Edward Gibbs, Sotheby’s Chairman for the Middle East and India and Ashkan Baghestani, Sotheby’s Head of Sale & Contemporary Art Specialist, discuss the auction house’s expansion into Saudi Arabia
Edward Gibbs, Sotheby's Chairman for the Middle East and India
As one of the world’s most prestigious auction houses, Sotheby’s has long been synonymous with luxury, art, and rare collectables. With a history spanning nearly 300 years, the house has set records across fine art, jewellery, and timepieces, catering to the world’s most discerning collectors. Recently, Sotheby’s has strengthened its presence in the Middle East, tapping into the region’s growing demand for high-value assets. In a landmark move, Sotheby’s inaugurated its operations in Saudi Arabia with the “Origins” auction this February, held in the historic town of Diriyah. This event marked the first international auction in the kingdom’s history, featuring a curated selection of modern and contemporary art, luxury items, and sports memorabilia. It not only set records for Arab artists but also signified a cultural shift aligning with Saudi Arabia’s Vision 2030 initiative, aiming to diversify the nation’s economy through investment in arts and culture. Fresh from the auction last month, we talked to Edward Gibbs, Sotheby’s Chairman for the Middle East and India and Ashkan Baghestani, Sotheby’s Head of Sale & Contemporary Art Specialist, who gave us an insight into what this expansion means for the business and what we can expect from Sotheby’s across the Middle East in the near future.
Ashkan Baghestani, Sotheby’s Head of Sale & Contemporary Art Specialist
Congratulations on the announcement of Sotheby’s Saudi – why is now the right time to open in Saudi Arabia?
Edward Gibbs: Our opening in Riyadh is the culmination of many years of supporting cultural initiatives in the Kingdom and a natural evolution of our business. We have been travelling to Saudi for a number of years, working with clients who are based there, as well as meeting new collectors in the region, and have been supporting the Ministry of Culture’s exciting endeavours – not least with all of the editions of the biennale, where we have provided an educational component, with specialist talks and tours. Saudi Arabia is a market that is developing apace, with a young demographic, a growing collector base, and an expanding art community – all of the elements that we look for in our global locations.
What can we expect from Sotheby’s presence there?
Edward Gibbs: Alongside auctions – which are our bread and butter – our activities will also continue to include educational offerings around art, luxury and collecting, as this is something we strongly believe in (in fact, over the course of our exhibition this month, we hosted nightly panel discussions and masterclasses, which attracted 700 visitors). We will also continue to develop partnerships and cultural exchanges, something that is reflected in launching the first auction with Diriyah. We would also love to showcase highlights from our global sale calendar in Saudi, adding the Kingdom as a stop on the travelling tour the works often go on prior to the major auctions in London and New York.
Tell us about the Origins exhibition and the focus for this exciting launch event.
Ashkan Baghestani: With this inaugural exhibition and auction, we wanted to show the people of Saudi who Sotheby’s is and what we can offer in this sphere. Our focus was two-fold: we wanted to meet as many people as we could while we were on the ground, and hear their feedback, while at the same time, generating as much interest for this inaugural auction as possible to launch with a bang.
Why did you choose Diriyah as the location for this auction?
Ashkan Baghestani: This was the very first auction to take place in Saudi Arabia, and so it is incredibly significant in that sense. The history of a place like Diriyah encapsulates the legacy of culture that we want to be a part of. Its merging of the past, present and future also provided the perfect window into the country for our clients who will be visiting for the first time.
Over the years, Diriyah has become a popular destination, attracting both locals and tourists due to its remarkable backdrop and the vibrancy of the atmosphere and offerings. We certainly felt that energy and pull in the number of to our exhibition. It was incredible.
Not to mention the setting of the auction itself, in the amphitheatre, lit by the stars, which was a showstopping backdrop to a milestone moment.
Can you tell us about some of the pieces up for auction?
