Dubai jewellery auction strikes gold

Christie's first contemporary jewels and watches sale in the region fetched a massive US$11.8m.
Dubai jewellery auction strikes gold
By Tamara Walid
Thu 01 Feb 2007 05:00 PM

Christie's inaugural contemporary jewels and watches auction, held yesterday at Dubai's Emirates Towers Hotel, saw sales worth a massive US$11,814,880.

The sale, which was the first of its kind in the region, sold 90% by lot and 89% by value. A diamond ring of 16.51 carats by Van Cleef & Arpels fetched the highest price of US$1,192,000; next was a pear-shaped stone that sold at US$732,800.

A three-day pre-sale exhibition held prior to the auction and saw hundreds of attendees, while 300 clients crowded the salesroom on the evening of the auction itself. International buyers joined the fierce bidding via telephone.

"After only a year of auctions Dubai has established itself as a strong, discerning international marketplace. There is a great tradition of major jewellery buying in the region and the immense success of our sale tonight clearly justified Christie's decision to bring contemporary jewellery to Dubai," said Jussi Pylkkanen, President of Christie's Europe and the Middle East.

The auction precedes another modern and contemporary art sale to be held today. Tonight's auction will include pieces by prominent Arab, Iranian, Indian and Western artists and will be held at the same venue. Christie's officials seem optimistic about the upcoming event, expecting it to break ‘many world records'.

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