Sotheby’s inaugural auction in Saudi Arabia, held in Diriyah on a vibrant Saturday evening, marked an extraordinary chapter in the Kingdom’s art scene. The event exceeded expectations, achieving just over 17 million USD in total sales, surpassing the pre-sale estimate of 14 to 20 million USD. The standout success? A remarkable rise in the prominence of Arab artists, with local and regionally active creators commanding unprecedented prices and gaining global recognition.

A Shift in the Art Market: The Local Surge

A striking feature of the auction was the overwhelming participation of local buyers. Nearly a third of all bidders hailed from Saudi Arabia, reflecting a deepening cultural connection to the art world. Even more fascinating was the fact that 30 percent of these bidders were under the age of 40—an exciting sign of the younger generation’s increasing involvement in art and culture. The Kingdom’s growing art scene is being shaped by ambitious collectors, and it’s clear that the appetite for local art is stronger than ever.

Record-Breaking Sales: The Rise of Arab Modernists

The auction’s success is also notable for the historic milestones it achieved. Works by Arab modernists, including Syrian painter Louay Kayyali and Lebanese artist Saloua Raouda Choucair, achieved new auction records. Kayyali’s powerful work Then What?? (1965), depicting a group of women during the Nakba, sold for 900,000 USD. This painting, a poignant reflection of the Palestinian exodus, reached a level of appreciation that speaks to the growing recognition of Arab artists within the international art market.

Saloua Raouda Choucair’s wooden sculpture Secret of the Cube (1977) also reached a remarkable 144,000 USD, underscoring the increasing value of Middle Eastern modern art. These sales reinforce the idea that the art market in Saudi Arabia is not only evolving but flourishing, with local and regional artists now achieving the kind of international acclaim once reserved for their Western counterparts.

Pushing Boundaries: Contemporary and Digital Art in Saudi Arabia Take Center Stage

While the auction celebrated the past, it also embraced the future. Refik Anadol’s AI-driven Machine Hallucinations, Space (2019) sold for $900,000, paid for in cryptocurrency—a first for Sotheby’s in Saudi Arabia. This groundbreaking sale highlights the growing intersection of art and technology, as digital works and blockchain-based transactions redefine how art is created, bought, and sold.

The inclusion of digital art in such a prestigious auction signals a broader trend: the art world is evolving, and Saudi Arabia is poised to be at its forefront.

European and Western Masters: A Continuing Draw

While the auction focused on Saudi and regional artists, works by European and Western masters also found eager buyers. Pieces like Pablo Picasso’s Fleurs (1948) and Banksy’s Subject to Availability (2019) saw strong sales, each fetching around 1.2 million USD. The continued interest in these globally recognized artists illustrates the growing convergence of different art markets, as collectors from Saudi Arabia increasingly turn to both modern and contemporary Western works alongside their regional counterparts.

Luxury Goods: A Less Successful Proposition

While Arab artists stole the show, Western masters like Pablo Picasso and Banksy also saw strong sales, with works like Fleurs (1948) and Subject to Availability (2019) each fetching around $1.2 million. This dual interest in regional and global art reflects a market that is both deeply rooted and expansively curious.

In contrast, luxury goods—high-end jewelry and designer handbags—struggled to find buyers, with half of the lots going unsold. This shift suggests a growing preference for cultural assets over material indulgence, as Saudi collectors invest in art that tells a story rather than simply signaling status.

A New Chapter: Sotheby’s Expansion in Saudi Arabia

Sotheby’s expansion into Saudi Arabia, marked by the opening of offices in Riyadh, is more than a business move—it’s a cultural one. By establishing a presence in the Kingdom, the auction house is aligning itself with Saudi Vision 2030, Crown Prince Mohammed bin Salman’s ambitious plan to diversify the economy and foster growth in non-oil sectors like culture and tourism.

This partnership is a win-win: Sotheby’s gains access to a burgeoning market, while Saudi Arabia solidifies its position as a global cultural hub. The auction’s success is a harbinger of what’s to come—a future where the Kingdom’s art scene is not just vibrant but indispensable.