘Seeing here God made visible’.

The events of Christmas form one of the two poles of Christian art. Some delightful examples feature in the Pesellino exhibition: a virgin and child and an Annunciation. The other supremely worthy subject for Christian art is the crucifixion and all that surrounds it. As I have noted, in the current exhibition the crucifixion features in his Trinity altarpiece. God’s humanity is most clearly witnessed at the beginning of Christ’s life, and at the end.

In the intervening years, I have mellowed towards Pesellino’s painting, and that way of depicting something about God. Painting the eternal reality of God is impossible, but in Jesus we see what we need to see. There is no death in God, but the crucifixion is what God’s life looks like when it is made flesh in a world full of evil. The crucifixion shows God’s embrace of human life to the furthest extremes of suffering and degradation. It shows the life of God overcoming death. We can hold onto what the crucifixion offers in a painting like this one, while remembering that the Resurrection underlines the priority of God’s life over death. One painting can’t say everything.

Those fifteen years ago, I was aware that I’d been in a remarkable exchange, one that I would not forget. As I found across my time as a curate, children ask the best theological questions. That might be reason to go to see the Pesellino exhibition with a child. Alongside the paintings I have mentioned already, there are also two gloriously child-friendly panels, each showing multiple events from the life of King David. They offer a sort of fifteenth century comic strip, except that the events are fused into one long scene. Pesellino was a master at painting animals. Magnifying glasses are provided to help you search them out.

Pesellino: A Renaissance Master Revealed, The National Gallery, London, until 19 March.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.