Sotheby's second auction in Saudi Arabia, titled 'Origins II,' achieved a strong result of $19.6 million, surpassing its presale estimate. The sale of 61 lots was bolstered by a new auction record for a Saudi artist and a significant increase in the value and volume of works by Saudi artists sold compared to the house's inaugural sale in the country last year.
Sotheby's second auction in Saudi Arabia, 'Origins II,' concluded with strong results, achieving a hammer total of $15.4 million and an 89% sell-through rate. The sale demonstrated robust demand for regional artists, particularly Arab Modernists, while some high-profile Western works were withdrawn or failed to sell. The standout lot was a 1968 painting by the late Saudi pioneer Safeya Binzagr, titled 'Coffee Shop in Madina Road,' which sold for $1.1 million, significantly outperforming a Picasso work in the same sale.
A painting by Saudi artist Safeya Binzagr, 'Coffee Shop in Madina Road' (1968), sold for $2.06 million at Sotheby's Origins II auction in Diriyah, shattering its high estimate of $200,000. The sale set a new auction record for Binzagr and is the third-highest price ever achieved by an Arab artist at auction.