Christie’s auction realises $8.6m
Dubai, May 3, 2010
Christie’s, the world’s leading art business, has realised Dh31.54 million ($8.6 million) in its latest auction of jewels and watches, surpassing its pre-sale estimate.
The top lot was a 17.71 carat, D-colour, VVS2 clarity rectangular diamond ring, by J. Roca, which sold for $1.35 million or $75,974 per carat, followed by a 26.61 carat rectangular fancy intense yellow diamond ring, selling for $722,500 or $27,000 per carat.
Firm prices for diamonds this evening underlined the continuing strength of this area of the market. The auction was 82 per cent sold by value and 72 per cent sold by lot.
The buyer breakdown by lot was 53 per cent from the Middle East, 15 per cent from Europe, 9 per cent from the Americas and 23 per cent from Asia.
The selection of Middle Eastern and International contemporary jewellery design pieces saw competitive bidding from Russia to Australia as well as strong regional bidding. The section achieved $470,000 for thirteen lots.
The arabesque design emerald, diamond and mother-of-pearl bracelet by Bogh-Art achieved $158,500 against an estimate of $100,000.
“This evening’s buoyant results highlight the success of Christie’s Dubai as a vibrant and energetic new centre from which to offer stylish and exceptional jewellery and watches,” said David Warren, director of jewellery, Christie’s Dubai.
“We welcomed bidders from 13 countries, and witnessed aggressive bidding for diamonds as well as for decorative European jewellery.”
Lyne Kaddoura, Christie’s jewellery specialist in Dubai, said: “We were very pleased to see that the Middle Eastern and international contemporary jewellery attracted robust demand from the region and internationally, achieving almost $500,000.”
The selection of watches, featuring 43 lots, sold tonight for a total of $1,030,550. The top price was for an exceptional Patek Philippe, achieving $278,500.
Tim Bourne, international co-director, Christie’s watch department, said: “Christie’s demonstrated again to be the leading marketplace for fine and rare watches that are both fresh to the market and realistically estimated.”
“The sale result of $1,030,550 underscores the strength of this established category. Collectors from around the world seized the opportunity to bid for exceptional pieces,” he added. – TradeArabia News Service
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