Works by René Magritte, Fernando Botero, and Refik Anadol will headline Sotheby’s debut sales event in Riyadh, Saudi Arabia. Featuring around 100 lots, the two-part auction on February 8 will be held at Diriyah, a UNESCO World Heritage site, and include works by canonical artists from the West and pioneering Arab artists, as well as luxury items such as jewelry and watches, handbags, and sports memorabilia.
The sale marks the first international auction in the kingdom’s history, according to the auction house. It will be a test of the strength of the Gulf art market amid increasing investment in the region.
“Many of the artists that we are bringing have never been exhibited in Saudi before,” said Ashkan Baghestani, the Sotheby’s specialist heading up the sale, explaining that the house wants “to show a new audience what Sotheby’s can offer, giving a taste of the various fields and artists we represent at auction, and giving them exposure on a fresh and exciting platform.”
Diriyah. Courtesy of the Diriyah Company.
The priciest lots on offer are sure-fire market bets. A Magritte gouache, L’État de veille (1958), is among the most expensive works, with an estimate of $1 million to $1.5 million. The Belgian Surrealist dethroned Pablo Picasso for the highest auction total in 2024, $312.3 million, following the record-setting $121 million sale of his Empire of Light (1954) at Christie’s last November.
The sale of Botero’s sculpture, Man on Horse, from the collection of the artist’s son, is also estimated to fetch between $1 million and $1.5 million, and comes to the block as the Botero market soars. According to the Artnet Price Database, the Colombian artist’s total auction sales more than doubled between 2020 and 2023.
In November, Sotheby’s New York sold Botero’s monumental Horse (1992) for $4.9 million, making it the most expensive sculpture by the artist to sell at auction and his second-highest auction price.
Other highlights include Giorgio de Chirico’s Due cavalli in riva al mare ($350,000–$450,000), a Wassily Kandinsky work on paper formerly in the collection of New York’s Guggenheim Museum ($250,000–$350,000), and works by contemporary market darlings such as Nicolas Party and Toyin Ojih Odutola.
Louay Kayyali, Then What? (1965). Courtesy of Sotheby’s.
Additionally, the auction features works by pioneering modern Arab artists, such as Louay Kayyali’s Then What? (1965), which is expected to set a record for the Syrian painter with an estimate of $500,000 to $700,000. According to the Artnet Price Database, Bonhams set the record for the artist just last June, when Fisherboy (1976) sold for $341,080 in a Modern Middle Eastern art sale in London.
One of the largest works by Samia Halaby to ever come to auction is also on offer. The Palestinian-American artist’s abstract Blue Trap in a Railroad is estimated to fetch $150,000 to $200,000.
Making its auction debut is a 1960s ceramic work by Lebanese poet, writer, and painter Etel Adnan ($80,000–$120,000).
In a nod to Diriyah Art Futures, a new media art hub that opened in December, the auction will also feature digital art, led by Refik Anadol’s Machine Hallucinations: Mars ($800,000–$1.2 million). The A.I.-generated work uses data from a space telescope to create shifting imaginary landscapes of the red planet.
Samia Halaby, Blue trap in a railroad station (1977).
Top luxury and collectible lots include an Olympics-worn prototype Richard Mille watch, estimated between $1 million and $1.5 million, made as a unique piece for world champion sprinter Yohan Blake, and a jersey worn by Michael Jordan during his final season with the Chicago Bulls ($800,000–$1.2 million).
Every evening during the weeklong exhibition in advance of the auction, Sotheby’s will host a talk or panel discussion on topics like how to start collecting, Middle Eastern art, and Pop Art, and masterclasses on jewelry, watches, and handbags.
“In doing so, we hope the auction will not only enable a greater understanding of the international art market, and inspire a generation on starting their own journey,” Baghestani said. “We want to show the art community in the region that we are invested and involved for the long term, and this is something we are excited and passionate about.”
Riyadh’s Al Faisaliyah Center, where Sotheby’s will open a new outpost. Courtesy of Sotheby’s.
Sotheby’s announced the sale in November, noting that it officially incorporated in Saudi Arabia in late 2023. The house plans to open an office in the Norman Foster-designed Al Faisaliah Tower in Riyadh’s financial district. The news came just weeks after Christie’s announced its plans to open an outpost in Riyadh.
The house’s financial situation has been the subject of scrutiny in recent years, amid a global contraction in auction sales. Despite securing a $1 billion investment from an Abu Dhabi sovereign wealth fund in 2024, Sotheby’s made deep cuts to its head count in December, laying off some 100 employees around the world. Offices in Moscow and Bangkok were also shuttered. Masumi Shinohara was recently appointed head of Sotheby’s Asia, following a leadership reshuffle in the region.