Follow Vogue Arabia

The New York Times Announces What We Already Knew

qatarskylinecover

The New York Times has recently revealed to the world what many in our region have already known for a while now. With purchases like Rothko’s “White Center” for USD$70 million in 2007, Damien Hirst’s pill cabinet for USD$20 million, and Cézanne’s “Card Players” for USD$250 million in 2011, when it comes to landmark art purchases, few, if any, can hold a candle to the “tiny Persian Gulf country with enormous wealth and cultural ambitions to match” that is…drumroll please…Qatar.

The sister of the reigning Emir, Sheikha Al Mayassa’s budget is estimated to be USD$1billion a year, exceeding major international museums such as the Museum of Modern Art in New York City, which spent USD$32m on artworks from 2011-12. One should also note, however, that Qatar is playing a game of catch up relative to other institutions whose collections are already established and garner worldwide recognition. What will be done with such works is left for speculation and many are wondering if a new museum will be erected, or if the pieces will remain part of the Royal family’s private collection. In any case, once Sheikha Mayassa has had her fill, her spending habits will have already affected worldwide art sales, having driven prices up and up. And, if and when she does retreat, Sheikha Mayassa will leave a big hole in the art market, as at this point in time, it would not appear that anyone is in the financial position to fill the shoes of this young art aficionado.

Suggestions
Articles
View All
Vogue Collection
Topics