Date of Award

2024

Document Type

Thesis - Restricted Access (SIA Only)

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Betsy Thomas

Second Advisor

Klaudia Ofwona Draber

Abstract

This thesis explores the transformative impact of Saudi Arabia's contemporary art
market within the context of the nation's broader socio-economic reform, driven by
Vision 2030. This comprehensive study examines the dual role of the Saudi art market as both a catalyst for and a reflection of societal changes, aligning with the ambitious goals set forth by Vision 2030. This initiative seeks to diversify the Saudi economy away from oil dependency and to promote cultural and economic development through strategic investments in the arts. The research employs a multifaceted methodology, relying heavily on primary data from interviews with various stakeholders in the Saudi art market, including policymakers, gallery owners, collectors, and artists. This is supplemented by financial reports, scholarly articles, and media sources, providing a robust framework for understanding the intricate dynamics of the art market and its interplay with cultural policy and economic objectives. Central to the thesis is the analysis of how the Saudi art market is strategically used to foster cultural transformation and enhance economic diversification. It examines the interaction between public initiatives and private sector contributions to the art scene, assessing their collective impact on the Kingdom's cultural ecosystem. The study also contrasts the Saudi art market with those of other Gulf countries and Western benchmarks, highlighting unique strategies and outcomes. Moreover, the thesis discusses the secondary impacts of the art market on Saudi society and the broader cultural community. It evaluates how the art market not only reflects but also actively shapes modern Saudi identity, promoting a narrative of modernisation and openness that challenges traditional perceptions both within and outside the Kingdom. The findings of this study contribute significantly to the understanding of contemporary art markets within the Middle East, offering insights into the complex relationship between art and socio-economic development. By exploring the Saudi example, this thesis enriches the academic discourse on cultural economics and provides valuable perspectives for policymakers, cultural practitioners, and scholars interested in the transformative power of art markets in societal development. This research underscores the importance of cultural investment as part of economic diversification strategies and highlights the potential of the Saudi art market as a leading model for integrating cultural advancement with economic and social reform in the 21st century.

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