“Investible Art Market” Is 3k Pictures Sold Yearly; We Buy 100
Philip Hoffman claims Qatar are buying $2.5bn in art each year which accounts for a quarter of the $10bn investible art market, according to his calculations. He sees Abu Dhabi and soon, Saudi Arabia, close behind with this buying setting up a 10-year art boom:
That influx is being driven by the Middle East in particular, as vast museums spring up in Qatar and Abu Dhabi to create demand in areas which previously made up just a small part of the total market. Investors in these countries now have the finances to satisfy this demand and as a result their share of the market has increased exponentially.
“Qatar are buying about $2.5 billion of a $10 billion market … for their museum. Abu Dhabi are looking next, they’re building a huge museum. Saudi will probably be next”.