Given the current state of the global economy, it is no wonder that the auction houses continue their movement toward the money. The Gulf States remain one of the few places in the world with cash to spend. Sotheby’s will be holding what they discribe as “the first ever major international auction series held in the Middle East.”

The sales, of course, are not the first to be held in the region with both houses having put on sales in Dubai this autumn.

Nonetheless, these sales are scheduled for March 18-19, 2009 and they feature contemporary Arab and Iranian art, watches and Orientalist painting. The Contemporary sale will feature Mohammed Ehsai’s Eshgh (love), seen above, from 2006 estimated at between $150-200,000.

Featured watches are a Breguet and an Audemars–both gold set with diamonds [natch]. And the Orientalist pictures feature and Rudolf Ernst street scene and a Jean Baptiste Huysmans interior.