According to Christie’s, a live auction and online sale of contemporary and modern art from the region generated more than $3 million last week, with several sales exceeding initial projections by a significant margin, indicating the demand for artwork from the Middle East is rising.
The 1948 seascape Les falaises-la baie, a Marsa Matrouh (esquisse), which the artist gifted to his niece Queen Farida in the late 1940s, was one of two pieces by Egyptian painter Mahmoud Said that were up for bid at the live auction. The picture sold for more than $180,000, although its estimated value ranges from $80,000 to $115,000. Le Nil a Louxor (Chadouf), a 1919 piece by Said, earned close to $70,000.
The online auction ran for three weeks, with the live auction taking place last Wednesday in London. Ali Banisadr’s Broken Land, the top lot of the auction, went for $477,000 as opposed to the low estimate of $286,000. The sale of Angelus II-I by Kamal Boullata for about $29,000 set a new auction record for the Palestinian artist.
The collection also contained pieces by Egyptian-Armenian artist Chant Avedissian, Iraqi artist Hayv Kahraman, and Saudi artist Ahmed Mater. Many pieces of art were displayed in September at a Christie’s Dubai exhibition. A carefully chosen assortment was also displayed during Christie’s London Frieze Week.
The winning bidders included private collectors and institutions from 15 countries, including the UAE, the US, the UK, and France. The exhibitions are likely to have helped the works gain international exposure and boost auction results. According to Christie’s, 25% of those participating in the auction were brand-new customers.
The autumn auction has been held for six years, and this is the first live event since 2019. According to Sikorski, the fact that numerous prices from this year’s lot exceeded original projections is a sign of a continually increasing interest in more contemporary as well as modern regional art.
“This year, Christie’s showcased a quality of artwork representing the diversity and originality of the Middle East,” said Dr. Ridha Moumni, deputy chairman of Christie’s Middle East. “We are delighted with the success of the sale and the acquisitions by private collectors and institutions from the curated selection that included significant works from Iran, Lebanon, Egypt, Saudi Arabia, and the Maghreb. We will ensure significant upcoming sales of modern and contemporary artworks and develop the category to meet the growing interest in the region’s art, regionally and internationally.”