Sotheby's Saudi Debut Raises USD 17 Million in Diriyah
The evening's top sales included Fernando Botero's 'Society Woman' and Banksy's 'Subject to Availability'.
Sotheby's inaugural auction in Saudi Arabia, held in Diriyah, generated USD 17 million in sales, bringing together a diverse collection of artworks, luxury items, and sports memorabilia. The auction attracted participants from 45 countries, with Saudi buyers accounting for about a third of the total. More than 30% of the buyers were under the age of 40, reflecting a young and evolving art market.
The evening's top sales included Fernando Botero's 'Society Woman', purchased for USD 1 million by Saudi businessman Amr Zedan. Banksy's 'Subject to Availability' and René Magritte's 'L'État de veille' each sold for USD 1.2 million, while a work by Saudi artist Mohammed Al Saleem reached USD 660,000 - three times its estimate. A painting by Huguette Caland sparked one of the night's most intense bidding wars, with the final sale made over the phone. Strong interest was also seen in a Picasso work on paper and a James Turrell light installation.
Beyond fine art, the auction featured high-value luxury items and sports memorabilia. Cristiano Ronaldo's signed boots and four jerseys collectively sold for USD 151,000, while a Richard Mille timepiece carried an estimate of USD 1 million to USD 1.5 million. Despite the strong sales, the total revenue fell slightly below the pre-sale estimate of USD 16 million to USD 22 million.
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