Lifestyle

CELEBRATIONS IN DUBAI BEGIN THE 250th ANNIVERSARY YEAR FOR CHRISTIE’S

This March, Christie’s celebrated its 10th anniversary in Dubai in style with a series of sales across three days which realised a collective $15,966,840 / AED59,212,557 with an average sell through rate of 85% by lot and 88% by value. See breakdown of the individual sales below. Christie’s committed to the region, including in investing in a team of specialists, a network of regional consultants and senior management based in Dubai, which helped nurture what has become a vibrant cultural scene and a truly international marketplace over the past 10 years. Jussi Pylkkänen, Christie’s Global President, said: “As the auctioneer at our very first sale here in 2006, I remember feeling we had made a very brave and bold decision to open a saleroom in Dubai, and after that inaugural auction, we never doubted the spirit of the collectors and the excellence of the artists’ work. It is thanks to them that we have broken more than 400 artist records in the last decade, making a tangible contribution to the transformation of this market. The Dubai auctions in March are now recognised as an integral part of the global art market calendar. All eyes will have been on the success of the 10th anniversary sales here in the Middle East as we move to our sales in New York, Hong Kong, and London later this season.”

 

10 FACTS FROM THE 10th ANNIVERSARY SALE SEASON

1) The first time that Christie’s have held four auctions in one sale season in Dubai
2) The largest painting ever to be offered at auction in the Middle East – Sarajevo, the 11 meter triptych by Omar El-Nagdi, sold for $1.1 million
3) Lot 22 of the Elements of Style auction became the first Hermès handbag ever to sell at auction inthe Middle East (a Hermès Kiwi Epsom leather micro mini Kelly bag selling for $6,875 at auction in Dubai
4) A watch made by Roger Dubuis was offered for the first time in an Important Watches auction in Dubai, Ref. EX45-01SQ-20-00, circa 2009, selling for $125,000
5) A work of art made entirely of barbed wire was installed at the Jumeirah Emirates Towers Hotel – by Abdulrahman Katanani (Palestinian), it sold for $25,000
6) Christie’s Cinema, complete with popcorn, screened the documentary Poetry in Bronze about the artist Parviz Tanavoli, the internationally recognised Iranian artist
7) Ten gallons of white paint were used to paint the temporary back-drops against which the 430 works of art, jewellery, watches and handbags offered could shine
8) Christie’s 10th anniversary sparkled with a collective 2,000 carats of jewels on display
9) More than 750 guests joined Christie’s for the celebratory opening reception
10) Christie’s education held their first open air lecture during DIFC Art night as part of their now-regular

 

MARCH 2016 AUCTION FACTS

IMPORTANT WATCHES
15 March 2016
Total $2,681,688 / AED 9,748,172
85% sold by lot / 86% by value
Top Lot:
Patek Phiippe
Ref. 5101R-001, circa 2015
Sold for $155,000 / AED 563,439
Remy Julia, the Watch Specialist in charge of the sale in the Middle East commented, “This sale was one of the largest selection of timepieces we offered for auction in Dubai. This year especially, the auction showed the depth in the market and the demand from collectors from around the world for unique, limited edition and vintage watches. As ever, buying from private collectors was very active throughout the sale, resulting in 92% of the 176 lots bought privately.”

 

NOW AND TEN & MODERN AND CONTEMPORARY ART SALES
16 March 2016
TOTAL: $11,985,752/ AED43,568,208
80% by lot / 89% by value
Top Lot: Omar El-Nagdi (Egyptian, b. 1931),
Sarajevo, April 1992
Sold for $1,145,000 / AED4,162,075

 

WORLD RECORD FOR THE ARTIST AT AUCTION
Michael Jeha, Managing Director and Deputy Chairman Christie’s Middle East commented, “Last night we added 18 new world auction records to the 400 established throughout the past 10 years. This is a tribute to the quality of works on offer and the enduring appeal of Middle Eastern art to the ever-growing international collecting community. In an energetic and engaged saleroom, collectors competed fiercely with phone and internet bidders for works of art sourced privately or from artists’ estates. The top lot of the evening, by Egyptian master, Omar El-Nadgi (b.1931), consigned by a French private collector, depicting the tragedies of war in Sarajevo, was bought by a Lebanese private collector for over $1million. »

 

ELEMENTS OF STYLE
17 March 2016
Total $1,299,400 / AED 5,896,177
91% sold by lot / 84% by value
Top Lot: A cushion rose-cut VS1 clarity diamond ring, by Sabbadini
Sold for $197,000 / AED716,451
Matt Rubinger, International Director Handbags and Accessories: “It was great to see such a positive response from sophisticated buyers from around the world, bidding online, in the room and on the telephone. It was the limited edition pieces that attracted the most attention from the Middle Eastern collectors and the three Louis Vuitton lots which have been expertly converted into a humidor, a dressing table and a sunglasses box, were hotly contested. Special edition fountain pens were also much sought after and all sold above estimate.”