Dubai has become a regular and an important selling point for the international art auctions that attracts sales of over 250 million dollars (Dh916 million) with twice yearly auctions of the Modern and Contemporary Arab, Turkish and Iranian art, claimed by the managing director and head of sales at Middle East Christie, Michael Jeha.
Michael Jeha reported that their bi-annual sale season in Dubai has attracted buyers from more than 30 countries. This underlines the popularity of the Middle Eastern Art on a global level. An increase in the Middle Eastern clients now makes up 8 % of the company’s total turnover.
Jeha mentioned that the same can be said for the internationally growing interest of the Middle Eastern collectors regarding the impressionist, contemporary and modern art. Jeha also told that the Dubai auction had approximately 70 % of the offered works being sold during its pre-sale period that they had set for each work. This highlights the interest of the collectors in the art work being displayed at such auctions and their eagerness to purchase them.
Jeha further said regarding the importance of research of art galleries in Dubai or anywhere buying that in order ‘to operate successfully on any of the two markets, one needs to have a good understanding of the market. The way it functions, the big players, the artists careers and the right time to do a purchase.’
Seeing the growing interest of the Dubai buyers in the art auction Christie’s president from Middle East, Russia and Europe Jussi Pylkkanen said that ‘This will break a world record’ when he pointed out towards a painting created by the Iranian artist,ParvizTanavoli. He went on to mention that ‘It will be sold to a museum and if it’s not then God bless the collectors as they will be buying this incredibly major work of art.’
Jeha says that all eyes will be on the UAE now, looking to gauge the position of the market that is overwhelmingly positive for them. Jeha believes that the art for sale in Dubai is in a very strong option as many more collectors are now participating than ever before showing that Dubai has firmly established itself as a leading centre for art.
Having more than 2500 art pieces being sold in the region and breaking the records with $250m sales, Christie’s clients from the London based auction house are also playing an increasingly important role for their sales at a global level.
When we first started off, a lot of the paintings in Dubai we were selling was coming from the artists living in the corners of the Gulf, said Pylkkanen. These artists didn’t have a high profile but today all of them are known on an international stage and the Middle East should feel proud of it.
Indeed, Dubai has become an important global art market attracting the focus of many collectors from places likeLondon, New York and even Hong Kong. With this being mentioned, the future of art gallery in Dubai seems to be increasingly bright in the region of middle east.