Christie’s International sold $16.9 million of paintings and jewels in a two-day sale in Dubai, below estimates, as falling oil and equity prices dented the boom in Middle East art.
The highlight, a trio of vast calligraphy works called “Triptych (La Passion avec croix, ame et bagages, and triangle bigames)” by Algerian artist Rachid Koraichi sold for $482,500, compared with a $400,000-$600,000 estimate. The auction house had estimated the sale of jewelry on Oct. 29 and modern art yesterday would together tally $32 million to $43 million.
“It’s a bargain for the buyers,” said Tariq al-Jaidah, a collector from Qatar, at yesterday’s art auction. He spent more than $300,000 on three works including $170,500 on an untitled piece by Lebanese artist Nabil Nahas that was estimated to be worth $150,000 to $200,000.
Record fuel prices encouraged Christie’s and rival Bonhams to begin auctions in the oil-rich Middle East two years ago. Since oil prices peaked on July 11 at $147.27 a barrel, the commodity has dropped 55 percent as a banking crisis dried up credit, driving economies toward recession.
Christie’s sold 70 percent of the lots offered yesterday, compared to 84 percent at its first sale of the year in April. The auction house said it didn’t provide price guarantees to the sellers.
Parvis Tanavoli, whose sculpture “The Wall (Oh Persepolis)” sold for a record $2.84 million in April, offered a 3 meter-tall bronze sculpture, “Poet in Love,” that fetched $242,500, against a low estimate of $400,000. Mohammed Ehsai’s “Loving Whisper,” depicting ribbons of red calligraphy on a black background, sold for $482,500 against an estimate of $300,000-$500,000. Sale prices include buyer’s premium. (Bloomberg)