The Market for Middle Eastern Art
El Mercat De L’art a L’orient Mitjà
TUESDAY 21, January | 16.00-17.30
Mai El-Dib, Co-Head of Sale, Director, Modern and Contemporary Arab Art, Sotheby’s Middle East
Till Fellrath, Founder and Curator, artReoriented, New York/Munich
Vilma Jurkute, Director, Alserkal, Dubai
Sunny Rahbar, Director, The Third Line, Dubai
Moderator: Nadine Khalil, Deputy Editor, Canvas Magazine
As the market for Middle Eastern art matures, the UAE has emerged as the region’s cultural epicentre and a dominant market force—Gulf countries have caught up with other countries in the region, where collecting has a longer history such as in Iraq, Lebanon and Egypt. The economic growth and political stability in Dubai, for instance, are contributing to the development of commercial and non-commercial institutions alike, creating an arts infrastructure of foundations, diverse art platforms, major museums and artist residencies.
It’s been over a decade since Christie’s established the first international auction house in 2005, and galleries have proliferated from just a handful then to over 80 in the emirate today. Established galleries with an international stable of artists are increasingly representing local artists due to global interest. According to Deloitte’s Art & Finance Report 2017, the market is predicted to grow by up to $53.6 billion by 2026 from $ 86.4bn in 2016, and in November 2019, ArtTactic’s report on the auction market for Middle Eastern and North African art outlined a 26% increase in total value compared to 2018.
In this panel discussion, key players from Dubai’s art industry discuss the symbiosis between for-profit and not-for-profit actors in a complex ecosystem, how Middle Eastern art market has evolved into a global juncture, and what is the way forward.
In partnership with Alserkal, Dubai