Private online auctions: Future Art-market in the United Arab Emirates and On Global Arena

Exponential growth market art in UAE: what drives changes?

United Arab Emirates (UAE) gained world fame as the cultural and economic center of the Middle East. Since opening art-fair Art Dubai in 2007, there has been significantly growing interest in private online auctions. The development of the internet and development technologies contributed to the penetration of digitalization on market art, transforming ways of trading and interaction with collectors and sellers. If you want to plunge into world art, you can buy paintings online.

From where appeared private online-auctions?

Private online auctions became a response to a need for exclusivity and confidentiality, especially in the cultural environment of the UAE, where luxury and personal signature collectors play key roles. They seem especially attractive to regional collectors and investors, who highly value combination uniqueness and privacy.

Who forms the market? Key players in UAE

• Artiana: one of the first platforms providing access to rare works of art, supporting standards of anonymity and security.
• Sotheby’s Private Sales: tempts collectors and sellers with unique deals, combining a modern approach with classic values.

Strategic advantages private online-auctions

1. Confidentiality: Anonymity participant’s trades provide convenience for collectors, avoiding excessive attention and pressure from society.
2. Exclusivity: Unique lots and offered works can rarely appear on the open market, which makes platforms attractive for true connoisseurs.
3. Global access: The COVID-19 pandemic emphasized the importance of online connections, allowing from any point in the world to participate in auctions without the necessary physical presence.

What barriers on the way will arise?

Despite numerous merits, there exist aspects that are causing concern. The main challenges include the following:

• Trust: Absence of physical inspection can reduce certainty in quality works, which requires a reputation and reliability platform.
• Security: Digital environment increases risks of data leaks and cases of fraud, requiring new levels of protection and ensuring transparency deals.

Influence online-platforms on traditional auctions

Private online auctions have made adjustments in the traditional art market in the UAE. Traditional auction houses, such as Christie’s and Bonhams, have begun to implement digital technologies, combining familiar methods with innovative subscription solutions, which allow for a wider audience coverage. More about this can be read in an article on The National News.

What will be future?

With the development of blockchain technologies and virtual and augmented realities, platforms will strive for a more integrated and interactive user experience. Specialization and niche offerings will become key growth factors.

Private online auctions continue to open doors to world-boundless possibilities for collectors and sellers in the UAE. However, to maximize the benefit from these possibilities, players must consider all aspects — from trust and security to accurate assessment works, carefully choosing platforms with deserved reputations. Learn more about cultural strategy UAE can on Dubai Culture.