Last week we saw evidence of the Fine Art Fund’s confidence in the Gulf States with the news that Emirates NBD would partner with the fund. Now the International Herald Tribune quotes Hoffman declaring a boom in Middle East art spending but also a boom in Middle East art:

“With the arrival of new museum complexes in Abu Dhabi and the developments in Kuwait and Qatar, we are seeing the Middle East going from a very low spending profile in the arts to a very high one, possibly overtaking the biggest collectors in the world in terms of spending on art,” said Philip Hoffman […] “It will be a very slow start, then we will see massive growth of spending on art for the next two to five years.” […] With all this in mind, Mr. Hoffman says he expects the Middle East art market to triple in the next five years. He hired a team in the region five years ago to invest in local art, both modern and contemporary, seeing potential in Syria, Dubai, Abu Dhabi, Egypt, Lebanon and Iraq.

‘Passion Investments’ Capture Hearts in Mideast (International Herald Tribune)