Dubai: Dubai has become a regular and important selling centre on the international auction calendar with the twice yearly auctions of Modern and Contemporary Arab, Iranian and Turkish art, achieving sales of over $250 million (Dh916 million), said Michael Jeha, Managing Director at Christie’s Middle East.
Christie’s bi-annual sale season in Dubai attracts buyers from more than 30 countries underlining the popularity of Middle Eastern Art globally. The increase in its Middle Eastern clients with the group now accounts for 8 per cent of the company’s turnover.
“The same can be said for the internationally growing interest of Middle Eastern collectors for Impressionist, Modern and Contemporary world art,” Jeha said.
“A Dubai auction has approximately 70 per cent of the offered works sold within their pre-sale estimate we have set for each work,” Jeha said.
Jeha further highlights the importance of research and an educated buy “to operate successfully on any of the two markets you need to have a good understanding of the market, how it functions, who are the big players, artists careers and you need to know when it is the right moment to do a purchase.”
