Colnaghi, the world's oldest surviving art dealership founded in 1760, will open a new outpost in Riyadh, Saudi Arabia, following a deal with Saudi private equity firm Sarat Investment Holding worth 10 million Saudi riyals (around £2 million). The London-based gallery, which specializes in Old Masters, antiquities, and pre-20th century art, already has locations in 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.
This expansion matters because it signals a potential shift in Saudi Arabia's cultural ambitions, which have previously centered on modern and contemporary art—as seen in Sotheby's maiden Saudi sale and Bonhams' upcoming events. Colnaghi is expected to tap into regional interest in Islamic art and artefacts, and the move aligns with speculation that the Saudi government is acquiring Old Masters for a museum in Riyadh, possibly to house Leonardo da Vinci's Salvator Mundi, bought for $450 million in 2017. The announcement came during Saudi Arabia's Cultural Investment Conference, which also saw the Ministry of Culture sign a memorandum with Deutsche Bank and the launch of the Audi Capital MENA Art Fund, underscoring the kingdom's push to develop its cultural sector.