'Origins' - Sotheby's First Auction in Saudi Arabia
This has marked an extraordinary moment for the Gulf's cultural and art scene — a groundbreaking partnership between a 280-year-old auction house and the Kingdom of Saudi Arabia. It elevates the Kingdom's role in the global cultural and art landscape, in line with its ambitious efforts to develop world-class projects that support outstanding art, academic expertise, and educational programs.
Titled "Origins," Sotheby's laid down a marker in the Middle East on Saturday evening by hosting Saudi Arabia's first major art auction. Works by regional artists selling particularly well.
The sale totaled $17.28m with a sell-through rate of 67% by lot and 74% by value. Almost a third of the buyers were from Saudi Arabia.
Prior to the evening, nearly everyone believed the luxury segment would outperform the art on offer. To everyone's surprise fine art achieved very solid results, indicating a strong appetite for Saudi and Arab artists.
The results from our first sale serve as a compelling indication of the significant demand for art and the untapped potential in this market.
Artist Highlights
"For many years, Saudi Arabia's cultural expansion has been a source of great inspiration to us at Sotheby's. The auction is not just about showcasing art, but about fostering a whole new cultural ecosystem. With institutions like Sotheby's now considering the Gulf as a key market, we can expect more high-profile cultural events, exhibitions, and partnerships to emerge in the near future."
Ashkan Baghestani, Head of Sale for Fine Art at Sotheby's