Caitlin
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- Dec 11, 2004
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Thought you all would enjoy this (thanks to Tom). Notice the natural pearls sold for 10 times their estimated value. !!!!
(MENAFN Press) Christie's auction of Contemporary Jewels and Watches, the third to be held at the Jumeirah Emirates Towers Hotel in Dubai, realised a total of $20,079,300 /AED 73,691,031 / �12,963,196. The top lot was a superb natural pearl and diamond necklace which sold for $1,743,400 / AED 6,398,278 / �1,125,539, the highest price ever realised for an object sold by Christie's in the Middle East, while the magnificent natural pearl necklace of Umm Kulthum (1904-1975) realised $1.4 million / AED 5.1 million / �894,156, more than ten times its pre-sale estimate of $80,000-$120,000.
The auction sold 68% by lot and 78% by value. Buyer breakdown (by lot) was 48% from the Middle East, 33% from Europe including the UK, 13% from the Americas and 6% from Asia. Clients from 21 countries registered for the sale in total, and online bidding via Christie's LIVE� welcomed 32 registrants from 11 different countries.
Fran�ois Curiel, Chairman of Christie's Europe and International Director of Christie's Jewellery department: "This evening's strong results highlight the success of Dubai as an established international centre from which to offer exceptional jewellery and watches. We welcomed bidders from 21 countries as a full saleroom competed with collectors bidding by telephone and via the internet. We were particularly pleased to see 8 of the top 10 jewels bought by collectors from the Middle East, including the magnificent natural pearl necklace of Umm Kulthum which sold for over ten times its estimate for $1.4 million."
David Warren, Director of Jewellery, Middle East and John Souglides, International Director: "Tonight's sale realised the highest total for an auction held by Christie's Dubai, as well as the most expensive item sold by us in the Middle East and the third most expensive single pearl ever auctioned. It was a dramatic and colourful evening that was enjoyed by a room packed with bidders and onlookers."
For centuries, many of the finest pearls in the world came from Arabian waters. It is therefore very fitting that Christie's sold tonight in Dubai one of the most important groups of natural pearls to have appeared at auction for many decades, including some of the rarest pearls in the world. This evening's dedicated section of natural pearls realized $6,161,300 / AED 22,611,971 / �3,977,735 and was led by an exceptional four-row pearl necklace with 217 gem quality pearls, with a suspended exceptionally large button pearl, weighing 219.32 grains (54.83 carats) which sold for $1,743,400 / AED 6,398,278 / �1,125,539, the highest price ever realised for an object sold by Christie's in the Middle East.
The magnificent natural pearl necklace of Umm Kulthum (1904-1975) sold tonight for $1,385,000 / AED 5,082,950 / �894,156, more than ten times its pre-sale estimate of $80,000-$120,000. Unquestionably the greatest Arab singer of the 20th century, Umm Kulthum was known as 'The Shining Star of the Middle East' (Kawkab El Sharq), and her importance in the Arab countries was so great that she was received with the same ceremony as heads of state. The necklace, which was gifted to Umm Kulthum by His Highness Sheikh Zayed Bin Sultan Al Nahyan, the late ruler of the UAE, was sold by family descendents. It was bought by a private collector from the Middle East who was bidding in the saleroom.
An exceedingly rare yellow to pinkish-orange natural pearl weighing 241.44 grains (60.36 cts), which is almost certainly the largest example of its colour in the world as well as the second largest freshwater pearl ever recorded, sold for $713,000 / AED 2,616,710
/ �460,313, a world record price for a freshwater pearl.
Further jewellery highlights of the auction included a 17.02 carat sugar-loaf Colombian emerald ring which realized $858,600 / AED 3,151,062 / �554,312, a 41.49 carat important coloured diamond single-stone ring which sold for $735,400 / AED 2,698,918 / �474,774 and a 10.80 carat cushion shaped Burmese ruby ring which fetched $713,000 / AED 2,616,710 / �460,313.
The selection of watches sold at this evening's auction realised $997,000 / AED 3,658,990 / �643,663. The highest price in this section was realised for a spectacular platinum and diamond perpetual calendar minute repeating wristwatch by Franck Muller which sold for $157,000 / AED 576,190 / �101,359, while an Audemars Piguet, platinum "Royal Oak Offshore Juan Pablo Montoya" wristwatch realised $121,000 / AED 444,070 / �78,118, and a limited production platinum self-winding perpetual calendar wristwatch by IWC fetched $115,000 / AED 422,050 / �74,244.
