The Art Newspaper

Dubai bounces back

Christie’s sale tripled estimate, mainly thanks to Egyptian artists

By Georgina Adam. Web only
Published online: 13 May 2010

london. Christie’s sale of International Modern and Contemporary Art held in Dubai on 27 April proved a success, leapfrogging three times over its low estimate to total over $15m (presale $4.8m-$6.6m). This was a sharply improved result compared to last year’s sale, which made just $4.8m.

The strongest bidding in this year’s sale was for 25 modern Egyptian artworks consigned by a respected Saudi collector, Dr Mohammed Farsi. This was expected to make $1.2m-$1.7m, but racked up $8.7m, with all the lots sold.

The collection was said by trade sources to have been offered to Qatar—whose Museum of Modern Arab Art is due to be inaugurated in a temporary space this December—but finally went to auction at Christie’s.

Prominent among Christie’s staffers taking telephone bids at the sale was Isabelle de la Bruyère, glamorous director for the Middle East, who was previously Dr Farsi’s daughter-in-law. She snaffled a number of lots including the evening’s prize, the Egyptian artist Mahmoud Said’s “Les Chadoufs”, 1934, which sold for a startling $2.4m, almost ten times its high estimate (est $150,000-$200,000). Trade sources said that it was destined for Qatar.

Also buying strongly was Abraaj capital, the Middle East’s largest private equity firm and sponsor of the richest art prize in the world, as well as the Lebanese dealer Saleh Barakat, who is a buyer for the London-based Fine Art Fund.