Dubai auction raises less than quarter of $12mn estimate

NO SALE: Anish Kapoor’s Mountain sculpture which was expected to fetch $2.6 million but was withdrawn.

Auction house Bonhams’ second art auction in Dubai on Monday raked in just $2.8 million, compared to the presale estimate of $12 million as the global financial crisis continued to hit the Gulf region.

Four lots were withdrawn, including British-Indian artist Anish Kapoor’s Mountain sculpture, which was estimated to fetch between $2.6 million. Only 50 percent of works were sold.

The highest-selling lot was for prominent Iranian artist Charles Hossein Zenderoudi, bought for $276,000, inclusive of buyer’s premium.

The painting was composed of intertwined white and brightly-coloured letters, resting on a black background. Another painting by the artist fetched $264,000.

Angel by Farhad Moshiri, also Iranian, sold for $264,000, followed Aydin Aghdashloo’s painting, fetching $132,000. Sohrab Sepehri’s Untitled oil painting, which had one of the highest estimates of $400,000, was left unsold.

The Middle Eastern art market has not been immune to the global economic downturn. Falling prices of oil and equity have resulted in less demand at auctions in Dubai.

In October, Christie’s two-day sale of art and jewelry in the emirate fetched $16.9 million, against a presale low estimate of $32 million. However, 70 percent of the works were sold, which indicated appetite was still strong in the market.

Bonhams marked its second auction in Dubai on Monday, after entering the market last year. The auctions house’s inaugural and smaller sale of contemporary art in Dubai earlier in March fetched $13 million.

While artworks sold for almost seven times the estimate at the beginning of the year, today the situation has changed. Given the market situation, expectations for the most recent sale weren’t high as disposable incomes continue to shrink and bonuses of high-earning executives are at threat of being slashed.

However, despite market slowdown, auction houses continue to be optimistic about the Middle Eastern market. Bonhams said it planned to take its Dubai sales to three from two next year.

Print | Email | Discuss this article |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM