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Christies auction of jewels and watches in Dubai total AED 60.6 mn

Published November 3rd, 2007

Christie’s second auction of Contemporary Jewels and Watches held at the Jumeirah Emirates Towers Hotel in Dubai sold for a total of AED 60.6 million.
The combined total for the two auctions staged in Dubai this week, which included last night’s record-breaking sale of International Modern and Contemporary Art is AED 116.5 million. Both sales benefited from online bidding via Christie’s LIVE?, which saw registrants from 20 different countries and 65 individual participants.

The sale sold 80% by lot and 86% by value. Buyer breakdown this evening was 34% from the Middle East, of which 25% was represented by the UAE, 28% from Europe including 14% from UK, 17% from Asia, 17% from USA and 8% from Russia and the Ukraine.

According to Francois Curiel, International Head of Jewellery and Auctioneer of the sale, “International participation and vigorous enthusiasm characterized this evening’s auction, which resulted in total sales of AED 60.6 million. This is yet another step towards firmly establishing Christie’s in Dubai as an important market platform for jewellery in a worldwide context. Once again we are delighted to develop our activities in the Middle East from the important economic and cultural centre that is Dubai.” “Tonight’s sale saw four lots breaking the $1 million mark. The results achieved reflect the growing awareness of the ease with which collectors can acquire unique and precious jewels and watches, and that buying and selling at auction is an exciting and beneficial way of enhancing their collections, commented David Warren, Head of Jewellery, Christie’s Middle East.” The multitude of records achieved and increasing participation in these sales on a worldwide level have taken Christie’s auctions in this region to the next level.,” concluded Michael Jeha, Managing Director, Christie’s Middle East.