Trade in works of art hits Dhs10.6b

The UAE saw 51 per cent increase in works of art, collectors’ pieces and antiques trade commodity in 2019, hitting a value of Dhs10.6 billion against Dhs7.00 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 Dhs7.3 billion, compared to Dhs4.6 billion in 2018.

Re-exports were valued at Dhs3.25 billion, a growth of 40.7 per cent from Dhs2.31 billion in 2018, while exports declined from Dhs117 billion to Dhs60 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 centre for commercial art, investing significantly in international, large-scale collaborations, and connected local creators to an international arts scene. Abu Dhabi General Administration of Customs revealed recently that the value of Abu Dhabi trading in precious metals and gemstone increased to Dhs5.42 billion within the first quarter of the current year 2020 with a rate of 34.4 per cent compared to the same interval of 2019 estimated at Dhs4.03 billion.

Such increase in Abu Dhabi trading in precious metals and gemstone is backed by an increase in imports estimated at Dhs2.19 billion comparable to Dhs514.55 million in the same interval of 2019, the customs administration said in a statement.

WAM