Christie’s Dubai watch auctions exceed upper limit and total $3m

March 23, 2014 3:07 pm

Bidding in tonight’s Dubai Important Watch auction at Christie’s was fast and furious with collectors from around the region gathering to compete for the 123 lots which sold collectively for $3,097,313 (AED11,376,430), above the high estimate of $2.9 million. One of only ten known examples of Patek Philippe’s iconic reference 5971, the bezel decorated with 42 baguette-cut emeralds weighing approx. 3.33 carats, fetched the highest price when it sold for $341,000 / AED1,252,493.

The watches followed last night’s stellar sale of modern and contemporary art which realized $10.6 million, making a combined total of $13,745,563 for the sales this spring. Christie’s 16th consecutive sale season in the Middle East, was the first to be held to coincide with Dubai Art Week with 20% of those registered to bid in the sales new to Christie’s.

Frederic Watrelot, Christie’s watch specialist in the Middle East, said: “This season, our second since we re-launched our watch sales here in Dubai, was more than double the size and I couldn’t be happier with the results. The sale was 96% sold and bidding was predominantly from Middle Eastern private collectors with some strong international participation.”

Zaib Shadani
The Portsmouth Group
Dubai, United Arab Emirates
Tel: +971 4 369 3575
Fax: +971 4 360 4511