DUBAI: More than 200 pictures and watches, with a mid-estimate of $9.5 million (Dh34.9 million), will go under the hammer in Dubai this week.
On Tuesday, London-based auction house Christie’s aim to sell 125 pieces of modern and contemporary Arab, Iranian and Turkish art, with an estimated range of $6 million to $8 million, and 155 fine watches on the following day, estimated at $1.8 million to $2.8 million.
The top lot this season is a work by Egyptian artist Mahmoud Said. Bergere a Alamein, an oil on panel painted in 1959, is estimated at $400,000 to $600,000. This is followed by a piece by the same artist, called Apres la Pluie au Liban, with an estimated range of $200,000 to $250,000, and Shafic Abboud’s The Viviane and Robert Debbas Collection, with estimates ranging from $150,000 to $200,000.
Among the fine watches at Christie’s auction are Patek Philippe’s iconic reference 5971, which sold for $341,000, and two Cartier ladies watches — one made of 18-carat gold set with diamonds, onyx and tourmaline from the Panthere secrete series, estimated at $30,000 to $50,000, and another made of white gold and set with diamonds.
Michael Jeha, managing director of Christie’s in the Middle East, said that the UAE art market has matured in the eight years since Christie’s held its first auction in Dubai.
“[The market] has become a lot more mature. People have become a lot more selective like they are globally. Now, people are focusing on fewer artists, the leading artists, be it on the modern side or contemporary side. There are more people participating in the art market,” he said.
According to him, around 70 per cent of Christie’s Middle East buyers are from the region, while 30 per cent are from international markets, which is “steadily increasing”.
He explained that the market’s growth has been driven by the increasing awareness of art as more art fairs, galleries and museums are launched in the region.
“Over the next three to five years, we’re confident that the market will continue to increase steadily. We’re going to see increasing institutional participation, which is positive for long-term sustainability,” he added.
In May this year, Christie’s in New York saw its biggest auction ever, selling $745 million worth of art, which surpassed November 2013’s auction total of $691.6 million.
The auction house’s global auction and private sales totalled $4.47 billion during the first half of 2014.
