• Art Dubai has returned to Madinat Jumeirah this year, with its most extensive list of participating galleries to date. The fair opens to the public on March 11 and runs until March 13. All photos: Antonie Robertson / The National
    Art Dubai has returned to Madinat Jumeirah this year, with its most extensive list of participating galleries to date. The fair opens to the public on March 11 and runs until March 13. All photos: Antonie Robertson / The National
  • Photographer Dia Mrad at the Zawyeh Gallery booth where his works are on view.
    Photographer Dia Mrad at the Zawyeh Gallery booth where his works are on view.
  • The Postmasters booth at Art Dubai's inaugural digital art section.
    The Postmasters booth at Art Dubai's inaugural digital art section.
  • Aicon Gallery's booth features a solo presentation of works by Indian modernist KS Kulkarni.
    Aicon Gallery's booth features a solo presentation of works by Indian modernist KS Kulkarni.
  • Volte Art Projects’ booth includes works by Nalini Malani, Wim Delvoye, Anish Kapoor, Sujata Bajaj, Studio Drift and more.
    Volte Art Projects’ booth includes works by Nalini Malani, Wim Delvoye, Anish Kapoor, Sujata Bajaj, Studio Drift and more.
  • Green Art Gallery's booth at Art Dubai includes works by Maryam Hosseini.
    Green Art Gallery's booth at Art Dubai includes works by Maryam Hosseini.
  • Tonia Nneji’s paintings at Rele Gallery.
    Tonia Nneji’s paintings at Rele Gallery.
  • Murat Palta's miniature paintings at the X-ist Istanbul booth at Art Dubai.
    Murat Palta's miniature paintings at the X-ist Istanbul booth at Art Dubai.
  • Canvas Gallery is showcasing vivid works by miniaturist Wardha Shabbir.
    Canvas Gallery is showcasing vivid works by miniaturist Wardha Shabbir.
  • Commissioned work by James Clar at the Julius Baer lounge at Art Dubai.
    Commissioned work by James Clar at the Julius Baer lounge at Art Dubai.
  • Agial Art Gallery is presenting works made from 1930-1975 by the late Lebanese artist Bibi Zogbe
    Agial Art Gallery is presenting works made from 1930-1975 by the late Lebanese artist Bibi Zogbe
  • This year's Art Dubai includes more than 100 contemporary, modern and digital galleries from 40 countries.
    This year's Art Dubai includes more than 100 contemporary, modern and digital galleries from 40 countries.
  • Works by Mit Jai Inn at the Silverlens booth.
    Works by Mit Jai Inn at the Silverlens booth.
  • Art Dubai is presenting its inaugural digital art section, with 17 galleries specialising in the medium, as well as NFTs.
    Art Dubai is presenting its inaugural digital art section, with 17 galleries specialising in the medium, as well as NFTs.
  • Works by Radhika Khimji at the Experimenter Kolkata booth.
    Works by Radhika Khimji at the Experimenter Kolkata booth.
  • Art Dubai features commissioned presentations that can be found throughout Madinat Jumeirah.
    Art Dubai features commissioned presentations that can be found throughout Madinat Jumeirah.
  • More than half of the galleries are made up of names from the Global South, as the fair furthers its aim of becoming the go-to for art outside of the typical western circuit.
    More than half of the galleries are made up of names from the Global South, as the fair furthers its aim of becoming the go-to for art outside of the typical western circuit.
  • Among the highlights of this year's fair is the modern section curated by Sam Bardaouil and Till Fellrath, who opted for muted gray walls instead of the usual bright white.
    Among the highlights of this year's fair is the modern section curated by Sam Bardaouil and Till Fellrath, who opted for muted gray walls instead of the usual bright white.
  • Art Dubai Digital will be the fair's first digital art section.
    Art Dubai Digital will be the fair's first digital art section.
  • Three galleries from Tehran will bring together artists that have shown with them in the past.
    Three galleries from Tehran will bring together artists that have shown with them in the past.
  • A visitor during a preview of Art Dubai 2022.
    A visitor during a preview of Art Dubai 2022.

Arts & Culture

Five takeaways from Art Dubai: from NFTs to Guggenheim Abu Dhabi's growing collection

The art fair returned to full form after having been cancelled owing to Covid-19 and then downsized the year after

Melissa Gronlund
Melissa Gronlund

March 14, 2022

  • English
  • Arabic

Art Dubai returned to Madinat Jumeirah last week after being one of the first Covid-19 event casualties in 2020, and decamping to the Dubai International Finance Centre in a reduced version in 2021.

The presence of glitz, glamour and artistic diversity were heralded as a return to form — but what has actually changed in the intervening years since the last full Art Dubai fair, and what remains the same? Here are five takeaways from the popular three-day art event.

1) Dubai as an NFT marketplace

Dubai’s emergence as a centre of cryptocurrency and non-fungible token production translated into a market for art NFTs and “phygital” artworks (digital works with a presence in the physical realm). Housed in a separate Madinat Jumeirah wing from the rest of Art Dubai, the inaugural Art Dubai Digital looked and felt separate to the art sphere — and in a way it was, with many buyers at the section of the fair coming from the crypto world rather than "legacy" art world.

A visitor at the modern section of Art Dubai. Antonie Robertson / The National
A visitor at the modern section of Art Dubai. Antonie Robertson / The National

2) A high interest in 20th century Arab Modernism

Arab Modernism remains a key priority for Gulf and regional collectors, and the art fair. The explosion of interest in 20th century art from the region, buttressed by the intellectual efforts of figures such as Salwa Mikdadi and Nada Shabout, continues apace, despite the prices of these works climbing ever higher. Curators Sam Bardaouil and Till Fellrath returned to the fair with a curated section, "The Soul of Progress," inspired by the Indian artist K S Kulkarni (1918–1994).

3. The appeal of Art Dubai returns

Art Dubai regained its stature as a meeting point for curators, collectors, dealers and art professionals across the region. This had been a selling point of Art Dubai since its early days and returned in earnest last week, with Dubai also buoyed by the Expo 2020 effect and its early exit from Covid regulations.

4. New diversity in the art market

Accra-based Gallery 1957's booth, featuring the Nigerian artist Modupeola Fadugba. AP Photo
Accra-based Gallery 1957's booth, featuring the Nigerian artist Modupeola Fadugba. AP Photo

Two new key constituents are entering the art market: the Saudis and the West African region. Both these areas had more galleries at the fair than ever before, and more visitors and collectors supporting the work.

5. Guggenheim Abu Dhabi is growing its collection

In advance of its projected 2025 opening, the Guggenheim Abu Dhabi staff were reportedly making enquiries and buying at regional galleries at the fair, as well as elsewhere during art week. The museum already has a sizeable collection that has exhibited publicly in the past, at its Manarat Al Saadiyat exhibitions and via loans.

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While you're here

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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