Sotheby’s has recently marked a milestone in the history of the art market in Saudi Arabia with its inaugural auction “Origins”, held on February 8, 2025, in Diriyah, a UNESCO World Heritage site near Riyadh.
This event represents the first major international auction in the Kingdom, highlighting the growing interest in art and luxury in the region.
Details of the Sotheby’s Saudi Arabia Auction
The “Origins” auction totaled sales of $17.28 million, with a sale rate of 67% per lot and 74% per value. About a third of the buyers came from Saudi Arabia, indicating strong local involvement.
The event took place in an open-air amphitheater with 250 seats, attracting participants from 45 countries.
Performance degli Artisti Arabi
The works of Arab artists achieved remarkable results during the auction. Two records for artists were established:
- Louay Kayyali: His work “Then What??” (1965) was sold for $900,000, setting a new record for the Syrian artist.
- Abdulhalim Radwi: An untitled work from 1984 by the Saudi artist was sold for $264,000, exceeding initial estimates.
Furthermore, all four works by the Saudi artists present at the auction exceeded estimates, highlighting the growing appetite for local art.
International Works of Note
Although the works of Arab artists have shone, pieces by international artists have also attracted attention:
- René Magritte: His work “L’État de veille” was sold for $1.2 million.
- Fernando Botero: The sculpture “Society Woman” has reached $1 million.
- Banksy: “Subject to Availability” was sold for $1.2 million.
These sales indicate a balance between the interest in regional art and international art.
Luxury Segment
In addition to the works of art, the auction featured a selection of luxury items, including watches, jewelry, and designer bags. A Patek Philippe Grand Complication watch and a Cartier diamond necklace from the Art Déco era were among the standout pieces.
However, sales in the luxury segment were below expectations, suggesting that the Saudi market might have a stronger preference for fine arts compared to luxury goods.
Cultural Impact and Future
The “Origins” auction represents a significant step in the evolution of the art market in Saudi Arabia. Edward Gibbs, Chairman of Sotheby’s Middle East and India, described the country as “a sleeping giant that has awakened”, referring to the Vision 2030 project that aims to diversify the Saudi economy and promote the arts.
Between 2019 and 2023, Sotheby’s recorded an increase of 74% in Saudi buyers and 125% in auction participants from the Kingdom, with almost 50% of them under 40 years old.
Despite some criticisms regarding human rights issues in Saudi Arabia, Sotheby’s maintains that art can serve as a bridge for international dialogue. A spokesperson stated:
“We believe that it is the product of the Kingdom’s desire to engage with the international community and in this, Sotheby’s has a clear role to play in encouraging dialogue between countries and regions”.
In conclusion, the “Origins” auction not only set new records for Arab artists, but also marked the beginning of a new era for the art market in Saudi Arabia, reflecting the country’s ambition to become a global cultural hub.
Image: Monir Shahroudy Farmanfarmaian’s “Variation on the Hexagon” sold for $144,000.
Courtesy Sotheby’s
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
