Billionaire collectors splashed out in Dubai as galleries reported stronger sales and a growing interest in Middle Eastern art.
Business at Art Dubai was better than last year, when the global economic crisis depressed sales, said dealers. Buyers shrugged off worries about political unrest and natural disasters that held back business at the world’s largest art- and-antiques fair, Tefaf, taking place in the Netherlands.
Art Dubai, a bellwether for contemporary and Middle Eastern art, this year featured 82 galleries from 34 countries. Fair organizers said “several hundred” galleries applied to participate, and 80 percent of them reapplied from last year. Artworks were priced from $5,000 to $1 million.
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