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  • 7935 - Top 10 Oct 11

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    Gavel
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    Modern and Contemporary Arab, Iranian and Turkish Art Tuesday, October 25th Tomorrow - Part II Sponsored by Credit Suisse Dubai – Tonight Christie’s established Dubai’s place as a truly international sale centre with the introduction of a two part sale format, in line with the major auctions in London, New York and Hong Kong. The most important works of the season were offered at this evening’s auction of Modern and Contemporary Arab, Iranian and Turkish Art Part I, with a second session (150 lots) to follow tomorrow offering works at a more accessible price level, encouraging a new, younger group of collectors to participate. With a pre-sale estimate of $4.5million, this evening’s auction (Part I) realised $4,998,850 / AED18,360,776. Buyers for the 38 sold lots came from 10 different countries. The buyer breakdown was 35% international and 65% Middle Eastern. Three of the top ten lots were contemporary works, a pattern which mirrors the results of our April sale, a clear sign of the developing taste for contemporary works among collectors. This season is the first time that Christie’s Dubai has divided the sale into a part I and part II format, allowing for the introduction in tomorrow’s sale of a more diverse group of contemporary works offered at estimates from $1,500. Michael Jeha, Managing Director of Christie’s Middle East, said: “Tonight, with the introduction of our first part I and II auctions, Dubai truly takes its place alongside our other international sale centres and, as the results of this first session demonstrate, the market has shown it is ready for this next step. We are delighted with tonight’s sale and we look forward to tomorrow evening and the results of our part II sale to add to this total.” The saleroom in Dubai was packed with a glamorous crowd, many of whom successfully participated in the bidding. Highlights include Sohrab Sepehri’s (Iranian, 1928-1990) Untitled (from the Tree Trunk Series), which sold for $662,500 / AED2,433,362 against a pre-sale estimate of $250,000-300,000, to a Middle Eastern Private collector bidding in the room against fierce competition. This set a new world auction record for the artist. The second highest lot was by the father of modern Egyptian art, Mahmoud Said (1897-1964), a remarkable portrait Petite fille d’Assiout, painted in 1945 of a young maid servant. It sold for $650,000 / AED2,389,287 and was bought by another Middle Eastern private collector over the telephone (estimate: $250,000- 300,000). It was particularly pleasing that the five Turkish lots all sold for a total of $353,000, breaking four world auction records including for the cover lot, Azade Köker’s, The Apple which sold for $122,500 against a pre-sale estimate of $70,000-90,000. Statistics: ? Of the 25 contemporary lots in the sale, 23 were sold successfully ? Increasing Middle Eastern participation ? Christie’s LIVE (online buying) saw 18 registrants, representing 10 countries, 5 from the Middle East, of which 3 bought successfully online

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    Modern and Contemporary Arab, Iranian and Turkish Art Tuesday, October 25th Tomorrow - Part II Sponsored by Credit Suisse Dubai – Tonight Christie’s established Dubai’s place as a truly international sale centre with the introduction of a two part sale format, in line with the major auctions in London, New York and Hong Kong. The most important works of the season were offered at this evening’s auction of Modern and Contemporary Arab, Iranian and Turkish Art Part I, with a second session (150 lots) to follow tomorrow offering works at a more accessible price level, encouraging a new, younger group of collectors to participate. With a pre-sale estimate of $4.5million, this evening’s auction (Part I) realised $4,998,850 / AED18,360,776. Buyers for the 38 sold lots came from 10 different countries. The buyer breakdown was 35% international and 65% Middle Eastern. Three of the top ten lots were contemporary works, a pattern which mirrors the results of our April sale, a clear sign of the developing taste for contemporary works among collectors. This season is the first time that Christie’s Dubai has divided the sale into a part I and part II format, allowing for the introduction in tomorrow’s sale of a more diverse group of contemporary works offered at estimates from $1,500. Michael Jeha, Managing Director of Christie’s Middle East, said: “Tonight, with the introduction of our first part I and II auctions, Dubai truly takes its place alongside our other international sale centres and, as the results of this first session demonstrate, the market has shown it is ready for this next step. We are delighted with tonight’s sale and we look forward to tomorrow evening and the results of our part II sale to add to this total.” The saleroom in Dubai was packed with a glamorous crowd, many of whom successfully participated in the bidding. Highlights include Sohrab Sepehri’s (Iranian, 1928-1990) Untitled (from the Tree Trunk Series), which sold for $662,500 / AED2,433,362 against a pre-sale estimate of $250,000-300,000, to a Middle Eastern Private collector bidding in the room against fierce competition. This set a new world auction record for the artist. The second highest lot was by the father of modern Egyptian art, Mahmoud Said (1897-1964), a remarkable portrait Petite fille d’Assiout, painted in 1945 of a young maid servant. It sold for $650,000 / AED2,389,287 and was bought by another Middle Eastern private collector over the telephone (estimate: $250,000- 300,000). It was particularly pleasing that the five Turkish lots all sold for a total of $353,000, breaking four world auction records including for the cover lot, Azade Köker’s, The Apple which sold for $122,500 against a pre-sale estimate of $70,000-90,000. Statistics: ? Of the 25 contemporary lots in the sale, 23 were sold successfully ? Increasing Middle Eastern participation ? Christie’s LIVE (online buying) saw 18 registrants, representing 10 countries, 5 from the Middle East, of which 3 bought successfully online

