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Dubai: Auction house Christie's expects to generate $10 million in its sale in Dubai today of works by celebrated Arab, Iranian and Western artists, a spokesperson said.
The International Modern and Contemporary Art sale follows Christie's YouGovSiraj commissioned survey of more than 100,000 GCC residents, which revealed Gulf consumers' enormous appetite for artworks.
The survey showed that in the last year, 60 per cent of respondents had purchased some form of art. Paintings topped that list, followed by jewellery and watches.
In addition, about 40 per cent of respondents anticipated their art spend to increase over the next five years. Interest in and purchase of art is more pronounced among consumers older than 40.
"However, a pronounced increase in art's importance value among the under 30s suggests a sense of aspiration," Christie's said in its report.
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