This sale follows last night's auction of International Modern and Contemporary Art which realised $6,736,475, and which established a new world auction record for a modern work of art by an Arab artist when Remembrance and Gratitude, a large and spectacular diptych by Ahmed Moustafa (b.1943), sold for $662,500. This week's auctions have realised a combined total of $10,712,100.
Jussi Pylkkänen, President of Christie's Middle East and Europe: "This week the international art market's focus turned to Dubai where we have seen healthy international sales. The market in the Middle East has weathered the storm of the last year and both new and established collectors are continuing to show a strong demand for art, jewels and watches. We have realised nearly $145m in sales in Dubai since the first auction in 2006 justifying our continuing confidence in this market place.
The auctions witnessed a return of confidence, a significant number of new clients, realistic prices throughout and notable results for the rarest and the best. 21 lots realised over $100,000 and a record price for a modern work of art by an Arab artist was established illustrating healthy levels of confidence and activity. The involvement of so many non-Middle Eastern buyers and consignors is a sure indicator of a rapidly maturing market. Our clients have faith both in the region and in the works of art we are selling here."
David Warren, Director of Jewellery, Christie's Dubai:
"Following on from the success of Christie's jewellery sale in New York last week which saw the Annenberg Diamond realise a record $240,000 per carat, diamonds continued to sell for strong prices this evening in Dubai. 8 of the top 10 lots sold above estimate and we saw strong demand from Middle Eastern collectors who competed with international collectors from as far afield as Australia, China, Russia and America, with a record number of online bidders registering for the sale. Contemporary jewellery attracted particularly strong bidding, with many lots exceeding their pre-sale estimates. Watches continue to be in great demand in the Middle East and this evening we sold 42 of the 46 examples on offer."
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Posted by Rima Ali Al Mashni