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    7935 - Top 10 Oct 11

    Uploaded by

    Gavel
    Modern and Contemporary Arab, Iranian and Turkish Art Tuesday, October 25th Tomorrow - Part II Sponsored by Credit Suisse Dubai – Tonight Christie’s established Dubai’s place as a truly international sale centre with the introduction of a two part sale format, in line with the major auctions in London, New York and Hong Kong. The most important works of the season were offered at this evening’s auction of Modern and Contemporary Arab, Iranian and Turkish Art Part I, with a second session (150 lots) to follow tomorrow offering works at a more accessible price level, encouraging a new, younger group of collectors to participate. With a pre-sale estimate of $4.5million, this evening’s auction (Part I) realised $4,998,850 / AED18,360,776. Buyers for the 38 sold lots came from 10 different countries. The buyer breakdown was 35% international and 65% Middle Eastern. Three of the top ten lots were contemporary works, a pattern which mirrors the results of our April sale, a clear sign of the developing taste for contemporary works among collectors. This season is the first time that Christie’s Dubai has divided the sale into a part I and part II format, allowing for the introduction in tomorrow’s sale of a more diverse group of contemporary works offered at estimates from $1,500. Michael Jeha, Managing Director of Christie’s Middle East, said: “Tonight, with the introduction of our first part I and II auctions, Dubai truly takes its place alongside our other international sale centres and, as the results of this first session demonstrate, the market has shown it is ready for this next step. We are delighted with tonight’s sale and we look forward to tomorrow evening and the results of our part II sale to add to this total.” The saleroom in Dubai was packed with a glamorous crowd, many of whom successfully participated in the bidding. Highlights include Sohrab Sepehri’s (Iranian, 1928-1990) Untitled (from the Tree Trunk Series), which sold for $662,500 / AED2,433,362 against a pre-sale estimate of $250,000-300,000, to a Middle Eastern Private collector bidding in the room against fierce competition. This set a new world auction record for the artist. The second highest lot was by the father of modern Egyptian art, Mahmoud Said (1897-1964), a remarkable portrait Petite fille d’Assiout, painted in 1945 of a young maid servant. It sold for $650,000 / AED2,389,287 and was bought by another Middle Eastern private collector over the telephone (estimate: $250,000- 300,000). It was particularly pleasing that the five Turkish lots all sold for a total of $353,000, breaking four world auction records including for the cover lot, Azade Köker’s, The Apple which sold for $122,500 against a pre-sale estimate of $70,000-90,000. Statistics: ? Of the 25 contemporary lots in the sale, 23 were sold successfully ? Increasing Middle Eastern participation ? Christie’s LIVE (online buying) saw 18 registrants, representing 10 countries, 5 from the Middle East, of which 3 bought successfully online

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    Modern and Contemporary Arab, Iranian and Turkish Art Part I Dubai Tuesday, 25 October 2011 Sale no:

    7935 Top Ten [All sold prices include buyers premium] Sold: $4,998,850 Lots Sold: 38 Lots Offered: 46 Exchange Rate $ = AED3.673 AED18,360,776 Sold by Lot: 83% Sold by $: 78%

    Lot

    Description Sohrab Sepehri (Iranian, 1928-1980), Untitled (from the Tree-Trunks series), 1969 WORLD RECORD FOR THE ARTIST AT AUCTION Mahmoud Sad (Egyptian, 1897-1964), Petite fille d'Assiout, 1945 Sohrab Sepehri (1928-1980), Untitled (from the Abstract series), circa early 1970s Paul Guiragossian (Lebanese, 1926-1993), La famille, 1991 Louay Kayyali (Syrian, 1934-1978), Fisherman in Arwad, 1976 WORLD RECORD FOR THE ARTIST AT AUCTION Parviz Tanavoli (Iranian, b. 1937), Lovers, 2003 Fateh Moudarres (Syrian, 1922-1999), Nour Al-Ahmar Wa Naruhu (Red light and its fire), 1974 Afshin Pirhashemi (Iranian, b. 1974), Heading towards New York, 2011 Marwan Kassab Bachi (Syrian, b. 1934), Marionette, 1980 WORLD RECORD FOR THE ARTIST AT AUCTION

    Estimate ($)

    Purchase Price $662,500 AED2,433,362 $650,500 AED2,389,287 $266,500 AED978,855 $242,500 AED890,703 $194,500 AED714,399 $182,500 AED670,323 $170,500 AED626,247 $158,500 AED582,171

    Buyer Middle Eastern Private Collector Middle Eastern Private Collector Middle Eastern Private Collector Middle Eastern Private Collector Middle Eastern Private Collector Middle Eastern Private Collector Middle Eastern Private Collector Private Collector

    12

    250,000 - 300,000

    2 11 1

    250,000 - 300,000 200,000 - 250,000 120,000 - 180,000

    100,000 - 120,000

    40 9

    150,000 - 200,000 180,000 - 240,000

    28

    100,000 - 150,000

    37

    60,000 - 80,000

    $152,500 AED560,133

    Middle Eastern Private Collector

    22

    Farhad Moshiri (Iranian, b. 1963), Untitled (Jar), 2001

    100,000 - 150,000

    $146,500 AED538,095

    Middle Eastern Private Collector

    Comment: see post-sale press release Press Contact: Next Sale Date: Emma Cunningham +44 7881 843 447 Tomorrow Part II Wednesday, October 26th, 2011

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