Christie’s 10 Years In The Middle East
Christie’s 10 Years In The Middle East
August 6, 2016 | 12:02 AM
Christie’s 10 Years In The Middle East
August 6, 2016 | 12:02 AM
Last Updated: August 6, 2016 | 12:02 AM
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Haya Khayat[/caption]Mariam Nihal
When Christie’s first held its auction of International Modern and Contemporary Art in the Middle East, in Dubai in 2006, art lovers experienced a groundbreaking change. History was being made. And this time it was granting legitimacy to international reverence for Arab art. Since then it has gone on to break records with pioneering sales and auctions held at its property in Dubai. Christie’s sold over $200 million worth of art in Dubai and in 2010, it set the world record price for the artist at auction and for any Arab work sold at auction with Mohammed Said Farsi’s prestigious collection of modern Egyptian art, amongst which The Whirling Dervishes by Mahmoud Said, which sold for $2,546,500. Ten years down the line, things have definitely changed. 2016 has stirred a change in momentum. Sales of art at Christie’s have slumped to £2.1billion in the first half of this year, according to recent reports. Saudi Gazette caught up with Haya Khayat, the head of sale for Christie’s at Dubai International Financial Center. Khayat is also the official Arabic spokesperson for Christie’s in the region. In an in-depth conversation, we discuss the triumphs and struggles of Christie’s and evaluate the state of art in the Middle East.
SG: Talk us through your role and contribution since you joined the team at Christie’s.
HK: One of the greatest achievements was to celebrate earlier in the year Christie’s 10th anniversary in Dubai. 10 years of successful sales by building an international platform for hundreds of artists from the region. Over these past 10 years we set more than 400 world auction records, held 20 sale seasons by introducing new artists, other sales category, lending a helping hand to many charity projects and having been involved in many book and biography projects of the most important artists.
Some of the auction highlights over these past 10 years are surely the Dr. Farsi collection, which we sold in 2010 – a stunning first class collection, which sold at 100%, setting the price for the highest private art collection sold in the Middle East, or the charity sale Edge of Arabia in our April 2011 auction, offering 6 works totaling just over $1 million, estimation was $150,000, or this March to sell the largest painting ever offered at auction in the Middle East, the 11 meter long work by Omar El-Nagdi, Sarajevo, selling for over $1.1 million.
My day to day job is to meet collectors, discuss about their collection and developments in taste, secure works of art to be offered in the next auction, hold lectures on Middle Eastern art, write catalogue notes for each work that will be offered for sale, create the auction catalogue and plan the layout of the exhibition as well as engaging with a large group of art enthusiasts during the public exhibitions and on auction night make sure the works will find a buyer and therewith a new home.
SG: Sales of art at Christie’s have slumped to £2.1 billion in the first half of this year, down 27 per cent from last year according to recent reports. What do you think could have caused this and how is Christies looking at this downfall?
HK: The overall art market has consolidated this year. The drop is mainly due to the impact of a drop in supply in works above £20 million. Wider global economic uncertainty has impacted some of the buoyancy at the top-end of the market – which has impacted the number of works being consigned and the appetite of buyers – but recent sales in London are very encouraging about the stability of the market.
Our core market continues to perform well. Our focus has been on selecting and selling works of art well - our sales percentages are strong with 79% and we have had encouraging and continued demand across regions and categories. Our focus is on serving our broad clients base, and with the largest buyer base in the industry we are the house of choice for vendors.
SG: What does the future for Contemporary Middle Eastern and Iranian Art look like? How is it about to change in the next six months?
HK: A growing number of international as well as regional collectors are interested in Middle Eastern art. International institutions are holding exhibitions devoted to Middle Eastern art, for example the Whitechapel in London, the Institute du Monde Arab in Paris, the Victoria and Albert Museum in London.
