(NewsNation) — While the Middle East is indeed diving headfirst into the art market, Saudi Arabia may not have purchased a rare painting by Gustav Klimt. It’s now been suggested that Abu Dhabi bought the work.
As ultimate art insider Judith Benhamou wrote in her must-read blog:
“Doha has announced that in February 2026 Art Basel Qatar will hold its first fair there, in association with a local freeport. Meanwhile, Abu Dhabi Art is to be transformed into Frieze Abu Dhabi from 2026 onwards. In the same spirit, the global circle of art lovers is eagerly awaiting the opening, by 2030, of the Art Mill Museum devoted to Western art in Doha. And the giant Guggenheim Abu Dhabi is expected to open, certainly during 2026. (Sotheby’s recently secured nearly one billion dollars from an Abu Dhabi sovereign wealth fund.)
The American private newsletter Baer Faxt has even suggested that Abu Dhabi may be the buyer of the Klimt at $236.4 million.”
So, there you have it! We will find out next year at the opening of the Abu Dhabi Guggenheim who exactly bought the Klimt.
This story was updated. Read previous coverage below:
Saudi Crown Prince Mohammed bin Salman is in the U.S. this week to shore up relations, but some say he is also here to pick up some art.
The Saudi leader’s state visit coincides with major art auctions at Sotheby’s, Christie’s, Phillips and Bonhams auction houses this week.
And the art world was agog this week as a rare painting of Elisabeth Lederer by Gustav Klimt was sold at Sotheby’s on behalf of Leonard Lauder’s family to a mystery buyer for a whopping $236 million.
Whispers in the market first started that Jeff Bezos was a potential buyer, whispers that were shot down by his rep, who denied it to me. But those in the know suspect Saudi Arabia as being the new owner of the exquisite painting, which not only has a rock-solid provenance thanks to Lauder but a fascinating history as it was once looted by the Nazis.
“[The Saudis] are going to gobble everything up,” said one art world insider. “They have the money — and the need.”
Saudi Arabia’s attempt to rehabilitate image
Saudi Arabia has spent billions trying to whitewash its reputation after the killing of Washington Post journalist and Saudi dissident Jamal Khashoggi, who was murdered in the Saudi embassy in Turkey in 2018.
In the ensuing years, the country has attempted to whitewash its reputation via sports, business and entertainment.
In sports, it became the primary investor in the PGA competitor LIV Golf, secured the rights to hold the 2028 ATP tennis tournament on its soil and was announced as the host for FIFA’s World Cup in 2038.
An art handler stands in front of Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer), by Gustav Klimt, during a press preview at Sotheby’s on November 07, 2025 in New York City. (Photo by Alexi Rosenfeld/Getty Images) 
NAPLES, CAMPANIA, ITALY – 2021/01/18: Policeman show the “Salvator Mundi”, a painting from the Leonardo Da Vinci school dating back to the 15th century, which is part of a collection kept at the Doma museum of the Basilica of San Domenico Maggiore, in Naples, from which it was stolen. The agents found the painting hidden in a room of an apartment in street Provinciale delle Brecce. (Photo by Salvatore Laporta/KONTROLAB/LightRocket via Getty Images) 
WASHINGTON, DC – NOVEMBER 18: Crown Prince and Prime Minister Mohammed bin Salman of Saudi Arabia (L) delivers remarks as U.S. President Donald Trump (R) looks on during a dinner in the East Room at the White House on November 18, 2025 in Washington, DC. Trump is hosting the Crown Prince for meetings aimed at strengthening economic and defense ties, including the U.S. sale of F-35 fighter jets to Saudi Arabia. (Photo by Win McNamee/Getty Images) 
President Donald Trump and Saudi Crown Prince Mohammed bin Salman gesture as they meet delegations at the Royal Palace in Riyadh, Saudi Arabia, May 13, 2025. (AP Photo/Alex Brandon, File)
In business, it hosts the Davos in the Desert conference every year as well as the Riyadh Venture Capital Summit this year.
As for entertainment, Saudi Arabia has put on several comedy, music, and film festivals, for which the American entertainers were paid millions to headline.
Saudi Arabia embracing the world of art
But the real goal to secure high-end visitors and worldwide acceptance is the art world.
In 2017, it was revealed bin Salman paid $450 million for the “Salvator Mundi,” an artwork attributed to Leonardo da Vinci later deemed a fake.
The work was supposed to be exhibited at the grand opening of the Louvre in Abu Dhabi but was left out after the art world declared it a fake. It is said to be on one of bin Salman’s yachts.
However, bin Salman is said to still be keen to build up Saudi Arabia’s rep via the art world and is now interested in building his own internationally respected museum.
People are also wondering if the Saudis bought “No. 31 Yellow Stripe” by Mark Rothko that sold for $62.2 million on Wednesday. Other works that went on the block by Christie’s and Sotheby’s were by Picasso, Frida Kayla, Henri Matisse, John Singer Sargent and other masters.
”This is definitely the week to buy art if you wanted to start your own museum,” my art insider said.
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