UAE trade in works of art jumps 51pc to $2.89bn in 2019
ABU DHABI, June 12, 2020
The UAE saw 51 percent increase in works of art, collectors’ pieces and antiques trade in 2019, hitting a value of AED10.6 billion ($2.89 billion) against AED7.00 billion in 2018, said a report.
Trade figures released by the Federal Competitiveness and Statistics Authority said the total imports of works of arts in 2019 reached approximately AED7.3 billion, compared to AED4.6 billion in 2018, reported Wam news agency.
Re-exports were valued at AED3.25 billion, a growth of 40.7 percent from AED2.31 billion in 2018, while exports declined from AED117 million to AED60 million during the reference period.
Uniquely poised between East and West, the UAE has emerged as a global hub for arts trade over the past few years.
