Sotheby's will hold its second auction in Saudi Arabia, titled "Origins II," on January 31 in Diriyah, following its first auction in the kingdom in February 2024. The inaugural sale, also called "Origins," achieved $17.3 million within pre-sale estimates but had a 65.8% sell-through rate, with 40 of 117 lots unsold, particularly jewelry and handbags. The upcoming auction will focus exclusively on fine art, featuring over 70 works by international and Middle Eastern artists, including Anish Kapoor, Andy Warhol, Mohammed Al Saleem, Mahmoud Sabri, and Samia Halaby. The sale is scheduled just before the inaugural Art Basel Qatar.
The auction represents Sotheby's strategic push into the Middle Eastern market, described by executives as a "fact-finding mission" and "terra nova." By narrowing the focus to fine art after mixed results with luxury goods, Sotheby's aims to build on strong collector appetite for regional artists, as seen in the first sale where works by Samia Halaby and Abdulhalim Radwi exceeded estimates. The auction also follows Sotheby's $1 billion deal with Abu Dhabi's sovereign wealth fund ADQ and a successful Abu Dhabi Collector's Week that generated $133 million, underscoring the house's long-term commitment to expanding its presence in the region.