Gulf Region Keeps Art Investments Alive
While alternative investments like paintings or diamond jewelry struggle elsewhere, the market for passion assets remains buoyant in the Gulf Arab region. Petrodollars are not the only driver.
Written by Gérard Al-Fil, Dubai
In early August, the Dubai International Financial Center (DIFC) called artists from across the globe to submit their artworks for the 20th edition of the DIFC Art Nights in November. The Middle East's biggest financial free-trade zone has every reason to put itself into the global limelight.
East meets East
«Whether it comes to modern art or traditional masterpieces, the market for paintings, sculptures and also digital art keeps growing in the Gulf region», says Nicole Lin, senior art gallery director at Samia Art gallery in Dubai, whose career brought her to Beijing, Berlin and New York.
The gallery’s founder, Tian Yuemin, recently invited 82 artists from China to exhibit their artworks and drew ample interest from Arabs. Tian is a renowned sculptor whose horse sculptures sold out when he exhibited them at the world’s top horse race, the Dubai World Cup, back in April this year. At the last edition of DIFC Art Nights, Samia Art was exhibiting too.
Art Basel Goes With The Trend
According to Lin, Tian continues to receive orders from sheikhs and CEOs to create a bust for them.
The rising trend has also motivated the most prestigious fair, Art Basel, to set foot in the oil-rich region. Art Basel will hold its first exhibition in the Qatari capital, Doha, from February 5 to 7 next year at M7, a creative hub.
Auction houses remain bullish for the region, too. Edward Gibbs, chairman of Sotheby’s Middle East and India, told the World Art Dubai magazine in June that the number of bidders from the region has grown by 70 percent over the past five years.
Struggling Elsewhere
The vibrant art market stands in contrast to the struggling art scene in other regions.
«Galleries in Europe, China, and the USA are sitting on paintings and sculptures,» Germany’s FAZ wrote in September last year, citing geopolitical uncertainties that keep investors on the sidelines.
Wealthy Arabs and Expats
So what drives the appetite in the Middle East? According to the latest EY wealth management report released in July, amid market volatility and geopolitical challenges, «GCC investors are more cautious and proactive, emphasizing transparency, cost clarity and tailored offerings». The study also found that the number of high net worth individuals seeking philanthropic and art advice has risen by 13 percent year-on-year.
In addition to wealthy local Arabs, the Gulf area continues to attract more and more «happy few» from abroad.
According to «The National News Abu Dhabi», «The United Arab Emirates is poised to attract 9,800 new millionaires in 2025, more than any other state globally.» Meanwhile, Dubai nowadays hosts over 81,200 millionaires, 12 percent more than last year.
Prominent names like Hollywood actress Lindsay Lohan, Bollywood star Shah Rukh Khan or Swiss tennis legend Roger Federer already call Dubai their home, or they own property in the hub. This influx of wealth translates into a growing demand for a lavish lifestyle in villas and mansions, and that includes pricey paintings for the interior walls.
Gold Jewelry Demand Still Strong
Aside from oil paintings and digital printouts on canvas, diamonds and jewelry have not lost their shine, said Amit Dhamani, CEO of Dubai-based jewelry chain Dhamani, which has been in the UAE since 1969.
Although the ounce of gold climbs from one all-time high to the next, non-resident Indians (NRIs) continue to add chains and rings made of the yellow metal to their portfolios for safety.
* Artists who aim to participate in the DIFC Art Nights from 13-16 November 2025 at Gate Village, Dubai, can submit their work until September 15 through this website.
