Qatar--world’s biggest buyer of contemp art
For the past six years, the small, energy-rich Gulf states have been behind most of the major modern and contemporary art deals. According to the Art Newspaper,Qatar has become the biggest buyer on the market in terms of art value. The state’s purchasing policy is partly based on the advice of a number of Western art professionals.
With the help of consultants who buy directly from resellers and auction houses, Qatar is building a high class contemporary art collection. The country has attracted many art market experts, such as the President of Christie’s, Edward Dolman, who has been appointed Executive Director of the office of the Emir’s daughter, who is a powerful influence on the country’s acquisition policy. Edward Dolman will also join the board of trustees of the Qatar Museums Authority (QMA), which oversees museums and cultural initiatives in the country and which is chaired by the Emir’s daughter, Sheikha Al Mayassa.
Dolman will be in charge of acquisitions, hereby expanding the network of Qatari Museum. These museums are directed by art historian and former Director of the Rhode Island School of Design, Roger Mandle.
Eminent French stockbroker Philippe Ségalot, is said to behind most of the modern and contemporary art sales in Qatar. The country has commissioned an important project from Richard Serra, is preparing a Jeff Koons exhibition and partly financed Takashi Murakami’s exhibition in Versailles, which should be presented in Doha in 2012. Roger Mandle supervised these commissions.
Finally, the Emir’s cousin, Sheikh Saud Bin Muhammad Bin Ali Al-Thani, has always been passionate about art and is one of the ten most important collectors in the world, according to ARTnews.
Source: http://www.artmediaagency.com/en/22631/qatar-the-world’s-biggest-buyer-of-contemporary-art/
Art is a potentially great investment (if you or someone you know knows what they are doing). It is far more interesting to look at than a portfolio.The main thing is choosing something that you enjoy.
A good move.. Art , although subjective is a great investment for the long run..
Having seen a small selection of the art bought - some of it is very, very nice and some is not so good - but as investment pieces go - great buys. The Qatari's doing this is like somebody putting away Christmas presents - in other words they are saving most of it for grand openings. It may not be their culture but at least soon there will be places to go and visit where we can enjoy stunning artwork. They are also buying books, pottery, glass work and ceramics. Interesting times ahead :-)
On a much smaller scale "contemporary" art is big in India as well...a friend of my cousin's in Bombay regularly goes "shopping" with my cousin because the guy doesn't have a clue,my cousin is slightly better & knows at least the big Indian artists & has some level of taste BUT this guy has WAY more money than he knows what to do with(just like some countries we know!) & his accountant told him art would be a good investment so he buys these expensive pieces then asks my cousin to keep them for him,he says they will look far better in my cousin's tastefully done living room than in his own garish,kitschy,loud one!...moral of the story,money can buy you the art,NOT the taste & the class to pick it which is why you would need to rope in people with that taste & class to do the picking/buying for you!...