Designer handbags and Damien Hirst: Sotheby’s ‘casts wide net’ for inaugural Saudi Arabia auction – The Art Newspaper

An important milestone for Saudi Arabia’s art scene takes place this month as Sotheby’s holds the country’s first major auction on 8 February. The auction house announced its official incorporation in Saudi and a new office in Riyadh late last year.

“In the last five years, with Mohammed bin Salman coming to power, there has been a lot of investment in culture, not only institutional, but also commercial,” says Ashkan Baghestani, a Sotheby’s head of sale for fine art. “The galleries in Jeddah and Riyadh have blossomed and have had more international exposure, and Saudi has opened up to international companies and businesses,” he says.

Diversifying the country’s economy

It is all in line with the larger Saudi Vision 2030 campaign, which aims to diversify the Saudi economy—heavily reliant on petroleum—and increase tourism to the country. Rebranding the kingdom has been a key component in attracting more foreign companies. In 2018 Sotheby’s then-chief executive Tad Smith joined dozens of business leaders in pulling out of a high-profile investment conference in Riyadh after the disappearance of Jamal Khashoggi, the dissident journalist who was later found to have been assassinated. Bin Salman accepted responsibility for the killing in an interview with US broadcaster PBS in 2019 because it “happened under [his] watch” but denied US intelligence findings that he personally ordered the slaying.

The Sotheby’s auction, titled Origins and taking place in the historic town of Diriyah, will offer an eclectic mix of around 120 objects: almost half are works of art in various media from both local and international artists; around a quarter are watches and jewellery; there are 17 designer handbags; and several items of sports memorabilia.

Rebecca Anne Proctor, the author of the book Art in Saudi Arabia: A New Creative Economy? (Lund Humphries, 2023), says she is not surprised by the variety of the sale. “The selection reflects the intercultural character of the Saudi art scene at present,” she says. “The strategy implemented by the Saudi state in terms of culture is one that is diverse and global, championing both Saudi artists and international artists.”

Baghestani says the Sotheby’s team is casting a wide net to capture people’s interest at different price points, to bring in different age groups and from different geographies. “It is obviously a test run,” says Baghestani. “We are operating in a brand new country. We have come in with the big guns, with a very, very strong selection of work from $10,000 to $1m. We are testing the market.”

The art on sale includes well-known Western Modern and contemporary artists, from René Magritte to Damien Hirst. Baghestani highlights Society Woman (2003, est $800,000-$1.2m) and Man on Horse (2010, est $1m-$1.5m), by the late Colombian artist Fernando Botero, which have been consigned by the artist’s son. One of the star lots by an artist from the region is Then What?? (1965, est $500,000-$700,000) by Louay Kayyali, which references the plight of Palestinian refugees and is anticipated to achieve an auction record for the Syrian artist.

Saudi Arabia opening commercially has been ushered in by legal reforms including the civil transaction law (CTL) that came into effect in 2023 and will govern art sales. The new code “essentially gives much more commercial certainty to transactions which had been relying on more outdated legislation”, says Rudy Capildeo, the art and luxury head at London law firm Wedlake Bell. However, Sotheby’s sale in Diriyah will be held in accordance with English law, not an uncommon approach for global companies operating in Saudi.

“The CTL says auctions can take place, but that is it—there are no terms on what that actually means,” Capildeo says. The use of English law mitigates the risks of working within a new, unknown market. Time will tell if Saudi Arabia will bolster its own laws around art auctions and sales, but Capildeo considers it essential if the country wants to become a centre for the art trade.

Sotheby’s new Riyadh office is the latest in a constellation of outposts in the Arabian Gulf, including Qatar, Dubai and Abu Dhabi. “Saudi was the last missing puzzle piece,” says Baghestani. “We are at the perfect crossroad for a country that is set to become one of the big players in the art world.”