A queue of taxis and black-tinted SUVs snake through the palm-lined road leading to the Madinat Jumeirah where the first day of the annual Art Dubai fair is being held. On the terrace, a well-heeled crowd sips champagne at the Ruinart-branded bar. Inside, hundreds take in the contemporary art showcased by dozens of art galleries from Karachi to Paris. Meanwhile, in the more dimly-lit digital art section, Russian-speaking influencers film themselves against the backdrop of The Digital Mirage, a kaleidoscopic set piece by Lebanese artist Ralph Khoury. The global art market contracted by 12 per cent last year, according to…

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