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Qatar Is Spending More Than Anyone Else on Art

5 years ago24 views

GeoBeats

Geo Beats

The international fine art market has seen some record breaking prices for paintings and art pieces, and the buyer is reportedly the tiny country of Qatar.

While the U.A.E may grab much of the media headlines for its wealthy individuals, the neighboring country of Qatar is just as active.

The international fine art market has seen some record breaking prices for paintings and art pieces, and the buyer is reportedly the tiny country of Qatar.
The highest price ever paid for a painting was reportedly 250 million dollars for Cézanne's ‘Card Players’ which sold in 2011.

Leila Heller, a New York dealer with many Middle Eastern artists said that the chairwoman of the Qatar Museums Authority wants to make the capital "Doha a hub for art in the region, where people don't necessarily have to fly to New York and to Paris and to L.A. to see great shows.”

Estimates say that Qatar is spending up to 1 billion dollars a year acquiring pieces by Francis Bacon, Andy Warhol, Jeff Koons, and Roy Lichtenstien.

By comparison, the Museum of Modern Art in New York City spent 32 million dollars during their fiscal year ending June 2012, and the Metropolitan Museum of Art spent 39 million on art collections.

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