The sculpture is in a 'remarkable state of preservation' despite its 1,200-year history, experts said. Getty Images
The sculpture is in a 'remarkable state of preservation' despite its 1,200-year history, experts said. Getty Images
The sculpture is in a 'remarkable state of preservation' despite its 1,200-year history, experts said. Getty Images
The sculpture is in a 'remarkable state of preservation' despite its 1,200-year history, experts said. Getty Images

Ancient sculpture from Umayyad era fetches £4.2 million at Sotheby's auction


Razmig Bedirian
  • English
  • Arabic

A bronze buck from the Umayyad era sold for £4.2 million ($5.4 million) at a Sotheby’s auction dedicated to artworks from the Islamic world and India.

The eighth-century sculpture surpassed its initial estimate of £3 million. The buck had been on display in Sotheby’s Dubai, alongside other lots from the sale, before going under the hammer in London on Wednesday. The buyer was not revealed.

“This bronze buck represents one of the earliest expressions of artistic creation in the Islamic world,” Benedict Carter, senior director at Sotheby’s, tells The National. “The buck has an extraordinary force and energy as an object, combining both technical mastery and beauty, not to mention its remarkable state of preservation, showing that it has always been a prized object throughout its 1,200-year history.”

The artefact features a cylindrical body with minutely crafted details, such as the ridges on the buck’s antlers, as well as its teeth and nostrils. However, what makes the bronze buck particularly coveted is the two lines of Arabic Kufic inscriptions – the signed names of the buck's maker and patron.

Unusually, the buck is signed with the name of the maker, Abdallah ibn Thabit, and patron, Ubaydallah ibn Jaber. Photo: Sotheby's
Unusually, the buck is signed with the name of the maker, Abdallah ibn Thabit, and patron, Ubaydallah ibn Jaber. Photo: Sotheby's

“The significance is perhaps more that it is signed at all, as we know little about the actual craftsman Abdallah ibn Thabit,” says Carter, who is head of the house's Islamic and Indian art.

“Having a documentary inscription in Arabic, in a particularly early form of Kufic script, places the buck in the Arab Islamic world, rather than in pre-Islamic times, alongside only a handful of other early metalwork pieces, adding to the art historical knowledge of this period.”

Other significant sales during the auction include an illuminated Quran by the master calligrapher Ya'qut al-Musta'simi in Baghdad dated around 1275. The work fetched £720,000.

Meanwhile, a 1630 portrait of the Mughal nobleman Mirza Asaf Khan sold for £480,000 and an 18th-century painting showing Maharaja Raj Singh of Kishangarh celebrating the festival of Holi sold for £174,000.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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