With the Diriyah town housing the first international auction in the Kingdom of Saudi Arabia, the historic city outside Riyadh hosted a curated auction that included art pieces, sports memorabilia, and chauffeur-driven luxury goods. The 8th February “Origins” auction by Sotheby’s earned a whopping $17.28 million in revenue alone. As the Kingdom rises further in the industry of luxurious goods and international fine art, the auction signified the bursting modernization of Saudi Arabia. Monetarily substantial sales from respected Arab artists encased in cultural heritage marked the heightened capability of the Kingdom to attract tourism, which aligns with the nation’s Vision 2030 ideal toward economic diversification using tourism and culture.
Tracing down the outcomes of the auction “Origins,” this article focuses on the iconic milestones and important sales the event achieved. For readers who hold an interest in luxurious branded goods and art collections or are fascinated by this monumental event, continue reading to learn the complete narrative.
The Context: Diriyah, The Epicenter Of Saudi Heritage
Sotheby’s auction had the charm of the City of Earth as a backdrop. Diriyah is home to the royal family of Saudi Arabia and marks the heritage site as listed by UNESCO. The auction event was held on Bujairi Terrace, known for luxurious dining options along with elegant boutiques. It was conducted during the annual Diriyah Season, a festival celebrating the rich history of the region spanning 600 years. The mix of new and old during this time highlighted the theme ‘origins’ that blended traditional Saudi values with art from around the globe.
While the selection of Diriyah was symbolic, it also served as an intention by Sotheby’s to capitalize on the booming cultural economy of Saudi Arabia, thanks to Crown Prince Mohammed bin Salman’s Vision 2030. The event had over 700 attendees at the panel discussions and nearly 2500 visitors at the pre-auction exhibition. All of this attention helped set the stage for the auction sale.
Auction Sale Summary: Important Figures and Facts
The “Origins” auction had a magnificent collection containing 117 lots, including fine art, luxurious watches, jewelry, handbags, and sports memorabilia. Out of these, 77 lots were sold, achieving a sell-through rate of 66% by lot and 74% by value. The total sales revenue of $17.28 million was achieved, which was within the pre-sale estimate of $14 million to $20 million. This value indicates a strong but not remarkable debut. Collectors of 45 countries participated and almost a third of the buyers came from Saudi Arabia which serves as a testament to the Kingdom’s growing collector base. One of the most notable findings is the fact that 30% of bidders were under 40 years old, indicating a strong youthful demographic willing to partake in purchasing art and luxurious items.
Just like we stated above, the auction was a two-part evening sale conducted in a 250-seat outdoor amphitheater under the Arabian stars. This variety of collections was a strategic move by Sotheby’s to help test the appetite of the Saudi market across multiple categories while also providing helpful information for future sales in the region.
Top Sales: Art Steals the Spotlight
Though lavish items were predicted to take center stage, exquisite Arab art, especially of the region, was the true highlight. Below are some key sales.
Kayyali, Louay, and then what? – $900,000
“Then what?” by Showtime Kayyali is a depiction of displacement that is emotionally striking yet historically charged. This painting fetched 900,000, completely obliterating all estimates as this instilled $700,000. The bidding war is a testimony to the growing demand for Arab art on a global platform.
Magritte, Rene, L’Etat de veille – $1,000,000+
The Belgian illusionist, Rene Magritte, raised another jaw-dropping sale with this dreamlike representation of architecture against the sky for over $1 million, meeting all his prospects of 1 million to 1.5 million. This piece needs no introduction after his record-breaking sale of “L’ empire des lumieres” for $121.1 million. The presence of this piece in Saudi Arabia is a step forward for Sotheby’s to introduce Western art into Arab regions.
Subject to Availability: Sold
A painting by Banksy, “Subject To Availability” (2011) from his vandalized oils series, garnered a hefty price (not publicly disclosed) per usual. This oil diptych, complete with spray paint, sits atop a Hudson River School landscape and serves as a satire with an environmental twist through its climate change asterisk. This success builds on the artist’s 4.38 million sale in London in 2022, which fascinated collectors for his sociopolitical undertones.
Notable Sale: Society Woman
Fernando Botero, the Colombian artist, also did well with “Society Woman” (2003), an oil on canvas piece within the realm of Latin American Magical Realism. Although exact numbers weren’t tracked apart from being one of the top lots. His distinctive style sold, further solidifying his fame across the globe.
Digital Art by Refik Anadol:
900 thousand dollars. the Selling price is a clear indication of the rapid pace at which the digital word is growing. This piece by the artist titled “Machine Hallucinations- Space | Chapter II: Mars” proves the increasing demand of digital art in the Middle East, especially among younger collectors.
