Christie’s Dubai celebrates 10th anniversary with four auctions, estimated at $13 Million in watches, art, and ‘Elements of Style’ from 15-17 March 2016
By viji Monday, 14 March 2016 4:31 PM
Viewing of the 451 lots now taking place at Jumeirah Emirates Towers
(March 14, 2016) Dubai, United Arab Emirates – Christie’s Dubai yesterday announced the opening of its 20th sale season, celebrating the company’s 10th anniversary hosting auctions in the Middle East. At a pre-sale press briefing, Christie’s Global President, Jussi Pylkkänen, stated:
“Back in 2006, I was asked by a journalist about how long I estimated that Christie’s would continue selling artworks in the Middle East- I said that Christie’s had been selling art for 240 years in London and Europe- extending to the US in 1976 and to Asia in 1985 and anticipate a similarly long-term view of our sales in Dubai.”
“The art market is always about culture, people- they really understand what Christie’s is about and build cultural bridges across different countries, interests and people. From the collectors who have supported the works of over 690 emerging artists to some of the most established artists in the region finding new audiences, Christie’s sales in the Middle East have played a key role alongside the art fairs, museum projects and other initiatives driving the region’s cultural development.”
Managing Director and Deputy Chairman of Christie’s Middle East, Michael Jeha, added further context to the company’s 10th anniversary in the region and milestones achieved:
“By establishing and committing to providing a platform to promote nearly 700 Middle Eastern artists to a global audience, by offering more than 2,857 works of art, Christie’s is delighted to have played our part in nurturing this now well established market. Furthermore, we offered over the same period of time more than 2,000 watches and pieces of jewellery, attracting buyers from all over the world – buyers from up to 30 different countries are participating in our sales. Christie’s is proud of our 70% market share for Middle Eastern Art and has played a leadership role in the market for a decade.”
Other key insights shared by Christie’s Dubai:
Christie’s is the undisputed market leader for Middle Eastern art for 10 consecutive years with a comfortable 70% market share
Christie’s sales have totaled more than $300 million since the first sale in 2006 ($200 million for pictures and $100 million for jewels and watches). Closest competitor has sold Middle Eastern art for around $45 million over the same period of time
Developed sales platforms since 2006 and constant presence through local office and local team since 2005 in the UAE – longest standing for the industry
Across the last 10 years Christie’s Dubai has given 690 emerging artists an international sale platform represented from among the almost 3,000 works of art offered (2,857 exactly) and established over 400 world auction records for Middle Eastern artists at auction
Middle East – the art and its collectors - remain a significant engine to drive Christie’s future growth globally – transactions by Middle Eastern buyers in our other sale centres is still on-going and developing
This season: Strong picture sale with important private collection / artist estate consignments – also demonstrates growth in value of individual works of art - innovative curated sale NOW AND TEN to reflect the taste and development of this market:
Sale 1241 - NOW AND TEN – featuring some of the top works showcasing the best of the Middle East
No. of lots: 39
Pre-sale low estimate: $5,410,000.00
Pre-sale high estimate: $7,360,000.00
Sale 1242 - DUBAI: MODERN AND CONTEMPORARY ART
No. of lots: 86
Pre-sale low estimate: $3,026,000.00
Pre-sale high estimate: $4,245,000.00
Additional sale to celebrate 10th anniversary – Elements of Style – a 150 lot sale, combining lifestyle objects such as 60 handbags, selected lady watches, jewels, fountain pens, trunks and other objects of desire. Expanding sale offering in the Middle East – underlining importance of the regional client base to Christie’s
Sale 1247 – ELEMENTS OF STYLE
No. of lots: 150
Pre-sale low estimate: $1,570,000
Pre-sale high estimate: $2,250,000
Only auction house to offer stand-alone watch sales in the Middle East with sell-through rates of +95% underlining the demand for exceptional, vintage and limited edition watches in the Middle East. Dubai March 2015 – first ever 100% sold multi-owner watch sale!
Sale 1243 – IMPORTANT WATCHES – largest offering of watches in Christie’s Middle East history
No. of lots: 176
Pre-sale low estimate: $2,350,000
Pre-sale high estimate: $3,600,000
Christie’s Education – held first 3-day Christie’s Education-led course in October 2013 and have another two- day course this March
Over the past 10 years the Middle Eastern art market continued to show positive signs of growth with more recently a stronger focus on Contemporary Art, with average auction prices for CTA up by 78% / 25.8% increase in sales. This indicates a clear shift of interest and taste from Modern to Contemporary Middle Eastern art.
Christie’s has always innovated its sale to best suit collectors and this year, as part of the 10th anniversary celebrations, we are holding a new and additional auction, Elements of Style, which will take place each March going forward.
MARCH 2016 Activity Calendar
13-16 March Christie’s preview
13-14 March Christie’s Education Course
15 March, 7.00pm Christie’s Important Watches Auction
16 March, 7.00pm Christie’s Dubai: Modern and Contemporary Art
17 March, 7.00pm Christie’s Element of Style Auction
About Christie’s
Christie’s, the world's leading art business, had global auction, private and digital sales in 2015 that totalled £4.8 billion / $7.4 billion. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international glamour. 2016 marks Christie’s 250th anniversary. Founded in 1766 by James Christie, Christie's has since conducted the greatest and most celebrated auctions through the centuries providing a popular showcase for the unique and the beautiful. Christie’s offers around 350 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern, Old Masters and Jewellery.
Christie’s has a global presence with 54 offices in 32 countries and 12 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, Shanghai, and Mumbai. More recently, Christie’s has led the market with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.
*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees or application of buyer’s or seller’s credits.
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