Dubai sales rack up Dh99million in 48 hours

That the Middle East loves fine jewellery was borne out in a Christie’s auction on Wednesday, which raked in a cool $12,755,775 or Dh46,839,206.

Coupled with results from the previous day’s sale of International Modern and Contemporary Art, the house took in $27m or Dh99m, an increase of 106 per cent over the same period in 2009. The highlight of the sale was the private single-owner collection of 40 parures, which collectively sold for $6,919,650 or Dh25,408,954.

Thirty-five per cent of buyers came from the Middle East, 30 per cent from Europe, 23 per cent from Asia and 12 per cent from the Americas. 

David Warren, Director of Jewellery, Christie’s Dubai: “The sale of fabulous parures is an important milestone in the development and expansion of Christie’s jewellery auctions in the Middle East. This impressive private collection, sourced and sold locally, demonstrates that collectors have reached the next level of confidence in Christie’s Dubai sales. The atmosphere was electric and reflected the strength of the jewellery and watch markets worldwide.”

The largest private collection of jewellery parures to be sold at auction made $6.9m, and was a exciting highlight, as each parure was modelled around the crowded saleroom, bidding was brisk from buyers in the room, on the telephones and via the internet. The highest price was paid for an outstanding sapphire suite, which realised $1.57m.

Another outstanding result was the world auction record price of $722,500 achieved for a rare Melo pearl of 224 carats, four times its low pre-sale estimate of $180,000 bought by a Chinese private collector.

Fine Watches

The selection of 41 watches sold 100 per cent for a total of $1.47m. Among the watch highlights was a Patek Philippe perpetual calendar chronograph with moon phase display, which sold for $116,500.

A manually wound tourbillion wristwatch by A Lange and Söhne was another leading lot and made $92,500. A Grande Complication by IWC, a platinum automatic perpetual calendar minute repeating chronograph wristwatch, was bought for $110,500. 

Aurel Bacs, International Head of Christie’s Watch Department and the auctioneer for this section of the sale, commented: “Fine watches are the ultimate object of desire. Buyers in the Middle East are very discerning and appreciate that the watches sold in Dubai include some of the most coveted complications and limited editions produced by the world’s leading watch makers.” 
 

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