On Saturday, Sotheby’s held its first-ever fine art and luxury goods auction in Saudi Arabia. The sale, titled Origins, represents several exciting art world firsts—and not just for the auction house. It was Saudi Arabia’s first major international art auction altogether, as well as the world’s first live sale of physical works to accept cryptocurrency as payment.
Sotheby’s Hosts Origins Sale in Diriyah, Saudi Arabia
Sotheby’s hosted Origins, its debut Saudi Arabia sale, on February 8. The two-part evening auction offered 117 lots—including Western and Islamic works of art, luxury objects, and sports memorabilia. The auction was held in a 250-seat outdoor amphitheater in Diriyah, the original home of the Saudi royal family. Sotheby’s reported a full house, including participants from 45 countries. The pre-sale exhibition, also in Diriyah, welcomed some 2,500 visitors.
In total, Sotheby’s brought in $17.3 million from the Origins sale. The auction house reported a sell-through rate of 67% by lot and 74% by value. About a third of the lots were sold to local buyers, and a third of the bidders were under 40 years old. “The results that we have achieved here during our inaugural sale is a clear signal of the depth of appetite that exists for art, and the thirst that is ready to be unlocked, of which tonight was a successful next step,” said Ashkan Baghestani, a Sotheby’s vice president and sale head.
New Auction Records for Arab Artists
Saudi Arabia is better known for its luxury market than its fine art market. However, major auction houses like Sotheby’s report that luxury buyers are increasingly interested in purchasing art. This rang true at Sotheby’s Saudi Arabia sale. “Prior to the evening, nearly everyone believed the luxury segment would outperform the art on offer,” said Rebecca Anne Proctor, author of Art in Saudi Arabia: A New Creative Economy?, who attended the Origins sale. “To everyone’s surprise, fine art achieved very solid results, indicating a strong appetite for Saudi and Arab art.”
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Arab art performed exceptionally well at Saturday’s sale. Then What??, described as the “ultimate masterpiece” by Syrian modern artist Louay Kayyali, fetched $900,000—a new auction record for the artist. Kayyali’s previous auction record was set last year when Bonhams sold his 1976 painting Fisherboy for $341,080. Meanwhile, Untitled by Saudi artist Abdulhalim Radwi fetched $264,000, exceeding its high estimate of $200,000 and setting a new record for the artist. Untitled was one of four lots by Saudi artists to be offered at Sotheby’s, all of which exceeded their estimates.
Magritte and Banksy Meet $1 Million Mark
The highest-earning lots at Sotheby’s Saudi Arabia sale were René Magritte‘s L’État de veille (1958) and Banksy‘s Subject to Availability (2011). Each sold for $1.2 million. Sotheby’s also reported that a generative AI work by Turkish artist Refik Anadol, which fetched $960,000, was paid for in cryptocurrency. Non-art highlights of the Origins sale included a 1998 Chicago Bulls basketball jersey worn by Michael Jordan, which sold for $960,000, and a pair of Graff diamond earrings, which sold for $780,000.
The first-of-its-kind Origins sale coincides with Sotheby’s opening a new outpost in Saudi Arabia’s capital Riyadh. The office is located in the Al Faisaliah Tower, the country’s first skyscraper. After Saturday’s auction, Sotheby’s CEO Charlie Steward told ARTnews, “We feel very validated about investing here.”
