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CairoScene
11-02-2025
- Business
- CairoScene
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.
Al Arabiya
09-02-2025
- Entertainment
- Al Arabiya
Saudi Arabia's inaugural international art auction nets over $17 million
A historic night unfolded under the stars in Saudi Arabia on Saturday as the Kingdom hosted its first-ever international auction dedicated to fine art and luxury. The groundbreaking event, held in Diriyah — the ancestral heart of Saudi Arabia's capital, Riyadh — saw a total of $17.3 million in sales, signaling a milestone moment for the region's art market. The sale attracted collectors from 45 countries, with nearly a third of purchases made by Saudi buyers and more than 30 percent of participants under 40. The unprecedented event, titled Origins, was hosted by Sotheby's — one of the world's leading auction houses — and brought together art collectors from around the world in Riyadh. Speaking on the event's significance, Ashkan Baghestani, the head of sales for Fine Art at Sotheby's, remarked: 'For many years, Saudi Arabia's cultural expansion has been a source of great inspiration to us at Sotheby's.' He further said: 'Tonight marked a historic milestone in the art market of the region, set against the backdrop of Diriyah, the birthplace of the Kingdom and a burgeoning new hub for culture. The results that we have achieved here during our inaugural sale is a clear signal of the depth of appetite that exists for art, and the thirst that is ready to be unlocked.' Top sales in fine art Among the highlights of the auction was a piece from the estate of renowned Colombian artist Fernando Botero, titled Society Woman, which fetched $1 million, while Banksy's and René Magritte's L'État de veille each commanded $1.2 million. Pablo Picasso's Fleurs (1948) sold for $204,000 — over three times its estimate. Saudi artists were also well-represented. A painting by Mohammed Al Saleem, a pioneer in Saudi modern art, which combines Arabic calligraphy with Saudi landscape horizons, sold for $660,000 — three times its estimate. Works by Abdulhalim Radwi, Ahmed Mater, and Maha Malluh also exceeded expectations, bringing in a total of $1.1 million through Saudi art sales. One of the most significant sales in modern Arab art was Louay Kayyali's Then What??, which set a new artist record at $900,000. Other notable regional sales included Samia Halaby's Blue Trap (in a Railroad Station) for $384,000 and Saloua Raouda Choucair's early wood sculpture for $144,000, with proceeds benefiting education and research. Sports memorabilia and luxury sales In the sports memorabilia section, a game-worn Michael Jordan jersey from the 1998 NBA playoffs fetched an impressive $960,000. Cristiano Ronaldo's match-worn jerseys and signed boots from the 2024 UEFA European Championships also proved popular, selling for a combined $151,200. Luxury items saw fierce bidding, with a pair of Graff diamond pendant earrings realizing $780,000 and a diamond Himalaya Birkin by Hermès surpassing estimates to reach $336,000. A Rolex Paul Newman Daytona sold for $240,000, while a one-of-a-kind commissioned Cartier Crash watch achieved $228,000. Landmark moment for Saudi art market The contents of the Origins exhibition were on display at Diriyah's Bujairi Terrace from February 2, offering a week-long celebration of art, luxury, and culture. The exhibition coincided with Diriyah Season, an annual festival showcasing the area's rich heritage. With nearly 2,500 exhibition visitors and more than 700 attending panel discussions leading up to the auction, the event marks a significant step in Saudi Arabia's growing influence in the global art and luxury market. The large presence of young collectors further signals a dynamic future for the Kingdom's cultural and artistic landscape. As the country continues to invest in the arts, this inaugural auction helped set the stage for future high-profile sales and artistic collaborations.
