Bloomberg offers an overview of market strength in Dubai which might be premature, especially since a main data point is supposed purchase of The Card Players by the Qatari Royal family.
International Modern and Contemporary Art in Dubai made $14,043,000 / AED 51,565,896, more than doubling the pre-sale estimate of $6.7 million and confirming Christie’s market leadership in the region.
The auction was 84% sold by lot. The buyer breakdown by lot was 60% from the Middle East, 28% from Europe, 10% from the Americas and 2% from Asia.
The sale concludes a record year for Christie’s in contemporary Middle Eastern art, with an increase of 117 percent over 2009.
2010 TOTAL RESULT – $29 million
2009 TOTAL RESULT- $13 million