Sotheby’s will launch its first auction series in Abu Dhabi this December as the emirate steps up its bid to become a global destination for art and luxury.
The Abu Dhabi Collectors’ Week, running from Dec. 2 to Dec. 5, will centre around auctions spanning jewellery, rare timepieces, collector cars and real estate, according to a release.
The auction series follows sovereign wealth fund ADQ’s acquisition of a minority stake in Sotheby’s last year, aligning with Abu Dhabi’s push to position itself as a destination for art and luxury. The emirate has developed several marquee projects in the Saadiyat Cultural District, including the Louvre Abu Dhabi and the soon-to-open Guggenheim Abu Dhabi.
Sotheby’s has seen strong demand from the Middle East, with United Arab Emirates-based buyers increasing 25 percent over the past five years.
“We believe it’s the perfect moment to bring local and international collectors together to experience Abu Dhabi,” said Josh Pullan, global head of luxury division at Sotheby’s.
Sotheby’s expansion comes as the UAE cements its status as a magnet for global wealth, attracting billionaires, hedge fund managers and crypto tycoons. The country’s richest families are projected to control $1 trillion by the end of next year, while Dubai’s financial hub hosts family offices managing more than $1 trillion in assets.
The auction series, featuring a rare 2010 Aston Martin One-77 estimated at $1.3 million to $1.6 million, will coincide with major city events like the Formula 1 Grand Prix and Abu Dhabi Finance Week.
Other highlights include the upcoming McLaren Formula 1 Team car chassis, a 2017 Pagani Zonda 760 Riviera expected to fetch up to $10.5 million, and a diamond collection worth over $20 million.
By Alex Dooler
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