Dubai Broker Starts Fund for Middle Eastern Art

DUBAI—A month after Christie's in Dubai sold Iranian artist Parviz Tanavoli's The Wall (Oh Persepolis) for $2.84 million, setting an auction record for a Middle Eastern artist, Dubai-based broker and private equity company Daman Investments PSC has started a 50 million dirham ($13.6 million) fund to buy Middle Eastern art, reports Bloomberg. "Dubai and the United Arab Emirates are at the very center of a new awareness of the emergence of an Arab art renaissance,'' said chief executive officer Shehab Gargash in a statement.