On Tuesday, the auction house announced Daniel Asmar as its new managing director of the regions.
He previously served as director, cluster head of Saudi Arabia for Credit Suisse AG, based in Dubai. In his new role, he will work alongside Katia Nounou Boueiz, the senior director and head of Sotheby’s UAE, and Mai Eldib, who was recently appointed as the house’s head of sales in the Middle East after 14 years with the company.
Sotheby’s first opened its Dubai office, located in the city’s International Financial Centre, in 2017. “In the past five years, since we officially opened our office in Dubai–we have made a concerted effort to ramp up our activities, not just in Dubai, but across the UAE,” Sebastian Fahey, the managing director of Sotheby’s EMEA , told Fahey said the house is focused on the long-term strategy for the region as local government’s further tap the cultural sector as a source of economic growth.
As the region’s contemporary art scene remains in its nascent phase, luxury and private sales are key to auction house business-getters, looking to tap a base of high net-worth clients through an expanding network of cultural initiatives in the area. Last April, the city’s government authorities in charge of overseeing culture launched the Dubai Creative Economy Strategy, a plan to double the number of businesses operating in the emirate’s $10.7 billion creative sector by 2025. As part of the policy-framework, the Dubai government is also building a national art collection by sourcing loans from private collectors.Related Stories
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