Christie's Dubai sales fastest growing in world in 2010

Christie's, the international auction house, said on Sunday that Dubai was the company's fastest growing auction house in the world last year.

Sales in 2010 were 153 percent higher than the previous year as the Middle East art market "rapidly transformed", Michael Jeha, managing director of Christie's Middle East, said.

"The art market has also matured and deepened as the appeal for works from this rich and diverse part of the world has grown in stature both locally and on the international stage," he added.

Christie's will put one of the world's largest pearls on the block at its Dubai spring jewellery sale on April 20 in a nostalgic reminder of the Emirate's pearl diving past.

The auction house is showcasing an array of pearls, diamonds, gems and gold jewellery ahead of the sale. Pearls are especially unique to Dubai, as pearl hunting was a major source of income a century ago in the port city.

Christie's - who have been holding regular auctions in the Middle East since 2006 - saw regional sales reach $51m last year, up from recession lows of $18-20m in 2009. Globally, the art and jewellery-selling powerhouse posted record sales of $5bn in 2010.

Jeha added: "We had a very good year in 2010, both in Dubai and around the world and it is very encouraging to see us leading the firm's sales in terms of our growth.

"The pool of collectors interested in bidding in the sales has expanded too and in 2010, bidders in Christie's Dubai sales came from 25 countries around the world."

Christie's Modern and Contemporary Arab, Iranian and Turkish Art sale on April 19 includes a group of six works from the contemporary Saudi Arabian 'Edge of Arabia' artists who have all donated works to be sold to benefit their education programme in the kingdom.