Art

Where Art Collector Appetite Is Showing This Spring

Ainhoa Barcelona Reporter London 2 May 2013

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.

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