MOROCCO: Exhibition pays tribute to Moroccan artist Abdellatif Zine as Moroccans invest more heavily in art

Record ID: 334897

  • Title: MOROCCO: Exhibition pays tribute to Moroccan artist Abdellatif Zine as Moroccans invest more heavily in art
  • Date: 12th May 2010
  • Summary: VARIOUS OF EXHIBITION OF ABDELLATIF'S PAINTINGS
  • Embargoed: 27th May 2010 13:00
  • Keywords:
  • Location: Morocco
  • Country: Morocco
  • Topics: Arts / Culture / Entertainment / Showbiz
  • Reuters ID: LVABMO2XPYURC2UAVO3C07KPSK78
  • Story Text: A special exhibition in Rabat pays tribute to Moroccan artist Abdellatif Zine's 50 years as painter.
    Zine -- considered one of the country's foremost and most prolific painters -- is just one of the important artists in the country whose work is being snapped up by investors.
    Many young affluent Moroccans are now investing in art, with more and more private galleries and auction houses opening up in the country's main cities. Large institutions such as banks are also among the new wave of buyers.
    Zine's paintings have become highly sought after with his works demanding top price. But, he says, compared to the going prices in the Arab world, his paintings remain affordable.
    "Today, much of the wealth of banks is made of paintings or unique art work items. Some Arab paintings today can fetch one million (U.S.) dollars (USD). Some could sell for between 300,000 and 400,000 dollars. In the Emirates, artist Rayess sells his paintings for 300,000 dollars and over. In Morocco, there are artists who ask for 250,000 to 300,000 dollars for their work, and these prices are still rising," said Abdellatif.
    This new wave of buyers is made up of successful young entrepreneurs in the private sector as well as those with family money.
    And, some Moroccan artists are worried about this new trend, fearing that money will dictate art trends.
    Artist Hassan Alaoui -- based in Fes where private galleries are not very common and where there are no auction houses -- says he worries that buying power will dictate what is valuable and what is not.
    "The negative attitude among some gallery owners shows when they sometimes give too much importance to some forms of art that do not deserve it, and there are some very good artists who cannot reach these galleries and the monetary value of their work remains very low. The danger is when gallery owners decide what is valuable art and what is worthless art," he said.
    Moroccan art prices remain low by international standards. A work by Picasso changed hands for a staggering 106 million USD in New York last week while the record for the most expensive painting sold in Morocco is stands at only one million USD.
    The exhibition, held in the Rabat's Villa des Arts cultural centre, runs until May 30.
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