Christie’s, the world’s leading art business announces tonight a further successful auction result of $8,589,250 / AED31,539,726, surpassing its pre-sale estimate. The top lot was a 17.71 carat, D colour, VVS2 clarity rectangular diamond ring, by J.Roca, which sold for $1,345,500 / AED4,938,840 / or $75,974 per carat; followed by a 26.61 carat rectangular fancy intense yellow diamond ring, selling for $722,500 / AED2,653,020 / or $27,000 per carat. Firm prices for diamonds this evening underlined the continuing strength of this area of the market. The auction was 82% sold by value and 72% sold by lot. The buyer breakdown by lot was 53% from the Middle East, 15% from Europe, 9% from the Americas and 23% from Asia.
The selection of Middle Eastern and International contemporary jewellery design pieces saw competitive bidding from Russia to Australia as well as strong regional bidding. The section achieved $470,000 for thirteen lots. The arabesque design emerald, diamond and mother-of-pearl bracelet by Bogh-Art achieved $158,500 / AED582,012 against an estimate of $100,000.
David Warren, Director of Jewellery, Christie’s Dubai: “This evening’s buoyant results highlight the success of Christie’s Dubai as a vibrant and energetic new centre from which to offer stylish and exceptional jewellery and watches. We welcomed bidders from 13 countries, and witnessed aggressive bidding for diamonds as well as for decorative European jewellery.” “We were very pleased to see that the Middle Eastern and International contemporary jewellery attracted robust demand from the region and internationally, achieving almost $500,000,” added Lyne Kaddoura, Christie’s Jewellery specialist in Dubai.
The selection of watches, featuring 43 lots, sold tonight for a total of $1,030,550 /
AED3,784,418. The top price was for an exceptional Patek Philippe, ref.5971P achieving $278,500 / AED1,022,652.
Tim Bourne, International Co-Director, Christie’s Watch department: “Christie’s demonstrated again to be the leading marketplace for fine and rare watches that are both fresh to the market and realistically estimated. The sale result of $1,030,550 / AED3,784,418 underscores the strength of this established category. Collectors from around the world seized the opportunity to bid for exceptional pieces.”
2010 CHRISTIE’S SPRING DUBAI SEASON
Christie’s April Dubai sale season achieved a combined total of $23,711,375 / AED 87,068,169, with a sale-through rate of 89% for both sales, the highest ever for the region. With 23 new auction records, establishing the highest price ever paid for a Middle Eastern artist, this sale season underlines the confidence in the art market and the growing commitment from Middle Eastern and international clients to participate in Christie’s Dubai sales.
Top 5 lots of the season:
- · Mahmoud Said (Egyptian, 1897 - 1964), Les Chadoufs, 1934, realising $$2,434,500 / AED 8,939,484
- · A 17.71 carat D colour, VVS2 clarity, rectangular diamond selling for $1,345,000 / AED4,938,840
- · Parviz Tanavoli (Iranian, b. 1937), Poet and Cage, 2008 achieving $1,022,500
/ AED3,754,620
- · A 26.61 carat Fancy Intense Yellow rectangular diamond ring, selling for $722,500 / 2,653,020
- · Mahmoud Said (Egyptian, 1897-1964), Sunset On The Nile At Luxor, 1945, $902,500 / AED 3,313,980
