The latest season of the international auction house Christie’s in Dubai was met with an overwhelming response from collectors within the region as well as those around the world. The landmark auctions of the ‘International Modern and Contemporary Art and Jewels and Watches’ sale realised 23.7 million USD, surpassing expectations and achieving a total of 23 new world auction records. These buoyant results highlight the success of the house as an international sales centre and as the venue of choice for consignors of works of the finest calibre.
When did Christie's decide to establish itself in the Middle East?
Christie’s was the first auction house to open an office in the region in 2005 and we started holding regular auctions a year later. We have two sale seasons per year in Dubai, April and October, when we hold auctions of Modern and Contemporary Middle Eastern Art, as well as Jewels and Watch sales. Over the past four years Dubai has become an important international sales centre for us, alongside London, New York, Paris and Hong Kong.
Why did Christie’s decide to hold jewellery sales in the region?
Since its creation in 1766, Christie’s has always been committed to the highest level of service and expertise offering the best works of art available on the market. It was therefore a natural progression to establish Christie’s in the Middle East, given the great interest in collecting throughout the region. Also the exciting new Museum of Islamic Art in Doha and the ambitious plans to establish further significant museums in the Gulf has drawn international art business into the region.
What’s the process if I would like to sell a piece of jewellery through Christie’s?
You can send an email enquiry directly to any of the specialists. By sending an image of the item you wish to auction, we can then let you have a provisional auction estimate and details of commission and charges, along with a proposed sale date and venue.
Specialists’ travel plans are accessible in advance on our website (christies.com) so that meetings may also be arranged. All of our senior jewellery specialists are frequently travelling, bringing expert knowledge and advice to our clients worldwide.
Who are the market leaders in jewellery sales?
Christie’s have been the market leaders in jewellery sales at auction for 15 consecutive years and provide an excellent international platform to secure the highest possible price for a treasured jewel. Our international team of 30 specialists offers passionate expertise, insight and guidance to both buyers and vendors who can trust in the quality and provenance of the jewels offered. With 57 offices and 10 salerooms around the world, auctions are held regularly in Europe, the Middle East, the United States and Asia. Our jewel sales are promoted to our clients around the globe through catalogues, as well as e-catalogues, travelling exhibitions and previews. Christie’s have long standing client relationships with both private buyers and the jewellery trade including most of the biggest names in the jewellery world.
Christie’s have been organising sales in the region for four years now. What is your impression of the regional market?
The Middle Eastern art market welcomed the international auction houses to the region, with much expectation and we have seen sales of 170 million USD from the first auction to present, this is far above our expectations. Since the opening of Christie’s Dubai office the global spend of Middle Eastern clients at Christie's international sale sites has increased by over 400 per cent. Over 50 per cent of new Middle Eastern clients who have engaged in the auctions in Dubai have gone on to participate in sales at other salerooms around the world. In addition to this, the increased involvement in Dubai auctions of so many international clients from the US, Europe and Asia is a sure indicator of a rapidly maturing market. Our clients have faith both in the region and in the works of art we are selling here.
The market outlook is confident and the continuing growth of the art market is evident in the number of new buyers in Christie’s sales worldwide. Registrations from clients in the Middle East increased by 30 per cent in 2009, the highest increase of any geographical region that year, followed by Greater China with 20 per cent.
There continues to be a fast-growing appetite and appreciation for art in the Middle East and we are proud to play our part in promoting jewellery in the region and in leading the international development of the vibrant Middle Eastern art market.
As a specialist, tell us more about the current trends and what you would suggest as an investment?
In any market and even more so in difficult economic times, top quality stones always remain in great demand. The best example was illustrated in December 2008, in the midst of the downturn, when we achieved a world record price for a jewel ever sold at auction. It was a fancy, deep greyish-blue diamond weighing 35.56 carats known at the time as the ‘Wittelsbach’. It sold for a staggering 25,000,000 USD to the renowned jeweller Laurence Graff, sending a clear message to the world that the market is always hungry for top quality pieces.
Additionally, unique jewellery also retains its value through time. Period pieces, especially Art Deco and signed jewels, in particular by Cartier or Van Cleef and Arpels, are always in great demand. One of the reasons for this is that many of these great jewels have been destroyed in order to reuse the stones and therefore appear on the market less often. A good example of the demand for these pieces was recently achieved in Christie's Geneva where a Tutti Frutti Art Deco bracelet by Cartier sold for a staggering 1,023,000 USD against an estimate of 160,000–210,000. In the Middle East, more and more collectors appreciate these rare pieces. Christie's Dubai introduced for the first time a section of Art Deco jewels in the last April sale and an Art Deco diamond bracelet by Cartier sold for 86,500 USD against a pre-sale estimate of 30,000 USD.
Contemporary jewels are a major regional interest. Christie's Dubai often presents works from the most important contemporary jewellers such as JAR, Viren Baghat, Lorenz Baumer or Bogh’Art. In the last April sale we sold a mother of pearl, emerald and diamond bracelet from Bogh’Art for 158,500 USD. In the same sale, Christie’s introduced for the first time a selection of very talented Middle Eastern designers which achieved strong results including an ebony and diamond cuff from Noor Fares and a carved citrine and diamond ring from Sevan Bicacki.
As a general tip, always get the advice of a specialist, buy the best you can afford and most importantly buy what you love!
Christie's Dubai next sale season will take place at the Emirates Towers Hotel. International Modern and Contemporary Art 26 October, Jewels and Watches: The Dubai Sale 27 October. Lyne Kaddoura can be contacted at lkaddoura@christies.com.
