The latest destination for the still-high-flying contemporary art market: the Middle East. Paintings, photographs, and sculptures by Iranian and Arab artists hit records this fall at the big auction houses—bringing a total of $12.6 million in a Christie's International sale in Dubai. The top seller: a painting depicting Koranic texts by Egyptian-born Ahmed Moustafa. It went for $657,000, double the pre-auction estimate. At a recent Sotheby's auction in London, a painting of calligraphic Arabic letters by Iranian artist Mohammad Ehsai fetched $217,000—again, twice what experts predicted. Insiders say prices may soon rival those of contemporary Chinese and Indian art, which ring up nine-figure total sales at the two art houses. What's fueling the Mideast art market? Mostly, interest from the newly rich in the artists' home nations, says Sandy Heller, a New York art adviser whose clients include hedge fund manager Steven Cohen of SAC Capital Advisors. "The contemporary art market rises with the luxury goods market," Heller says.
~ BusinessWeek, "A Pretty Penny for Art from the Middle East," December 10, 2007, by Reena Jana
Showing posts with label contemporary art. Show all posts
Showing posts with label contemporary art. Show all posts
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