Sotheby’s CEO: First Saudi auction and Abu Dhabi investment spur Gulf’s rise on global arts scene

Charles F Stewart stresses company’s entrenchment in region is strategic step that aligns with Middle East’s rising stature

Colombian artist Fernando Botero's Society Woman is set to go under the hammer in Riyadh this weekend. AFP

After years of rising, the Gulf’s art and cultural scene has reached a new level of maturity, increasingly becoming a global focal point for the world’s most respected institutions.

That has been especially clear over the past several months, as Sotheby’s, one of the world’s largest art brokers, announced it would hold its first auction in Saudi Arabia, several months after Abu Dhabi’s ADQ acquired a significant minority stake in the company.

Speaking to The National, Sotheby’s chief executive Charles F Stewart stresses that, particularly at a time when the South-East Asian market has softened, the Gulf has become a pillar of the art world.

“This region is really coming into its own,” says Stewart. "Its ambitions are being realised and that’s being showcased on the global stage. People talk about it everywhere.

“The Middle East really does stand out from any other region in the world, in terms of its growth, agenda, optimism and realised ambition. Both of these moves – the ADQ investment and our coming auction in Saudi Arabia – are symbols of our growing interest and commitment to the region.”

ADQ announced in August that it was investing roughly $1 billion in Sotheby’s, acquiring a minority stake alongside majority owner Patrick Drahi. For both parties, the investment was driven by more than money, but by strategic alignment.

Andy Warhol's Queen Elizabeth II on display at Sotheby's Origins exhibition. AFP

This year, several of Abu Dhabi’s long-term plans for cultural development will come to fruition, with the Saadiyat Cultural District – including the Guggenheim Abu Dhabi, Zayed National Museum, Natural History Museum Abu Dhabi and teamLab Phenomena Abu Dhabi – nearing completion. The district, which includes the already successful Louvre Abu Dhabi, is set to increase the emirate’s already significant cultural footprint dramatically. This has, in turn, increased Sotheby’s interest in being involved with Abu Dhabi directly.

“The significance of the investment is really about opening doors and opportunities – increasing connectivity and enhanced focus. That’s really exciting for us,” says Stewart.

Sotheby’s opened its Dubai outpost in 2017 and its activities in the emirate have grown steadily ever since. It has displayed numerous notable works from masters including Botticelli and Rembrandt, held auctions across art, motoring and luxury items and worked with local galleries to showcase regional art. They are activities it hopes to expand on in Abu Dhabi, once the business is legally established in the emirate.

“Everything that we’ve been doing in Dubai so successfully we also want to pivot to Abu Dhabi,” says Stewart.

Saudi artist Mohammad Al Saleem's O' God, Honour Them and Do Not Honor an Enemy Over Them. Photo: Sotheby's

Sotheby’s Abu Dhabi plans could include auctions on the level of what it is about to bring to the historic city of Diriyah in Saudi Arabia. On Saturday, the broker will auction works by Pablo Picasso, Andy Warhol, Fernando Botero and more, opening a free exhibition showcasing the works of more than 50 renowned international and regional artists at the same location concurrently.

The event will feature many high collectors from the kingdom and across the region, but Sotheby’s will also be inviting members of their international network to the auction, says Stewart, which is intentional to help raise the region’s significance on the world art stage.

“We'll bring a group of collectors from around the world with us, to come and experience what's going on there," he adds. "We want to bring our network to the region, and so too we want to bring the region to our network.”

Charles F Stewart, the chief executive of Sotheby's. Getty Images

Auctions such as these do not only cater to individual collectors, however. Increasingly, institutions use these opportunities to build their permanent collections, especially museums in the region that have not opened yet. In November, an exhibition in Qatar displayed numerous artworks that will be included in the coming Lusail Museum, set to open in 2029. Some of the main works, including several from Orientalist artist Jean-Leon Gerome, were acquired via Sotheby’s auctions held over the past decade.

Whether any of the pieces at the Saudi auction will end up in regional museums is currently an unknown, but the general trend is something Stewart finds exciting.

“Saudi Arabia, Qatar and Abu Dhabi each have significant opportunities to create museums from scratch, unencumbered by the legacy of hundreds of years of history," he says. "It’s fascinating to watch the development of each project, and the urgency of it as well. It’s extraordinary.

A Richard Mille watch, previously worn by Jamaican athlete Yohan Blake during the 2012 London Olympic Games, will also be part of the sale. AFP

“In Abu Dhabi, I can’t wait to see what the impact of the Guggenheim Abu Dhabi, Zayed National Museum and the Natural History Museum will have on the cultural awareness and engagement of residents and visitors alike. It’s totally transformative.”

For Sotheby’s, the Saudi auction will be a learning experience, with Stewart looking forward to seeing the results and getting a deeper understanding of what the market responds to, and what it potentially does not.

“We’re trying to do what’s appropriate for the moment based on collecting interests," he says. "We’ll see if we get it right. I hope we will. And then we’ll grow from there.”