Complex Made Simple

Patek Philippe sold at Christie’s sets a new Middle East record

Christie’s 25th auction season in the region concluded with a combined sale total of $10,121,000 and combined sell-through rates of 80.5% by lot and 80.5% by value.

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What is Christie’s?

Christie’s, the world’s leading art business, had a global auction, private and digital sales in 2017 that totaled $6.6 billion. Christie’s is a name and place that speaks of extraordinary art, unparalleled service, and international expertise.

Christie’s offers around 350 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewelry, photographs, collectibles, wine, and more.

Prices range from $200 to over $100 million.

Christie’s also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post- War & Contemporary, Impressionist & Modern, Old Masters, and Jewellery.

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The watch to have

Buyers from 47 countries participated in the auctions and the top lot of the Spring 2018 sale week was a Patek Philippe, reference 1518 made for King Farouk of Egypt in 1944.  The gavel went down at $912,500 (including premium) to a successful bidder on the phone, as for the reference in yellow gold. The sale total of $7,147,374 is the highest ever in the region

The essential Swiss collection of 63 timepieces exceeded expectations when selling for $1,062,875 and 95% by lot. The sales in the category are now four times as big as they were when Christie’s first launched standalone watches auctions in the region back in October 2013. Today, collectors from the area are looking into buying unique pieces as well as exceptional vintage watches with distinguished provenance.

“Watches are now firmly established as an independent category in our sale seasons, offering exceptional pieces, underlined by the Patek Philippe ref 1518, the top lot of the season and the Rolex GMT-master Ref 1675. The Post- War and Contemporary auction established five new world auction records for Middle Eastern artists and the growing interest for the arts in the Middle East region has been reaffirmed over the last view days, with the auctions and Dubai Art Week”, commented Michael Jeha, Managing Director Christie’s in the Middle East.