Sotheby's 'Origins' Inaugural Art and Luxury Auction at Diriyah Tops $17 Million

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Sotheby's 'Origins' Inaugural Art and Luxury Auction at Diriyah Tops $17 Million

Sotheby's first-ever live auction in Saudi Arabia, held as part of a week-long celebration of art, luxury, and culture, ended on a high note with extraordinary sales surpassing $17 million. The "Origins" auction, held on February 8th in collaboration with Diriyah Company, saw competitive bids from collectors across 45 countries, including the GCC, Europe, Asia, and the Americas.

The event, hosted at the iconic Bujairi Terrace, was attended by over 250 guests, marking a historic moment for the Kingdom’s cultural landscape. The auction featured works from various categories, including international art, modern and contemporary Arab art, sports memorabilia, and luxury items. A third of the lots were purchased by buyers within Saudi Arabia, underscoring the growing appeal of art and luxury in the Kingdom.

Notable sales included works by some of the world’s most celebrated artists. Among the standout pieces, Fernando Botero’s Society Woman sold for $1 million, while Banksy’s Subject to Availability fetched $1.2 million. René Magritte’s L’État de veille also sold for $1.2 million, and Picasso's Fleurs exceeded expectations, going for $204,000—more than three times its estimate.

The auction also made waves in the Arab art world, with works by Saudi artists smashing records. Abdulhalim Radwi's Bustling Market Scene from 1984 set a record, selling for $264,000. Louay Kayyali’s Then What?? sold for $900,000, setting a record for the artist.

Sports memorabilia also attracted attention, with a pair of UEFA European Championship-worn boots signed by Cristiano Ronaldo fetching a record $33,600. Luxury items also stole the spotlight, with a diamond Himalaya Birkin by Hermès selling for $336,000—well above its estimate.

Prior to the auction, Sotheby’s hosted a free public exhibition that drew almost 2,500 visitors, alongside daily panel discussions with prominent figures from the world of art and culture, attended by over 700 people.

Jerry Inzerillo, Group CEO of Diriyah Company, shared his excitement about the event’s success, noting, “The decision by Sotheby’s to host Saudi Arabia’s first international art auction in Diriyah reinforces our commitment to making Diriyah a global hub for arts and culture. The record-breaking results are a testament to the Kingdom’s growing interest in fine art, culture, and luxury.”

Ashkan Baghestani, Head of Sale for Fine Art at Sotheby’s, added, “This auction marks a historic milestone in Saudi Arabia’s cultural journey, set against the rich backdrop of Diriyah. The incredible results reflect the growing appetite for art in the region, signaling a bright future for the Saudi art market.”

Diriyah, a 14-square-kilometer destination steeped in Najdi cultural heritage, is set to attract 50 million annual visitors and become a global beacon for arts and culture. With plans for 9 museums, the Royal Diriyah Opera House, the Diriyah Arena, and a variety of cultural institutions, Diriyah is firmly on its way to becoming a world-class destination for culture and the arts.