Sotheby's has achieved remarkable success with its second auction in Saudi Arabia, titled "Origins II," significantly surpassing presale estimates and demonstrating the burgeoning strength of the art market in the Gulf region. The event not only garnered substantial sales figures but also established a new auction record for a Saudi artist, marking a pivotal moment for both regional and international art transactions. This achievement underscores a growing confidence among collectors and institutions in the artistic landscape of the Kingdom.
Held recently, the "Origins II" auction by Sotheby's yielded an impressive $19.6 million, comfortably exceeding its projected range of $11.7 million to $16.6 million. This outcome was particularly noteworthy given that it was achieved with a curated selection of just 61 lots, fewer than the previous year's inaugural sale. A highlight of the evening was the sale of Safeya Binzagr's painting, "Coffee Shop in Madina Road," which fetched $2.1 million, more than ten times its high estimate of $200,000. This single sale nearly doubled the prior auction record for a Saudi artist, a testament to the increasing global recognition of regional talent.
The auction showcased a strong commitment to Saudi art, with nine works by Saudi artists all successfully finding buyers, contributing $4.3 million against an initial high estimate of $1.1 million. Among these, two pieces by Mohammed Al Saleem sold for over three times their high estimates, further cementing the artists' market value. This marked a considerable expansion from the first "Origins" sale, which featured only four works by Saudi artists totaling $1.1 million, indicating Sotheby's evolving strategy and deeper engagement with the local art scene.
A notable shift in this year's sale was the expanded inclusion of works by Western masters, signaling Sotheby's increasing assurance in its connections with collectors within the Kingdom. The collection featured three paintings by Picasso, with one achieving $1.6 million, and seven works by Roy Lichtenstein from the artist's personal collection. Additionally, an Andy Warhol painting surpassed $1 million, alongside a set of four Warhol screenprints depicting Muhammad Ali, which sold for $352,000. Pieces by contemporary artists Anish Kapoor and James Turrell were also part of the curated selection. This diverse offering contrasts with the previous year's sale, which included fewer and less significant Western works, albeit still featuring prominent artists like Fernando Botero, Banksy, and René Magritte with million-dollar sales.
Approximately one-third of the auction's lots, totaling around 20 pieces, were acquired by buyers based in Saudi Arabia. This significant local participation highlights the robust and growing collector base within the country. While global attention might be momentarily drawn to other art events, the strong performance of Sotheby's in Saudi Arabia undeniably positions the Kingdom as a major and increasingly influential player in the international art market, poised to make significant contributions to the global art landscape.