Pages Navigation Menu

Christie’s reports highest annual sale total since 2010

9f366217b68f555c_org

 

Revenues from Christie’s Dubai’s 17th sale season exceeded estimates by $4.5 million, totalling $15,827,500.

The season, comprising both the sale of Modern and Contemporary Arab, Iranian and Turkish Art on October 22, and the sale of Important Watches on October 23, put Dubai on a pedestal for art and watch enthusiasts in the region.

“The demand was high for all of the works that the Christie’s experts selected for this curated sale,” says Michael Jeha, managing director at Christie’s Middle East, in a press statement. “Biddings came from international and regional collectors who had to compete fiercely on the telephone, in the room and online to acquire them.”

The sale of Modern and Contemporary Arab, Iranian and Turkish Art collected $12,510,875, setting the highest sale total for the category since 2010. The sale exceeded the auctioneers’ expectations, who had originally estimated it will gross $8.5m. The highest-selling piece was Egyptian artist Mahmoud Saïd’s Bergère à Alamein, which was bought by a Middle Eastern private collector for $869,000.

The watch sale, the largest ever held in its category in the Middle East, raised $3,316,625, with the highest-selling timepiece being Harry Winston’s Histoire de Tourbillon No. 1, at $293,000.

“There was a global participation in our sales this week, consolidating Dubai’s position as one of Christie’s Dubai’s major global selling centres. Next year will be our tenth anniversary here in Dubai and we look forward to another successful sale season next March,” explains Jeha.

“The results confirm that Dubai is the global centre for the sale of Middle Eastern art,” states Jussi Pylkkänen, president at Christie’s in Europe and the Middle East, in a statement.

With the Middle Eastern market maturing and numerous creative developments and events taking place in the city, Dubai seems to be fast becoming the hub of Middle Eastern art.

Tags: , , , , , , ,