UAE trade in works of art hit AED10.6 bn in 2019
ABU DHABI: The UAE saw 51 percent increase in works of art, collectors’ pieces and antiques trade commodity in 2019, hitting a value of AED10.6 billion against AED7.00 billion in 2018.
In a trade figures report released by the Federal Competitiveness and Statistics Authority, the total imports of works of arts in 2019 reached approximately AED7.3 billion, compared to AED4.6 billion in 2018.
Re-exports were valued at AED3.25 billion, a growth of 40.7 percent from AED2.31 billion in 2018, while exports declined from AED117 billion to AED60 million during the reference period.
Uniquely poised between East and West, the UAE has emerged as a global juncture for the arts over the past few years.
Thanks to the nation’s economic boom, creative minds, including art collectors and museum professionals, have opted to stay in the Emirates, which, thanks to the leadership’s forwarding thinking strategies, has turned to be a center for commercial art, investing significantly in international, large-scale collaborations, and connected local creators to an international arts scene.