The prospects for Dubai’s art fair seemed anything but good. The Financial Times, however, insists the week was better than expected and even promising:

Dubai’s economy may still be in a bit of a funk because of the global slowdown but the region’s nascent art market appears to be holding up better than the emirate’s tumbling property sector.

After quiet British and US fairs and a collapse in art prices, some gallery owners had feared the third running of the Dubai event would be a “bloodbath”. But the feeling at the fair on Friday was one of relief as the predictions proved misplaced.

“These days galleries don’t come with massive expectations,” says John Martin, fair director. “But the market has proved to be resilient.” [ . . . ] More modest pieces are down about 20 per cent, says one collector, who adds “you can name your price” on big-ticket items. Galleries are seeking to increase sales by significant reductions in their own percentage.

Dubai’s art fair defies gloomiest forecasts (Financial Times)