Abu Dhabi is emerging as the Middle East’s ‘capital of collectibles’ – Sotheby’s ME deputy chairman

Abu Dhabi’s push to evolve from a capital of capital into what executives now call the “capital of collectibles” is accelerating, according to Katia Nounou Boueiz, Sotheby’s Deputy Chairman for the Middle East and the executive behind the auction house’s expansion in the UAE.

Speaking to Arabian Business at Sotheby’s inaugural Collectors’ Week in Abu Dhabi, she said the emirate had entered a new phase in its cultural and luxury ambitions, supported by rising demand for rare assets and sustained investment in museums and cultural infrastructure.

“Abu Dhabi is fast approaching one of the global luxury and culture powerhouses” she said. “The mission now is to make it the capital of collectibles.”

City rises as a global collectibles power

The Abu Dhabi edition marks the first time Collectors’ Week has been staged in the UAE. Sotheby’s runs versions of the concept in other global cities, but Nounou Boueiz said the scale and ambition of the Abu Dhabi programme reflected the market’s maturity and the emirate’s strategic direction. She noted that the city’s collector base had expanded rapidly in recent years, driven by institutional backing, global visibility and a growing appetite for high-value assets.

“We are witnessing a cultural revolution here”, she said. “The speed at which the ecosystem is evolving is remarkable. Abu Dhabi is no longer only a regional centre. It is becoming a global destination.”

The Abu Dhabi exhibition is valued at about $1 billion and includes $150 million in luxury items ranging from watches and jewellery to rare cars, real estate and personal artefacts. Nounou Boueiz said the significance of the showcase lay less in its size and more in what it represented for the UAE capital’s long-term positioning.

Among the top lots is the largest Fancy Orangey Pink diamond ever brought to auction, estimated at $5-7 million. She also highlighted the Patek Philippe Star Caliber 2000 complete set, expected to achieve between $10-20 million, and a personal handbag once owned by Jane Birkin. Only four such bags were created for the late singer and actor. A similar example sold for $10 million in Paris last year against an estimate of about $1 million.

The event also includes rare hypercars and two international properties, including a home in Cap Ferrat and another designed by Zaha Hadid. Yet Nounou Boueiz said the real story was the confidence of the market and the depth of collaboration behind the programme.

The Abu Dhabi edition is being delivered with the support of the Abu Dhabi Investment Office. Nounou Boueiz described the partnership as instrumental, noting that ADIO shared Sotheby’s commitment to building a durable collecting culture in the emirate. “They have been incredibly supportive”, she said. “We worked on this vision for many months and both sides were aligned on what we wanted to achieve.”

Launch coincides with major events

The timing reinforces Abu Dhabi’s strategic ambitions. The event coincides with the Formula One Grand Prix, Abu Dhabi Finance Week and several major global gatherings, drawing investors, collectors and luxury buyers who are already engaging with the city’s cultural infrastructure. Sotheby’s expects the convergence to increase visibility and strengthen the city’s profile within the global luxury and cultural markets.

Nounou Boueiz said the momentum had been building for almost a decade, driven by the development of Louvre Abu Dhabi and the forthcoming Guggenheim Abu Dhabi and Zayed National Museum. Sotheby’s decision to formally incorporate in Abu Dhabi earlier this year was, she said, a natural step as the region’s collector base continued to grow.

“We have seen the transformation happen in real time”, she said. “It is incredible to see Abu Dhabi not only embrace global culture and luxury but take a leading role in it.”

As the first auctions open this week, she said the direction is already clear. Abu Dhabi’s next chapter, she believes, will be defined by the alignment of cultural capital, financial capital and collector ambition.

“Abu Dhabi has always been the capital of capital. Now it is ready to become the capital of collectibles.”