Art Dubai to raise investment in art

East meets West as artists from Ahmed Mustafa, Farhad Moshiri, and Fateh Moudarres to Andy Warhol, Damien Hirst, and Anish Kapoor share limelight next week at the second edition of Middle East's first and largest art fair.

As the regional and international art world shifts its focus to Dubai for the second edition of Art Dubai from 19- 22nd March 2008, held under the Patronage of His Highness Sheikh Mohammed Bin Rashid Al-Maktoum, Vice-President and Prime Minister of UAE, and Ruler of Dubai, art enthusiasts, collectors and investors can look forward to a celebration of all forms of contemporary visual art - paintings, sculpture, photography, video work, and large-scale installations -- to suit every taste and budget, reflecting the many cultures and the diverse demographics for which Dubai has become such an important hub.

Art Dubai's co-founder and fair director John Martin urged both private collectors and institutional art investors to get on the contemporary art buying ladder sooner rather than later given the rising sticker prices for pieces from the Middle East including Iran, India, Pakistan, China, and Latin America.

'Estimates from art funds, auction houses, galleries and other information sources indicate that the market for Arab and Iranian contemporary art could reach $30m this year, compared to the Indian art market at about $130m and Chinese art at more than $500m in 2008,' Martin said.

'If collectors want to own an outstanding work of Arab or Iranian art, or should corporate or government investors be on the lookout for museum-quality pieces for a local or national collections, the time to buy is now, before prices continue to rise -- fuelled by growing international demand.

Art Dubai presents collectors with a unique opportunity to buy the work of artists that are at the forefront of artistic innovation in the region and whose works must be considered a bargain, when seen from an international perspective. But they must act quickly. As soon as the major museums and institutions begin to wake up to the incredible talent in the region, private collectors may begin to see the doors closed and availability of the best works virtually drying up in the face of stiff competition from the major institutional buyers,' Martin continued.

Contemporary art is a global phenomenon in which artists participate at an international rather than national level. An Indian artist will have an exhibition in Beijing and work in London; a Chinese artist will work in New York and be exhibited by a gallery in Paris.

Attesting to the global interest in Arab and Iranian art at present, at least 20 of the almost 70 galleries participating in Art Dubai 2008 will be offering works by Middle Eastern artists, including galleries from London, New York, Beijing, Paris, Munich, and Zurich.

Art from around 50 artists from the Middle East region will be for sale during Art Dubai, from recent auction record-breakers such as Fateh Moudarres, Farhad Moshiri and Shirin Neshat to some completely unknown to the market and unseen for decades, establishing a strong and vibrant secondary market for Arab and Iranian art in the region. Alongside these emerging talents will be pieces by Andy Warhol, Damian Hirst, and Anish Kapoor, who will also be speaking at the Global Art Forum: 2 during the five-day fair.

'Contemporary art has already shown how effective it is as a cultural bridge, providing opportunities for artists and collectors from all corners of the world to become involved and make their own contributions. There is a sense that artists are creating a new global culture: French artists no longer make art for a French audience, just as Chinese artists no longer make art for a Chinese audience. Artists are part of this new internationalism and are making art for everyone. That is why so many artists are excited about the possibilities offered by Art Dubai, as it seems to embrace the most positive aspects of this new global culture,' Martin added.

'With prices for art ranging from the hundreds of dollars to millions of dollars, the second edition of Art Dubai will offer to collectors an extensive range of work from 70 of the world's top art galleries. Our comprehensive programme offers an unmatched opportunity for regional and international art collectors to interact with gallery owners, artists, and curators to learn more about global trends while enjoying the art on sale,' he concluded.