Amid global political and economic uncertainty, auction powerhouses are seeking new opportunities by turning their attention to the affluent Middle Eastern market.
This past weekend (8 Feb), Sotheby's made history as it concluded the first-ever international auction in Saudi Arabia. Titled Origins, the sale was hosted in Diriyah – the historic cradle of the Saudi Kingdom – at the stylish Bujairi Terrace, a destination renowned for its luxury boutiques and fine dining. While the event signalled Sotheby's commitment to the region – especially as its arch-rival Christie's has also secured a license to operate in the Kingdom – it was clearly a strategic move to test the Saudi market with a diverse selection of items at varying price points.
Of the 117 lots presented, 77 found buyers, resulting in a 68% sell-through rate and total sales of nearly US$17.3 million. Modern and contemporary art led the auction, with three works surpassing the US$1 million and claiming the auction's highest prices. Middle Eastern artists performed particularly well, reflecting the region's growing appetite for works by homegrown talent.
The luxury categories, however, struggled to meet expectations. The headline lot – a Richard Mille RM 038 Yohan Blake Tourbillon watch with an estimate of US$1 million – failed to sell, leaving the watches category without its star piece. Similarly, the jewellery and handbags segments underperformed, despite their high-profile offerings.
Sotheby's concluded the first-ever international auction in Saudi Arabia on 8 February
The auction attracted numerous attendees
Lot 14 | René Magritte (1898-1967) | L'État de veille, gouache on paper
Executed in 1958
19 x 25 cm
Provenance (Supplemented by The Value):
- Alexander Iolas, Paris (acquired directly from the artist in late 1958)
- Robert Elkon Gallery, New York
- Albert and Leni Landry, New York (acquired by 1961)
- Sotheby's, New York, 11 May 1988, lot 173 (consigned by the above)
- Private Collection (acquired at the above sale)
- Christie's, London, 28 November 1989, lot 130
- Private Collection, Switzerland (acquired at the above sale)
- Sotheby’s, Paris, 5 December 2024, lot 110 (consigned by the above) (Sold: €1,056,000)
- Acquired at the above sale by the present owner
Estimate: US$1,000,000 - 1,500,000
Hammer Price: US$1,000,000
Sold: US$1,200,000
René Magritte remains one of the most sought-after names in the art market, consistently achieving record-breaking sales in New York and London in recent years. In 2024, his masterpiece L’empire des lumières (Empire of Light) (1954) fetched a whopping US$121.1 million at Christie's New York, setting a new auction record for the Belgian Surrealist. It was also the only artwork last year to surpass the US$100 million mark at auction.
This gouache painting is part of four works under the same title, in which Magritte seamlessly blends a bright daytime sky with a traditional façade, blurring the boundaries between landscape and architecture. The inspiration for the series came from a vivid experience recounted by his close friend, the Surrealist poet Jacques Wergifosse:
"On my way to spend a day with Magritte in Brussels, for once I walked to the station. I was going along the boulevard Avroz (in Liège) when I came to a wide opening (it no longer exists) with a view of the Meuse. I looked into the distance. Suddenly, on the other side of the river, I saw a series of windows appear high up in the sky. The grey walls of the large building in the place d’Italie had melted into the sky. On arriving at Magritte’s house, I told him what had happened. This gave him an idea for several gouaches, three of which were called ‘The waking state’ I, III and III. This was in 1958."
Shortly after completing the series, Magritte gifted all four works to Wergifosse. However, Wergifosse kept only one for himself, returning the other three to the artist. One of these works was offered at Sotheby's Paris in December last year, carrying an estimate of €1 million. It ultimately sold for €1.05 million with fees, consistent with the result for the present work.
René Magritte has been one of the most sought-after names in the art market
Another painting of the same name by Magritte | Sold: US$1,572,500, Sotheby's New York, 2024
Lot 27 | Banksy (b.1974) | Subject to Availability, oil and spray paint on canvas in an artist's frame
Executed in 2011
50 x 91 cm
Provenance:
- Lazarides Ltd, London
- Acquired from the above by the present owner
Estimate: US$800,000 - 1,200,000
Hammer Price: US$1,000,000
Sold: US$1,200,000
The present work, Subject to Availability, belongs to Banksy's acclaimed Vandalized Oils series, where the enigmatic artist reimagines traditional artworks with his signature satirical edge to address pressing sociopolitical issues.
The underlying painting is attributed to the Hudson River School, a prominent 19th-century American art movement rooted in Romanticism, though the identity of the original artist has been lost over time. Atop a serene pastoral landscape, Banksy inserts an asterisk near the top of the mountain, captioning the work *Subject to availability for a limited period only – a stark commentary on climate change and environmental urgency.
Another notable work from the same series (pictured below) juxtaposes a tranquil countryside scene with the jarring presence of two military helicopters, widely interpreted as an anti-war statement. In 2022, this piece, consigned by music icon Robbie Williams, fetched £4.38 million at Sotheby's London.
