Art is alive and kicking in #Dubai — and so is the bigger business picture | Arab News

Art is alive and kicking in Dubai — and so is the bigger business picture | Arab News:

There are several ways to feel the economic pulse of Dubai. You can pore over statistics from the Department of Economic Development; you can look at the sales and valuation figures from the property agents and the Land Department; you can look at the financial indices from the emirate’s two stock markets.

But by far the most enjoyable, and also maybe the most reliable, is to attend the opening night of Art Dubai, the annual cultural extravaganza that has been going for 13 years now and has made the emirate the main artistic center of the region. I’ve been to 12 of those, and in my experience the event faithfully reflects the underlying economic sentiment of the city.

In the early days, there was almost a feel of the California Gold Rush about it, with serious money chasing works at big valuations. Then, during the 2009 financial crisis, it all went rather flat, with investors keeping their wallets in their pockets for all but the most precious works.