Sotheby’s officially launched its Dubai outpost today in a ribbon-cutting ceremony helmed by H.H. Sheikh Nahyan Mabarak Nahyan, minister of culture & knowledge development, and Sotheby’s CEO Tad Smith.

The opening comes during the same week as the 11th edition of the international art fair Art Dubai, which this year includes 92 galleries from 44 countries.

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The auction powerhouse opened its Dubai location in the wake of a 30 percent growth in the number of buyers in the region over a five year period, and a 41 percent increase in sales of Middle Eastern art to regional clients in the past year alone.

The new branch joins a network of 80 offices across 40 countries. To mark the inauguration, Sotheby’s has staged an exhibition—its largest to date in Dubai—in the space’s new gallery, featuring highlights from the forthcoming auction season, works from artists working in the Middle East as well as historical pieces, and a collection of jewellery and watches. In addition to shows, the gallery will house a year-round series of events and talks.

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“As our company evolves to meet the needs of every aspect of the art and luxury market globally, we’ve seen particular traction with our Middle Eastern clients,” said Edward Gibbs, Sotheby’s Middle East & India Chairman, in a statement.

“Our Dubai office enhances our ability to serve our fast-growing community of clients across the region and is geared to broadening the scope of what we offer to a whole new audience,” he added.