Christie’s, a global art business, has reported that in 2014 its Middle Eastern client base grow by 23 per cent and overall Middle Eastern client registration in its international sale centres increased by five per cent.

“These very encouraging Middle Eastern figures underline the importance of this region and the growing appetite for Middle Eastern art here as well as in the rest of the world and demonstrate that Dubai is the hub of the global market for Middle Eastern art,” said Michael Jeha, managing director Christie’s Dubai.

“We are looking forward to our 18th sale season on March 18 and 19, when we will offer the iconic work by Suleiman Mansour, Jamal Al Mahamel II, painted in 2005 (estimate: $200,000-300,000) and several important private collections.”

The Modern and Contemporary Arab, Iranian and Turkish Art Sales were led by significant consignments from private collections, such as the Pharos collection of Modern Egyptian art which doubled its pre-sale estimate and the Maath Alousi collection of Iraqi paintings selling for above $1 million.

The top lot of the year was Abdul Hadi El-Gazzar (Egyptian, 1925-1965), Construction of the Suez Canal, which was estimated at $100,000-150,000 and sold to an anonymous bidder for $1,023,750, ten times its low estimate and set a new auction record for the artist.

The Dubai Important Watch sale in March offered 100 per cent more watches and the October sale added another 50 per cent growth in lots, which is a reflection on the depth of the market.

Both sales were sold at 95 per cent with new local and international clients registering for the sales. The top watch sold in 2014 was a platinum Patek Philippe emerald-set perpetual calendar chronograph wristwatch, ref. 5917P which sold for $341,000.

Globally, Christie’s reported record results for 2014 with art sales of £5.1 billion, marking a rise of 12 per cent over the previous year, with all sales increases in all channels.

This figure is the highest total for Christie’s or any art company in the history of the market, a statement said.

Sales figures were driven by an increase in activity across all geographies and strong sales of works of the highest quality, particularly in the Post-War & Contemporary Art, Impressionist & Modern Art and Jewellery departments.

All sales platforms increased during 2014 with auction sales up 10 per cent to £4.2 billion ($6.4 billion), Private Sales totalling £916.1million ($1.4 billion) up 20 per cent and eCommerce sales realising £21.4 million ($32.4 million), up 54 per cent.

Across its March and October 2014 auction seasons, Christie’s Dubai achieved a 58 per cent sale increase on 2013 with a total sale result of $29.3 million. – TradeArabia News Service