Just under a year ago, Sotheby's ventured into the Gulf region with its inaugural auction in Saudi Arabia, named "Origins." This event showcased 117 lots of art and luxury items, generating $17.3 million, aligning with its pre-sale estimate of $14 million to $20 million. While the outcome was not extraordinary, it certainly wasn't disappointing.
Recently, the auction house held its second event, "Origins II," achieving remarkable success by securing $19.6 million with fees from just 61 lots, surpassing its pre-sale estimate of $11.7 million to $16.6 million.
A highlight of the auction was the sale of Safeya Binzagr's Coffee Shop in Madina Road, which fetched an impressive $2.1 million, exceeding its $200,000 high estimate by more than tenfold. This sale set a new record for a Saudi artist, nearly doubling the previous record of $1.2 million established in 2023 for a work by Mohammed Al Saleem.
The auction featured nine pieces by Saudi artists, all of which sold for a cumulative total of $4.3 million, significantly exceeding the $1.1 million high estimate. Notably, two of Al Saleem's works sold for over three times their high estimates, contrasting with the first "Origins" auction, which included only four works by Saudi artists totaling $1.1 million.
Another key difference in this year's auction was the prominent inclusion of Western masters, indicating Sotheby's growing confidence in its relationships with collectors in Saudi Arabia. The event showcased three pieces by Picasso, including a painting that sold for $1.6 million; seven works by Roy Lichtenstein from the artist's personal collection; an Andy Warhol piece that sold for just over $1 million; and a set of four Warhol screenprints featuring Muhammad Ali for $352,000. Last year's auction had only three lesser-known Warhols and one Picasso, none exceeding $250,000.
Approximately one-third of the lots, around 20 works, were purchased by buyers from Saudi Arabia, highlighting the local interest in the art market.
While the spotlight may currently be on Qatar with the launch of Art Basel Qatar, the successful outcomes in Saudi Arabia demonstrate that it is also emerging as a significant player in the art scene.
