A surge in interest and investment in contemporary art
The growth and interest in contemporary art investing in the UAE, Dubai, the dazzling city of the United Arab Emirates (UAE), is a hub for luxury and innovation and a thriving centre for arts and culture.
Over the years, the city has seen a remarkable surge in interest and investment in contemporary art. This growth is attributed to the convergence of personal wealth, growing investment knowledge[1], and the government’s commitment to invest almost $5.3 billion in arts and culture[2].
Market expansion
According to a report by CNN, the UAE’s interest surge in the art market is incredibly strong, with participation up by 157%[3]. This increase is credited to the evolving Middle Eastern art market, where many collectors and investors are showing keen interest in regional modern or contemporary art[4].
The growth of the Middle Eastern art market has encouraged establishing larger, less commercial cultural institutions that bridge the gap between art and the public[5]. As a result, the art scene in Dubai is continuously expanding, attracting both local and international artists.
Investing in art
Art is now widely viewed as a high-profile investment in Dubai[6]. It offers an alternative for investors who might not want to put their excess funds into traditional investment avenues. The booming secondary art market revolving around emerging contemporary artists is impressive, providing substantial returns for investors[7].
Moreover, the UAE’s recent commitment to investing in arts and culture, including new and unique event spaces to showcase contemporary art, paints a new picture of the Middle Eastern art scene[8]. This investment boosts the local art scene and contributes significantly to the city’s global image as a cultural hub.
Promoting contemporary art
Dubai’s arts infrastructure includes major art events like Art Dubai and the Jameel Arts Centre and galleries like the Green Art Gallery[9]. These platforms are crucial in promoting contemporary art, attracting global attention, and fostering a culture of art appreciation.
In addition, local artists are aligning classic Middle Eastern art codes with cutting-edge flair to create visually compelling works[10]. This blend of traditional and modern elements contributes significantly to the growth and interest in contemporary art in Dubai.
The growth and interest in contemporary art investing in UAE and Dubai are rising. This growth is fuelled by evolving market trends, substantial investment, and a vibrant infrastructure supporting contemporary art. As such, Dubai’s contemporary art scene is set to flourish further, promising to offer unique opportunities for artists and investors alike.
Looking to build your contemporary art portfolio?
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Source data:
[1] The new wave of contemporary art in the United Arab Emirates
[2] How young artists are painting a new picture of the Middle Eastern
[3] Dubai’s art market is hotter than ever
[4] Trading places: the new Middle East market
[5] How Abu Dhabi Fostered a Burgeoning Contemporary Art Scene
[6] Looking to invest in art in the UAE? Here’s what you need
[7] Why the Middle East is investing in contemporary art
[8] UAE leads the way as Middle East art market blossoms
[9] After Investment in Arts Infrastructure, Dubai Grows Into Itself
[10]A guide to contemporary Middle Eastern art in Dubai
