Art Market Monitor

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Qatar Invests in Art to Invest in Its Future

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Adam Lindemann made a pilgrimage to Qatar to see Takashi Murakami’s Ego show and see what the Qatari Museums Authority is up to. Here’s Lindemann’s take on the Qatari strategy:

The Qatari elite relies on a personal vision, that of the Sheikha (helped by “advisers”), whereas Abu Dhabi’s way relies on institutional credentials (Guggenheim, Louvre) and hired curators vetting and creating the appropriate permanent collection. […] One Qatari intellectual told me that even if the $1.25 billion his country has spent on art to date is worth only $1 billion, the sum total of its public relations victory far outweighs any speculative gain or loss on the art. “Long term,” he said, “this art is a national asset, it is valuable. We will never lose a penny on it.” The current art market isn’t Qatar and the Sheikha’s concern. They have a greater goal, and it looks like they are well on their way to achieving it.

Sushi in the Desert: Takashi Murakami Brings His Ego to Qatar (Adam Lindemann)

Qatar in Context

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Last week, 60 Minutes ran a long report on Qatar putting the tiny nation’s aspirations—cultural and political—into perspective.

Christie’s Gets Younger Crowd in Dubai

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Christie’s $7.3m sale of art in Dubai represented a shift in the auction house’s strategy in developing the market in the Gulf States, according to the Abu Dhabi’s The National:

For the first time in the Middle East, the international auction house split its sale over two nights in Dubai, with the first part for more expensive and renowned artists and the second for rising stars and local talent at lower starting prices. Sales on the second night, Tuesday, reached US$2.3 million (Dh8.4m), beating the pre-sale estimate of $2m, and 39 of the 150 artists whose works were being sold were younger than 35.

Isabelle de La Bruyère, the Middle East director of Christie’s, says the second night was “packed” with young people looking to dip their toes into the world of modern and contemporary Arab, Iranian and Turkish art. “When I looked around the sales room, it was quite surprising how many young buyers there were or people buying for the first time,” said Ms de La Bruyère. “It was a younger crowd and it was good to see that.”

Five contemporary Emirati artists were being introduced to the international auction market at the second part of the sale, and both saw personal records for their pieces. Fifty-three were sold on the second night with estimates under $10,000. Eighty-three per cent of the pieces on offer were sold, and Turkish artists were completely sold out.

“It really does show you that the end market is going towards contemporary art and the younger generation want to buy art from their generation,” said Ms de La Bruyère.

Art Auction House Enters Youth Period (The National)

Autumn in Dubai’s Auction Market

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Georgina Adam puts the changes in three major auction house’s Dubai strategy into context suggesting that the high hopes of turning Dubai into a fourth major sales center have faded:

After a number of specialists departed – Dalya Islam from Sotheby’s, William Lawrie from Christie’s and Charles Moore from Bonhams – Bonhams is throwing in the towel; it is not planning any more sales in the emirate in the foreseeable future. After a dire sale in April that was about 50 per cent unsold, Bonhams cancelled its September session and is believed to be closing its office: the firm’s press office would say only that it is “maintaining a representative in the region”.
And Christie’s has just announced that it is reworking its October Dubai sale by offering cheaper works to attract a wider range of buyers. Its Part I sale features such boldface names as Farhad Moshiri, Mahmoud Said and Parviz Tanavoli, and carries expectations of $6m for 45 lots. But the Part II sale will offer lower-priced works with estimates starting at $2,000, with 150 lots estimated at $6m. Christie’s man in the Middle East, Michael Jeda, explains that the new formula is intended to “introduce more variety into the sales and encourage a new generation to buy at auction”. Even if these top totals are reached, however, the firm is unlikely to better its performance in 2010, when, thanks to the collection of Saudi connoisseur Mohammed Said Farsi, it achieved a buoyant $29m for the year.

The Art Market: All in a Good Cause (Financial Times)

Qatari Emir Al-Thani Reported Wounded in Attack

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There are vague news reports from Central Asia and the Gulf States that Hamad bin Khalifa al-Thani, the Emir of Qatar, has survived an attack by gunmen that left him and eight others wounded:

Emir of Qatar Hamad bin Khalifa al-Thani has been attacked on his way to his Palace, Al Fajr newspaper reported.

The gunmen fired at Qatari Emir’s motorcade, which crashed on the way to the Palace where the meeting between Qatari Emir and Russian envoy was to take place.

The incident left Qatari Emir injured, who was taken to hospital with other eight suffered.

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