Art
Where Art Collector Appetite Is Showing This Spring
The Arab, Iranian and Turkish modern and contemporary art markets bounced back in popularity last month, according to data from the Fine Art Fund Group, an international art investment house.
The total sales value for this art genre sold through auction houses Christie’s Dubai and Sotheby’s Doha in April 2013 came in almost twice as high as last year’s spring sale, and can be accredited to Sotheby’s re-introduction of its contemporary sale in Doha, the investment house found.
The sale, which was the first modern and contemporary auction
held in the region since March 2009, featured 47 works of which
40 were crafted by Middle Eastern artists. These art works were
sold for a total volume of $4.8 million, against a pre-sale
estimate between $3.9 million and $5.8 million.
Compared to the popularity of modern art that was seen between
2006 and 2010, this year’s sale saw an increase in collector
appetite for contemporary art, which accounted for 57 per cent of
the total sales auction value.
The re-launch of Sotheby’s sale has boosted auction sales in this market, and helped increase collector confidence for Middle Eastern modern and contemporary art, Fine Art Fund Group said. Although Sotheby’s is proving competition for Christie’s, more auction sales are likely to stimulate further growth in this market.
Christie’s spring sale was larger and consisted of 121 works, divided into two sales. The total volume reached $5.1 million against a pre-sale estimate between $4.6 million and $5.9 million. Similarly, contemporary art played a major role in these sales accounting for 53 per cent of total sales value this spring.
Fine Art Fund Group provides art advisory services to banks and their clients, and advises on over $200 million of assets under contract.
