Christie’s, the world’s leading art business will hold it’s eighth series of sales in Dubai between 25-28 April, with the auctions taking place on 27 April: International Modern and Contemporary Art, followed on 28 April by: The Dubai Sale – Jewels & Watches. Alongside London, New York and Hong Kong, Dubai is one of Christie’s most important international sale centers and Christie’s has led the auction landscape in the Middle East since the first sale, which took place in May 2006. The growing appetite and appreciation for art in the Middle East continues to accelerate. The sales in Dubai welcome each time new collectors and the market for Modern and Contemporary Middle Eastern art continues to gain momentum.
Christie’s also offers Middle Eastern collectors a personal and permanent presence in the region facilitating easy access to other sale-rooms around the world. Since the opening of Christie’s Dubai office and the first sale in the region the global spend of Middle Eastern clients at Christie's international sale sites has increased by over 400%. Over 50% of new Middle Eastern clients who have engaged in the auctions in Dubai have gone on to participate at sales at other salerooms around the world. In addition to this the increased involvement of so many international clients from the US, Europe and Asia is a sure indicator of a rapidly maturing market. Our clients have faith both in the region and in the works of art we are selling here.
The market outlook is confident and is underpinned by the returning dominance of private buyers, from the Americas, the Middle East, as well as Mainland China and Asia. The continuing growth and global nature of the art market is also evident in the number of new buyers in Christie’s sales worldwide. Registrations from clients in the Middle East increased by 30% in 2009, the highest increase of any geographical region in 2009, followed by Greater China with 20%.
On a more international level Christie’s witnesses over the past months a general strengthening of the art market combined with a return of the true collector willing to purchase the best quality pieces offered on the auction market. One example is the outstanding Raphael drawing Head of a muse, selling in December 2009 for the record price of $47.9 million and becoming the most expensive lot sold in 2009 at auction. Christie’s upcoming Spring and Summer sales in New York, Hong Kong and Europe showcase an international confidence returning to the market. New York will lead the season with the outstanding art collections of Michael Crichton and Mrs. Sidney F. Brody, including highlights such as Jasper Johns’ Flag and Pablo Picasso’s Nude, Green Leaves and Bust of 1932, respectively.
Christie’s continues to differentiate itself from its competitors by leading the art market internationally and offering the broadest international service to clients at differing price levels and sale locations. Christie’s investment in innovation provides new and existing audiences access to the art market. Online bidding via CHRISTIES LIVE continued to deliver a large number of winning bids and new registrants and in 2009, 30% of all bids and 14% of all winning bids came in through online channels. Winning bidders participating online increased by 40% on 2008. In 2009, $68.4 million was bid online including premium and CHRISTIES LIVE generated 49,343 accepted bids for the year. Christie’s is still the only international auction house to offer their client to participate in a real time auction via the internet. The highest lot sold via CHRISTIES LIVE to date was The Penny Stradivari violin sold in New York in April 2008 to a previously unknown online bidder from Russia for $1.2 million with premium.
