Art Moves to the Middle East

Not only have the Gulf States survived the financial crisis relatively intact, but apparently they also get to reap the spoils from the suffering West. Christie’s is opening a $40 million auction of Middle Eastern art and jewelry in Dubai this week, as the art market seeks refuge in one of the regions least affected by the global crisis. Bonhams held its inaugural auction in Dubai in March, while Sotheby’s recently opened an office in Qatar and Phillips de Pury & Co. named a director for its new office in Dubai. Since opening its auction house in Dubai in 2005, Christie’s has held four auctions that have raked in over $100 million. The number of Middle Eastern buyers at Christie’s has risen 400 percent since 2004, and the area now rivals Russia in terms of sales.