Middle Eastern galleries are taking place in the international art fairs being held outside the Middle East and more art fairs are being held throughout the Middle East, Morocco, Lebanon, for instance and Iran has their own auction house. These are encouraging signs and the future for Middle Eastern Art is rather bright.
SG: Could you give us an overall view of the art sales and buyer behavior in the region.
HK: Jussi Pylkkänen, Christie’s Global President, said just after the 10th anniversary auction un Dubai: “As the auctioneer at our very first sale here in 2006, I remember feeling we had made a very brave and bold decision to open a saleroom in Dubai, and after that inaugural auction, we never doubted the spirit of the collectors and the excellence of the artists’ work. It is thanks to them that we have broken more than 400 artist records in the last decade, making a tangible contribution to the transformation of this market. The Dubai auctions in March are now recognized as an integral part of the global art market calendar. All eyes will have been on the success of the 10th anniversary sales here in the Middle East.”
I believe this statement by Christie’s Global President sums it up very well.
Over the past 10 years we also saw many Middle Eastern buyers transact in other sale categories throughout Christie’s other salerooms such as London, Geneva or New York, building collections integrating international and Middle Eastern art.
SG: How has the art scene evolved in the last decade? Where do you see it going?
HK: When Christie’s opened their office in Dubai, as first international auction house, back in 2005, there were just a handful of galleries to be found in Dubai. Today, over 60 galleries are located in Dubai, an international art fair takes place every year and important museum projects throughout the UAE, as well as the many publication written about the Middle Eastern art scene are all part of creating a real art market where all players are helping to develop it year on year.
SG: Could you tell us more about art investment- what is your advice to young collectors?
HK: Art is a passion and to begin with one should go by what attracts the eye. The eye is to be trained throughout the years and this can be done by visiting galleries, museum exhibitions or even auction previews which are open to the public. Beside the eye, one should train one’s knowledge about the art market, the career of artists of interest, by following some of the main art bloggers and magazines, talking to specialists, ask questions, attending lectures and seminars and by joining auctions without buying to understand its process and once you feel confident enough start to do your first purchase – probably it will be the one which will stay with you forever. But, most importantly enjoy the art and share your passion with as many people as possible.
Haya Khayat[/caption]Mariam Nihal
When Christie’s first held its auction of International Modern and Contemporary Art in the Middle East, in Dubai in 2006, art lovers experienced a groundbreaking change. History was being made. And this time it was granting legitimacy to international reverence for Arab art. Since then it has gone on to break records with pioneering sales and auctions held at its property in Dubai. Christie’s sold over $200 million worth of art in Dubai and in 2010, it set the world record price for the artist at auction and for any Arab work sold at auction with Mohammed Said Farsi’s prestigious collection of modern Egyptian art, amongst which The Whirling Dervishes by Mahmoud Said, which sold for $2,546,500. Ten years down the line, things have definitely changed. 2016 has stirred a change in momentum. Sales of art at Christie’s have slumped to £2.1billion in the first half of this year, according to recent reports. Saudi Gazette caught up with Haya Khayat, the head of sale for Christie’s at Dubai International Financial Center. Khayat is also the official Arabic spokesperson for Christie’s in the region. In an in-depth conversation, we discuss the triumphs and struggles of Christie’s and evaluate the state of art in the Middle East.
SG: Talk us through your role and contribution since you joined the team at Christie’s.
HK: One of the greatest achievements was to celebrate earlier in the year Christie’s 10th anniversary in Dubai. 10 years of successful sales by building an international platform for hundreds of artists from the region. Over these past 10 years we set more than 400 world auction records, held 20 sale seasons by introducing new artists, other sales category, lending a helping hand to many charity projects and having been involved in many book and biography projects of the most important artists.
Some of the auction highlights over these past 10 years are surely the Dr. Farsi collection, which we sold in 2010 – a stunning first class collection, which sold at 100%, setting the price for the highest private art collection sold in the Middle East, or the charity sale Edge of Arabia in our April 2011 auction, offering 6 works totaling just over $1 million, estimation was $150,000, or this March to sell the largest painting ever offered at auction in the Middle East, the 11 meter long work by Omar El-Nagdi, Sarajevo, selling for over $1.1 million.
