Sotheby’s inaugural auction in Saudi Arabia which was also the kingdom’s first major international art and luxury auction, took place in Diriyah this weekend and included works by regional and Saudi artists.
Hosted in an outdoor amphitheater at Bujairi Terrace in Diriyah, Sotheby’s first auction in Saudi Arabia attracted over 250 attendees in person and drew bids from collectors across 45 countries. The auction generated $17.28m with a sell-through rate of 67% and 74% by value. About a third of the buyers were from Saudi Arabia.
Close to 120 objects were offered and about half were works of art. Other items included watched, jewelry, handbags and sports memorabilia.
All four works by Saudi artists surpassed their estimates, collectively totaling $1.1 million.
In advance of the auction, Sotheby’s offered a free exhibition to the public from February 1 to 8 that attracted almost 2,500 visitors.
Rebecca Anne Proctor, the author of the book “Art in Saudi Arabia: A New Creative Economy?”, attended the sale and commented: “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 art.”
George Nelson, writing for ARTnews added that, “One lesson Sotheby’s learned in the chilled arid air on Saturday night was that the locals didn’t have much appetite for the shiny rocks and handbags on offer. During the second half of the sale, around half of the 28 jewelry lots passed, while 8 of the 17 bags also failed to find a home.”
Ghadi Joudah with Arab News added details about the four works by Saudi artists that sold:
“Mohammed Al-Saleem’s untitled work, sourced directly from the artist’s daughter, led the Saudi work on offer. The piece, blending abstract Arabic calligraphy with Al-Saleem’s vision of Saudi landscapes, sparked intense competition among four bidders before selling for a remarkable $660,000 — triple its pre-sale estimate.
Abdulhalim Radwi’s vibrant 1984 market scene set a personal auction record, selling for $264,000 after fierce bidding online and in the room.
Ahmed Mater’s “Illumination Diptych (Makkiah Tale)” exceeded expectations at $102,000. Mater, one of Saudi Arabia’s most acclaimed contemporary artists, is internationally celebrated, with works displayed by institutions throughout the Arab world, the UK and the US.
Maha Malluh’s “Magadeer” (from the “Food for Thought” series), inspired by the cultural and spiritual heritage of the Najd area of the Kingdom, sold for $84,000, also surpassing its estimate.”
George Nelson for ARTnews summarized the event:
“The house put on a slick, spectacular show under the Arabian stars and spared no expense. The 300 or so people in attendance, including a handful of royals, looked impressed… When Sotheby’s announced the lots for “Origins” last month, it was clear the tentative fusion of art and objects was an acid test for Saudi taste. They included Western and Islamic contemporary and modern art, Rolex watches, Bulgari rings, Hermes handbags, and Cristiano Ronaldo’s game-worn soccer jerseys. With a third of lots sold to local buyers, and a third of bidders under 40, the house now has some useful preference data to crunch. Sotheby’s next sale in Saudi Arabia will be more refined… One lesson Sotheby’s learned in the chilled arid air on Saturday night was that the locals didn’t have much appetite for the shiny rocks and handbags on offer. During the second half of the sale, around half of the 28 jewelry lots passed, while 8 of the 17 bags also failed to find a home.”
Sotheby’s CEO, Charlie Stewart, was beaming post-sale. “We feel very validated about investing here,” he told me. The house now has a firm foothold in Saudi Arabia, and Sotheby’s will return to the desert wiser.
Arab News, Sotheby’s ‘Origins’ Inaugural Art, Luxury Auction at Diriyah Tops $17 Million
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