In a Dubai tax-free zone, Perrotin is ready to open its first location in the Middle East

Date:

Perrotin is ready to open its first location in the Middle East

  • News by AUN News correspondent
  • Sunday, October 30, 2022
  • AUN News – ISSN: 2949-8090

Summary:

  • This November, the commercial gallery Perrotin will debut its first Middle Eastern location in Dubai.

  • The gallery was established in 1990 in Paris by the French dealer Emmanuel Perrotin.

  • They founded a secondary market-focused gallery in Paris last year.

  • The director of Perrotin Dubai will be the French collector and consultant Massine Benoukaci.

  • Only a few Western galleries have established outposts in Dubai, even though Dubai has long served as the Gulf region’s commercial and cultural centre, notably Leila Heller, which also has a location in New York.

Introduction

By launching its first site in Dubai this November, the renowned commercial gallery Perrotin will make its debut in the Middle East. The Paris-based dealer Emmanuel Perrotin established Perrotin in 1990. Since then, it has added galleries in New York, Hong Kong, Shanghai, Seoul, and Tokyo. The new gallery, measuring 100 square metres, will be located in the city’s central autonomous economic zone, the Dubai International Financial Centre (DIFC). This article examines the significance of Perrotin’s entrance in Dubai, the advantages of conducting business there, and the promising opportunities it presents for the Middle Eastern art scene.

The Dubai International Financial Centre (DIFC)

A Hub for Economic Advantages

The Dubai International Financial Centre (DIFC) is a growing business area that provides investors and businesses with enticing advantages. It acts as a crucial centre for the financial and economic operations in the area. The tax-free status of the DIFC is one of its main benefits. Companies with a physical presence in the DIFC are immune from import or export duties, corporate profit tax, and corporate income tax. It is now a thriving art attraction in the area thanks to the several art-related businesses that have been drawn there by the favourable tax climate, including Sotheby’s, Christie’s, and Opera Gallery.

Exemption from the Corporate Tax Increase

The United Arab Emirates (UAE) had planned to implement a 9% corporate tax increase, set to take effect in June 2023. However, companies located in the DIFC, such as Perrotin, are partially excluded from this tax increase. As long as these companies don’t conduct business on the mainland UAE, they will continue to benefit from the corporate tax holiday granted to free zone companies. In the case of DIFC, this tax holiday typically extends for 50 years. This exemption provides Perrotin and other art enterprises in the zone with a competitive advantage, enabling them to operate with increased financial freedom.

Perrotin Dubai: A Collaboration and Unique Concept

Perrotin Dubai is the result of a recent collaboration between Emmanuel Perrotin and dealers Dylan Lessel and Tom-David Bastok. The trio previously founded Perrotin Second Marché, a secondary market-focused gallery in Paris that serves as an alternative to traditional auction houses. This innovative concept involves the purchase and consignment of artwork while providing clients with expert advice. Perrotin Second Marché has worked with esteemed estates such as those of Georges Mathieu and Alain Jacquet, and it deals with high-end artwork by renowned artists like Alexander Calder, Yayoi Kusama, and Yves Klein.

FAQs (Frequently Asked Questions)

1. When will Perrotin open its first Middle Eastern location in Dubai?

Perrotin is set to open its first Middle Eastern location in Dubai this November.

2. Where was Perrotin initially established?

The French dealer Emmanuel Perrotin established Perrotin in Paris in 1990.

3. In which other cities does Perrotin have existing galleries?

Apart from Dubai, Perrotin has galleries in New York, Hong Kong, Shanghai, Seoul, and Tokyo.

4. Where will Perrotin Dubai be located?

Perrotin Dubai will be situated in the Dubai International Financial Centre (DIFC), an autonomous economic zone.

DIFC’s Art Scene and Perrotin’s Impact

The Dubai International Financial Centre has been instrumental in fostering a thriving art scene in the region. Its tax-free status and business-friendly environment have attracted prominent international galleries, auction houses, and art institutions. Perrotin’s arrival in Dubai further enhances the cultural landscape and strengthens the city’s position as a global art hub.

Perrotin is renowned for representing a diverse roster of contemporary artists, including Takashi Murakami, KAWS, JR, and Daniel Arsham. By bringing their extensive network and expertise to Dubai, Perrotin Dubai aims to showcase groundbreaking exhibitions, engage with local artists and collectors, and contribute to the growing art community.

The Significance of Perrotin’s Expansion to the Middle East

Perrotin’s decision to open its first location in the Middle East reflects the region’s growing prominence in the global art market. The Middle East has witnessed a surge in interest and investment in contemporary art, with Dubai at the forefront of this development. By establishing a physical presence in Dubai, Perrotin is not only tapping into a thriving market but also acknowledging the city’s status as an international art destination.

Furthermore, Perrotin’s expansion aligns with the UAE’s commitment to promoting art and culture. The country has invested heavily in developing world-class museums, such as the Louvre Abu Dhabi and the forthcoming Guggenheim Abu Dhabi. By attracting reputable galleries like Perrotin, the UAE solidifies its position as a cultural hub that fosters creativity and supports artistic endeavours.

Conclusion

Perrotin’s upcoming opening in the Dubai International Financial Centre marks a significant milestone for both the gallery and the Middle Eastern art scene. The tax-free advantages offered by DIFC, along with Dubai’s growing reputation as an art destination, provide an ideal environment for Perrotin to establish its presence and contribute to the cultural landscape. With its diverse roster of artists and innovative gallery concept, Perrotin Dubai is poised to enrich the local art community, engage with collectors and art enthusiasts, and further elevate Dubai’s position in the global art market.

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