9 Feb 2025
RIYADH: Sotheby’s first-ever auction in Saudi Arabia, titled “Origins,” concluded on Saturday with an impressive $17,283,840 in total sales across fine art and luxury categories. This marked a historic moment for the Kingdom’s art and luxury market.
Held at Diriyah’s Bujairi Terrace, the event attracted attention not only for its global appeal but also for its emphasis on Saudi talent. Local artists received significant recognition.
Jerry Inzerillo, CEO of Diriyah Company, emphasized the deep connection between Diriyah and Sotheby’s in his opening remarks. He called it a natural collaboration. “A few years ago, we decided that Sotheby’s, as a 277-year-old brand, had to match up with Diriyah because the value systems were the same,” he said.
The modern and contemporary art segment showcased works by Saudi artists, collectively earning $1.1 million. Notably, Abdulhalim Radwi’s 1984 market scene achieved a personal auction record, selling for $264,000 after intense bidding. Another highlight was Mohammed Al-Saleem’s untitled piece, which sold for $660,000. This was three times its pre-sale estimate, illustrating the growing demand for Saudi contemporary art.
Renowned Saudi artist Ahmed Mater’s “Illumination Diptych (Makkiah Tale)” also exceeded expectations, selling for $102,000.
International works also made a strong impact. René Magritte’s “L’Etat de veille” fetched $1.2 million, while Fernando Botero’s “Society Woman” sold for $1 million. Additionally, Banksy’s “Subject to Availability” sold for $1.2 million. This continued the street artist’s international appeal.
The luxury segment dazzled with rare items. This included a Patek Philippe Grand Complication watch, a Cartier diamond necklace from the Art Deco era, and an exotic-leather Hermes Birkin bag.
The auction attracted global participation, with collectors from 45 countries involved. Notably, nearly one-third of the lots were purchased by buyers from Saudi Arabia. This underscored the growing enthusiasm for art and luxury goods among local collectors. Over 30 percent of participants were under 40, pointing to a shift towards younger generations engaging in the high-end art market.
The success of the “Origins” auction signals the rising prominence of Saudi Arabia’s art scene. It reinforced its position as a hub for both local and international cultural and luxury investments.