My day to day job is to meet collectors, discuss about their collection and developments in taste, secure works of art to be offered in the next auction, hold lectures on Middle Eastern art, write catalogue notes for each work that will be offered for sale, create the auction catalogue and plan the layout of the exhibition as well as engaging with a large group of art enthusiasts during the public exhibitions and on auction night make sure the works will find a buyer and therewith a new home.
SG: Sales of art at Christie’s have slumped to £2.1 billion in the first half of this year, down 27 per cent from last year according to recent reports. What do you think could have caused this and how is Christies looking at this downfall?
HK: The overall art market has consolidated this year. The drop is mainly due to the impact of a drop in supply in works above £20 million. Wider global economic uncertainty has impacted some of the buoyancy at the top-end of the market – which has impacted the number of works being consigned and the appetite of buyers – but recent sales in London are very encouraging about the stability of the market.
Our core market continues to perform well. Our focus has been on selecting and selling works of art well - our sales percentages are strong with 79% and we have had encouraging and continued demand across regions and categories. Our focus is on serving our broad clients base, and with the largest buyer base in the industry we are the house of choice for vendors.
SG: What does the future for Contemporary Middle Eastern and Iranian Art look like? How is it about to change in the next six months?
HK: A growing number of international as well as regional collectors are interested in Middle Eastern art. International institutions are holding exhibitions devoted to Middle Eastern art, for example the Whitechapel in London, the Institute du Monde Arab in Paris, the Victoria and Albert Museum in London.
Middle Eastern galleries are taking place in the international art fairs being held outside the Middle East and more art fairs are being held throughout the Middle East, Morocco, Lebanon, for instance and Iran has their own auction house. These are encouraging signs and the future for Middle Eastern Art is rather bright.
SG: Could you give us an overall view of the art sales and buyer behavior in the region.
HK: Jussi Pylkkänen, Christie’s Global President, said just after the 10th anniversary auction un Dubai: “As the auctioneer at our very first sale here in 2006, I remember feeling we had made a very brave and bold decision to open a saleroom in Dubai, and after that inaugural auction, we never doubted the spirit of the collectors and the excellence of the artists’ work. It is thanks to them that we have broken more than 400 artist records in the last decade, making a tangible contribution to the transformation of this market. The Dubai auctions in March are now recognized as an integral part of the global art market calendar. All eyes will have been on the success of the 10th anniversary sales here in the Middle East.”
I believe this statement by Christie’s Global President sums it up very well.
Over the past 10 years we also saw many Middle Eastern buyers transact in other sale categories throughout Christie’s other salerooms such as London, Geneva or New York, building collections integrating international and Middle Eastern art.
SG: How has the art scene evolved in the last decade? Where do you see it going?
HK: When Christie’s opened their office in Dubai, as first international auction house, back in 2005, there were just a handful of galleries to be found in Dubai. Today, over 60 galleries are located in Dubai, an international art fair takes place every year and important museum projects throughout the UAE, as well as the many publication written about the Middle Eastern art scene are all part of creating a real art market where all players are helping to develop it year on year.
SG: Could you tell us more about art investment- what is your advice to young collectors?
HK: Art is a passion and to begin with one should go by what attracts the eye. The eye is to be trained throughout the years and this can be done by visiting galleries, museum exhibitions or even auction previews which are open to the public. Beside the eye, one should train one’s knowledge about the art market, the career of artists of interest, by following some of the main art bloggers and magazines, talking to specialists, ask questions, attending lectures and seminars and by joining auctions without buying to understand its process and once you feel confident enough start to do your first purchase – probably it will be the one which will stay with you forever. But, most importantly enjoy the art and share your passion with as many people as possible.
