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.
Contemporary Egyptian artist Chant Avedissian fetched the highest
price for his 15 metre long installation consisting of 120
painted cardboards, entitled Icons of the Nile. The piece went
for $1.5 million, setting the world record for any living Arab
artist. Other bluechip international artists involved in the sale
included Maurizio Cattelan, Ai Weiwei and Donald Judd.
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.