Sotheby’s made history by hosting its first-ever auction in Saudi Arabia, marking a significant milestone not just for the auction house but for the kingdom’s burgeoning art market. Held in the historic city of Diriyah, a UNESCO World Heritage site, the event was nothing short of spectacular. The auction, titled “Origins,” took place in a 250-seat outdoor amphitheater, creating an intimate yet grand setting for the occasion. The evening saw a full house, with bidders from 45 countries participating, either in person or remotely. The sale generated a total of $17.28 million, with a impressive sell-through rate of 67% by lot and 74% by value. Nearly a third of the buyers were from Saudi Arabia, signaling the growing interest and participation of local collectors in the global art market. This inaugural sale was a testament to Saudi Arabia’s rapidly evolving cultural landscape and its ambition to become a key player in the international art world.
The auction featured an eclectic mix of around 120 objects, reflecting the diverse tastes and interests of collectors. Approximately half of the lots were works of art, while a quarter were luxury items such as watches and jewelry. Additionally, the sale included 17 designer handbags and several pieces of sports memorabilia, catering to a wide range of bidder preferences. While many industry insiders had predicted that the luxury segment would dominate the sale, the fine art category defied expectations, performing exceptionally well. This unexpected outcome highlighted the strong appetite for Saudi and Arab art, a trend that has been gaining momentum in recent years. Rebecca Anne Proctor, author of “Art in Saudi Arabia: A New Creative Economy?” and an attendee of the sale, noted, “Prior to the evening, nearly everyone believed the luxury segment would outperform the art on offer. To everyone’s surprise, fine art achieved very solid results, indicating a strong appetite for Saudi and Arab art.” While the luxury items were undeniably impressive, their sales were relatively modest compared to the art, suggesting that collectors are increasingly turning to art as a meaningful investment and a way to connect with their cultural heritage.
The strong performance of Arab art was one of the most notable aspects of the auction. Two artist records were set during the sale, showcasing the growing recognition and appreciation of regional talent. Syrian artist Louay Kayyali’s “Then What??” (1965) fetched $900,000, while Saudi Arabian artist Abdulhalim Radwi’s “Untitled” (1984) sold for $264,000. These results not only demonstrated the strength of the market for Arab art but also highlighted the importance of preserving and promoting the region’s cultural legacy. All four works by Saudi Arabian artists in the auction exceeded their high estimates, further emphasizing the local art scene’s potential. For instance, Samia Halaby’s “Blue Trap (in a Railroad Station)” (1977) realized $384,000, nearly double its upper estimate. These results underscored the depth of interest in Saudi and Arab art, both locally and internationally, and pointed to a promising future for artists from the region.
While the Arab art segment stole the spotlight, several international works also performed well. Three lots—by renowned artists René Magritte, Fernando Botero, and Banksy—sold for over $1 million each, although their prices remained within estimate. These sales demonstrated the appeal of established global artists to Saudi collectors, who are increasingly looking to diversify their collections. However, it was the success of Arab art that truly captured the essence of the auction. As Ashkan Baghestani, Sotheby’s head of sale for fine art, remarked, “The results we have achieved here during our inaugural sale are a clear signal of the depth of appetite that exists for art, and the thirst that is ready to be unlocked, of which tonight was a successful next step.” The auction served as a powerful reminder of the transformative potential of art to bridge cultures, foster dialogue, and drive economic growth.
The success of Sotheby’s inaugural auction in Saudi Arabia is emblematic of the kingdom’s broader cultural transformation. In recent years, Saudi Arabia has been actively working to diversify its economy and promote its cultural sector as part of its Vision 2030 initiative. This ambitious plan aims to reduce the country’s dependence on oil, develop its tourism and entertainment industries, and create a vibrant society that celebrates innovation and creativity. By hosting high-profile events like the “Origins” auction, Saudi Arabia is signaling its commitment to becoming a hub for art, culture, and luxury in the Middle East and beyond. The auction not only attracted global attention but also provided a platform for Saudi and Arab artists to gain international recognition, further solidifying the region’s place on the global art map.
Looking ahead, Sotheby’s debut auction in Saudi Arabia sets the stage for what promises to be an exciting chapter in the kingdom’s cultural evolution. The strong demand for Saudi and Arab art, coupled with the growing participation of local collectors, suggests that the region is poised to become a major force in the global art market. As Saudi Arabia continues to open up to the world, events like the “Origins” auction will play a crucial role in fostering cultural exchange and nurturing artistic talent. The results of this sale are more than just numbers on a spreadsheet—they represent a new era of opportunity and collaboration, one that is sure to inspire and engage art lovers for years to come.
