Sotheby's held its inaugural auction in Saudi Arabia on February 8, 2023, in Diriyah, marking the nation's first major international art and luxury auction. The event featured a diverse selection of around 120 items, with works by regional artists particularly thriving. The auction grossed $17.28 million, with a sell-through rate of 67% by lot. Surprisingly, fine art outperformed luxury goods in sales, revealing a strong local interest in Saudi and Arab art, as emphasized by art critic Rebecca Anne Proctor, confirming a deep market appetite for such works.
"Prior to the evening, nearly everyone believed the luxury segment would outperform the art on offer. To everyone's surprise fine art achieved very solid results, indicating a strong appetite for Saudi and Arab art."
"While there were some beautiful pieces from the luxury segment, the sales were astonishingly few for a market that so prizes luxury."
"The results that we have achieved here during our inaugural sale is a clear signal of the depth of appetite that exists for Saudi and Arab art."
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