Dubai’s rapid financial growth in the past decade led many to believe that it will become the next art hub with all the disposable income in the area.

The enthusiasm may be premature with reported low revenues from both Bonhams and Christie’s since 2008. Bonhams no longer holds auctions in Dubai and instead has a liaison office in London. Matthew Girling, Chief Executive for UK and Europe at Bonhams said:

“I realized if we stayed in Dubai we’d be hit more than we would in London. We’ve got clients all around the world and a lot of them travel. You don’t necessarily have to put the auction in Dubai to reach out to them.”

While the art scene in Dubai is still at its infancy, there is a steady growth of collectors from the Middle East, especially younger collectors. According to Reuters:

Figures show that Middle Eastern collectors are increasingly becoming more influential players in the global art market, no matter where they are based, however.

Middle Eastern clients accounted for 8 percent of Christie’s global auction turnover in 2011, the auction house said, up from 5 percent in 2010.

The inflated prices that were reached back in 2008 were unsustainable but lately there are “deeper base” of buyers who are strong supporters of Middle Eastern art. Young collectors are looking for works that they can relate to and that reflects the changing times. Collectors like Shaz Sheibani, who grew up in Dubai but went abroad to study, came back with a “fresh and broad world vision and are determined to be a part of the artistic transformation of the city.”

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