Christie's set to break sale records in the Middle East by offering nearly Dhs109m worth of art, jewellery and watches at forthcoming auctions in Dubai

Notes and media contacts

Christie's commitment to the Middle East region is unrivalled. Christie's was the first international auction house to have established a permanent presence in the Gulf region when the company opened a representative office in Dubai in April 2005, and is the only international auction house to commit fully to the region.

Christie's has 85 offices in 43 countries and 14 salerooms around the world including in Dubai, Geneva, Hong Kong, London, Los Angeles, Milan, New York and Paris. This extensive international network of selling locations, and expertise, coupled with Christie's unrivalled local knowledge, provides unparalleled access to buy and sell the most important works of art globally as well as advice and services in all related matters. 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 45,000 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.


For Immediate Release
29th October 2007

Contact: Eileen Wallis/Shawn Stephens (The Portsmouth Group, Dubai) +971 4 369
Clare Roberts/Milena Sales (Christie's London) +44 207389 2664

CHRISTIE'S SET TO BREAK SALE RECORDS IN THE MIDDLE EAST BY OFFERING NEARLY AED 109 MILLION WORTH OF ART, JEWELLERY AND WATCHES AT FORTHCOMING AUCTIONS IN DUBAI

More than 350 pieces of International Modern & Contemporary Art and exquisite Contemporary Jewels & Watches to go under the hammer this week

International Modern & Contemporary Art auction: 31 October at 6.30pm
Contemporary Jewels & Watches auction: 1 November 2007 at 6.30pm
Sponsored by Credit Suisse

Dubai - Christie's, the world's leading art business and auction house, has today announced $30 million worth of renowned international and western art including exquisite jewels and watches will be sold at its forthcoming auctions to be staged at Jumeirah Emirates Towers hotel on 31st October and 1st November at 6.30 pm respectively.

Middle East residents will be among the first to see an additional $21.4 million of international jewellery and impressionist picture highlights that will be exhibited in the UAE ahead of Christie's sales in Geneva and London later in the year. Together, this represents the largest and highest value selection of art and jewellery that has ever been exhibited in the Middle East and reflects Christie's unrivalled commitment to the region.

"Christie's dedication to the growth of the Middle East art and collecting market is tangible as we deliver the broadest selection of rare and museum-quality pieces, as well as international sale highlights for exhibition, in our third series of sales in the region," said Jussi Pylkännen, President of Christie's Middle East, and auctioneer for the art sale on 31 October.

"Since we opened our office in the UAE in 2005, Christie's has seen a 39% increase in Middle Eastern buying in our international sales by established and new collectors, and a 55% increase in buying in our international sales to date this year, when compared with 2006. These factors, together with the enormous enthusiasm seen for Christie's sales in Dubai demonstrate the strength of interest and knowledge in this market," added Pylkännen.

In the International Modern & Contemporary Art sale, Christie's will offer works by leading UAE, Syrian, Lebanese, Egyptian, Iranian as well as Western artists spanning several periods and reflecting Christie's continued understanding of the Middle East's growing art market and its response to the evolving tastes of clients in the region.

Ahmed Moustafa's Qur'anic Polyptych of Nine Panels (estimate $300,000-350,000), painted in 1995 is an undoubted highlight of the sale. This sale will also feature important, highly sought-after works by most of the greatest Iranian artists of the Twentieth Century and later including Charles Hossein Zenderoudi, who is represented in the sale by four outstanding works including Mir + 54 + BZ + S, painted in 1962 (estimate: $140,000-180,000) and First Name, 1972 (estimate: $80,000-100,000).

Parviz Tanavoli's standing poet (estimate: $120,000-150,000) executed in 2006-7 in bronze is unique. Farhad Moshiri, considered by many to be one of the most influential young artists in the Middle East, is represented by One World - Yek Donia (estimate: $60,000-80,000), a depiction of a map of the world executed in thousands of Swarovski diamond-shaped crystals on canvas on board in 2007.

A number of exciting works by Andy Warhol also feature in the sale. Farah Ashraf Pahlavi ($80,000-120,000) and Michael Jackson (estimate: $60,000-80,000) are fine examples of work from this period. The sale will also include Victor Vasarely's Zaphir, an oil on canvas painted in 1965 and offered from a European collection (estimate: $100,000-150,000)

"The pre-sale estimate for the Arab and Iranian art section of the International Modern and Contemporary Art is projected to be $5 million -- exactly double the pre-sale estimate for the Arab and Iranian art category in Christie's inaugural sale in May 2006 for approximately the same number of lots. This increase in value reflects the quality of pieces offered to the market and demonstrates the considerable growth of this collecting category in the space of less than two years," says Michael Jeha, Managing Director, Christie's Middle East.

170 Lots of Fine Jewellery and Watches Offered

Fine quality and rarity define Christie's second sale of Contemporary Jewels and Watches with a pre-sale estimate of $15- 20 million -- nearly double the pre-sale estimate of the inaugural event in January 2007 -- for exactly the same number of lots offered. This doubling of the pre-sale estimate reflects the quality of pieces being offered by Christie's to a regional and international audience from Dubai.

Anticipation among collectors is high for many of the jewellery lots, including a stunning necklace by Van Cleef & Arpels (estimate: $1.2-1.5 million). Set with a graduated fringe of marquise-cut diamonds, ten of which are D colour and seven potentially flawless, this example of pure, timeless elegance was created in New York in 1957.

The exquisite selection of watches in Christie's second Dubai sale features 37 important items by a number of leading watch makers. Of particular note is the Grande Complication, one of the most complex wristwatches by IWC of Schaffhausen (estimate: $70,000-100,000.) The sale will also include a magnificent 18 carat white gold diamond Aura wristwatch by Piaget (estimate: $80,000-120,000), a superb 18 carat white gold, diamond and sapphire set wristwatch with bracelet by Audemars Piguet (estimate: $50,000-70,000 ) and a rare limited edition platinum double retrograde Tortue XL Tourbillon wristwatch by Cartier (estimate: $50,000-80,000).

Signalling a new conduit for art and jewellery enthusiasts in the Middle East and at the same time enhancing the region as an important platform in the international art market, Christie's will also introduce a real-time multi-media auction service, Christie's LIVE™ in Dubai. This new online offering qualifies Christie's as the first international auction house in the Middle East to offer art, jewellery and watches through live online auctions, enabling collectors and interested parties around the Middle East and the world to enjoy the look, sound and feel of Christie's auctions from their personal computers, as well as participate in them.

Notes to Editors
 Christie's commitment to the Middle East region is unrivalled. Christie's was the first international auction house to have established a permanent presence in the Gulf region when the company opened a representative office in Dubai in April 2005, and is the only international auction house to commit fully to the region.
 Christie's has 85 offices in 43 countries and 14 salerooms around the world including in Dubai, Geneva, Hong Kong, London, Los Angeles, Milan, New York and Paris. This extensive international network of selling locations, and expertise, coupled with Christie's unrivalled local knowledge, provides unparalleled access to buy and sell the most important works of art globally as well as advice and services in all related matters. 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 45,000 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.

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