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Christie's auction of Jewels and Watches in Dubai realises $4m

  • United Arab Emirates: Thursday, October 29 - 2009 at 14:14
  • PRESS RELEASE

Christie's auction of Jewels and Watches in Dubai realised $3,975,625 and was 76% sold by lot and 72% sold by value.

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  • Asscher cut diamond ear pendants.
    Asscher cut diamond ear pendants.
The highest price of the evening was paid for a pair of Asscher-cut diamond ear pendants weighing 15.19 and 15.04 carats which sold for $518,500 (estimate: $400,000 to $600,000). The buyer breakdown (by lot) was 41% Middle East, 34% Europe, 15% Asia and 9% Americas.

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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About Christie's
Christie's, the world's leading art business, had global auction and private sales in 2008 that totalled £2.8bn/$5.1bn. For the first half of 2009, art sales totalled £1.2bn/$1.8bn. 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 450 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 $80m. Christie's has 53 offices in 30 countries and 10 salerooms around the world including 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 Middle East, with successful sales and exhibitions in Beijing, Mumbai and Dubai.

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 46,700 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. Further information about Credit Suisse can be found at www.credit-suisse.com.

For more information please contact:

Shali Akkaraju
Consultant
The Portsmouth Group
Tel: +971 4 369 3575

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