Saudi Arabia Museum of Contemporary Art Gets $490 M. from Powerful Real Estate Firm

The forthcoming Saudi Arabia Museum of Contemporary Art has received a $490 million construction grant from Diriyah Company, a real estate firm chaired by Crown Prince Mohammed bin Salman. Designed by Dubai-based Godwin Austen Johnson, the museum will span 883,000 square feet—larger than the Louvre in Paris—and will be located in Diriyah, with additional exhibitions in Riyadh. The grant supports Saudi Arabia's Vision 2030 plan to diversify the economy away from oil.

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Saudi Arabia is significantly scaling back its ambitious "Vision 2030" cultural and infrastructure spending due to falling oil prices and massive budget overruns. Major international projects, including a $200 million investment deal with the Metropolitan Opera in New York and funding for the Centre Pompidou’s refurbishment, are currently in limbo or facing payment delays. Reports of unpaid invoices to art service firms and the halting of "gigaprojects" like Neom suggest a period of financial retrenchment for the kingdom.

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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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Saudi Arabia announced over 5 billion Saudi riyals ($1.3 billion) in new cultural funds and agreements at the first Cultural Investment Conference in Riyadh, held under Crown Prince Mohammed bin Salman. Key initiatives include a partnership with Deutsche Bank for training and cultural exchanges, and the immediate establishment of the Riyadh University of Arts, set to open in 2026 with courses in film, performing arts, and theater. The Ministry of Culture also signed a memorandum of understanding with the Royal Commission for AlUla to boost cultural infrastructure in the AlUla oasis.

Russia's 2026 Venice Biennale Will Not Open to the Public, and Other News.

Russia's pavilion at the 2026 Venice Biennale will be closed to the public for nearly the entire run of the exhibition (May 9–November 22), with access limited to a brief preview period for press and invited guests. Instead of physical access, visitors will experience the pavilion's project—titled 'The Tree Is Rooted in the Sky'—via video documentation displayed on exterior screens. The arrangement is widely seen as a compromise shaped by international sanctions and political backlash over Russia's return following its absence after the 2022 invasion of Ukraine. In other news, Matthieu Blazy unveiled his first Chanel cruise collection in Biarritz; San Francisco appointed Matthew Goudeau as its first-ever executive director of arts and culture; the Saudi Arabia Museum of Contemporary Art received a $490 million construction grant from Diriyah Company; and online auction sales grew 8 percent in 2025, generating $423.9 million.

Salvator Mundi Museum of Art Opens New Exhibition: THE ORB SHOW - All About Balls

The Salvator Mundi Museum of Art has launched a new exhibition titled "THE ORB SHOW - All About Balls." This unconventional presentation focuses on the recurring motif of the sphere in art, drawing inspiration from the crystal orb held by Christ in the museum's namesake painting, the Salvator Mundi.

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Newly released emails between Jeffrey Epstein and journalist Michael Wolff reveal Epstein speculating about the $450 million sale of Leonardo da Vinci's *Salvator Mundi* and its possible connection to Donald Trump. In a May 2019 exchange, Epstein suggested that the painting's sale by Russian oligarch Dmitry Rybolovlev to Saudi Crown Prince Mohammed bin Salman might have been a covert bribe to secure Trump's support on Middle Eastern policy, specifically his veto of a congressional resolution against U.S. involvement in the Yemen war. Epstein also noted that his "art guy" thought the painting wasn't very good.

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Newly released emails from Jeffrey Epstein, published by House Republicans, show the disgraced financier discussing Leonardo da Vinci's *Salvator Mundi* with journalist Michael Wolff. In a May 2019 exchange, Epstein referenced the $450.3 million painting—the most expensive artwork ever sold at auction—and suggested its sale was linked to a real estate deal involving a Russian billionaire and Saudi Crown Prince Mohammed bin Salman. Epstein also mentioned that his "art guy" thought the painting wasn't very good.

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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Saudi Arabia has commissioned New York-based artist Domingo Zapata to create what is being billed as the world's largest mural, spanning 540,000 square feet. The project, part of the $63 billion Diriyah cultural zone development in Riyadh, is backed by Crown Prince Mohammed bin Salman Al Saud and will involve a team of about 100 artists working over four to six years, with Zapata describing it as having "a blank check" for creative freedom.

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Spanish artist Domingo Zapata has been commissioned by Saudi Arabia to create the world's largest mural, a 540,000-square-foot work the size of nine football fields. The project, part of the $63 billion Diriyah cultural zone in Riyadh, will take five to six years to complete and involves a team of about 100 artists, engineers, and architects. Zapata describes it as a "Middle Eastern version of the Sistine Chapel."

New Flagship Space for SAMoCA Announced As Part of Saudi Vision 2030

The Saudi Arabia Museum of Contemporary Art (SAMoCA) will receive a new flagship space as part of the government-backed Diriyah Company's Saudi Vision 2030 initiative. The museum, financed by a $490 million grant from the Diriyah Company (owned by the Public Investment Fund), will be designed by British architecture firm Godwin Austen Johnson and built by Albawani Company and Hassan Allam Construction – Saudi Arabia. Spanning 77,000 square meters, the project is part of the $63.2 billion Diriyah giga-project aimed at transforming the city into a premier cultural destination.

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Newly released documents from the House Oversight Committee reveal Jeffrey Epstein's involvement in the art world, including emails from February 2017 in which Epstein and associates Etienne Binant and Darren Indyke discussed buying art directly from emerging artists, bypassing galleries and fairs. Binant proposed a strategy to "have an impact on the ecosystem" by supporting artists early, and Indyke confirmed $1 million was available for purchases. Separate emails show Epstein commenting on the disputed painting *Salvator Mundi*, claiming it was worth only $1.5 million and linking its sale to Saudi Crown Prince Mohammed bin Salman via Dmitry Rybolovlev.

Sarah Alruwayti on Riyadh's Shift from Vision to Execution

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Sarah Alruwayti, director of the Tuwaiq Sculpture Symposium, discusses the evolution of Riyadh Art’s public art initiatives under Saudi Arabia’s Vision 2030. The symposium has grown from a local project into a global open-call forum, commissioning over 120 international sculptors to create permanent works using local materials like Saudi granite and reclaimed metal. The latest edition, themed "Traces of What Will Be," focuses on urban transformation and the historical context of Riyadh’s changing landscape.

Dana Awartani’s art of remembrance in Venice

The article covers multiple art events and opportunities across the Gulf region and beyond. It highlights Saudi artists participating in the exhibition "What’s between, between?" at Doha's Media Majlis Museum, curated by Jack Thomas Taylor and Amal Zeyad Ali, which explores Gulf Futurism. Additionally, it announces a two-part group exhibition "Global Positioning System" opening at Hayy Jameel in Jeddah, featuring over 40 artists from more than 20 countries. The article also reports on an internship opportunity for Saudi architects and designers at Rome's MAXXI Museum, offered by Saudi Arabia’s Misk Art Institute.

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.