Art is the new business trend

There are numerous art galleries in Dubai, and yet not one can offer space for an artist looking to put up an exhibit for at least the next eight months, according to Rita Nicola, an art instructor at the Dubai International Art Centre.

When she tried to book a gallery for an artist recently, they put her on a waiting list and it took almost a year to find a vacancy.

She says art has become a profitable business in the UAE and she thinks the country is witnessing the beginning of a period of unprecedented investment in art, with many Emiratis now choosing to study art themselves.

This despite the fact that just a decade ago not many seemed to take an interest in art, with people generally opting for opportunities in banking or real estate.

"I believe the new generation is highly educated and let's not forget that globalisation has played a genuine role in making [Emiratis] more open to different cultures and dare to take their interests to another level," explains Nicola, adding that women in particular are drawn to the subject. Art centres here have witnessed an unprecedented demand from Emirati women."

Currently the art centre in Dubai has 35 students. Most are women and for many she says, art is more than just a passing interest. "I have no doubt that they study [art] as a career path. Many of the female students say they look forward to investing in art as well."

This interest is also a lucrative one for those running the art galleries. The opening of Opera Gallery, the second in Dubai, at Dubai Mall, proves that there's a growing demand for art in this region. The gallery, which caters for internationally renowned artists as well as those who are less well known, already has branches in Paris, London, Geneva and New York, as well as other cities around the world.

Defying the downturn

But its opening at a time when many businesses are closing down is significant. General Manager Bertrand Epaud is enthusiastic about the art scene in Dubai and in particular the new Opera Gallery. He points out that Dubai Mall was carefully chosen as the location for the enterprise.

"In any business, location is one of the most important elements," he says. "After conducting research on the matter, we found out that Dubai Mall is considered the most popular mall in the emirate. Dubai has adopted a mall culture with people spending large portions off their time there and we wanted to be accessible to everyone. There's no better location for meeting customers in person, on a daily basis."

He adds that Dubai as a city is also the perfect location for an art scene as it provides easy access to many different parts of the world. "It has a wonderful geographic location that connects us with clients from different parts of the world, within a matter of hours, places like India, Tehran, and Beirut."

Creating interest

Opera Gallery has been highly successful as a business and Epaud puts this down in part to their willingness to try different approaches. "If customers don't come to us, we go to them," he says. "We at Opera Gallery are fully aware of how important the client is, and since we are the only gallery that owns masterpieces in the country, we decided this year to take paintings by the likes of Picasso and Renoir [and] organise temporary exhibitions in neighbouring countries, places like Oman, Doha, and Beirut.

"People in these countries are not used to coming face-to-face with original art works," he continues. "You can't believe the thirst for art in this region. The demand in Oman exceeded our expectations; we had a total of 2,000 visitors. Those temporary exhibitions gained us a lot of recognition and added new customers to our database in the middle of the financial downturn," he adds.

Persuading Emiratis to invest in art is relatively easy these days, according to Epaud. "Recently the BBC filmed in our gallery at the DIFC and this point was discussed. There are two approaches to buying art here. One is the safe form of investment, which means that you invest in a masterpiece from an artist such as Dali, Chagall or the like and you are guaranteed not to lose money."

And for those who cannot afford to invest large amounts of money, he says: "If you cannot afford to buy an art work, then I suggest going for a sketch because they are cheaper but still valuable and once again profit is guaranteed."

But he cautions against selling the work immediately. "When it comes to contemporary art and emerging artists, I suggest you should hold on to the art work at least for five to seven years because that will increase its value in the market."

Opera Gallery is aware of the need to raise awareness about art and how to invest in it in the region. "We lately held two conferences at our gallery that were organised with City Group and The Royal Academy of Art in London, whose CEO flew to Dubai to educate people on how to invest in art," says the Gallery's general manager, adding that people who are used to investing in real estate or the stock market usually have a lot of queries about putting money into art. But according to Epaud it's easy.

"All you have to do is specify the amount of investment, pick the artwork, and approach us for a consultation and we will direct you to the most suitable auction."

And he told Gulf News that Opera Gallery will soon take part in an art educational programme in the region. He also points out that the building of the Louvre and the Guggenheim museums will pave the way for the region to be recognised as a centre for art.

Charles Pocock, Managing Partner at Meem Gallery agrees. "In this very volatile financial market, investors are looking at alternative investments outside stocks, bonds, currency, gold and property, and with the construction in Abu Dhabi of the Louvre and the Guggenheim, I see considerable investment in arts and culture for the GCC overall. This will initiate the dawn of a new era in buying of art in the region."

He points out that all art exhibitions should be held in galleries of international standard, books should be published by reputable publishers, and museums should house prominent collections.

"Research is also important; knowledge is imperative; you should know what series the work is from, its medium and if it has featured in any recent publications," he explains. "It's important to have knowledge of past prices, which collections, public and private, hold or have held the work, which books and catalogues are related to it, and also a knowledge of artists, dealers, collectors and museum officials. Buyers must be totally informed when it comes to modern Middle Eastern art; there are only a handful of people that are actually well-informed here."

Overcoming doubts

But is the UAE likely to soon be listed among the top international cities of art such as Paris, New York and Florence? "To be on par with London, Paris, New York and Florence would take a long time," he says. "However, it can be done with the right direction. I actually think that with what is happening in Qatar for example, we should position the GCC as the leading arts centre of the region. Looking at the Middle East as a whole, you have Tehran Museum of Contemporary Art (TMOCA), the Islamic and modern art museums in Cairo, as well as incredible museums in Istanbul, such as the Topkapi. And all of these are unique.

"It will take time for the UAE to reach this position, and they are doing it step-by-step, by investing in education for future generations to benefit from."

Although art in the region is enjoying unprecedented popularity, there are also sceptics who do consider it a risky investment. So what can be done to overcome their doubts?

"There needs to be more critique; more dialogue in the press, more exposure, honesty and realism. Greater knowledge, through the establishment of libraries is also essential. At Meem Gallery, we have taken a major step by building Al Noor Library, which focuses on art from the Middle East, publications in Arabic, Farsi, Turkish, English, French, German, Spanish and Urdu. It has in excess of 8,000 titles. We invest in publications that are bilingual [both Arabic and English] and we organise lectures and workshops as a means of creating a better understanding of the arts."