Middle East & North Africa: Modern and Contemporary Art Report – 2017
|Report Type||Market Report|
In 2017, the modern and contemporary Middle Eastern auction market delivered its second highest annual result since 2008. Total auction sales in 2017 came in at $32,958,619 (excluding buyer’s premium), down 8.9% from previous year, when the Middle-Eastern auction market delivered its strongest result to date.
Christie’s London controlled the biggest market share (36.6%)
of last year’s modern and contemporary Middle Eastern art sales, followed by Sotheby’s (26.5%), Tehran Auction (24.3%) and Bonhams (12.6%). In total, Christie’s auction sales came in at $12,052,754 (excluding buyer’s premium) last year, a 21.3% drop in sales from the previous year. This could be related to Christie’s decision to relocate their Middle Eastern art auction in October from Dubai to London.
Over the course of 2017, Sotheby’s was the fastest growing auction house, growing their market share from 14.6% in 2016 to 26.5% in 2017. Sotheby’s new strong position in the market comes on the back of their decision to launch a Dubai office and auction space in Dubai’s International Financial Centre. Based on both London and Dubai sales, Sotheby’s made a total of $8,727,191 (excluding buyer’s premium) in 2017, putting it ahead of Tehran Auction, but behind Christie’s.
COMPARATIVE PERFORMANCE (SOTHEBY’S, CHRISTIE’S, BONHAMS AND TEHRAN AUCTION).
TOTAL SALES VS ESTIMATE (2007 – 2017).
AVERAGE PRICES 2007 – 2017.
HAMMER VS ESTIMATE RATIOS 2007 – 2017.
SECTOR ANALYSIS – BY MODERN & CONTEMPORARY ART 2007-2017.
SECTOR ANALYSIS – BY COUNTRY OF ORIGIN 2016 & 2017.
TOP AUCTION PRICES.