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Art and the deal: market slump pushes galleries to the Gulf

Earlier this month, Art Basel launched its Gulf edition in Doha, with the chief executive citing market evolution in Asia and the Middle East as reasons for entering the region.
Faced with falling sales in traditional centres, organisers looked to alternative hubs, as the 2025 Art Basel/UBS report estimated global sales at $57.5 billion in 2024, a 12 percent decline.
Galleries showcased Christo’s 'Wrapped Oil Barrels', which Yavachev said 'He really liked the proportion of this very simple, everyday object,' and Hazem Harb's keys referenced the Nakba.
Gagosian's Andisheh Avini said the Gulf offers long-term potential for galleries, noting Doha fair visitors included Qataris and regional buyers from Saudi and beyond.
Massive public spending on museums places the Gulf as a potential new market hub, as Gulf states and Saudi Arabia have invested billions to diversify economies and boost tourism.

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