Christie's art sale paints a picture of growing popularity in Middle East

Christie's Middle East just recorded its highest percentage of works sold at auction since it opened in 2006, proof of the growing popularity of art from the region.

The auction of modern and contemporary Arab, Iranian and Turkish art by Christie's Middle East, which was split into two parts, totalled sales of $6.4m, against a pre-sale high estimate of $6.1m.

It depicts a simple scene of a woman standing by the Nile - but sold for a sophisticated price at auction this week.

The painting by the Egyptian artist Mahmoud Said fetched more than US$600,000 (Dh2.2 million), double its estimated sale price before Christie's auction, and is a sign of the growing popularity of Middle East art, according to experts.

The auction of modern and contemporary Arab, Iranian and Turkish art by Christie's Middle East, which was split into two parts, totalled sales of $6.4m, against a pre-sale high estimate of $6.1m.

Part one featured works by more established artists worth $50,000 and more, set four world auction records, including the highest price paid for a painting by Murat Pulat - $56,250 - for a work called Marilyn Monroe, which depicts the late film star.

Sales for part one totalled more than $4m, while works in part two, which featured both established and emerging artists, fetched more than $2.3m.

"Part one was 91 per cent sold, part two was 94 per cent sold," says Isabelle de La Bruyère, the director of Christie's Middle East.

The totals represented the highest percentage of works sold at auction since Christie's opened in Dubai in 2006.

"That's extremely promising because I think that shows a solid market, [a] sustainable market. The part two sale was buzzing with so many people and collectors who had come from all over," she adds.

About 30 per cent of works were bought by international buyers from places as far apart as Hong Kong and the Americas.

Last year was the auction house's best ever, recording sales globally of $5.7 billion.

"Investors are looking to art … and collectors are willing to invest more into their collections," said Ms de La Bruyère.

"[People] are realising that ... art is an option. It is bringing in new clients," she added.

Christie's Dubai operation has added 20 per cent more clients each year, about 60 per cent of whom go on to buy art internationally.

"On average in Middle Eastern art sales over the last six years, we have sold over $240m worth of objects," said Ms de La Bruyère.

"It was an extraordinary achievement. We did not expect such a fantastic turnover and demand most importantly for our sales. [Sales] have grown dramatically."

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