After a record few years for international and regional art, we ask the Michael Jeha, managing director of Christies Middle East, if the boom times will continue
Is it true that the big collectors that drive the art world?
One thing I want to say is that there are a lot more collectors today than there were ten years ago. It’s quite impressive, the sheer number of new collectors on the market. This is one area where the whole industry has benefitted, serving new collectors from places like the Middle East, China, South America and India. There are a lot of locations with new wealth, and they bring with them new collectors.
The past few years have been great for art, with a record number of pieces sold for record prices. Is this the year that bubble finally bursts?
I wouldn’t say that there’s been a bubble. I would challenge that notion entirely. I would say there has been a steady rise in the last eight years, since the markets went down in 2008. But there has been quite a steady rise since then. It’s true, the art market is cyclical like the wider economy, so nothing lasts forever. If the global economy contracts in 2016 and all the markets go as well, the art market will follow suit. That’s just the way it works.
Surely that effects auctions and sales?
We try and focus on putting on very curated sales, like what we did in Dubai for our tenth anniversary. We put together carefully curated auctions that are very high quality, and not necessarily high in volume. When I say quality, I don’t mean price either. Some people misunderstand that. Something can be attractively priced buy still very high in value. If our auctions are focused on quality, then there will always be enough collectors who want to be involved.
Walking in to an auction can be daunting. It’s loud, there’s a man with a hammer at the front of the room… How do you teach first-time buyers what to do?
There is a lot more of an educational component with what we do here in Dubai. More so than in the more mature markets. We don’t assume everyone knows what to do, which is why we usually have a two-day education seminar around about the same time as the auctions. We also encourage collectors and new enthusiasts to ask us questions. We explain the process, the bidding procedure, and things like that. But it’s like riding a bike. Once you know how, you never forget.
There are auctions all over the world. London, Geneva, Hong Kong and obviously Dubai. Who decides what pieces go where?
We sell a number of categories here in Dubai. Obviously, we focus on modern and contemporary Middle Eastern art. That’s an easy one. When it comes to other categories, like watches or handbags and jewellery, we do that based on what we think collectors in the region are after. It goes back to curated sales. We don’t like the unknown, so we try and put collections together based around what we know those in the region are looking for. But you can always go online and bid at any auction, regardless of where it is in the world.
How does the experience compare?
It’s totally different. Being in the room is a lot more exciting. The atmosphere is there, and you can see and feel it in the air. You don’t get that when bidding online or on the phone. But there are some collectors who don’t like being in the room, because they don’t want to get caught up in the moment. They don’t want to be influenced in that way, or get caught up in it all.