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Sunday, November 29 - 2009

Christie's auction of international modern and contemporary art in Dubai totals $4,766,175

  • United Arab Emirates: Thursday, April 30 - 2009 at 13:15
  • PRESS RELEASE

Christie's sale of International Modern and Contemporary Art in Dubai totaled $4,766,175 and was 77% sold by lot and 85% sold by value.

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  • Jussi Pylkkanen, President, Christie's Europe and Middle East, at the auction held in Dubai last night.
    Jussi Pylkkanen, President, Christie's Europe and Middle East, at the auction held in Dubai last night.
Buyers came from 12 different countries showing the continued international appeal for the Dubai sales, and the buyer breakdown was 72% from the Middle East, 22% from Europe and 6% from America. The combined total for the Jewels & Watches and Art sales held this week in Dubai was $8,802,700 / Dhs32,305,909. A group of six lots by Saudi Arabian artists, sold for a total of $63,750 / Dhs233,962.

William Lawrie, specialist in charge of the sale, said, "We continue to see a great appetite from clients from all over the world for our sales in Dubai and the carefully selected works offered this evening appealed to both new and existing collectors. The results are a strong sign of the quality of the work from the Middle East which clearly resonates with collectors of great artists, regardless of their geography."

Michael Jeha, Managing Director of Christie's Middle East, said:
"Tonight's sale has re-energised this market. It supports our ongoing commitment to sell works of strong regional interest, as our clients continue to be attracted to lots from their own and neighbouring countries. The incredible talent of the artists behind these works, which is increasingly attracting attention from serious international buyers, drove the often furious bidding in the saleroom, on the telephones and online."


Jussi Pylkkanen, President of Christie's Middle East and Europe, summed up the response to this, Christie's sixth auction series in the region.

He said:
"The firm results of our Jewels and Watches sale last night, which witnessed significant bidding for watches in particular, and the strong performance of our International Contemporary and Modern Art sale this evening bode well for our forthcoming Hong Kong and New York sales in May."


Iranian Section:



The evening's highest selling work was Parviz Tanavoli's The Wall and the Script. A large triptych by Abolghassem Saidi made a new world auction record for the artist when it sold. The packed room applauded as the sale's cover lot, Afshin Pirhashemi's X-Series, sold.

Saudi Arabian Section:



The Saudi Arabian section in the sale totalled $63,750 / Dhs233,962. The highlights were an intricate work by Ahmed Mater Al-Ziad Aseeri, Illumination V and IV, made of X-ray film print on paper, stained with tea and pomegranate juice and embossed with gold leaf, turquoise, amber and carnelian, and Maharam, a play on the Arabic word used to describe tissues and close family, by Ayman Yossri Daydban. Works were also offered by Lulwah Al-Homoud, Mahdi Al-Jeraibi, Abdulnasser Gharem and Reem Al-Faisal.

Moudarres - Fechter Collection:



An early highlight of the sale was a group of four paintings by the celebrated Syrian artist Fateh Moudarres, from the collection of the former German Ambassador to Syria, Rudolf Fechter and his wife Maria. The group sold after some competitive bidding. The highlight of the group was The Icons of Moudarres from 1962 which shows a group of figures, arranged symmetrically with areas picked out in gold leaf.

Turkish Section:



This was the second time that works from Turkey had been offered in the Dubai sale, and the highlight of this section was a rare, early work by Erol Akyavaş, Alma Ausente.
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Notes and media contacts

About Christie's Middle East:

- Christie's commitment to the Middle East is unrivalled. Christie's was the first international auction house to have established a permanent presence in the Middle East when a representative office was opened in Dubai in April 2005 with regular sales held since 2006.
- Christie's auctions in the Middle East have achieved over $118m to date.
- In October 2008 Christie's held their first exhibition of international highlights in Abu Dhabi further illustrating the strength of its presence in the region.

About Christie's:

Christie's, the world's leading art business had global auction and private sales in 2008 that totaled £2.8bn/$5.1bn. Christie's is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. Founded in 1766 by James Christie, Christie's conducted the greatest auctions of the 18th, 19th and 20th centuries, and today remains a popular showcase for the unique and the beautiful. Christie's offers over 600 sales annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $80 million. Christie's has 57 offices in 32 countries and 10 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai and Hong Kong. More recently, Christie's has led the market with expanded initiatives in emerging and new markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.

About Credit Suisse:

As one of the world's leading banks, Credit Suisse provides its clients with private banking, investment 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 47,800 people. Credit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.

Media contacts:

Emma Cunningham
Christie's
Tel: +44 207 389 2664

Courtney Stuart
Consultant
The Portsmouth Group
Tel: +9714 369 3571

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