DUBAI.- Christies fourth auction of International Modern and Contemporary Art held in Dubai tonight (30 April 2008) sold for a total of $20,062,850, bringing the collective total for sales this week to $40,142,150. Tonights results demonstrate the quality and rarity of the works which were offered for sale once again underline the as well as the incredible strength and vibrancy of the Middle East art market, and Christies dominant position within it. The top lot of the sale was Parviz Tanavolis The Wall (Oh Persepolis) which realized $2,841,000 a new world record price for any Iranian artist at auction, more than doubling the previous record. In total, tonights auction established 71 new world record prices at auction. X which sold for $ /AED, and the auction established XX new world records for Arab and Iranian artists.
Jussi Pylkkänen, President of Christie's Middle East: "Dubai has become an established international marketplace. It has been an exceptional week for the Middle Eastern art market and due to global interest, prices have been moved to new levels. These two extremely impressive sales have seen Christie's sell over $100 million since we began our auctions here in the Middle East only two years ago.
As the auctioneer of tonight's sale, it was very exciting to see so many world records established, and the $1m barrier being broken by four major works of art. Tanavoli's 'The Wall (Oh, Persepolis)' is a true masterpiece and was worthy of the extraordinary $2.8 million that it achieved. Following the success of Art Dubai and Art Paris-Abu Dhabi, and with an ever-increasing number of established international clients participating in Christie's sales in this region, I am sure that the market in the Middle East has an exciting and dynamic future."
William Lawrie, International Modern and Contemporary Art specialist and head of sale: Christies continue to drive and dominate the market for contemporary Middle-Eastern and Iranian art, and this evenings auction was another landmark event for the art market in the region. We attracted the interest of a significant number of new international clients, many of whom were buying for the first time and enjoyed the vibrancy of the market place and the quality of the works executed by the extremely passionate artists working in the region.
Michael Jeha, Managing Director of Christies Middle East: Tonight was an extraordinary sale with the ten top works selling exclusively to private buyers. Our pre-sale estimates proved to be conservative as the most significant collectors in the region competed with international buyers to secure the top works. It has been an extraordinary two years for the company here in the Middle East and I am delighted that Christies Dubai has experienced such tremendous growth which is so indicative of everything happening in the region.