Banksy | Vandalised Oil (Choppers) (2006) | 94 x 61 cm | Sold: £4.38 million, Sotheby's London
Lot 25 | Fernando Botero (1932-2023) | Society Woman, oil on canvas
Executed in 2003
155 x 122 cm
Provenance:
- Contini Art Gallery, Venice
- David Benrimon Fine Art, New York
- Acquired from the above by the present owner
Estimate: US$800,000 - 1,200,000
Hammer Price: US$850,000
Sold: US$1,020,000
In the 20th century, Colombia's cultural scene was shaped by two towering figures: Gabriel García Márquez, the Nobel Prize-winning author of One Hundred Years of Solitude, and Fernando Botero, the artist behind the present work, whose distinctive style has become synonymous with Colombian art. Both are often linked to the Latin American movement of Magical Realism.
Botero's works – whether paintings or sculptures – are instantly recognizable for their exaggerated, rounded figures, a style widely referred to as "Boterismo" by admirers and critics alike. Speaking about his signature aesthetic, the artist once explained:
"As a modern artist, I can push my passion to the extreme, and that is why volume is so prevalent in all my work. My interest does not stem at all from what some people interpret as "fatness." Fat and volume are completely different, because while the former can distort objects, the latter appeals to our sense of touch and evokes beauty and sensuality."
The buyer of this particular work is reported to be Saudi businessman Amr Zedan. Since 2000, Zedan has chaired the family-run Zedan Group, which specializes in energy-related investments. A devoted horse racing and polo enthusiast, he also owns businesses in these fields within Saudi Arabia. In 2022, he made headlines amid rumours that he was exploring the acquisition of the English Premier League football club Chelsea.
Fernando Botero
This Botero painting and another sculpture offered in the Saudi auction came directly from the artist’s eldest son, Fernando Botero Jr.
Other Modern and Contemporary Art
Two works by Botero were offered in the auction: the painting above Society Woman and the bronze sculpture Man on Horse, the latter estimated at US$1 million. Both pieces were consigned by the artist’s eldest son, Fernando Botero Jr., though the sculpture failed to find a buyer.
Elsewhere, two high-profile sculptures were withdrawn from the sale: Antony Gormley's cast-iron piece Sidle and Alexander Calder's three-legged metal sculpture Haute-Couture, both estimated at US$700,000. Meanwhile, works by contemporary art heavyweights KAWS and Damien Hirst, each estimated at US$400,000, also went unsold.
Beyond the top three lots, significant attention turned to works by Middle Eastern artists and cutting-edge new media, including LED light installations and AI generative art, which garnered notable interest.
One standout result came from Pablo Picasso's Fleurs, a pencil-on-paper floral drawing executed with just a few elegant strokes. Originally carrying a US$50,000 estimate, the work far exceeded expectations, selling for US$204,000 with fees.
Lot 19 | Louay Kayyali (1934-1978) | Then What ??, oil on canvas
Executed in 1965
172 x 190 cm
Estimate: US$500,000 - 700,000
Hammer Price: US$750,000
Sold: US$900,000
Lot 10 | Refik Anadol (b.1985) | Machine Hallucinations – Space | Chapter II: Mars (Generative AI Data Painting)
Executed in 2021, this work is unique
6:00 Loop, 3850 by 2160 PX; installation dimensions variable
With an artist-signed 3D physical certificate with backup and a custom computer with software
Estimate: US$800,000 - 1,200,000
Hammer Price: US$750,000
Sold: US$900,000
Lot 9 | James Turrell (b. 1943) | The Light Underneath (LED light installation)
Installation dimensions variable
Executed in 2006
Estimate: US$120,000 - 180,000
Hammer Price: US$550,000
Sold: US$660,000
Lot 18 | Mohammed Al Saleem (1939-1997) | O' God, Honor Them and Do Not Honor an Enemy Over Them, oil on canvas
Executed in 1397 AH/1977 AD
100 x 120 cm
Estimate: US$180,000 - 250,000
Hammer Price: US$550,000
Sold: US$660,000
Lot 6 | Samia Halaby (b.1936) | Blue Trap (in a Railroad Station), oil on canvas
Executed in 1977
122 x 167.5 cm
Estimate: US$150,000 - 200,000
Hammer Price: US$320,000
Sold: US$384,000
Lot 39 | Pablo Picasso (1881-1973) | Fleurs, pencil on paper
Executed on 28 September 1948
65 x 50.5 cm
Estimate: US$50,000 - 70,000
Hammer Price: US$170,000
Sold: US$204,000
Lot 38 | Ahmed Mater (b.1979) | Illumination Diptych (Makkiah Tale), offset X-ray film and gold leaf, tea, pomegranate, and Dupont Chinese ink on paper
Executed in 2012; this work is unique
152 x 204 cm
Estimate: US$50,000 - 70,000
Hammer Price: US$85,000
Sold: US$102,000
Lot 32 | Fernando Botero (1932-2023) | Man on Horse, bronze
Executed in 2010; artist proof 1/2 from an edition of 6 plus 2 artist's proofs
119.4 x 91.4 x 63.5 cm
Provenance:
- Acquired from the artist by descent in 2022 to the present owner
Estimate: US$1,000,000 - 1,500,000
Unsold
Lot 37 | Anthony Gormley (b.1950) | Sidle, cast iron
Executed in 2021
177.8 x 42.5 x 57.8 cm
Withdrawn
Lot 31 | KAWS (b.1974) | CHUM (KCO14), acrylic on shaped canvas
Executed in 2016
152.4 x 124.4 cm
Unsold
Watches, Jewellery, and Handbags
Besides fine art, another key focus of the inaugural auction was the three luxury categories: watches, jewellery, and handbags.
