Auction sales for Modern and Contemporary Middle Eastern art up 85.5% in 2013:
Total sales ofModern and Contemporary Arab, Iranian and Turkish art for Christie’s and Sotheby’s reached $18.5 million in 2013, up from $10 million in 2012. This rise was driven by increased demand for Iranian, Egyptian, Lebanese and Turkish modern and contemporary artists.
Christie’s dominates the market for Middle Eastern Modern and Contemporary Art:
Christie’s remains the leader in this market, with 15 consecutive auction seasons being held in Dubai and the auction house accounting for 74% of auction sales value within this collecting segment in 2013. After several years of holding both Turkish and Middle Eastern Modern and Contemporary sales in London, Sotheby’s shifted its sales to Doha in April 2013 after an 18-month absence.
Iranian and Egyptian artists lead the market:
In 2013, both Egyptian modern artists, such as Mahmoud Said, and Iranian modern artists, such as Parviz Tanavoli and Mohammed Ehsai, as well as contemporary Iranian artist Farhad Moshiri, dominated the Middle Eastern auction market.
Contemporary Middle Eastern art accounts for 42% of sales total:
Contemporary Arab, Iranian and Turkish art accounted for 42% of sales value in 2013, a much larger share of overall auction sales than can be seen in, for example, the current Indian art market.
Museum developments in the United Arab Emirates see signs of progress:
Although the construction of Louvre Abu Dhabi and the Guggenheim was delayed for several years, workers are already going ahead with the assembly of Louvre Abu Dhabi’s distinctive dome.
The art market grows stronger as key players join forces:
Christie’s moves the dates of its regional sales and Sotheby’s holds a contemporary art exhibition to coincide with Art Dubai. Art Dubai runs for its eighth year: The fair introduces a new section dedicated to modern art and strengthens efforts to become a cultural platform for the Middle East.
Art Dubai runs for its eighth year:
The fair introduces a new section dedicated to modern art and strengthens efforts to become a cultural platform for the Middle East, Asia and Africa.
Political unrest in the region:
The political situation in many countries within the region presents a major challenge and negatively affects confidence among collectors in the market. However, political changes in Iran are likely to boost the market for Iranian art.
This report was commission to Portafolia Studio and ArtTactic by UK-based accountancy firm Kingston Smith for their Private Clients division. Read the full report here.