Sotheby’s Saudi Debut Raises USD 17 Million in Diriyah

Sotheby’s inaugural auction in Saudi Arabia, held in Diriyah, generated USD 17 million in sales, bringing together a diverse collection of artworks, luxury items, and sports memorabilia. The auction attracted participants from 45 countries, with Saudi buyers accounting for about a third of the total. More than 30% of the buyers were under the age of 40, reflecting a young and evolving art market.

The evening's top sales included Fernando Botero’s ‘Society Woman’, purchased for USD 1 million by Saudi businessman Amr Zedan. Banksy’s ‘Subject to Availability’ and René Magritte’s ‘L’État de veille’ each sold for USD 1.2 million, while a work by Saudi artist Mohammed Al Saleem reached USD 660,000 - three times its estimate. A painting by Huguette Caland sparked one of the night’s most intense bidding wars, with the final sale made over the phone. Strong interest was also seen in a Picasso work on paper and a James Turrell light installation.

Beyond fine art, the auction featured high-value luxury items and sports memorabilia. Cristiano Ronaldo’s signed boots and four jerseys collectively sold for USD 151,000, while a Richard Mille timepiece carried an estimate of USD 1 million to USD 1.5 million. Despite the strong sales, the total revenue fell slightly below the pre-sale estimate of USD 16 million to USD 22 million.