In the watches category, six out of 11 timepieces found buyers. The top-performing lot was the Rolex Ref. 6264 Daytona "Paul Newman Musketeer", which achieved US$240,000. However, the star lot – a Richard Mille RM 038 prototype worn by Jamaican sprinter Yohan Blake during the London Olympics and estimated at US$1 million – failed to sell.
The jewellery segment presented 28 lots, but only 11 were sold. The highlight was a pair of diamond earrings designed by Graff, featuring two central stones weighing 9.39 and 8.46 carats, respectively. The pair achieved US$780,000, including the buyer's premium, making it the highest-selling jewellery lot of the auction.
As for handbags, 17 Hermès bags were offered, with nine successfully sold. Among them were four examples of the coveted Hermès Himalaya, often regarded as the "holy grail" of designer handbags: a Birkin 25, Kelly 28, Kelly 32, and Constance 24. Ultimately, only the Birkin 25 found a buyer, fetching US$336,000.
Lot 143 | Graff | A pair of diamond pendant-earrings
Weight: 9.39 and 8.46 carats
Color: D
Clarity: VVS1
Estimate: US$700,000 - 800,000
Hammer Price: US$650,000
Sold: US$780,000
Lot 158 | Hermès White Matte Niloticus Crocodile Himalaya Birkin 25 18K White Gold and Diamond Hardware, 2021
Estimate: US$200,000 - 250,000
Hammer Price: US$280,000
Sold: US$336,000
Lot 116 | Rolex | Reference 6264 Daytona ‘Paul Newman Musketeer’ | A stainless steel chronograph wristwatch with bracelet and Musketeer dial
Circa 1970
Estimate: US$160,000 - 320,000
Hammer Price: US$200,000
Sold: US$240,000
Lot 117 | Richard Mille | Reference 038 Prototype "Yohan Blake"
Manufactured circa 2012
Estimate: US$1,000,000 - 1,500,000
Unsold
Sports Memorabilia
The final spotlight fell on sports memorabilia, a category that has gained considerable momentum at auction over the past decade.
In recent years, Saudi Arabia has ramped up its investments in sports, with football emerging as a major focus. The Kingdom has spared no expense in attracting global superstars like Cristiano Ronaldo to its domestic leagues. Reflecting this enthusiasm, the Sotheby's auction featured five of Ronaldo's game-worn jerseys and boots from last year's European Championship, most of which found buyers. A pair of cleats worn by French star player Kylian Mbappé during the Coupe de France match was also sold.
The star lot in this category, however, was a game-worn jersey from basketball legend Michael Jordan's final season with the Chicago Bulls. The jersey achieved nearly US$1 million, making it the fourth-highest lot of the sale.
This inaugural auction in Saudi Arabia served as a litmus test for the auction industry's engagement with the burgeoning Middle Eastern market. How Sotheby's and its rival Christie's – will adapt their strategies to capitalize on the region's expanding influence in the global market remains to be seen.
Lot 101 | Michael Jordan 1998 NBA playoffs "The Last Dance" game-worn jersey | Eastern Conference Semifinals Game 2
Estimate: US$800,000 - 1,200,000
Hammer Price: US$750,000
Sold: US$960,000
Lot 102 | Cristiano Ronaldo 2024 UEFA European Group Stage Match Worn Jersey
Estimate: US$30,000 - 50,000
Hammer Price: US$32,000
Sold: US$38,400
Lot 105 | Cristiano Ronaldo 2024 UEFA European Championships Group Stage match-worn jersey | Record-breaking 6th Euros appearance
Estimate: US$30,000 - 50,000
Hammer Price: US$20,000
Sold: US$24,000
Lot 104 | Cristiano Ronald 2024 UEFA European Championships match-worn and signed boots | Matched to 2 games | Record-breaking 6th Euros Appearance
Estimate: US$30,000 - 50,000
Hammer Price: US$28,000
Sold: US$33,600
The First-ever International Auction in Saudi Arabia
Auction House: Sotheby's
Sale: Origins
Date: 8 February 2025
Number of Lots: 117
Sold: 77
Unsold: 40
Sale Rate: 66%
Sale Total: US$17,283,840