Middle East Auction Analysis – May 2012

No. Pages3
ResearchersKelsey Shave, Hristina Lapatova
Report TypeAuction Analysis

Demand for Modern and Contemporary Arab, Iranian and Turkish art continues at Christie’s Dubai.

Christie’s Modern and Contemporary Arab, Iranian and Turkish Art Part I and II took place in Dubai over the span of two days.  Sales for Part I of the auction totalled $3,280,583 (excluding premium) with a pre-sale estimate of $3,015,000 – $4,210,000.   Part I of the sale featured all of the top five selling works such as, Mahmoud Said’s Marsa Matrouh – Vers le bain de Cléopâtre from 1959 that went for $500,00.  This first half of the auction, despite only offering 41 lots contributed to over half of the auction’s total sales.  Part II of the auction, which featured 141 lots totalled $1,911,900 from a pre-sale estimate of $1,433,000 – $1,972,000.  The overall sales total for the two auctions was $5,192,483 with a pre-sale estimate of $4,448,000 – $6,182,000.  This total value shows a 15% reduction from the Autumn 2011 Middle Eastern sale at Christie’s in which the volume totalled $6,112,100, however it must be noted that the Fall sale featured 198 lots.