Christie’s inaugural sale of Jewels and Watches in Dubai sold for a total of $11,814,880/AED 43,360,609 at The Jumeirah Emirates Towers Hotel. Diamonds were the undoubted star of the sale as a magnificent marquise-cut diamond ring of 16.51 carats, D colour, potentially flawless, by Van Cleef & Arpels stole the show fetching $1,192,000/AED 4,374,640, to be followed by a stunning pear-shaped stone of 14.26 carats, D colour, VS1 clarity which sold for $732,800/AED 2,689,376.
“After only a year of auctions Dubai has established itself as a strong, discerning international marketplace.” commented Jussi Pylkkanen, President of Christie's Europe and the Middle East. “There is a great tradition of major jewellery buying in the region and the immense success of our sale tonight clearly justified Christie's decision to bring contemporary jewellery to Dubai. Clients from all over the region participated in the sale competing strongly with a host of international buyers who joined the sale by telephone. We look forward to even greater competition in our major Middle Eastern and Indian Picture sale, where we are sure to see many world records broken. The Christie's team feels very much at home in this vibrant, cosmopolitan marketplace.”
This sale marks Christie’s second series of auctions in the region, following the success of Christie's first auction in Dubai of International Modern & Contemporary Art in May 2006, and preceeds a second auction of International Modern & Contemporary Art to be staged at The Jumeirah Emirates Towers Hotel, on 1 February 2007, which will feature works by the leading Arab, Iranian, Indian and Western artists.
“Conducting this historic first sale of Jewels and Watches in Dubai was a very exciting experience,” commented François Curiel, International Head of Jewellery and Auctioneer of the sale. “This auction brought to Dubai for the first time, an outstanding selection from many of the most important jewellery and watch manufacturers of the 20th and 21st centuries. These results have exceeded our expectations in terms of the prices achieved and the enormous enthusiasm from our collectors in the region, both established and new.”
The stunning pre-sale exhibition was attended by many hundreds of visitors during the three days of public viewing and the saleroom was crowded with over 300 clients. The sale sold 90% by lot and 89% by value. Among the highlights of the auction was a pair of magnificent diamond ‘Cage’ ear pendants by exclusive jeweller JAR, which sold to an international private collector for $576,000/AED 2,113,920.
Finally, a fine selection of rare watches completed this successful auction. The highlight was a unique “Wheel” clock by Cartier, formed of lapis lazuli, turquoise, agate and coral, the face displaying a different diamond and gem-set animal for each hour. The clock drew a large amount of interest from bidders in the room as well as international collectors by telephone, eventually selling for $441,600/AED 1,620,672.
“This auction has been made possible with the backing of Credit Suisse, one of the leading global providers of financial products and services in Investment Banking, Private Banking, and Asset Management, and the support of our local sponsor, Dubai Multi Commodities Centre,” concluded Michael Jeha, Managing Director, Christie’s Dubai
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Notes to Editors
Christie's presence in the GCC was established in April 2005. The opening a representative office in the Middle East – which makes it the first international auction house to have a permanent base in the region – reflects the growing activity in the international art market as well as the mounting demand and the importance of the Middle East to this sector. Participating in extensive charity events in Saudi Arabia, Kuwait and Dubai, Christie’s events are part of an ongoing programme of exhibitions as well as educational and cultural seminars organized in the region. Sponsorship has been secured from Credit Suisse and Dubai Multi Commodities Centre.
Credit Suisse As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 40,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Dubai Multi Commodities Centre was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of Dubai Multi Commodities Centre are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.
