The Saudi Arabian art market is experiencing a dramatic surge, reflecting broader strategic moves by investors seeking safe havens in a region marked by heightened geopolitical uncertainty.
In just Sotheby’s second auction in Saudi Arabia, nine works by Saudi artists generated $4.3 million in sales, far exceeding the pre-sale estimate of $1.1 million. This strong performance not only demonstrates an emerging market but reinforces the trend of artworks functioning as a stable asset class in a region experiencing political and economic shifts.
Saudi Arabia: New players in the art market
Safeya Binzagr’s work titled “Coffee Shop in Madina Road” (65.2x122cm) skyrocketed to $2.1 million, ten times higher than initial estimates ranging between $150,000 and $200,000.
The sale managed to double the previous auction record for a Saudi artist, which was achieved by Mohammed Al Saleem’s work at Sotheby’s London saleroom in 2023, elevating Binzagr to the top of the secondary Saudi art market sales and making her painting the most valuable artwork ever sold at auction in Saudi Arabia.
It’s worth noting that since last year, the majority of new investors in the art market have originated from the Middle East, as they find safe havens for their capital through artworks and other collectibles, particularly amid increasing geopolitical instability.
This is precisely why Sotheby’s decided to launch, for the first time, a special, exclusive series of auctions and exhibitions in Abu Dhabi in partnership with the Abu Dhabi Investment Office (ADIO).
