London Conference Discusses Contemporary Middle Eastern Art
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http://www.telegraph.co.uk/: Unlikely as it may have seemed seven years ago, following the September 11 terrorist attacks, many people in the art world are now asking: is contemporary Middle Eastern art the next big thing? This was the subject of a conference held recently in Asia House in London. And, with an unprecedented number of exhibitions and auctions of Middle Eastern art looming on the calendar, its timing could not be better.
The conference was organised by ArtTactic, an online research facility founded by former JP Morgan banker Anders Petterson, which publishes analysis of emerging markets at auction. According to its latest report, the volume of modern and contemporary Arab and Iranian art at auction has increased from £1million in 2006 to £17million so far in 2008, a figure that could more than double by the end of the year. Average prices, says the report, have increased by 260 per cent over the same period.
The boom began with Christie's first auction in Dubai in March 2006, followed by Bonhams' inaugural Dubai sale in March this year. Sotheby's has long held specialised sales in London, but has just established an office in Qatar, and will be touring highlights from its Oct 23 sale in Dubai, Abu Dhabi and Doha. Phillips de Pury & Co has also just appointed a director for its new office in Dubai. All of which amounts to significant investment in the market.
In addition to the next round of sales in London and Dubai, some artists who were barely known three years ago are receiving special treatment. During the Frieze Art Fair, both Phillips and Christie's will be including Middle Eastern artists in their international contemporary art sales.
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