Ashkan Baghestani: The offering was very wide-ranging, with price points at different levels, but curated in our prestigious ‘Evening Sale’ format – an introduction to all that we can offer at Sotheby’s. The auction saw incredible demand for modern and contemporary Arab artists, with records set, and indeed, every single work by a Saudi artist exceeded its estimate.
The three lots that sold for over $1 million were by Rene Magritte, Fernando Botero and Banksy – so together, the thirst for the major modern and contemporary names, each from a different field but all the masters of what they do.
One of the standout moments of the night was the James Turrell light installation, which was chased by seven determined bidders (two of whom were in the room, raising their paddles). Of course, Turrell’s work is more in the spotlight than ever in Saudi Arabia with his unveiling of plans for a monumental installation in AlUla earlier this year.
We also showcase sports memorabilia worn in a number of important matches by Cristiano Ronaldo, which were met with really great demand, given his popularity in his new adopted country.
Looking ahead, what do you expect from this expansion in the Kingdom?
Edward Gibbs: Following the success of this first auction, we would certainly like to consider hosting another, curating the contents based on where we saw the most demand and interest. What was most fulfilling for us was the opportunity to meet almost 3,000 visitors to our exhibition, so we certainly learned a lot.
Our doors are now open in Al Faisaliah Tower in Riyadh, for anyone who would like to hear more about what we can do for them – whether it is starting a collection or simply learning more about the art world. For us, our expansion in the Kingdom is for the long term, and we are here to stay.
How will Sotheby’s work closely with potential clients in the country?
Edward Gibbs: We will offer them all of the services that we offer to our clients globally, from valuations of their property, to giving them advice about what special objects and paintings are emerging at auction and alerting them to any opportunities on the horizon. Our relationships with our clients are very organic, and we are excited to be on the doorsteps of some people we have worked with for decades, as well as others we have yet to meet.
How will Sotheby’s support the local ecosystem in Saudi with this venture?
Edward Gibbs: Auction houses are an important part of the cultural ecosystem, together with local galleries, institutions and governmental support. Saudi Arabia is particularly strong on supporting its artists, and we are thrilled to be a part of that equation. What Sotheby’s can offer, in particular, is elevating Saudi art on an international platform. This is already something we started years ago (when we sold the first Saudi artist in our London auctions almost a decade ago), and this summer in New Bond Street, when we hosted “Hafla”, a first-of-its-kind immersive survey of 50 years of Saudi Modern Art.
What’s the biggest challenge you face with this expansion?
Edward Gibbs: Sotheby’s has been in the auction business since 1744, but it’s always a challenge to introduce what we do to new territories – though, it is a challenge we relish. Although we have been laying the foundations for a long time, there was still much to do when bringing our brand to an almost new audience.
What else is in the pipeline for this year?
Edward Gibbs: We are currently partnering with Diriyah Biennale Foundation’s Islamic Arts Biennale. Between March and May, we will offer a series of talks, tours, and workshops with Sotheby’s worldwide specialists showcasing their expertise to visitors. Topics will include the influence of Islamic art worldwide, the tradition of Islamic textiles and the art of craftsmanship, and the enduring legacy of this visual language through the region’s leading artists.
Looking at the wider Middle East, can you tell us a little about Sotheby’s current areas of focus?
Edward Gibbs: The Middle East is a great area of focus for us at Sotheby’s and has been for a number of years – most recently, we gained a great advantage with the investment from ADQ in Abu Dhabi.
Since our official launch in 2017, we have been hosting a year-round programme of events – including selling and non-selling exhibitions, events and talks in our Dubai gallery. Our vintage automobile arm, RM Sotheby’s, had its inaugural Dubai auctions last year, which saw extraordinary action. We look forward to building on this and establishing an even more robust presence in Dubai – as well as both Saudi Arabia and also in Abu Dhabi, which continues to strengthen its arts and culture offering at great pace. Watch this space.
