Christie’s is building on its leadership position in the Middle East market this week with two sales in Dubai - International Modern and Contemporary Art auction (Oct 27) and Jewels and Watches auction (Oct 28).

Taking place in the Godolphin Ballroom, Jumeirah Emirates Tower, the sales, supported by Credit Suisse, are expected to realise $8 million to $11 million and $4.9 million to $6.8 million, said a top Christie's official.

With a combined 304 lots up for auction, the price estimates range from $10,000 to $800,000 for the Modern and Contemporary art to $2000 to $600,000 for the Jewels and Watches.

Commenting on the outlook of the sales going into the auctions, Michael Jeha, managing director of Christie’s Middle East said: 'Christie's continues to lead the auction landscape in the Middle East, and we look forward to presenting a diverse range of outstanding art next week, from pieces by renowned Arab, Iranian and Indian masters, as well as emerging artists from Saudi Arabia, to a jewellery and watch auction with pieces that appeal to a range of tastes and budgets.'

'Throughout our longstanding presence in the Middle East region, we have welcomed more and more collectors to our sales in Dubai, and we have also seen an increased number of clients engaging at our other international sales sites including London, New York, Paris and Hong Kong.'

'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 and celebrating art in the region and in developing the Middle Eastern art market,' he added.

Jussi Pylkkanen, president of Christie's Middle East and Europe, said: 'The last year has been an interesting time for the international art market. The sudden collapse of the financial markets in late 2008 saw certain areas find new price levels, but throughout this year, demand has remained strong and confidence has continued to return; our selling rate for 2009 is actually 5 per cent higher than last year.'

'While the volume of works being consigned to auction worldwide has decreased, we continue to see more and more collectors actively engage in the market and compete for the chance to buy unique works of art.'

'Our 7th auction of Modern and Contemporary Art in Dubai follows the success of our recent contemporary sales in London, and precedes the sales in New York in November, while the auction of Jewels will take place in between auctions in New York and Hong Kong. Dubai is an important international sales centre for Christie's, and we look forward to what promises to be an exciting week of public exhibitions and sales,' Pylkkanen noted.

Christie’s forthcoming International Modern & Contemporary Art Sale features works from Saudi Arabia, Iran, Turkey, in addition to a re-introduction of Indian and Pakistani Art.

The top lot is Remembrance and Gratitude, a large diptych by Ahmed Moustafa, the celebrated Egyptian artist who holds the world record price for any modern Arabian work of art sold at auction, the estimate: $600,000 to $800,000.

An untitled landscape by Fateh Moudarres (Syrian, 1922-1999) is the largest work by the artist ever to appear at auction, measuring over 3 metres long. It was commissioned as a backdrop to the Damascus International Fair in 1970 and is expected to realise $180,000 to $250,000.

In April 2009, Christie’s offered Saudi Arabian art at international auction for the first time.

Following its success, this month's auction will offer five works of modern and contemporary Saudi Arabian art including Untitled by Abdulaziz Ashour (Saudi Arabian, b. 1962) which is expected to realise $9,000 to $12,000 (illustrated right); Interlocution of Nature by Youssef Ahmad Jaha (Saudi Arabian, b.1953) (estimate: $8,000 to $10,000); and Untitled by Taha Al-Sabban.

The auction will offer a significant selection of 15 modern and contemporary Indian and Pakistani works of art, led by White Figure, yellow heads on a white background by Tyeb Mehta (Indian, 1925-2009) which is expected to realise $500,000 to $700,000.

The Jewels and Watches Sale, taking place the following day, is expecting to realise between $400,000 to $600,000 for its top lot which is a pair of Asscher-cut diamond ear pendants weighing 15.19 and 15.04 carats.

The auction will offer an impressive selection of diamonds with a wide range of estimates and will include a selection of important antique Indian jewelry, contemporary jewelry, and collectible watches, he added.-TradeArabia News Service