ART IN THE MIDDLE EAST
Since opening sales in Dubai in 2005, Christie’s has sold over $200 million in contemporary Middle Eastern art, boosted by the swelling of young collectors in the region. Until recently, Christie’s was the only auction house maintaining long-term commitments to Middle Eastern modern and contemporary art, holding their biannual sales in Dubai. However, competitors Sotheby’s and Bonhams are increasing their attention to the Gulf region. This competition will further drive the volume of the market, offering exceptional grounds for investment. Let’s breakdown the region…
According to ArtTactic’s Middle-East Art Market Report, total auction sales from Sotheby’s, Christie’s, and Bonhams for modern and contemporary Middle Eastern art rose five percent in 2015. The report indicated that Iranian, Lebanese and Egyptian art dominated the market in 2015. Despite concerns for geo-political unrest in the area, with war, terror, and international tensions, ArtTactic awarded the Gulf region art market a positive outlook for 2016. The report concluded with an emphasis on Iran, where economic sanctions are being lifted.
ArtTactic writes:
[The] Iranian art market could see a lift in 2016 […] economists and market commentators expect strong economic growth in the country in the years to come. We believe this could fuel the already active domestic art market, and further strength- en Iranian artists’ position in the international art market.
Mahmoud Mokhtar’s “On the Banks of the Nile” Courtesy of Sotheby’s
Sotheby’s held an interesting sale that focused on Middle Eastern art in 2015, “20th Century Art- A different Perspective,” which achieved $2.9 million and included a selection of Middle Eastern artists. The leading lot was a peice by Mahmoud Mokhtar’s “On the Banks of the Nile” that achieved $410,000. The growth of the artistic production in Egypt, Iraq, and Iran was the greatest contributor to the Middle Eastern art market’s supply in the last five years. However, the hub of the Gulf region is in the EAU, specifically Dubai and as of recently Qatar. Backed by the ruling Al-Thani family of Qater, AlBahie is the first local auction house established in the region with head quarters in Doha, Qatar. The auction house held its first sale in April of 2016 and three successful sales since. Noteworthy is the auction house’s upcoming Contemporary Art sale taking place in October of this year. The results of this sale will provide substantial market indicators for the future Gulf region.
Image Courtesy of Art Dubai
The momentum that recently picked up in Doha stemmed from the excitement of the art scene in Dubai. According to Christie’s specialist, Bibi Zavieh, the Al Serkal Avenue development shaped the art scene in Dubai as the gallery filled street quickly became the hippest neighborhood in town. The international destination attracted HNWIs from around the world seeking exposure to Middle Eastern art and paved the way for Art Dubai, the premier art fair of the region. Held for the 10th time last March, Art Dubai has developed into a platform for contemporary Middle Eastern artists, as well as for Asian and African artists. The fair takes place each year, presenting a diverse selection of around 90 galleries from the UAE and around the world. In order to capitalize on the fairs draw of HNWIs to Dubai, auction houses have moved their sales to surround the fair, creating Dubai Art Week.
The fair helped to validate Middle Eastern art, which has shifted from an auction-market driven model to an institution-oriented recognition one. The most impressive institutional initiative in the Middle East and possibly the globe, was Abu Dhabi’s multi-billion dollar Saadiyat Island project. This ambitious cultural enrichment program included the construction of the Guggenheim Abu Dhabi, Louvre Abu Dhabi, Zayed National Museum, and the Manarat Al Saadiyat.
Guggenheim Abu Dhabi Courtesy of Ghery Partners
These institutions are cultivating a rich environment for an important art scene within a developing market. The art market’s consumers in the thriving Gulf region are beginning to include the local community of HNWIs in addition to the wealthy ruling family members. The next few years to come will prove very exciting for the Middle East art market as emerging artists and collectors start to gain global importance. A great example is Sheikha Al-Mayassa bint Hamad bin Khalifa Al-Thani who became the world’s most powerful buyer of art in 2013 with an estimated budget of $1.5 billion dollars.
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Originally published at arthena.com.
