Sotheby's Saudi Debut: $17M Auction Mixed Results

On February 8, 2025, Sotheby's held its first auction in Saudi Arabia, titled 'Origins: Modern And Contemporary Art', in the historic UNESCO site of Diriyah. The sale featured 100 lots spanning Western and Arab modern and contemporary art, luxury goods, and sports memorabilia, with the option for cryptocurrency payments. The auction, accessible only by reservation, was conducted by auctioneer Oliver Barker. Total sales exceeded $17 million, though several high-profile lots failed to meet expectations. Top lots included Fernando Botero's 'Society Woman' ($1M hammer), Banksy's 'Subject to Availability' ($1.2M), and René Magritte's 'L'État de veille' ($1.2M). A new auction record was set for Louay Kayyali's 'Then What ??' at $900,000. Other notable sales: Pablo Picasso's 'Fleurs' ($204,000), Salvo's 'Il Mattino' ($204,000), Giorgio de Chirico's 'Due cavalli in riva al mare' ($408,000), James Turrell's 'The Light Underneath' ($660,000, well above estimate), and Mohammed Al Saleem's 'O’ God, Honor Them...' ($660,000). Refik Anadol's AI-generated 'Machine Hallucinations – Space | Chapter II: Mars' sold for $900,000, below its low estimate. Unsold lots included Botero's 'Man on Horse', Gino Severini's 'Saut d’obstacle no. 2', and Paul Delvaux's 'La Légende égyptienne'. Luxury items: Michael Jordan's NBA jersey ($960,000), Graff diamond earrings ($780,000), and a Hermès Birkin Himalaya bag ($336,000). The auction anticipates Sotheby's upcoming opening in Riyadh's Al Faisaliah Tower.