You don't have to stay peering in at the windows of the art world. There is more affordable art out there, whose prices can freshen up the market with some new buyers, and get original artwork into people's homes.
That's the spirit driving tonight's Young Collectors Auction at Ayyam Art Centre in Al Quoz, Dubai, where you can pick up affordable artwork by familiar names from the region.
Ayyam's YCAs are firmly in their stride now, as its director Hisham Samawi steps behind the auctioneer's podium this evening to settle the 75 lots. "We have great works from all over the Arab world as well as a big presence from Iran and Turkey," says Samawi. "It's an affordable range of estimates, between US$1,000 and $10,000 [Dh3,700-36,700].
"Auctions can often be a place to buy great pieces at good value. Consignors [those selling the work] sometimes put low reserves on lots in the hope that they can entice bidders to start fighting over a piece. But more often than not such lots go to a single bidder, letting them win it at a below-market price."
Samawi notes that the key to success is finding what you like, and bidding to a price you are comfortable with.
One compelling piece is Warrior Head II by the sculptor Mustafa Ali. He hosts a wonderful workshop-cum-cafe in the centre of the Old Town and this lot gets our shout simply for its affordability. Ali's larger sculptures fetch big prices when they're exhibited. The high moulded eye sockets and serene expression offset by visceral tussles etched into the material are hallmarks of Ali's technique. This is an opportunity to own a little bit of Syria's recent art history at a palatable price.
The Young Collectors Auction, 7pm, Ayyam Art Centre, Alserkal Avenue, Al Quoz, Dubai. Entry is free. www.ayyamgallery.com
Russia's Muslim Heartlands
Dominic Rubin, Oxford
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
JOKE'S%20ON%20YOU
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
