Leisure & Hospitality Sotheby’s pins hopes on Saudi auction launch By Rebecca Anne Proctor November 7, 2024, 2:42 PM Alamy via Reuters Sales agents taking bids at a Sotheby's auction in London. The 2025 auction will mark the opening of the company's Riyadh office 2025 auction in Diriyah New office in Riyadh Losses of $115m this year Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year. The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah. Prior to the auction, an exhibition featuring the contents of the sale will be on view for the public in Diriyah from February 1-8. The British-founded company wants to expand into new markets amid a dramatic drop in earnings, which in the first half of this year were down 88 percent, according to a Financial Times report. An unaudited copy of the company’s financials for the first six months of 2024, reviewed by The Wall Street Journal in September, told its bondholders the auction part of the business lost $115 million, compared to a $3 million profit in the same period a year ago. Sotheby’s is owned by Moroccan-born billionaire Patrick Drahi. In August it signed a deal with Abu Dhabi sovereign wealth fund ADQ for both parties to inject a combined $1 billion into the company to support its expansion plans. Collectors buy for love, but Arab art is big business too Christie’s to open new office in Saudi Arabia Art trumps diamonds when it comes to luxury investment The auction will include a number of Saudi pioneers, such as Ahmed Mater, as well as international modern and contemporary artists across paintings, sculptures, photography and prints. “In terms of fine art, we are looking at it from two angles: bringing international artists to Saudi, as well as providing an international platform for local artists,” said Ashkan Baghestani, Sotheby’s head of sales and contemporary art specialist. Sebastian Fahey, managing director of Sotheby’s Global Fine Arts, said that Sotheby’s will include educational offerings around art, luxury and collecting and continue its partnerships with the Saudi Ministry of Culture. “The Middle East has long been a region we have believed and invested in,” Fahey said. “This is a long-term commitment and so we look forward to seeing what the future brings.”
