ABU DHABI, The value of the art trade in Abu Dhabi during the first five months of 2019 reached AED3.56 billion, an increase of 97.7 percent compared to the same period in 2018, reflecting the development of this sector and the UAE's role in the art and culture market.
According to specialist studies, the UAE ranked first in the Gulf and the Middle East in terms of the art trade (works of art, collectors' pieces and antiques) and has established several museums and attracted major auction houses that specialise in artistic works, which have attracted attention both inside and outside the country.
The trade in artworks accounted for about four percent of Abu Dhabi's total trade from January to the end of May this year. The trade value reached AED88.6 billion last year, according to the Statistics Centre- Abu Dhabi,SCAD. These statistics also show that the value of equivalent imports at the end of May this year amounted to some AED3 billion, an increase of 386 percent compared to the same period last year.
Exports and re-exports during the same period amounted to AED560 million, according to SCAD.
Source: Emirates News Agency