Home / Arts and Entertainment / Gulf's Art Scene Booms Amid Global Sales Slump
Gulf's Art Scene Booms Amid Global Sales Slump
16 Feb
Summary
- Art Basel debuted in Qatar as global art sales declined 12% last year.
- Gulf states invest billions in culture to diversify economies and boost tourism.
- Doha's museums authority reportedly has a $1 billion annual budget for art.
The global art market experienced a 12 percent decline in sales last year, reaching an estimated $57.5 billion, according to a report by Art Basel and UBS. This economic volatility and geopolitical tension have led art dealers to focus on buyers in the oil-rich Gulf region, where cultural spending is on the rise.
Art Basel, known for its elite fairs in major global cities, recently held its debut event in Qatar. Senior directors from galleries like Gagosian expressed optimism about the region's potential, noting the ambition and the future of the art market there. They emphasized the importance of exploring new consumer and collector bases.
Gulf states are making substantial investments in their cultural sectors as part of economic diversification strategies and tourism initiatives. Abu Dhabi has planned $6 billion in investments for its creative industries over five years. Doha's museums authority reportedly allocates approximately $1 billion annually for art acquisition.
Last year, Saudi Arabia announced cultural investments exceeding $21.6 billion since 2016. Art Basel's chief executive noted that the timing was right to enter the Middle East, North Africa, and South Asia region, observing an evolution and the emergence of new audiences.
The article also highlights specific artists featured at Art Basel Qatar, such as Christo, whose works, like wrapped oil barrels, evoked discussions about aesthetics and context. Palestinian artist Hazem Harb showcased pieces referencing Palestinian displacement and current conflicts, noting a "revolution" in Arab art across cities like Cairo and Beirut.
