Record Prices for Middle Eastern Art in 2023

While the art year 2024 is still ongoing, the previous year for Middle Eastern Art Market has been announced as one of the most successful. Sotheby's 2023 Fall Auction of 20th Century Art/Middle East achieved $6,1 million, the highest total since its introduction in 2016. Both Christie's and Sotheby's orchestrated multiple auctions, spotlighting works by Arab artists with high or even record sales. More than 10 artworks by Arab artists exceeded $300,000 price.

The Sotheby’s biggest overall sale in 2023 for Middle Eastern Art mostly driven up by top lots. The ‘Seventh Cross No 229’ by renowned Palestinian artist Samia Halaby reached $485,000. This oil-on-canvas work was a part of a series, influenced by 15th- century artist Petrus Christus and the 60s American civil rights movement. Lebanese modernist Huguette Caland significantly beat its estimate with final price $565,000 an auction record for the artist.

The most expensive work by an Arab artist sold at auction in 2023 became an abstract style desert landscape by Saudi modernist artist Mohammed Al Saleem priced $1.1 million. Among several other artists from the country Abdul Al Yahya made a benchmark $350,000 sale for the painting ‘Artist 2’. These record prices marked the growing recognition and demand for Saudi art.

The Christie’s auction ‘Marhala: Highlights from the Dalloul Collection’ in November 2023 offered the prime examples of Arab Modernism by renowned artists such as Dia al-Azzawi, Mohamed Melehi and Shafic Abboud. At the auction sale, 48 pieces from the collection brought around $3 million in total. The portrait ‘Girl in a Printed Dress’ by Egyptian artist Mahmoud Said was the most expensive piece sold by Christie's fetching $721,000. Formed over the course of 55 years, the Dalloul Collection including approximately 4,000 works of modern and contemporary art from across the Arab world recently has been transformed to private foundation in Lebanon.

Many of pieces in auction sales picked from the distinguishing art collections, associated with the region. The Sotheby’s 20th Century Art/Middle East auction featured nine works including those top lots by Samia Halaby and Huguette Caland from Rana Sadik collection. She is of Palestinian descent, mostly based in Kuwait, so the questions of heritage and identity always are being raised. Over 95 works of Middle Eastern art sold for nearly $2.9 million at Sotheby’s London have been taken from Abdulrahman Al-Zayani collection.

Remarkable sales have featured MENA artists from diverse cultures, experiences, and techniques, both male and female. Despite political challenges of 2023, secondary art market remained active, indicating sustained interest in investment in Middle Eastern modern and contemporary art.

By Masha Usenok