Luxury Goods: Uninspired results.
Art was clearly reasonable, but as speculated, everything “luxury” did not perform as positive as the pricey auction had planned.
Graff Diamond Earrings: $780,000
The highlight of the auction was a pair of pendant earrings by Graff, boasting diamonds weighing 9.39 and 8.46 carats, selling for $780,000. This price not only reflects Saudi Arabia’s demand for fine jewelry, expected to increase 2.4% every year until 2029, but also confirms their spending habits.
Hermès Himalaya Birkin 25: $336,000
The winner’s bid for a 2021 Hermès Himalaya Birkin 25 handbag made from white matte niloticus crocodile leather and ornamented with 18k white gold and diamond accessories was astonishing. Priced at $250,000, the sale skyrocketed to $336,000, owing to the soaring luxury goods market and fashion enthusiasts in the Kingdom.
High-Profile Lots That Went Unsold
Some luxury goods failed to capture attention, such as the bronze sculpture “Man on a Horse” by Fernando Botero, which did not receive bids alongside the RM038 Tourbillon Prototype wristwatch. The custom timepiece, designed for Olympic runner Yohan Blake, was set with a price of 1 to 1.5 million dollars. The unsold price of the 1927 Cartier Art Deco bracelet set at $275,000 to $325,000 hints that collectors are more inclined toward art than extravagant luxuries.
Regional Artists Shine: Records and Revelations
The sale’s achievement with Arab artists marked a strong local market and established new records.
- Abdul Halim Radwi: The Saudi modernist’s untitled painting was sold for over a $120,000–$180,000 estimate due to his reputation in arabesque cubism and the expressionist movement.
- Mohammed Al Saleem: Another uprooted Saudi, his contemporary work entitled “O’ God, Honour Them” raked in sales of upwards of $180,000–$250,000, building off his world auction record in 2023.
- Monir Shahroudy Farmanfarmian: The piece “Variation on the Hexagon” by the Iranian artist went off at 144,000 dollars, emphasizing the focus of Middle Eastern modernism.
These results indicated a so-called “thirst for art,” as said by the head of fine arts at Sotheby’s, Ashkan Baghestani, contributing to the conversation of untapped art collecting in the region.
Strategic Implications for Sotheby’s
The sale was not only for exerting funds but rather an explorative venture disguised as a sales campaign. Head of sales at Sotheby’s, Charles Stewart, claimed their “proof” investment in Saudi Arabia was worthwhile in light of the new office, which opened in Riyadh’s Al Faisaliah Tower. The auction house had realized:
- Art Outruns Luxury: Fine art overtaking the sale of luxury goods was totally unexpected, proving there is also robust local demand for cultural investments.
- Engagement with Generations: An increase in participation from the under-40s makes it clear there is a prospective market for younger collectors.
- Sotheby’s established an initial presence in the region with local collectors by selling their works to approximately one-third of Saudi buyers.
- Sotheby’s is leading the way among competitors like Christie’s, which has also obtained a license to operate within the Kingdom, in the race to control the region’s market.
Cultural and Economic Context
The auction is in tandem with Vision 2030, Saudi Arabia’s plan to expand tourism, culture, and the private sector. Enhanced luxury experiences in Diriyah with new developments such as Zallal, which is expected to open in 2025, are indicative of this. Although the sale of $17.28 million is significantly less than Sotheby’s blockbuster auctions in New York or London, it is a promising start in a region where luxury is expected to reach $3.2 billion by 2029.
A New Chapter Begins
Sotheby’s “Origins” auction on February 8, 2025, was more than a sale. It was a historical event! Modest self-portraits with an Arabian dress by Arab artists, outstanding Western and digital art, and lukewarm luxury performance created a puzzle of Saudi Arabia’s market. In the process of preparing for the next auctions, Sotheby’s will have to balance their fine-tuning strategy with the deeper relationship-building demands of local collectors and cultural ambitions.
Investors and artsy folk alike can benefit from the “Origins” auction. What else is in store for Sotheby’s in Saudi Arabia? Only time has the answer. However, this debut indicates there is a lot to look forward to in this region.
FAQs
What was the total sale amount of the “Origins” auction?
The total sale amount was $17.28 million.
Where did the “Origins” auction take place?
It was held in Diriyah, Saudi Arabia, at Bujairi Terrace.
Which artwork fetched the highest price?
Louay Kayyali’s “Then What??” sold for $900,000, thus breaking the artist’s record.
How many lots were sold?
77 out of 117 lots were sold. The auction sell-through rate was 66%.
What does this auction mean for Saudi Arabia?
It marks the country’s debut in the global art and luxury auction market, which corresponds to its Vision 2030 goals.
All images courtesy: Sotheby’s
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