Saudi Arabia hosted its first-ever international art and luxury auction, organized by Sotheby’s, in the historic city of Diriyah on Saturday. The event, named "Origins," saw strong sales of Arab art, breaking records for regional artists and signaling a growing interest in the country’s art scene.
The open-air auction, held in a 250-seat amphitheater, attracted participants from 45 countries and achieved total sales of $17.28 million. The event had a sell-through rate of 67% by lot and 74% by value, with nearly one-third of buyers from Saudi Arabia.
Arab Art Breaks Records
While the auction featured a diverse collection of 120 objects, including paintings, luxury watches, jewelry, handbags, and sports memorabilia, it was Arab art that stole the show.
Two artists achieved record-breaking sales:
- Louay Kayyali’s painting "Then What??" (1965) sold for $900,000, setting a new high for the Syrian artist.
- Saudi artist Abdulhalim Radwi’s "Untitled" (1984) fetched $264,000, also breaking his personal record.
All four artworks by Saudi artists sold above their estimated value, further proving the increasing demand for local talent. Meanwhile, Samia Halaby’s "Blue Trap (in a Railroad Station)" (1977) nearly doubled its estimated price, selling for $384,000.
Surprising Shift Towards Fine Art
The auction featured luxury items such as watches, designer handbags, and jewelry, yet fine art proved to be the biggest draw. Some of the highest sales included works by renowned global artists René Magritte, Fernando Botero, and Banksy, each selling for over $1 million.
Before the event, many believed that luxury items would outperform the art segment, but the strong sales of Arab and Saudi art surprised attendees. Rebecca Anne Proctor, an art expert and author of "Art in Saudi Arabia: A New Creative Economy?", noted:
"While there were beautiful luxury pieces, the demand for fine art, especially Saudi and Arab works, was unexpectedly high."
A Promising Future for Saudi Arabia’s Art Scene
Ashkan Baghestani, Sotheby’s head of fine art sales, described the auction as a breakthrough moment for Saudi Arabia’s art market, saying:
"Tonight’s results show the deep appetite for art in the region and the growing excitement for what’s to come."
With strong local participation and record-breaking sales, Saudi Arabia’s art market is gaining momentum, setting the stage for future international auctions and cultural investments in the Kingdom.