Unexpected results of Christie's auction in Dubai
ARTinvestment.RU   04 ноября 2008

Instead of 32-43 million dollars, which organizers had hoped for bidding, the auction brought 16.9 million dollars

29-30 October in Dubai, held auctions of fine works of art and jewelry, which arranged the auction house Christie's. It was expected that they will be 32-43 million dollars, but organizers hope failed to materialize. The fall in oil prices fairly подпортило mood wealthy buyers from the Middle East, and therefore the entire auction brought 16.9 million dollars.

However, in comparison with London sales of works by modern artists who have been in October , auctions in Dubai can be described as quite successful. Buyers have 70 percent of the work, though many of them have gone for sums not reach even to the lower limit estimeyta. For example, trehmetrovaya bronze sculpture «love poet» of the Iranian artist Parviz Tanavoli (Parviz Tanavoli), one of the works which had in April, a record 2.84 million, was sold for only 242.5 thousand, while the bottom estimeyt was 400 thousand. 28 October Dzheha Michael (Michael Jeha), Managing Director, Middle East Branch Christie's, said that estimeyty for jewelry has been reduced, but estimeyty art remained intact.

Inspired by record oil prices and the activity of buyers from the Middle East, Christie's and other auction house, Bonhams, in 2006 started in the region, public bidding. Since then, Christie's holds auctions jewels and arts in Dubai twice a year. Auction held in April, yielded 40 million dollars - as much as two Dubai auction in 2007. It was then sold 84 percent of lots.

Trades Christie's in Dubai, as well as the last in early October, failed auctions Sotheby's in Hong Kong show that the Middle East and Chinese markets, which in recent years have grown faster than the whole, also suffer from the global financial crisis. Yes, and other developing markets have not sweet. 20 October, Sotheby's auction held in the Australian art and artefacts of Australian aborigines, which brought 3.7 million Australian dollars, less than half of the lower estimeyta (7.6 million).

Material prepared Yulia Maksimova

Sources: bloomberg.com , artinvestment.ru

PS On this topic, you can read the following materials:

Artists from the Middle East gaining art market
boom Iranian art
Modern art world: money, events, trends