The first international auction held in Saudi Arabia by Sotheby’s, entitled "Origins," took place in the historic Diriyah on February 8.
The auction achieved a total of over $17.2 million, which was within overall estimates, with approximately 70% of the 117 lots selling during the much-anticipated event. This groundbreaking auction not only demonstrated the expanding luxury and art market in the Kingdom but also paved the way for future high-profile auctions in Saudi Arabia. As the demand for fine art and collectibles continues to grow, industry experts anticipate an increase in both local and international auctions within the region in the coming years.
The 250-seat outdoor space in Diriyah, designed to host the Sotheby's auction, proved insufficient to accommodate the overwhelming interest, with many guests watching from the sidelines. The sale featured a diverse range of offerings, including fine watches and jewellery, rare luxury handbags, international art pieces, modern and AI-enhanced art and contemporary Arab art, in addition to sports memorabilia, attracting interest from both domestic and international collectors.
Sotheby’s decision to host its inaugural Saudi auction in Diriyah, a UNESCO-listed heritage site, underscored the Kingdom’s commitment to positioning itself as a growing hub for all things arts and culture. The event was attended by high-profile guests, industry leaders, and art enthusiasts, solidifying Saudi Arabia’s place in the global auction landscape.
What were the prices of the top-selling items at the Sotheby's auction in Saudi Arabia?
L’État de Veille (1958) by René Magritte: $1.2 million
The top lot in the Sotheby's auction at Diriyah, this piece by René Magritte, a Belgian surrealism artist, depicts six floating windows between two houses. In keeping with Magritte's surrealist preferences, this painting challenges our perception of reality by juxtaposing a mundane scene with floating windows. The painting's title, translating in English to "The Waking State," suggests a dreamlike quality, as the art piece captures a moment between sleep and consciousness, inviting the viewer to question the nature of reality.
Banksy's "Subject to Availability": $1.2 million
Banksy's "Subject to Availability" is a provocative piece from his "Vandalised Oils" series, where the reclusive and anonymous artist repurposes existing oil paintings, adding his signature subversive twist. In this particular work, Banksy has taken a traditional landscape painting and "vandalised" it with a spray-painted barcode, transforming the relatively 'worthless' artwork into a commodity. The inclusion of the barcode adds a layer of irony, as it suggests that the painting, despite its original artistic merit and value, is ultimately just another product available for purchase.
Fernando Botero's "Society Woman": More than $1 million
Characterised by exaggeratedly voluptuous figures, Fernando Botero's "Society Woman" is a prime example of the Colombian artist's signature style. The 2003 painting depicts a woman of high society, adorned with opulent jewellery and fine clothing, her womanly form enhanced by Botero's signature exaggerated curves and rounded features. This style, often seen as humorous or satirical, also serves to highlight the inherent absurdity and materialism of the upper class.
Michael Jordan's 1998 NBA playoff jersey: $960,000
Michael Jordan is widely regarded as one of the greatest basketball players of all time: the sportsman led the Chicago Bulls to six NBA championships, winning the NBA Finals MVP award in all six seasons. Jordan has also won two Olympic gold medals for the United States men's national basketball team. And this NBA Playoff jersey from 1998, is a symbol of Jordan's athletic prowess and determination, is a highly sought-after collector's item, particularly for sports enthusiasts.
"Machine Hallucinations - Latent Study : Mars" by Refik Anadol: $900,000
An AI-powered artwork, "Machine Hallucinations Mars," is a groundbreaking artwork that explores the intersection of art, technology, and space exploration. This forward-thinking and modern, AI-powered artwork utilises machine learning algorithms to process and analyse vast amounts of data from NASA's Mars Reconnaissance Orbiter: with the result being a mesmerising visual experience that transcends traditional photography, presenting a dreamlike and hallucinatory interpretation of the Martian landscape.
"Then What??" by Louay Kayyali: $900,000
"Then What??" by Louay Kayyali is a powerful and poignant painting that reflects the Syrian artist's deep concern for the human condition, particularly the plight of displaced people. Seen as a powerful testament to the enduring human spirit and the devastating impact of conflict and displacement, the painting depicts a group of figures, rendered with a sense of urgency and despair, seemingly adrift and searching for solace.
Graff Diamond Drop Earrings: $780,000
Established in London in 1960, Graff is celebrated for its exquisite high jewellery creations. The brand is known internationally for their exceptional diamond quality and ultra-luxe designs. During this auction, a pair of earrings were sold for $780,000; the pair consists of two pear-shaped, D-color, VVS1-clarity diamonds dropping off a pave hoop crafted of 18k white gold. Despite being relatively close in size to the naked eye, one diamond weighs 9.39 carats, and the other weighs 8.46 carats.
"The Light Underneath" by James Turrell: $660,000
Selling for more than five and a half times the Sotheby's original estimate, The Light Underneath had seven bidders vying to become the owner of this piece. This artwork, often described as an "installation," invites viewers into a darkened space where a luminous pink hued blurry piece, challenges the boundaries of a human's perspective and perception, of both space and form. Seemingly 2D, this is a 3D piece created by luminous illusionary techniques using LED lighting.
Diamond Himalaya Birkin 25 bag by Hermès: $336,000
One of the rarest bags designed by Hermès, the Himalaya Birkin is "infamous for being the most expensive handbag ever sold," according to Sotheby's. Crafted from rare Niloticus crocodile leather with a stunning "Himalayan" gradient going from steel grey on the edges of the bag to an indulgent, rich cream in the centre. A rare collectors item, sought after by any true Hermès aficionado, the 'cadena' padlock alone is comprised of 68.4 grams of 18 karat white gold and encrusted with 40 white round brilliant diamonds, totalling 1.64 carats. All other hardware elements are also made of 18k white gold, and the clasp is also encrusted with high-quality diamonds.
Sotheby's in Saudi Arabia
Sotheby’s inaugural Riyadh auction was a cultural rendezvous, intertwining the artistic expressions of the Middle East with international flair, and iconic pieces from renowned international creatives such as Picasso and Banksy. This event will served as a vibrant platform to introduce the global community to the rich tapestry of Middle Eastern art, playing into Saudi Arabia’s flourishing arts and culture scene.
This incredible event took place at Diriyah, an iconic Saudi Arabian destination and UNESCO recognised location. The Diriyah area is steeped in history and culture, is it is currently undergoing a significant transformation into a vibrant cultural hub just outside of the Kingdom's capital city of Riyadh. The choice of Diriyah for this inaugural event underscores the importance of the Kingdom’s heritage, in addition to the nation's commitment to embracing the future and becoming the go-to Middle Eastern location for luxury experiences.
All images via Sotheby's
