Christie’s Middle East, a branch of Christie’s, the world's leading art business, yesterday (April 28) held its fifth jewels and watches sale, which totalled Dh14.8 million ($4.03 million).

The event was organised at the Jumeirah Emirates Towers Hotel in Dubai.

After a strong start in which 45 of the 46 watches sold, the highlight of the sale was a kite-shaped 5.01 carat diamond pendant, D colour, internally flawless, which sold for Dh713,815 ($194,500 ) to a Middle Eastern private collector.

The entire auction sold 76 per cent by lot and 69 per cent by value.

Buyers came from 20 different countries, showing the continued international appeal for Dubai jewelry sales, and the buyer breakdown was 71 per cent from the Middle East, 16 per cent from Europe including the UK, 3 per cent from the Americas and 10 per cent from Asia.

“Buying was selective but nearly three-quarters of the value of the sale was bought by Middle Eastern buyers, an encouraging sign of the developing jewelry and watch market in the region,” said David Warren, director of jewellery for Christie’s Middle East.

The results for the watches section of the sale, which totaled Dh4,504,925 ($1,227,550), and was 97 per cent sold by lot, were particularly strong.

The highest selling watch in the sale was a platinum, manually-wound tourbillon wristwatch by A Lange & Söhne which sold for Dh537,655 ($146,500) against a pre-sale estimate of $120,000-180,000.

Tim Bourne, international co-head of watches for Christie’s, said: “Today’s results demonstrated the strength of this market and our knowledge of our buyers in the region. We are particularly pleased with a private Middle Eastern collection of 20 lots which realised Dh1,634,067 ($445,250), against a pre-sale estimate of $299,000.”

The sale of four lots from the estate of the legendary Egyptian singer, Umm Kulthum (1904-1975) totaled Dh433,060 ($118,000), generating significant bidding from a number of collectors, online, in the saleroom and on the telephone.

An impressive Indian multi-strand pearl and turquoise necklace, the front designed as a stylised peacock, which was estimated at $15,000–25,000, sold for Dh295,435 ($80,500) to a private Middle Eastern collector in the room who wished to remain anonymous.

A cultured pearl and paste ‘festoon’ brooch which was a gift from the late Shah of Iran, Mohammed Reza Pahlavi (1919-1980) to Umm Kulthum on the occasion of his wedding to Princess Fawzia, the sister of King Farouk, the late King of Egypt sold for  Dh110,100 ($30,000).

Live bidders from countries including Singapore, Macau, Greece, Indonesia, the Netherlands and the UAE successfully bought or directly underbid almost 14 per cent of lots through Christie’s Live.

Christie’s auction of international modern and contemporary art is set to take place at the Jumeirah Emirates Towers Hotel today (April 29) at 7 pm and includes works by Saudi Arabian artists for the first time which will be offered alongside works from more than 11 countries around the Middle East.

Both sales are sponsored by Credit Suisse, one of the leading global providers of financial products and services in private banking, investment banking, and asset management. – TradeArabia News Service