Sotheby’s has successfully concluded its inaugural auction in Saudi Arabia, marking a significant milestone for the region’s burgeoning art and luxury market. Held in the historic city of Diriyah on February 8, the highly anticipated ‘Origins’ sale brought in over $17 million (£13.7 million), drawing global interest from collectors across multiple continents.
A Night of Cultural Prestige and Artistic Excellence
The atmosphere was electric as the 250-seat venue reached full capacity, with additional attendees opting to stand to witness the historic event. The evening commenced with a captivating operatic performance by Saudi soprano Reemaz Oqbi, who mesmerized the audience with pieces from Bizet’s Carmen and the beloved O Sole Mio.
Jerry Inzerillo, CEO of Diriyah Company Group, set the tone for the evening with a warm welcome, highlighting the significance of the auction for Saudi Arabia’s cultural landscape. Sotheby’s chief auctioneer, Oliver Barker, then took center stage, ushering in an auction that would mark a transformative moment for the Middle Eastern art scene.
Global Bidders, Regional Impact
With collectors joining both in person and remotely from the U.S., Europe, and Asia, the auction underscored Saudi Arabia’s growing influence in the global luxury market. The bidding later transitioned to Jessica Wyndham, Sotheby’s senior jewellery specialist, who skillfully handled high-profile sales in fine jewellery and luxury timepieces.
By the end of the night, total sales reached $17,283,840 (£13,929,186). The exhibition leading up to the event attracted nearly 2,500 visitors, while over 700 attendees participated in panel discussions, reflecting an increasing engagement with the fine art and luxury sectors within the Kingdom.
A New Generation of Collectors
In a remarkable development, nearly one-third of all lots were acquired by Saudi-based buyers, signaling a shift toward local investment in high-value assets. Notably, over 30% of participants were under the age of 40, demonstrating the younger generation’s growing appreciation for fine art, jewellery, and luxury collectibles.
Highlight Sales: Cartier, Rolex, and Graff
Among the standout sales of the evening was a dazzling pair of Graff pendant earrings, adorned with pear-shaped diamonds, which fetched $780,000 (£628,569). Timepieces also commanded strong interest, with a Rolex Paul Newman Daytona securing $240,000 (£193,406) and a specially commissioned Cartier Crash selling for $228,000 (£183,736).
A Promising Future for Saudi Arabia’s Art Market
Vincent Brasesco, Sotheby’s head of luxury sales, highlighted the significance of the event: “The Middle East is a region deeply rooted in artistic heritage, and the excitement surrounding this auction reflects its ongoing evolution. The demand for world-class craftsmanship, from brands like Cartier, Rolex, and Hermès, is stronger than ever.”
As Saudi Arabia continues its cultural transformation, Sotheby’s successful debut signals a bright future for the region’s luxury market, paving the way for more high-profile sales and greater engagement with the global art community.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
