Christie’s April Dubai Sales Results

CHRISTIE’S APRIL SALES OF MODERN & CONTEMPORARY ARAB, IRANIAN AND TURKISH ART MAKE $6.4 MILLION

PART I & II ARE 92% SOLD AUCTION RECORDS SET FOR 18 ARTISTS

Modern and Contemporary Arab, Iranian and Turkish Art April 17th and 18th, 2012 Sponsored by Zurich

Dubai – Christie’s April sales of Modern and Contemporary Arab, Iranian and Turkish Art totaled $6,402,825 / AED23,515,190 against a pre-sale high estimate of $6.1 million. The sales were 92% sold by value. The totals for the sales were Part I – $4,016,300/AED14,751,870 and Part II $2,386,525/AED8,763,320.

Michael Jeha, Managing Director of Christie’s Middle East and Head of Sale, said: “The combined total for this, our 12th season in the Middle East, is an encouraging indication of thecontinuing maturity and long term strength within this market. Tonight the saleroom was full and bidding was brisk. Much of this participation in the sale came from bidders in the room and this contributed to the lively atmosphere from collectors of all ages. Our part II sale is still in its infancy, this is only the second time we have used this format which is followed in Christie’s other international sale centres. The strong selling rate tonight of 93% shows that this was the right decision and the market is ready for this next step. It is really encouraging to see this market continue to flourish and to encourage the next generation of artists and bidders. About a fifth of the artists represented in the part II sale tonight were being sold at auction for the first time and were under 35.”

The highlight of the auction was the $46,300 raised during the sale of seven lots for the World Food Programme.

(info provided by Christie’s)

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