Christie’s auction of jewels and watches in Dubai realises $4 million

Published October 31st, 2009 - 09:14 GMT

Christie’s auction of Jewels and Watches in Dubai realised $3,975,625 / AED 14,590,544 /  €2,683,547, and was 76% sold by lot and 72% sold by value. The highest price of the evening was paid for a pair of Asscher-cut diamond ear pendants weighing 15.19 and 15.04 carats which sold for $518,500 / AED 1,902,895 / €349,988 (estimate: $400,000 to $600,000). The buyer breakdown (by lot) was 41% Middle East, 34% Europe, 15% Asia and 9% Americas.

This sale follows last night’s auction of International Modern and Contemporary Art which realised $6,736,475 / AED 24,722,863 / €4,526,911, and which established a new world auction record for a modern work of art by an Arab artist when Remembrance and Gratitude, a large and spectacular diptych by Ahmed Moustafa (b.1943), sold for $662,500 / AED 2,431,375 / €445,200. This week’s auctions have realised a combined total of $10,712,100 / AED 39,313,407/ €7,210,458.

 

Jussi Pylkkänen, President of Christie's Middle East and Europe: “This week the international art market’s focus turned to Dubai where we have seen healthy international sales. The market in the Middle East has weathered the storm of the last year and both new and established collectors are continuing to show a strong demand for art, jewels and watches. We have realised nearly $145 million in sales in Dubai since the first auction in 2006 justifying our continuing confidence in this market place.

The auctions witnessed a return of confidence, a significant number of new clients, realistic prices throughout and notable results for the rarest and the best. 21 lots realised over $100,000 and a record price for a modern work of art by an Arab artist was established illustrating healthy levels of confidence and activity. The involvement of so many non-Middle Eastern buyers and consignors 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.”

David Warren, Director of Jewellery, Christie’s Dubai: “Following on from the success of Christie’s jewellery sale in New York last week which saw the Annenberg Diamond realise a record $240,000 per carat, diamonds continued to sell for strong prices this evening in Dubai. 8 of the top 10 lots sold above estimate and we saw strong demand from Middle Eastern collectors who competed with international collectors from as far afield as Australia, China, Russia and America, with a record number of online bidders registering for the sale. Contemporary jewellery attracted particularly strong bidding, with many lots exceeding their pre-sale estimates. Watches continue to be in great demand in the Middle East and this evening we sold 42 of the 46 examples on offer.”

Top 5 lots of this evening’s auction:

- a pair of Asscher-cut diamond ear pendants weighing 15.19 and 15.04 carats which sold for $518,500 / AED 1,902,895 / €349,988 (estimate: $400,000 to $600,000).

- An oval-shaped Fancy Intense Yellow, VS1 diamond of 25.35 cts which sold for $446,500 / AED 1,638,655 / €301,388 (estimate: $300,000 to $400,000)

- A suite of diamond and cultured pearl jewellery, by Jahan which sold for $134,500 / AED 493,615 / €90,788 (estimate: $60,000 to $80,000)

- A diamond necklace, by Mouawad which realised $122,500 / AED 449,575 / €82,688 (estimate: $100,000 to $120,000)

- A diamond necklace which sold for $122,500 / AED 449,575 / €82,688 (estimate: $100,000 to $120,000)

- The auction offered a selection of 46 rare and collectible watches, 42 of which found buyers (91%) for a total of $868,750 / AED 3,188,313 / €586,406. The top lot of this section was a Corum, Classical Tourbillon Répétition Minutes Cathédrale wristwatch in white gold, circa 2006, which realised $86,500 / AED317,455 / €58,388 (estimate: $50,000 to $70,000).

 


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