Fresh off closing a $1 billion investment deal with Abu Dhabi’s Sovereign Wealth Fund, Sotheby’s is rolling out its regional strategy with a headline-grabbing announcement: the first-ever auction by the house—and the first international auction—in Saudi Arabia is set for February 8. Scheduled to take place in Diriyah, just outside Riyadh, a location described by Sotheby’s in their press release as “the ancestral heart of the nation,” the two-part evening auction promises to be eclectic in its offerings. Alongside Saudi fine art and masterpieces from the international art canon, Sotheby’s will also showcase collectible luxury items, from jewelry and watches to cars, sports memorabilia and handbags.

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“This is a very dynamic time for culture in Saudi Arabia,” according to Sotheby’s CEO Charles F. Stewart, who added in a statement that the auction house “has been active in the Kingdom for a number of years now, and we’ve witnessed the blossoming of the cultural scene with great interest. In committing to a physical presence in Riyadh, we’re supporting the enrichment of the country’s artistic landscape, which will empower the large youth demographic of Saudi Arabia.”

Indeed, Sotheby’s has laid the groundwork for this expansion over the past decade, as noted in the detailed press release accompanying the announcement. The auction house has already hit the rostrum for charity auctions, backed the Kingdom’s first Contemporary Art Biennale in 2022, supported last year’s inaugural Islamic Arts Biennale in Jeddah and partnered with the Diriyah Biennale Foundation on the public program for their 2024 inaugural edition. The auction house’s steady presence has........

© Observer