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Christie's Dubai auction tops $16.5 million

November 05, 2007

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Dubai, United Arab Emirates—Four lots in Christie's second auction of Contemporary Jewels and Watches in Dubai have broken the $1 million mark, with the top two lots each selling for more than $1.5 million.

The Nov. 1 sale brought in a total of $16,504,350. That auction, and another one held in Dubai earlier in the week, together brought in a combined total of more than $31 million.

"The combined sale results demonstrate the strength of the market in Dubai and Christie's dominant position within it," Christie's Middle East Managing Director Michael Jeha said in a statement. "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."

The two top lots in the Nov. 1 sale were a diamond necklace by Van Cleef and Arpels, created in New York in 1957, and a diamond weighing 37.08 carats with F color and SI1 clarity. Both sold for $1,553,000.

Also selling for more than $1 million was a diamond necklace weighing 186 carats (sold for $1,161,000), and a 16.54-carat circular-cut fancy-vivid-yellow diamond (sold for $1,021,000).

The highlight of the watch portion of the auction was a tonneau-shaped wristwatch with diamonds set in 18-karat white gold with matching cuff links and ring, all by Piaget (sold for $229,000). Another much-sought-after wristwatch was the "Tortue XL Tourbillon" by Cartier, a rare, limited-edition platinum tounneau-shaped double retrograde (sold for $145,000).

Helping the recent Dubai auctions to break these records was additional bidding from online participants. Christie's LIVE online bidding program saw registrants from 20 different countries and 65 individual participants.

Buyer breakdown for the Nov. 1 auction was 34 percent from the Middle East, 28 percent from Europe, 17 percent from Asia, 17 percent from the United States and 8 percent from Russia and the Ukraine.
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Auctions | Clothing Accessories | Culture and Lifestyle | Fashion and Style | Jewelry

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