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.
The results signal Sotheby's growing confidence in the Saudi market, marked by a strategic shift to include more high-value works by Western masters like Picasso, Lichtenstein, and Warhol alongside regional artists. The successful sale, with about a third of lots going to buyers in Saudi Arabia, establishes the Kingdom as a serious emerging art market hub in the Gulf, distinct from neighboring Qatar's events like Art Basel Qatar.