Despite Recession, Islamic Art is Selling Well

Posted by Original Fine Art Gallery at 5/7/2008 1:36 PM and is filed under Art in the News

The price of oil  has quadrupled within the last four years. And the same Goldman Sach's analyst who, in 2005, with oil then priced at $55 per barrel predicted $100 per barrel oil, this week forecast $200 oil within the next two years; $150 likely within the next six months. What relevance does this have to art? Well, when you consider that a large component of the new wealth currently supporting the strong art market comes from the oil producing nations, it's very relevant.



The rise in the Contemporary Art market has been driven in large part by a determination of the world's wealthy to accumulate artistic treasures which are a hallmark of their own time and culture.  Historical significance has taken a definite backseat to the stories relayed thru the art of contemporary artists. 

Despite recent and ongoing financial travails, new records continue to be set for contemporary work, particularly Islamic art at auction. The recent Christie's auctions in Dubai were a huge success with the auction house tallying over $20 million in sales, and several artists from the Middle East establishing new records for their work.  The results are even more impressive when you consider the ramp in sales: Christie's first three sales in the region raised $8.5 million, $9.4 million, and $15 million, respectively. 

Six pieces by Iranian artists were among the seven most expensive works and given that 77% of the auction's total buyers came from the Middle East, it seems clear that going forward the work of artists from the emerging markets will continue to garner increasing attention. 

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