People & Lifestyle

Banksy and Magritte fetch millions at first Saudi art auction

By Rebecca Anne Proctor

February 10, 2025, 5:39 PM

The Sotheby's auction in Saudi Arabia offered a range of contemporary art pieces

First Saudi global art auction
More than $17m of sales
Luxury pieces underperformed

Saudi Arabia’s first-ever international commercial art auction, staged by troubled Abu Dhabi-backed Sotheby’s over the weekend, raised more than $17 million in sales of works by Arab and international artists, and of luxury goods and sports memorabilia.

Banksy’s Subject to Availability – from his series of vandalized oils – and René Magritte’s L’État de Veille each sold for $1.2 million. L’État sold within its presale estimate of $1-1.5 million.

Staged outdoors in a 250-seat space in the historic town of Diriyah on the edge of Riyadh, the auction was filled beyond capacity, with many guests standing on the sidelines to watch the sale.

The Saturday night event, however, went somewhat differently from expectations and many lots in the luxury segment – especially of jewelry and watches – were left unsold. Attendance in this section was minimal, with many guests leaving after the art segment concluded.

“The Middle Eastern works, particularly modern and contemporary works, did extremely well,” said Edward Gibbs, chairman of Sotheby’s for the Middle East and India. “We have two new world records for Arab artists, and all the Saudi artists exceeded expectations and outperformed their estimates.”

A shirt worn by Michael Jordan sold for almost $1 million

All four works by Saudi artists in the sale – Ahmed Mater, Mohammed Al Saleem, Abdulhalim Radwi and Maha Malluh – exceeded their estimates.

Records were set by pioneers of modern Arab art. Radwi’s dynamic market scene painted in 1984 sold for a record of $264,000, compared with its $200,000 pre-sale estimate.

From the wider Arab region, Then What?, a work from the Samawi Collection painted by renowned Syrian modernist Louay Kayali in 1965 referencing Palestinian exile, brought in $900,000, a new record for the artist.

Also from the Samawi Collection – a 3,000-piece contemporary collection based in Dubai – was Samia Halaby’s Blue Trap (in a Railroad Station) from the 1970s, which sold for $384,000 after intense bidding.

Four bidders meanwhile vied for a rare painting by Aref El Rayess, portraying the artist’s time in Saudi Arabia. It sold for $108,000.

Another major sale was Turkish digital-artist Refik Anadol’s Machine Hallucinations, inspired by a collaboration with Nasa, which sold for $900,000, again within its pre-sale estimate.

Seven bidders fought online and in the room for an installation from American light artist James Turrell. It sold for $650,000.

Nearly one-third of all the lots were sold to buyers from Saudi Arabia and more than 30 percent of bidders were under the age of 40, according to Sotheby’s.

Given Saudi Arabia’s still small but growing collector base, many – including Sotheby’s specialists – believed the luxury segment would be the stronger seller.

Highlights from the luxury offering that did sell included a game-worn Michael Jordan jersey from the 1998 NBA playoffs, which sold for $960,000, and four Cristiano Ronaldo match-worn jerseys selling for a total of $151,200.

There was also a specially commissioned Cartier Crash watch, which sold for $228,000 and a pair of pendant Graff earrings for $780,000.

“The idea was to also learn from clients’ reactions and engagement across many different items,” said Sotheby’s Vincent Brasesco, head of the luxury sale.

“That’s why we brought to Diriyah such an array of property, both pieces we knew would appeal but also some deeper cuts to gauge client interest in certain areas.”

In 1985 Sotheby’s staged Dubai’s first international auction, followed by Qatar’s inaugural auction in 2009.