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Despite the current blanket media coverage of Dubai’s debt problems, the organisers of Art Dubai, the art fair which is preparing for its fourth edition next March, insist they are remaining confident.  “Since September, Dubai has been improving, property has bottomed out, tourism is up significantly and its gold market is now the biggest in the world,” says the fair’s director, John Martin; “I think the art market will continue to benefit from these factors.”

He does however admit that “the bad press will inevitably have some effect on us.” While the exhibitor list has not yet been finalised, Martin says there will be 80 dealers, up from 68 last year, citing galleries bringing artists from the region – Selma Feriani, Paradise Row and Rossi and Rossi as well as newcomers from the Middle East and Asia, including Assar and Aaran from Tehran, Grey Noise from Pakistan, Ghandara from Hong Kong, Athr from Jeddah.

However, the big-name European and American galleries are still hesitating. “Some have a misguided idea that collectors in the region will start buying at the highest level,” he says, explaining that it will take time to cultivate the market and build relationships. “Whatever your personal wealth, new collectors always take time to stomach million-dollar price tags,” he says.