RESULTS: STRONG SELL THROUGH RATES ACHIEVED: 86% BY VALUE 83% BY LOT For Middle Eastern, Modern and Contemporary Art
Dubai / London – Christie’s auction of Middle Eastern, Modern and Contemporary Art in London realised £3,921,000, achieving strong sell-through rates of 83% by lot and 86% by value. This follows the success of last year’s inaugural King Street auction, verifying the strength of the market and the significant demand for museum quality works of art from the Levant, Egypt and North Africa. The highlight of the sale, An Ear of Mud, an Ear of Paste, executed by the Modern Egyptian master Abdel Hadi El Gazzar (1925-1966, estimate: £350,000-450,000) realised £584,750.
The evening auction attracted interest from 18 countries and the top lots were bought by clients from America, France, UAE and the UK. The London sale room welcomed a large number of registrants on the phone and via Christies Live. The Middle Eastern, Modern & Contemporary Art auction is followed by the Islamic Art sale, taking place on 25th October 2018, at Christie’s King Street in London.
Hala Khayat, Head of Post War and Contemporary Department, Dubai - “We are pleased with the results achieved during the 25th sale of Middle Eastern, Modern and Contemporary Art, taking place in London for the second time, the success of which is demonstrated with strong sell through rates. There was fierce bidding in the room for the most established artists, with strong prices set for Palestinian and Iranian artists. The demand for top quality art in this sector remains strong, and the buyer base for this category continues to deepen and internationalize as the London evening sale enables Middle Eastern art to be appreciated by an ever-wider collector group.”
Michael Jeha, Managing Director Christie’s Middle East – “The results of this sale confirms the ongoing appetite for this category in London as well as amongst international collectors. We now look forward to focusing our efforts in Dubai in 2019. We have expanded our team and are refurbishing our offices at DIFC, Christie’s location in Dubai since 2005. This upgrade will provide a space for exhibition programs and lectures catered to students interested in art as well as young and established collectors, building a platform for art from the region.”
The top three lots of the sale were: An Ear of Mud, an Ear of Paste, by Abdel Hadi El Gazzar which fetched £584,750 (estimate: £350,000 – 450,000, illustrated above centre); Ayman Baalbaki’s Untitled painting, which realised £200,000 (estimate: £70,000–90,000, illustrated above left) and Parviz Tanavoli’s bronze sculpture entitled The Bronze and The Script, which achieved £150,000 (estimate: £120,000–180,000, illustrated above right).