Luxury goods sales in China took a substantial hit in 2024, declining by 18% to 20%, which led to an equally troubling 31% drop in art sales. Auction houses are now exploring the Gulf region, especially Saudi Arabia, as potential new markets. The UAE's appeal as a tax haven is attracting wealthy global residents, including Russians. Meanwhile, Saudi Arabia invests heavily in cultural projects as part of its Vision 2030 strategy, seeking to diversify its economy beyond oil and enhance tourism through initiatives like AlUla and various art events.
The sale of luxury goods in China slumped in 2024 by 18% to 20%, marking the end of 'exponential growth' in the country.
Russian money has flooded into the Emirates' property market, although it doesn't seem to be spilling over into artâyet.
Saudi Arabia is focusing on cultural investments, with initiatives like the AlUla project and Art Week Riyadh as part of its Vision 2030.
Auction houses are seeking new buyers in regions like the Gulf as sales in China decline, with Saudi Arabia emerging as a promising market.
Collection
[
|
...
]