소더비, 사우디 최초 경매 — 옛 수도 디리야에서 열리다

In February 2025, the world-renowned auction house Sotheby's held its first auction in Diriyah, Saudi Arabia. Founded in London in 1744, Sotheby's is considered one of the world's two great auction houses alongside Christie's. Over nearly 280 years of history, it has led the trade in fine art and collectibles, setting the direction of the international art market through auctions in major cultural cities including New York, Paris, and Hong Kong. Held under the title 'Origins,' the auction achieved a total of $17.3 million in sales, with collectors from 45 countries participating. Lots included jewellery and watches, contemporary artworks, and sports memorabilia. Notably, approximately one third of buyers were Saudi residents — demonstrating the growth and engagement of the local collector base.

▲ Sotheby's inaugural Saudi auction at Diriyah — Source: Sotheby's

Diriyah: Birthplace of the Saudi Kingdom

Diriyah, where the auction was held, carries special significance in Saudi Arabian history. In the early 18th century, Muhammad bin Saud settled here and established the first capital — the site is known as the 'birthplace of the Saudi Kingdom.' The historic district of At-Turaif, built in the traditional Najdi style of mud-brick architecture, is an urban heritage site listed as a UNESCO World Heritage Site in 2010. Now part of greater Riyadh, it continues to carry the historical identity of Diriyah as the capital of the First Saudi State.

▲ At-Turaif heritage site interior — Source: correspondent's own photographs

Today, Diriyah has transformed into a modern cultural district while preserving this heritage. The Diriyah Gate Project, driven by the Diriyah Gate Development Authority (DGDA), has become a leading example of combining heritage preservation with tourism development — creating the Bujairi Terrace alongside cultural venues, restaurants, and galleries. The Bujairi Terrace and At-Turaif face each other across the Wadi Hanifa valley: dining or walking at Bujairi Terrace, the ancient walls of At-Turaif are visible right before one's eyes.

▲ At-Turaif heritage site at night — Source: correspondent's own photographs

The Sotheby's auction was held in a 250-seat open-air amphitheatre within Diriyah. All seats sold out, with standing-room audiences adding to the charged atmosphere. Immediately before the auction, a preview exhibition of the lots was held at Bujairi Terrace, open to citizens and visitors alike. Works by world-renowned masters — René Magritte, Banksy, Fernando Botero — alongside pieces by leading Saudi artists including Al Saleem and Radwi were on display together, offering local audiences the rare opportunity to directly experience an international auction in person.

▲ Diriyah's Bujairi Terrace — Source: correspondent's own photographs

▲ (L) Sotheby's Origins preview exhibition poster; (R) exhibition entrance — Source: correspondent's own photographs

The auction also featured works by internationally acclaimed Western artists. A piece by René Magritte and one by Banksy each sold for $1.2 million, while Fernando Botero's work achieved $1 million. An installation by American minimalist master James Turrell sold for $660,000, and a work by Pablo Picasso sold for approximately $200,000. Digital artist Refik Anadol's Machine Hallucinations – Space sold for approximately $900,000, confirming the interest of a new generation of collectors.

Saudi Artists Take the Stage

Above all, the standout of this auction was the performance of Saudi artists. Mohammed Al Saleem — considered a pioneer of Saudi contemporary art — saw his work O' God, Honor Them and Do Not Honor an Enemy Over Them (1977) sell for approximately $660,000, three times its pre-sale estimate. Abdulhalim Radwi's Untitled (1984), representing Saudi modernism, sold for approximately $264,000 — a new auction record for the artist. Ahmed Mater's Illumination Diptych, Makkiah Tale (2012) sold for $102,000, and female artist Maha Malluh's Magadeer (2024) achieved $84,000 — all exceeding their pre-sale estimates.

▲ Works by Mohammed Al Saleem, Abdulhalim Radwi, Ahmed Mater, and Maha Malluh (left to right) — Source: Sotheby's

The fact that all four Saudi artists achieved meaningful results shows that the local art market is emerging as a serious arena for trade and investment, beyond exhibitions and festivals alone. It also confirms that the standing and potential of Saudi artists on the international stage is receiving ever-greater recognition.

The Saudi Art Market Steps onto the International Stage

This auction represents more than sales figures alone — it is a signal that Saudi Arabia is being incorporated into the landscape of the international art market, aligning with the cultural and tourism industry development strategy at the heart of Saudi Vision 2030. Following established auction hubs in London, New York, and Hong Kong, Diriyah is now attracting attention as a new base; Sotheby's has declared its long-term commitment by opening a permanent office at the Al Faisaliah Tower in central Riyadh. This is not a one-off event but a strategy to secure an ongoing presence in the Saudi art market. Within this movement, the points of contact between international collectors, local artists, and Saudi collectors are expected to continue expanding.