An Art Basel deal will take UAE culture to the next level

The world’s largest arts fair is rumoured to be taking a stake in Abu Dhabi’s local offering

By Adeline Pilon

December 17, 2024, 2:18 PM

People attend the Art Basel art fair at the Grand Palais in Paris in October. A rumoured $20m investment would underpin the partnership with Abu Dhabi Art Fair — People attend the Art Basel fair at the Grand Palais in Paris in October. A rumoured $20m investment would underpin the partnership with Abu Dhabi Art Fair

It is likely that the UAE is on the cusp of a deal that could elevate its role within the global art market.

Hot on the heels of two major events in November – the Abu Dhabi Art Fair (ADAF) and the inaugural Public Art Abu Dhabi Biennial 2024-2025 – industry chatter suggests the former will be taken over by the world’s largest fair, Swiss-headquartered Art Basel.

Since its inaugural event in 1970, the Art Basel brand has expanded globally with editions in Miami Beach, Hong Kong and Paris.

Art Basel will take on an operational role at ADAF, according to The Art Newspaper. Abu Dhabi’s Department of Culture and Tourism (DCT) will maintain ownership of the event rather than transferring it outright.

A rumoured $20 million investment would underpin this partnership, marking a strategic shift for Art Basel, which has previously been cautious about investing in regional fairs. This operational approach signals a new phase in Art Basel’s engagement with the Middle East, prioritising collaboration over direct ownership.

A successful collaboration could establish Abu Dhabi as a new cultural centre

The potential partnership is unfolding against a backdrop of significant cultural investment in the UAE. Over the summer, Abu Dhabi’s sovereign wealth fund made headlines with a $1 billion investment in Sotheby’s, the world’s second-largest auction house.

Meanwhile, MSG Entertainment revealed plans for a Sphere event venue in Abu Dhabi this autumn – its first outside the US. On Saadiyat Island, anticipation is building for the upcoming openings of the Guggenheim Abu Dhabi, the Zayed National Museum, a Natural History Museum, and TeamLab Phenomena.

If the rumours are true, Art Basel’s involvement in the ADAF represents the first major move by a global arts market leader to establish a presence in the UAE.

While the GCC boasts a thriving cultural scene, leading international galleries have yet to establish a substantial commercial presence, with only a limited number of full operations in the UAE or the wider region.

A successful collaboration could establish Abu Dhabi – with the Al Mina district being a strong contender – as a new cultural centre comparable to Chelsea and Soho in New York, the Marais and Matignon districts in Paris, or Mayfair in London.

The UAE is strategically located between the west and Asia and is on track to become a destination for collectors and art enthusiasts travelling across regions. Art fairs stimulate market activity and boost tourism, as demonstrated by Art Basel Paris+, which drew 65,000 visitors this year.

While the DCT has yet to comment officially on its potential partnership with Art Basel, speculation alone has generated considerable excitement.

If the Swiss giant assumes an operational role for the Abu Dhabi Art Fair, this collaboration quickly marks a turning point for the region.

Adeline Pilon is founder of Happening Technologies, co-founder of the Elyx Foundation and was named in 2023 as one of the top 100 cultural influencers in France