Last updated on July 1st, 2023 at 12:32 pm
March 1 marked the VIP opening of the 16th edition of Art Dubai in the sunny metropolis of the United Arab Emirates. With 130 galleries from more than 40 countries, it was the art fair’s largest and most international edition yet, making the Gulf City one of the following significant centres for global art and culture.
Due to a real estate boom and the influx of thousands of new residents and visitors, this year’s fair benefited from Dubai’s post-pandemic economic benefits. Art collectors are among those who relocated to the small Gulf nation during and after the pandemic, hoping to benefit from fresh economic prospects and take advantage of the high standard of living historically provided by the UAE.
According to the latest UAE Central Bank predictions, the UAE economy would grow by 7.6 per cent this year, the fastest in 11 years, led by both the oil and non-oil industries. Another critical driver of development is an infusion of Russian wealth from Russians fleeing the aftermath of the war with Ukraine and seeking refuge from Western sanctions on the beautiful beaches of the UAE. According to the Dubai Land Department, property sales, which account for over 10% of Dubai’s GDP, were up 45 per cent year on year in April and will be up 51% in May 2022.
This year, digital art and technology were again emphasized, with the digital sector stationed at Mina A’Salam hosting 22 participants, up from 17 last year. While NFTs and crypto art were less popular this time last year, the area included a good showing of them with other digital and new media art.
By the end of the weekend, Lawrie-Shabibi had sold a Tyler Hobbs NFT to a European private collector for $400,000; Lawrie-Shabibi had sold two sculptures and ten drawings by the late Jordanian artist Mona Saudi for between $120,000 and $350,000 for the sculptures and $18,000 for the drawings; and Beirut’s Sfeir-Semler had sold several major paintings by MARWAN for undisclosed prices.
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