Art dealers are seeing the oil-rich Gulf state of Abu Dhabi as the new Eldorado for the art market, particularly as art sales weaken sharply in the west. While not entirely sheltered from the global financial crisis, Abu Dhabi’s wealth is colossal and its extravagant expansion plans include four glamorous new museums, to be sited on an offshore island close to the city centre.

As part of this “branding” of Abu Dhabi as a cultural hub, the authorities also want to establish an art market in the emirate. Last week the second edition of an imported French fair, Art Paris Abu Dhabi, was held in the ornate gilded splendour of the Emirates Palace Hotel.