Editor’s Note
Sotheby’s is expanding its Middle East presence with its first major luxury auction in Abu Dhabi this December. The event will feature an opulent selection, including a rare 30-carat pink diamond, exclusive watches, and supercars.
Sotheby’s, which is strengthening its business in the Middle East, will hold its first major luxury auction in Abu Dhabi in December. The highlights of the lavish lineup include a pink diamond weighing over 30 carats, ultra-rare luxury watches, and supercars.
From December 3rd to 5th, Sotheby’s will hold its first major luxury auction in Abu Dhabi, the capital of the United Arab Emirates. Named Abu Dhabi Collectors’ Week, the sale will feature luxury watches, supercars, jewelry, real estate, and will also display “museum-class” art ranging from Old Masters to contemporary works.
In a statement, Sotheby’s said the timing of this auction, conducted in partnership with the Abu Dhabi Investment Office (ADIO), is expected to be “the busiest and most dynamic week in the Middle East region.” This is because the same week will see the F1 Abu Dhabi Grand Prix, the Milken Institute’s Middle East and Africa Summit, as well as conferences like Abu Dhabi Finance Week and Bitcoin MENA.
Josh Pullan, Global Head of Luxury at Sotheby’s, shared his aspirations for the December sale with ARTnews US:
In February of this year, Sotheby’s held Saudi Arabia’s first international auction, and Abu Dhabi Collectors’ Week will be a large-scale sale following that. According to a report by the Dubai-based retail giant Chalhoub Group, Sotheby’s is strengthening its business in the region, aiming to tap into the booming Middle Eastern luxury market. The report indicates that the regional market grew nearly 6% year-on-year last year to close to $13 billion.
This strategy appears to be working. Sotheby’s reported earlier this year that the number of buyers from the Middle East reached a record high in 2024. Katia Nounou Boueiz, Sotheby’s UAE Country Head and Vice Chairman for the Middle East, stated:
A particular highlight of the December auction is the large, slightly orange-pink diamond named “Desert Rose.” It is a 31.86-carat pear-shaped diamond, the largest of its kind ever graded, described as “a unique piece with a sunset-like glow blending pink and orange, significant both aesthetically and gemologically.” Its estimated price is $5 million to $7 million.
Additionally, a rare Rolex Cosmograph Daytona “Oyster Albino” from the late 1960s to early 1970s carries an estimate of $500,000 to $1 million. Among the supercars, a 2017 Pagani Zonda 760 Riviera is expected to be offered with an estimate of $9.5 million to $10.5 million.
Sotheby’s push into the luxury sector comes against a backdrop of a sluggish fine art market. While the company has not disclosed its first-half 2025 results, a spokesperson told ARTnews US that its consolidated luxury sales in 2024 exceeded $2 billion for the third consecutive year, accounting for one-third of its total $6 billion in sales. This represents a threefold growth since 2019, maintaining an industry-leading position. The spokesperson added that within the private sales division, luxury sales grew 350% year-on-year.
Sotheby’s relationship with Abu Dhabi is deep. In November last year, Abu Dhabi’s state-owned investment company ADQ announced a strategic $1 billion capital injection into Sotheby’s. This investment is intended to help improve Sotheby’s financial position and lay a solid foundation for the future.
Sotheby’s CEO Charles Stewart is said to be aiming to evolve the company from being confined to the art world into a global luxury brand, with the pivot to the Middle East being part of that strategy. Noura Al Foori, Head of Retail at ADIO, Sotheby’s partner, emphasized the significance of the December sale in a statement:
