Sotheby’s “Origins” Sale in KSA Raises Over $17 Million

Sotheby’s historic “Origins” sale in Diriyah, Saudi Arabia, has made waves across the global art and luxury market, raising an impressive $17.28 million. This milestone event, marking the first-ever auction held in the Kingdom, drew enthusiastic participants from 45 countries, with nearly a third of buyers hailing from Saudi Arabia itself.

The evening kicked off in grand style with a stirring opera performance by Saudi singer Reemaz Oqbi, setting the tone for an unforgettable event. The 250-seat amphitheater was packed, with many attendees opting to stand in order to witness this historic auction unfold. As the bidding began, collectors from around the world vied for exclusive works, culminating in some extraordinary sales.

Among the top lots of the evening, a series of high-profile works sold for over $1 million. Renowned surrealist René Magritte's L'État de veille and a piece from Banksy's 'Vandalised Oil' series, Subject to Availability, both sold for $1.2 million each. Meanwhile, Fernando Botero’s Society Woman fetched an impressive $1 million, highlighting the continuing global demand for these iconic artists. James Turrell’s The Light Underneath, sold for $660,000, and Machine Hallucinations, Space by Refik Anadol fetched $900,000, with the latter piece being acquired by the newly established Bity Foundation.

The sale also saw remarkable achievements in the realm of modern and contemporary Arab art, with new records set for artists like Abdulhalim Radwi and Louay Kayyali. Radwi’s Market Scene from 1984 achieved a record $264,000, while Kayyali's Then What?? brought in $900,000, further solidifying his place as a pioneer in modern Arab art. Other notable works by Saudi artists, including Mohammed Al Saleem’s abstract calligraphy-inspired painting, exceeded their estimates, collectively raising over $1.1 million.

The auction also underscored the growing recognition of Saudi Arabia’s own art scene, with works by artists like Ahmed Mater and Maha Malluh drawing significant interest. Mater's Illumination Diptych (Makkiah Tale) sold for $102,000, while Malluh’s Magadeer fetched $84,000.

In addition to fine art, the sale also featured a curated selection of luxury items. A spectacular pair of Graff earrings sold for $780,000, while a rare diamond Himalaya Birkin from Hermès soared to $336,000. Not to be outdone, a Cartier Crash watch, one of just a few ever produced, sold for $228,000, marking a significant moment in the luxury market.

In the world of sports memorabilia, the auction brought in a record-breaking $960,000 for a game-worn Michael Jordan jersey from the 1998 NBA playoffs. Cristiano Ronaldo’s match-worn jerseys also attracted intense bidding, with his 2024 UEFA European Group Stage jersey selling for $38,400.

This landmark event demonstrates Saudi Arabia’s burgeoning role as a cultural hub and a key player in the global art and luxury markets. As Ashkan Baghestani, Sotheby’s Head of Fine Art for the sale, commented, the results speak to the depth of appetite for art in the Kingdom and the region’s growing influence in the global market.

With record-breaking sales and a diverse array of works spanning fine art, luxury items, and sports memorabilia, the “Origins” sale has firmly positioned Diriyah as a new epicenter for the world’s finest art and luxury. As the Kingdom continues its cultural expansion, this event marks only the beginning of a new era for Saudi Arabia's art market.