The art of investment

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ARTIST: ‘The Last Supper’ by the late Fateh Al-Moudarres was an award winning Syrian artist who was also a writer and poet.

Globally, art has a proven track record of being the second highest yielding investment after real estate," says Charlie Pocock, managing partner of the Meem Gallery in Dubai.

Just as the huge amount of billboards advertising real estate and the number of cranes gracing the region's skyline indicate the real estate boom is in full swing, the increasing number of big name art dealers and galleries also symbolises the beginnings of a flourishing art world.

And those that sneer and say that the UAE lacks culture should note that Christies, Bonhams and the Louvre (to name but a few) have all planned their entry into the country. With the creation of Culture Village in Dubai, the imminent arrival of the Louvre and the Guggenheim on Saadiyat Island, Abu Dhabi and the recent news that Doha aims to launch a national art museum next year, it would seem that the region is set to become a major player on the global art scene.

One of the biggest signs of the importance of the UAE's art scene is the fact that two of the world's most prestigious auction houses have recently set up offices in the country.

Bonhams recently set up its Middle East headquarters in Dubai and plans to hold an auction in the emirate.

Matthew Girling, CEO of Bonhams for UK and Europe, explains: "The current infrastructure in Dubai would suggest that the region was initially built up as a leisure destination with top ranking premiere division sport such as horse racing, F1, tennis and golf.

In people's spare time, apart from shopping, they want to go to museums and art galleries. It's a belated recognition but a lot of money is now being set aside for cultural purposes and with that come the auction houses.

On why the 215-year-old auctioneer decided to move to the region, Girling says, "The development of Dubai in its early stages was very much based on a small number of people. I think there is an increasing confidence in the area and the public wants to buy something that relates to their region.

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