Art News. Vasari Codex

trending_up market schedule Oct 15, 2025 visibility 24 link 13 artists, 5 galleries

gulf art scene global force

The article reports on the rapid expansion of the Gulf art scene, with a packed calendar of events from November to March including Abu Dhabi Art, the Diriyah Contemporary Art Biennale, Noor Riyadh, Desert X AlUla, Art Basel Qatar, Art Dubai, and the Sharjah Biennial. Institutional buying is surging as Abu Dhabi prepares to open its Guggenheim, Qatar Museums acquires for the Art Mill, and Saudi Arabia buys for multiple planned museums. The number of collectors is also growing, driven by a "Covid bounce" of high-net-worth individuals relocating from Europe and India to tax-efficient Dubai and Doha, with 6,700 millionaires moving to the UAE in 2024 alone.

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trending_up market schedule Feb 23, 2026 visibility 23 link 9 artists, 9 galleries

gulf art market

The Gulf region is rapidly transforming into a primary axis for the international art trade, marked by the upcoming debut of Art Basel Qatar and the rebranding of Abu Dhabi Art as a Frieze event. While state-led museum projects have long dominated headlines, a surge of commercial activity is now taking hold as blue-chip galleries like Pace and David Zwirner join local stalwarts. This expansion comes at a strategic time as traditional markets in the U.S., U.K., and China face contraction.

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trending_up market schedule Feb 6, 2026 visibility 26 link 3 artists

drawing of foot michelangelo record christies

A previously unknown red-chalk drawing by Michelangelo, a study for the foot of the Libyan Sibyl from the Sistine Chapel ceiling, sold for $27.2 million at Christie’s New York on Thursday, far exceeding its $1.5–$2 million estimate. The work was submitted to Christie’s online estimate portal last March by an anonymous owner who inherited it from their grandmother; it had hung on a wall for years, assumed to be a copy. After months of authentication using infrared reflectography and cross-referencing with drawings at the Metropolitan Museum of Art and the Uffizi Gallery, Christie’s specialists confirmed it as an authentic Michelangelo. The sale set a new auction record for the artist, surpassing the previous $24.3 million record set at Christie’s Paris in 2022.

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trending_up market schedule May 13, 2025 visibility 18 link 4 artists

Why is the art market turning Gulf-wards?

The art market is shifting its focus toward the Gulf region, particularly Saudi Arabia and the United Arab Emirates, following a sharp decline in Chinese luxury goods sales (18–20% drop in 2024) and a 31% slump in Chinese art sales. Auction houses like Sotheby’s and Christie’s have established outposts in Saudi Arabia, with Sotheby’s first auction in Diriyah generating $17.3 million and attracting 35% new buyers. The UAE’s tax-haven status and lack of sanctions on Russians have drawn wealthy residents, while Saudi Arabia’s Vision 2030 campaign, led by Mohammed bin Salman, is pouring money into cultural projects such as AlUla, Art Week Riyadh, the Islamic Arts Biennale, and a new teamLab Borderless museum in Jeddah.

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trending_up market schedule Oct 3, 2025 visibility 16 link 4 artists, 3 galleries

Colnaghi, world's oldest gallery, to open Saudi Arabian outpost

Colnaghi, the world's oldest surviving art dealership founded in 1760, will open a new outpost in Riyadh, Saudi Arabia, following a deal worth 10 million Saudi riyals (around £2 million) with the Saudi private equity firm Sarat Investment Holding. The gallery, which specializes in Old Masters, antiquities, and pre-20th century art, already has locations in London, New York, and Madrid. The opening date has not been announced, but the move marks the first time an Old Master gallery has entered the Saudi market, a surprising development given that most art sales in the kingdom focus on Modern and contemporary works.

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